0001079973-19-000569.txt : 20191112 0001079973-19-000569.hdr.sgml : 20191112 20191112095340 ACCESSION NUMBER: 0001079973-19-000569 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 57 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191112 DATE AS OF CHANGE: 20191112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BION ENVIRONMENTAL TECHNOLOGIES INC CENTRAL INDEX KEY: 0000875729 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870] IRS NUMBER: 841176672 STATE OF INCORPORATION: CO FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19333 FILM NUMBER: 191206747 BUSINESS ADDRESS: STREET 1: C/O BOX 566 STREET 2: 1774 SUMMITVIEW WAY CITY: CRESTONE STATE: CO ZIP: 81131 BUSINESS PHONE: (212) 758-6622 MAIL ADDRESS: STREET 1: C/O BOX 566 STREET 2: 1774 SUMMITVIEW WAY CITY: CRESTONE STATE: CO ZIP: 81131 FORMER COMPANY: FORMER CONFORMED NAME: RSTS CORP DATE OF NAME CHANGE: 19930328 10-Q 1 bion_10q-093019.htm FORM 10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _________

Commission File No. 000-19333

Bion Environmental Technologies, Inc.

(Name of registrant in its charter)

Colorado		84-1176672
(State or other jurisdiction of incorporation or formation)		(I.R.S. employer identification number)

Box 566 / 1774 Summitview Way

Crestone, Colorado 81131

(Address of principal executive offices)

(212) 758-6622

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Securities Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	BNET	OTCQB

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Accelerated filer o

Non-accelerated filer o

Smaller reporting company x

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Not applicable.

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. On October 28, 2019, there were 29,317,602 Common Shares issued and 28,613,293 Common Shares outstanding.

BION ENVIRONMENTAL TECHNOLOGIES, INC.

FORM 10-Q

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION		Page

Item 1.	Financial Statements	3
	Consolidated financial statements (unaudited):
	Balance sheets	3
	Statements of operations	4
	Statement of changes in equity (deficit)	5
	Statements of cash flows	7
	Notes to unaudited consolidated financial statements	8-23

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	39

Item 4.	Controls and Procedures	39

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	40

Item 1A.	Risk Factors	40

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40

Item 3.	Defaults Upon Senior Securities	40

Item 4.	Mine Safety Disclosures	40

Item 5.	Other Information	40

Item 6.	Exhibits	41

	Signatures	42

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "project," "predict," "plan," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. The expectations reflected in forward-looking statements may prove to be incorrect.

PART I – FINANCIAL INFORMATION

BION ENVIRONMENTAL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	September 30,			June 30,
	2019			2019
		(unaudited)
ASSETS

Current assets:
Cash	$	74,627		$	41,335
Prepaid expenses		11,834			8,005
Deposits and other receivables		1,000			1,000

Total current assets		87,461			50,340

Property and equipment, net (Note 3)		2,269			2,616

Total assets	$	89,730		$	52,956

LIABILITIES AND EQUITY (DEFICIT)

Current liabilities:
Accounts payable and accrued expenses	$	790,133		$	715,554
Series B Redeemable Convertible Preferred stock, $0.01 par value,
50,000 shares authorized; 200 shares issued and outstanding,
liquidation preference of $36,500 and $36,000, respectively (Note 8)		33,900			33,400
Loans payable - affiliates (Note 4)		35,000			—
Deferred compensation (Note 5)		1,078,134			874,162
Loan payable and accrued interest (Note 6)		9,373,923			9,303,270

Total current liabilities		11,311,090			10,926,386

Convertible notes payable - affiliates (Note 7)		3,848,929			3,801,168

Total liabilities		15,160,019			14,727,554

Deficit:
Bion's stockholders' equity (deficit):
Series A Preferred stock, $0.01 par value, 50,000 shares authorized,
no shares issued and outstanding		—			—
Series C Convertible Preferred stock, $0.01 par value,
60,000 shares authorized; no shares issued and outstanding		—			—
Common stock, no par value, 100,000,000 shares authorized,
28,417,602 and 28,068,688 shares issued, respectively; 27,713,293 and 27,364,379 shares outstanding, respectively		—			—
Additional paid-in capital		110,292,613			110,126,802
Subscription receivable - affiliates (Note 9)		(504,650	)		(504,650	)
Accumulated deficit		(124,907,155	)		(124,346,158	)

Total Bion’s stockholders’ deficit		(15,119,192	)		(14,724,006	)

Noncontrolling interest		48,903			49,408

Total deficit		(15,070,289	)		(14,674,598	)

Total liabilities and deficit	$	89,730		$	52,956

See notes to consolidated financial statements

BION ENVIRONMENTAL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(UNAUDITED)


