Shareholders' Equity

9 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

11. Shareholders’ Equity

Warrant derivative liability

Based on the guidance contained in ASC 815 “Derivatives and Hedging”, management has concluded that the warrants issued in the 2011 offering should be classified as a derivative liability and has recorded a liability at fair value.

A summary of the change in fair value of derivative warrant liability is as follows for the fiscal years presented.

	Quantity1		Amount
Balance at June 30, 2014		238,696	$	573,000
Change in fair value		-		(374,605)
Warrants exercised		(13,209)		(17,395)
Balance at June 30, 2015		225,087	$	181,000
Change in fair value		-		(15,000)
Balance at September 30, 2015		225,087		166,000
Change in fair value		-		(43,000)
Balance at December 31, 2015		225,087		123,000
Change in fair value		-		(78,000)
Balance at March 31, 2016		225,087	$	45,000

¹ Quantity of warrants either issued or outstanding as of the date of valuation.

Warrants

The following table summarizes all warrants outstanding as of the beginning of the fiscal year, all activity related to warrants issued, cancelled, exercised or expired during the period and weighted average prices by category.

			Weighted average
	Warrants		exercise price
Outstanding as of June 30, 2015		385,800	$	1.22
Warrants expired		(25,000)		2.00
Outstanding as of March 31, 2016		360,800	$	1.17

The following table summarizes additional information about the Company’s common warrants outstanding as of March 31, 2016:

Number of Warrants		Exercise Prices		Expiration Date
	130,713	$	1.56	May 2016
	199,437		0.94	October 2016
	25,650		0.94	December 2016
	5,000		0.98	June 2017
	360,800