Subsequent Events |
3 Months Ended | |
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Sep. 30, 2017 | ||
Subsequent Events [Abstract] | ||
Subsequent Events [Text Block] | Note 12 - Subsequent Events The Management of the Company has determined that there was a reportable subsequent event to be disclosed as follows: On November 13, 2017, the Registrant entered into a Debenture Redemption Agreement (the “Agreement”) with the Milton Boniuk IRA (the “Holder”), an entity controlled by Dr. Milton Boniuk , a Company Director , to redeem (the “Redemption”) its $5,000,000 Series C Convertible Debenture (the “Debenture”) for an aggregate of 5,500,000 shares of the Company’s $0.001 par value Common Stock (“Purchase Price”) comprising 5,000,000 shares for the principal of the Debenture and 500,000 for unpaid interest through June 30, 2018, the original maturity date of the Debenture. The price per share was equal to the closing price of the of the Registrant’s stock price on Friday, November 10, 2017 of one ($1.00) dollar per share. The Holder waived all early redemption payments provided for in the Debenture for consideration of 150,000 shares of the Company’s $0.001 par value Series A Convertible Preferred Stock. The Company did not incur placement agent fees in redemption of the Series C Convertible Debenture. The Company estimates that the redemption of the Series C Convertible Debenture permits the Company to retain approximately $5,500,000 of cash which would have been otherwise paid to the Holder. |