	2019			2018

Revenue	$	–		$	–


Operating expenses:
General and administrative (including stock-based
compensation (Note 8))		320,228			677,890
Depreciation		347			436
Research and development (including stock-based
compensation (Note 8))		123,325			169,721


Total operating expenses		443,900			848,047

Loss from operations		(443,900	)		(848,047	)

Other expense:
Interest expense		117,602			92,496

Total other expense		117,602			92,496

Net loss		(561,502	)		(940,543	)

Net loss attributable to the noncontrolling interest		505			3,169

Net loss applicable to Bion's common stockholders	$	(560,997	)	$	(937,374	)

Net loss applicable to Bion's common stockholders
per basic and diluted common share	$	(0.02	)	$	(0.04	)

Weighted-average number of common shares outstanding:
Basic and diluted		27,466,812			25,659,730

See notes to consolidated financial statements

BION ENVIRONMENTAL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)

THREE MONTHS ENDED SEPTEMBER 30, 2018

(UNAUDITED)


	Bion's Shareholders'
	Series A Preferred Stock				Series C Preferred Stock				Common Stock				Additional			Subscription Rec- eivables for			Accumulated			Noncontrolling			Total
	Shares		Amount		Shares		Amount		Shares		Amount		paid-in capital			Shares			deficit			interest			equity/(deficit)

Balances, July 1, 2018		—		—		—		—		25,939,892		—		108,117,330			(174,650	)		(121,691,956	)		54,338			(13,694,938	)

Issuance of common stock for services		—		—		—		—		21,229		—		10,952			—			—			—			10,952
Vesting of options for services		—		—		—		—		—		—		95,500			—			—			—			95,500
Modification of options		—		—		—		—		—		—		222,300			—			—			—			222,300
Sale of units		—		—		—		—		833,999		—		416,999			—			—			—			416,999
Commissions on sale of units		—		—		—		—		1,028		—		(38,900	)		—			—			—			(38,900	)
Modification of warrants		—		—		—		—		—		—		166,776			—			—			—			166,776
Issuance of warrants		—		—		—		—		—		—		333,750			(330,000	)		—			—			3,750
Conversion of debt and liabilities		—		—		—		—		200,000		—		100,000			—			—			—			100,000
Net loss		—		—		—		—		—		—		—						(937,374	)		(3,169	)		(940,543	)
Balances, September 30, 2018		—	$	—		—	$	—		26,996,148	$	—	$	109,424,707		$	(504,650	)	$	(122,629,330	)	$	51,169		$	(13,658,104	)

BION ENVIRONMENTAL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS ' EQUITY (DEFICIT)

THREE MONTHS ENDED SEPTEMBER 30, 2019

(UNAUDITED)


	Bion's Shareholders'
	Series A Preferred Stock				Series C Preferred Stock				Common Stock				Additional			Subscription Rec- eivables for			Accumulated			Noncontrolling			Total
	Shares		Amount		Shares		Amount		Shares		Amount		paid-in capital			Shares			deficit			interest			equity/(deficit)

Balances, July 1, 2019		—	$	—		—	$	—		28,068,688	$	—	$	110,126,802		$	(504,650	)	$	(124,346,158	)	$	49,408		$	(14,674,598	)

Issuance of common stock for services		—		—		—		—		29,000		—		16,350			—			—			—			16,350
Sale of units		—		—		—		—		319,914		—		159,957			—			—			—			159,957
Commissions on sale of units		—		—		—		—		—		—		(10,496	)		—			—			—			(10,496	)
Net loss		—		—		—		—		—		—		—			—			(560,997	)		(505	)		(561,502	)
Balances, September 30, 2019		—	$	—		—	$	—		28,417,602	$	—	$	110,292,613		$	(504,650	)	$	(124,907,155	)	$	48,903		$	(15,070,289	)

See notes to consolidated financial statements

BION ENVIRONMENTAL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(UNAUDITED)



	2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(561,502	)	$	(940,543	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		347			436
Accrued interest on loan payable, deferred compensation and other		126,534			97,537
Stock-based compensation		16,350			499,278
Increase in prepaid expenses		(3,829	)		(3,540	)
Increase (decrease) in accounts payable and accrued expenses		74,579			(62,268	)
Increase in deferred compensation		196,352			185,400

Net cash used in operating activities		(151,169	)		(223,700	)


CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of units		159,957			416,999
Commissions on sale of units		(10,496	)		(38,900	)
Proceeds from loans payable - affiliates		35,000			—

Net cash provided by financing activities		184,461			378,099

Net increase in cash		33,292			154,399

Cash at beginning of period		41,335			22,013

Cash at end of period	$	74,627		$	176,412

Supplemental disclosure of cash flow information:
Cash paid for interest	$	—		$	—

Non-cash investing and financing transactions:
Shares issued for warrant exercise commissions	$	—		$	514
Purchase of warrants for subscription receivable - affiliates	$	—		$	330,000
Conversion of debt and liabilities	$	—		$	100,000

See notes to consolidated financial statements

BION ENVIRONMENTAL TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

1. ORGANIZATION, NATURE OF BUSINESS, GOING CONCERN AND MANAGEMENT’S PLANS:

Organization and nature of business:

Bion Environmental Technologies, Inc. (“Bion” or “We” or the “Company”) was incorporated in 1987 in the State of Colorado and has developed and continues to develop patented and proprietary technology and business models that provide comprehensive environmental solutions to a significant source of pollution in United States agriculture, large scale livestock facilities known as Concentrated Animal Feeding Operations (“CAFO’s”). Application of our technology and technology platform can simultaneously remediate environmental problems and improve operational/resource efficiencies by recovering value from the CAFOs’ waste stream that has traditionally been wasted or underutilized, including renewable energy, nutrients (nitrogen and phosphorus)--- in organic and conventional form-- and clean water. Bion’s technologies (and applications related thereto) produce substantial reductions of nutrient releases (primarily nitrogen and phosphorus) to both water and air (including ammonia, which is subsequently re-deposited to the ground) from livestock waste streams based upon our operations and research to date (and third party peer review thereof). Our technology simultaneously enables the documentation of the remediation efforts thereby providing the basis for product branding which addresses consumer concerns regarding sustainability and food safety. We are continually involved in research and development to upgrade and improve our technology and technology applications, including integration with third party technology. Bion provides comprehensive and cost-effective treatment of livestock waste onsite (and/or at nearby locations), while it is still concentrated and before it contaminates air, soil, groundwater aquifers and/or downstream waters, and, in certain configurations, can be optimized to maximize recovery of marketable nutrients for potential use as fertilizer (organic and/or inorganic) and/or feed additives plus renewable energy (and related environmental credits).

From 2014 through the current 2020 fiscal year, the Company has focused its research and development on augmenting the basic ‘separate and aggregate’ approach of its technology platform to provide additional flexibility and to increase recovery of marketable nutrient by-products (in organic and non-organic forms) and renewable energy production (either/both biogas and/or renewable electricity), thereby increasing potential related revenue streams and reducing dependence of its future projects on the monetization of nutrient reductions (which still remain an important part of project revenue streams). Bion has worked on development of its third generation technology (“3G Tech”) which is designed to: a) generate significantly greater value from the nutrients and renewable energy recovered from the waste stream, b) treat dry (poultry) waste streams as well as wet waste streams (dairy/beef cattle/swine) while c) maintaining or improving environmental performance. This research and development effort also involves ongoing review of potential “add-ons” and applications to our technology platform for use in different regulatory and/or climate environments. These research and development activities have targeted completion of development of the next generation of Bion’s technology and technology platform. We believe such activities will continue at least through the 2020 fiscal year (and likely longer), subject to availability of adequate financing for the Company’s operations, of which there is no assurance. Such activities may include design and construction of an initial, commercial-scale module utilizing our 3G Tech to assist in optimization efforts before construction of the full Kreider 2 project (see below) and other Projects.

For the past decade, Bion has been directed toward creating applications of our patented and proprietary waste management technologies and technology platform to pursue JVs in three main business opportunities:

Installation of Bion systems to retrofit and environmentally remediate existing large CAFOs (“Retrofits” and “Retrofit Projects”) in selected markets where:

a) government policy supports such efforts (such as the Chesapeake Bay watershed, Great Lakes Basin states, and/or other states and watersheds facing EPA ‘total maximum daily load’ (“TMDL”) issues), and/or

b) CAFO’s need our technology to obtain permits to expand or develop without negative environmental consequences.

Development of new state-of-the-art large scale waste treatment facilities (now utilizing the Company’s 3G Tech) which may be developed in conjunction with new CAFOs in strategic locations that were previously impracticable due to environmental impacts or to treat the waste streams from one or more existing large livestock facilities (“Projects”). Some of these Projects may be either a) Integrated Projects as described below, b) ‘central processing facilities’ which receive the waste from multiple livestock facilities, c) Retrofit Projects or d) hybrids with elements of each of these types. Each version will be able to realize revenue from multiple revenue streams potentially generated by our 3G Tech.

Licensing and/or joint venturing of Bion’s technology and applications (primarily) outside North America.

In both categories 1) and 2) above, the Company intends to directly participate (whether by joint venture agreement or other contractual arrangements) in the revenues of the Retrofits and Projects.

The opportunities described at 1) and 2) above each require substantial political and regulatory (federal, state and local) efforts on the part of the Company and a substantial part of Bion’s efforts are focused on such political and regulatory matters. Bion currently intends to pursue the international opportunities primarily through the use of consultants with existing relationships in target countries.

At this time, our primary focus is on category 2) above using our 3G Tech to develop new (or expanded) large-scale Projects with strategic partners (including the Kreider 2 Project) on a joint venture (or other participating contractual form) basis. Bion’s business model opens up the opportunity for JV’s in various forms based upon the revenue generated by our 3G Tech platform from nutrient reductions, fertilizer co-products and renewable natural gas (which revenue streams will be secured through long term take-off agreements for each of these co-products) providing initial support for financing of required capital expenditures (whether equity or debt). We anticipate that these revenue streams will be supplemented by revenue realized from long-term premium pricing resulting from the sustainable branding opportunity. We believe that the branding opportunity may provide the single largest contribution to the economic opportunity over time.

During 2008 the Company commenced actively pursuing the opportunity presented by environmental retrofit and remediation of the waste streams of existing CAFOs which effort has met with very limited success to date. The first commercial activity in this area is represented by our agreement with Kreider Farms (“KF”), pursuant to which the Kreider 1 system to treat KF's dairy waste streams to reduce nutrient releases to the environment while generating marketable nutrient credits and renewable energy was designed, constructed and entered full-scale operation during 2011. On January 26, 2009 the Board of the Pennsylvania Infrastructure Investment Authority (“Pennvest”) approved a $7.75 million loan to Bion PA 1, LLC (“PA1”), a wholly-owned subsidiary of the Company, for the initial Kreider Farms project (“Kreider 1 System”). After substantial unanticipated delays, on August 12, 2010 PA1 received a permit for construction of the Kreider 1 System. Construction activities commenced during November 2010. The closing/settlement of the Pennvest Loan took place on November 3, 2010. PA1 finished the construction of the Kreider 1 System and entered a period of system ‘operational shakedown’ during May 2011. The Kreider 1 System reached full, stabilized operation by the end of the 2012 fiscal year. During 2011 the Pennsylvania Department of Environmental Protection (“PADEP”) re-certified the nutrient credits for this project. The PADEP issued final permits for the Kreider 1 System (including the credit verification plan) on August 1, 2012 on which date the Company deemed that the Kreider 1 System was ‘placed in service’. As a result, PA1 commenced generating nutrient reduction credits for potential sale while continuing to utilize the Kreider 1 System to test improvements and add-ons. However, to date liquidity in the Pennsylvania nutrient credit market has been slow to develop significant breadth and depth, which limited liquidity/depth has negatively impacted Bion’s business plans and has resulted in challenges to monetizing the nutrient reductions created by PA1’s existing Kreider 1 System and Bion’s other proposed projects. These difficulties have prevented PA1 from generating any material revenues from the Kreider 1 System to date and raise significant questions as to when, if ever, PA1 will be able to generate such revenues from the Kreider 1 System. PA1 has had sporadic discussions/negotiations with Pennvest related to forbearance and/or re-structuring its obligations pursuant to the Pennvest Loan for more than five years. In the context of such discussions/negotiations, PA1 elected not to make interest payments to Pennvest on the Pennvest Loan since January 2013. Additionally, the Company has not made any principal payments, which were to begin in fiscal 2013, and, therefore, the Company has classified the Pennvest Loan as a current liability as of September 30, 2019. Due to the failure of the Pennsylvania nutrient reduction credit market to develop, the Company determined (on three separate occasions) that the carrying amount of the property and equipment related to the Kreider 1 System exceeded its estimated future undiscounted cash flows based on certain assumptions regarding timing, level and probability of revenues from sales of nutrient reduction credits. Therefore, PA1 and the Company recorded impairments related to the value of the Kreider 1 assets totaling $3,750,000 through June 30, 2015. During the 2016 fiscal year, PA1 and the Company recorded an additional impairment of $1,684,562 to the value of the Kreider 1 assets which reduced the value on the Company’s books to zero. This impairment reflects management’s judgment that the salvage value of the Kreider 1 assets roughly equals PA1’s contractual obligations related to the Kreider 1 System, including expenses related to decommissioning of the Kreider 1 System, costs associated with needed capital upgrade expenses, and re-certification/ permitting amendments.

On September 25, 2014, Pennvest exercised its right to declare the Pennvest Loan in default and accelerated the Pennvest Loan and demanded that PA1 pay $8,137,117 (principal, interest plus late charges) on or before October 24, 2014. PA1 did not make the payment and does not have the resources to make the payments demanded by Pennvest. PA1 has commenced discussions and negotiations with Pennvest concerning this matter but Pennvest has rejected PA1’s proposal made during the fall of 2014. No formal proposals are presently under consideration and only sporadic communication has taken place regarding the matters involved over the last 5 years. It is not possible at this date to predict the outcome of such this matter, but the Company believes that a loan modification agreement (coupled with an agreement regarding an update and re-start of full operations of the Kreider 1 System) may be reached in the future if/when a more robust market for nutrient reductions develops in Pennsylvania, of which there is no assurance. PA1 and Bion will continue to evaluate various options with regard to Kreider 1 over the next 180 days.

During August 2012, the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider 1 System met the ‘technology guaranty’ standards which were incorporated in the Pennvest financing documents and, as a result, the Pennvest Loan has been (and is now) solely an obligation of PA1 since that date.

The economics (potential revenues, profitability and continued operation) of the Kreider 1 System are based almost entirely on the long term sale of nutrient (nitrogen and/or phosphorus) reduction credits to meet the requirements of the Chesapeake Bay environmental clean-up.

On May 5, 2016, Bion PA2 LLC (“PA2”) executed a stand-alone joint venture agreement with Kreider Farms covering matters related to development and operation of a system to treat the waste streams from Kreider’s poultry facilities (“Kreider 2”).

The Kreider projects are owned and operated by Bion through separate subsidiaries, in which Kreider has the option to acquire a noncontrolling interest. Substantial capital (equity and/or debt) has been and will continue to be expended on these projects. Additional funds will be required for continuing operations and additional capital expenditures for upgrades at Kreider 1 until sufficient revenues can be generated, of which there is no assurance. The Company anticipates that the Kreider 1 System will generate revenue primarily from the sale of nutrient reduction (and/or other) environmental credits. A portion of Bion’s research and development activities has taken place at the Kreider 1 facility.

Kreider Farms – 3G Tech Project

Bion is completing an envelope of policy change and technology pilots that will allow it to move forward with the first commercial large scale 3G Tech project at Kreider Farms. Having recently received a Notice of Allowance of the initial 3G Tech patent (and subsequent filing of related additional patent applications/continuations), Bion is focused on two key tasks during the remainder of the 2019 calendar year that will ‘complete the envelope’ and allow Bion to launch active development of the Kreider 2 poultry project (and/or other Projects) in 2020:

1. Support for adoption of PA SB 575 (successor to SB 799): This will create a competitively-bid market for nutrient reductions/Credits that we believe will provide support for project financing for Kreider 2 prior to development of markets for the coproducts from Kreider 2 are established.

2. Installation of a small-scale 3G Tech ammonia recovery system to produce ammonium bicarbonate to be used to make application to OMRI for organic certification (and possibly for grower trials).

The 3G Tech Kreider 2 Project is planned for two (or more) locations. It is intended to treat the waste from Kreider’s 1,800 dairy cows and approximately six million egg layer chickens (with capacity for an additional three million layers). The Kreider 2 Project will be designed with modules with capacity of 450 tons (or more) per day of waste and will remove nitrogen and phosphorus from the waste stream that will be converted into high-value coproducts instead of polluting local and downstream waters. The Kreider 2 Project is planned to be built in three phases and may be expanded to include a ‘central processing facility’ with modules that will accept transported waste from the region on fee basis.

Bion has a long-standing relationship with Kreider Farms including a 2016 joint venture agreement related to this facility. Kreider has already made a significant investment in upgrading its poultry facilities to maximize the treatment and recovery efficiencies that can be achieved with Bion’s technology. We are cautiously optimistic that once PA SB575 (the recently introduced successor to SB799) will be passed during the current fiscal year, a market will be put in place for long-term commercial sale of the nutrient reduction credits produced at Kreider 2. Bion anticipates that it may require up to 6 months after SB575 becomes law to develop the rules/regulations related to the competitive bidding program. If the competitive bidding program is implemented, we intend to arrange project financing for the Kreider 2 Project during 2020.

Assuming there are positive developments related to the market for nutrient reductions in Pennsylvania, the Company intends to pursue development, design and construction of the Kreider 2 poultry waste/renewable energy project with a goal of achieving operational status for its initial modules during 2020. However, as discussed above, this Project faces challenges related to the current limits of the existing nutrient reduction market and funding of technology-based, verifiable agricultural nutrient reductions which are anticipated to constitute the largest share of its revenues.

Bion’s current long-term goal is to acquire or develop, or have in a development pipeline, 6 to 12 Projects over the next 36 to 48 months.

A significant portion of Bion’s activities concern efforts with private and public stakeholders (at local and state level) in Pennsylvania (and other Chesapeake Bay and Midwest and Great Lakes states) and at the federal level EPA and the Department of Agriculture (“USDA”) (and other executive departments) and Congress) to establish appropriate public policies which will create regulations and funding mechanisms that foster installation of the low cost environmental solutions that Bion (and others) can provide through clean-up of agricultural waste streams. The Company anticipates that such efforts will continue in Pennsylvania and other Chesapeake Bay watershed states throughout the next 12 months and in various additional states thereafter.

Going concern and management’s plans:

The consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has not generated significant revenues and has incurred net losses (including significant non-cash expenses) of approximately $2,659,000 and $3,018,000 during the years ended June 30, 2019 and 2018, respectively, and a net loss of approximately $562,000 during the three months ended September 30, 2019. At September 30, 2019, the Company has a working capital deficit and a stockholders’ deficit of approximately $11,224,000 and $15,119,000, respectively. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability or classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. The following paragraphs describe management’s plans with regard to these conditions.

The Company continues to explore sources of additional financing (including potential agreements with strategic partners – both financial and ag-industry) to satisfy its current and future operating and capital expenditure requirements as it is not currently generating any significant revenues.

During the years ended June 30, 2019 and 2018, the Company received total proceeds of approximately $897,000 and $418,000 from the sale of its debt and equity securities. Proceeds during the 2019 and 2018 fiscal years have been lower than in earlier years which reduction has negatively impacted the Company’s business development efforts.

During the three months ended September 30, 2019, the Company received total proceeds of approximately $160,000 from the sale of its equity securities and paid approximately $10,000 in commissions.

During fiscal years 2019 and 2018, the Company continued to experience difficulty in raising equity funding. As a result, the Company faced, and continues to face, significant cash flow management challenges due to working capital constraints. To partially mitigate these working capital constraints, the Company’s core senior management and several key employees and consultants have been deferring (and continue to defer) all or part of their cash compensation and/or are accepting compensation in the form of securities of the Company (Notes 5 and 7) and members of the Company’s senior management have made loans to the Company (Note 4). During the year ended June 30, 2018, senior management and certain core employees and consultants agreed to a one-time extinguishment of liabilities owed by the Company which in aggregate totaled $2,404,000. Additionally, the Company made reductions in its personnel during the years ended June 30, 2014 and 2015 and again during the year ended June 30, 2018. The constraint on available resources has had, and continues to have, negative effects on the pace and scope of the Company’s efforts to develop its business. The Company has had to delay payment of trade obligations and has had to economize in many ways that have potentially negative consequences. If the Company does not have greater success in its efforts to raise needed funds during the remainder of the current fiscal year (and subsequent periods), management will need to consider deeper cuts (including additional personnel cuts) and curtailment of operations (including possibly Kreider 1 operations) and/or research and development activities.

The Company will need to obtain additional capital to fund its operations and technology development, to satisfy existing creditors, to develop Projects (including Integrated Projects and the Kreider 2 facility) and CAFO Retrofit waste remediation systems and to continue to operate the Kreider 1 facility. The Company anticipates that it will seek to raise from $2,500,000 to $50,000,000 or more debt and/or equity through joint ventures, strategic partnerships and/or sale of its equity securities (common, preferred and/or hybrid) and/or debt (including convertible) securities, and/or through use of ‘rights’ and/or warrants (new and/or existing) during the next twelve months. However, as discussed above, there is no assurance, especially in light of the difficulties the Company has experienced in recent periods and the extremely unsettled capital markets that presently exist (especially for companies like us), that the Company will be able to obtain the funds that it needs to stay in business, complete its technology development or to successfully develop its business and Projects.

There is no realistic likelihood that funds required during the next twelve months (or in the periods immediately thereafter) for the Company’s basic operations and/or proposed Projects will be generated from operations. Therefore, the Company will need to raise sufficient funds from external sources such as debt or equity financings or other potential sources. The lack of sufficient additional capital resulting from the inability to generate cash flow from operations and/or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Further, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significantly dilutive effect on the Company’s existing shareholders. All of these factors have been exacerbated by the extremely limited and unsettled credit and capital markets presently existing for small companies like Bion.

2. SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation:

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Bion Integrated Projects Group, Inc. (“Projects Group”), Bion Technologies, Inc., BionSoil, Inc., Bion Services, PA1, and PA2; and its 58.9% owned subsidiary, Centerpoint Corporation (“Centerpoint”). All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying consolidated financial statements have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements reflect all adjustments (consisting of only normal recurring entries) that, in the opinion of management, are necessary to present fairly the financial position at September 30, 2019, and the results of operations and cash flows of the Company for the three months ended September 30, 2019 and 2018. Operating results for the three months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending June 30, 2020.

Cash and cash equivalents:

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash and cash equivalents.

Property and equipment:

Property and equipment are stated at cost and are depreciated, when placed into service, using the straight-line method over the estimated useful lives of the related assets, generally three to twenty years. The Company capitalizes all direct costs and all indirect incrementally identifiable costs related to the design and construction of its Integrated Projects. The Company reviews its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized based on the amount by which the carrying value of the assets or asset group exceeds its estimated fair value, and is recognized as a loss from operations.

Stock-based compensation:

The Company follows the provisions of Accounting Standards Codification (“ASC”) 718, which generally requires that share-based compensation transactions be accounted and recognized in the statement of operations based upon their grant date fair values.

Derivative Financial Instruments:

Pursuant to ASC Topic 815 “Derivatives and Hedging” (“Topic 815”), the Company reviews all financial instruments for the existence of features which may require fair value accounting and a related mark-to-market adjustment at each reporting period end. Once determined, the Company assesses these instruments as derivative liabilities. The fair value of these instruments is adjusted to reflect the fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations as an adjustment to fair value of derivatives.

Warrants:

The Company has issued warrants to purchase common shares of the Company. Warrants are valued using a fair value based method, whereby the fair value of the warrant is determined at the warrant issue date using a market-based option valuation model based on factors including an evaluation of the Company’s value as of the date of the issuance, consideration of the Company’s limited liquid resources and business prospects, the market price of the Company’s stock in its mostly inactive public market and the historical valuations and purchases of the Company’s warrants. When warrants are issued in combination with debt or equity securities, the warrants are valued and accounted for based on the relative fair value of the warrants in relation to the total value assigned to the debt or equity securities and warrants combined.

Concentrations of credit risk:

The Company's financial instruments that are exposed to concentrations of credit risk consist of cash. The Company's cash is in demand deposit accounts placed with federally insured financial institutions and selected brokerage accounts. Such deposit accounts at times may exceed federally insured limits. The Company has not experienced any losses on such accounts.

Noncontrolling interests:

In accordance with ASC 810, “Consolidation”, the Company separately classifies noncontrolling interests within the equity section of the consolidated balance sheets and separately reports the amounts attributable to controlling and noncontrolling interests in the consolidated statements of operations. In addition, the noncontrolling interest continues to be attributed its share of losses even if that attribution results in a deficit noncontrolling interest balance.

Fair value measurements:

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value.

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 – observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and

Level 3 – assets and liabilities whose significant value drivers are unobservable.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment.

The fair value of cash and accounts payable approximates their carrying amounts due to their short-term maturities. The fair value of the loan payable is indeterminable at this time due to the nature of the arrangement with a state agency and the fact that it is in default. The fair value of the redeemable preferred stock approximates its carrying value due to the dividends accrued on the preferred stock which are reflected as part of the redemption value. The fair value of the deferred compensation, loans payable - affiliates and convertible notes payable - affiliates are not practicable to estimate due to the related party nature of the underlying transactions.

Revenue Recognition:

The Company currently does not generate revenue and if and when the Company begins to generate revenue the Company will comply with the provisions of Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers”.

Loss per share:

Basic loss per share amounts are calculated using the weighted average number of shares of common stock outstanding during the period. Diluted loss per share assumes the conversion, exercise or issuance of all potential common stock instruments, such as options or warrants, unless the effect is to reduce the loss per share or increase the earnings per share. During the three months ended September 30, 2019 and 2018, the basic and diluted loss per share was the same, as the impact of potential dilutive common shares was anti-dilutive.

The following table represents the warrants, options and convertible securities excluded from the calculation of basic loss per share:

	September 30, 2019		September 30, 2018
Warrants		17,006,921		16,097,956
Options		7,411,600		7,152,225
Convertible debt		9,289,105		7,743,155
Convertible preferred stock		18,250		17,250

The following is a reconciliation of the denominators of the basic and diluted loss per share computations for the three months ended September 30, 2019 and 2018:

	Three months ended September 30, 2019			Three months ended September 30, 2018
Shares issued – beginning of period		28,068,688			25,939,892
Shares held by subsidiaries (Note 8)		(704,309	)		(704,309	)
Shares outstanding – beginning of period		27,364,379			25,235,583
Weighted average shares issued during the period		102,433			424,147
Diluted weighted average shares – end of period		27,466,812			25,659,730

Use of estimates:

In preparing the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements:

The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financial statements properly reflect the change.

In June 2018, the FASB issued ASU No. 2018-07 “Compensation – Stock Compensation – Improvements to Nonemployee Share-Based Payment Accounting” to simplify the accounting for share based payments granted to nonemployees and was adopted by the Company effective July 1, 2019. Under this guidance, payments to nonemployees is aligned with the requirements for share based payments granted to employees. The adoption of this guidance did not have a material impact on the Company’s financial statements as previously issued share-based payments to nonemployees had already reached a measurement date.

3. PROPERTY AND EQUIPMENT:

Property and equipment consists of the following:

	September 30, 2019			June 30, 2019
Machinery and equipment	$	2,222,670		$	2,222,670
Buildings and structures		401,470			401,470
Computers and office equipment		173,245			173,245
		2,797,385			2,797,385
Less accumulated depreciation		(2,795,116	)		(2,794,769	)
	$	2,269		$	2,616

As of September 30, 2019, the net book value of Kreider 1 was zero. Management has reviewed the remaining property and equipment for impairment as of September 30, 2019 and believes that no impairment exists.

Depreciation expense was $347 and $436 for the three months ended September 30, 2019 and 2018, respectively.

4. LOANS PAYABLE - AFFILIATES:

As of September 30, 2019, Dominic Bassani (“Bassani”), the Company’s Chief Executive Officer, and Mark A. Smith (“Smith”), the Company’s President, have loaned the Company $20,000 and $15,000, respectively, for working capital needs. The loans are non-interest bearing and will be repaid when there is adequate cash available to allow repayment. Subsequent to September 30, 2019, Bassani was repaid the $20,000 he had loaned the Company.

5. DEFERRED COMPENSATION:

The Company owes deferred compensation to various employees, former employees and consultants totaling $1,078,134 and $523,628 as of September 30, 2019 and 2018, respectively. Included in the deferred compensation balances as of September 30, 2019, are $450,508 and $189,467 owed Bassani and Smith respectively, pursuant to extension agreements effective January 1, 2015, whereby unpaid compensation earned after January 1, 2015, accrues interest at 4% per annum and can be converted into shares of the Company’s common stock at the election of the employee during the first five calendar days of any month. The conversion price shall be the average closing price of the Company’s common stock for the last 10 trading days of the immediately preceding month. The deferred compensation owed Bassani and Smith as of September 30, 2018 was $314,654 and $6,300, respectively. The Company also owes various consultants, pursuant to various agreements, for deferred compensation of $365,659 and $129,190 as of September 30, 2019 and 2018, respectively, with similar conversion terms as those described above for Bassani and Smith, with the exception that the interest accrues at 3% per annum. Bassani and Smith have each been granted the right to convert up to $300,000 of deferred compensation balances at a price of $0.75 per share until December 31, 2019 (to be issued pursuant to the 2006 Plan). Smith also has the right to convert all or part of his deferred compensation balance into the Company’s securities (to be issued pursuant to the 2006 Plan) “at market” and/or on the same terms as the Company is selling or has sold its securities in its then current (or most recent if there is no current) private placement. The Company also owes a former employee $72,500, which is not convertible and is non-interest bearing.

The Company recorded interest expense of $7,620 ($5,242 with related parties) and $3,650 ($2,968 with related parties) for the three months ended September 30, 2019 and 2018, respectively.

6. LOAN PAYABLE:

PA1, the Company’s wholly-owned subsidiary, owes $9,373,923 as of September 30, 2019 under the terms of the Pennvest Loan related to the construction of the Kreider 1 System including accrued interest and late charges totaling $1,619,923 as of September 30, 2019. The terms of the Pennvest Loan provided for funding of up to $7,754,000 which was to be repaid by interest-only payments for three years, followed by an additional ten-year amortization of principal. The Pennvest Loan accrues interest at 2.547% per annum for years 1 through 5 and 3.184% per annum for years 6 through maturity. The Pennvest Loan required minimum annual principal payments of approximately $4,273,000 in fiscal years 2013 through 2019, and $794,000 in fiscal year 2020, $819,000 in fiscal year 2021, $846,000 in fiscal year 2022, $873,000 in fiscal year 2023 and $149,000 in fiscal year 2024. The Pennvest Loan is collateralized by the Kreider 1 System and by a pledge of all revenues generated from Kreider 1 including, but not limited to, revenues generated from nutrient reduction credit sales and by-product sales. In addition, in consideration for the excess credit risk associated with the project, Pennvest is entitled to participate in the profits from Kreider 1 calculated on a net cash flow basis, as defined. The Company has incurred interest expense related to the Pennvest Loan of $61,722 and $53,339 for the three months ended September 30, 2019 and 2018, respectively. Based on the limited development of the depth and breadth of the Pennsylvania nutrient reduction credit market to date, PA1 commenced negotiations with Pennvest related to forbearance and/or re-structuring the obligations under the Pennvest Loan. In the context of such negotiations, PA1 has elected not to make interest payments to Pennvest on the Pennvest Loan since January 2013. Additionally, the Company has not made any principal payments, which were to begin in fiscal 2013, and, therefore, the Company has classified the Pennvest Loan as a current liability as of September 30, 2019.

On September 25, 2014, Pennvest exercised its right to declare the Pennvest Loan in default and has accelerated the Pennvest Loan and demanded that PA1 pay $8,137,117 (principal, interest plus late charges) on or before October 24, 2014. PA1 did not make the payment and does not have the resources to make the payment demanded by Pennvest. PA1 has engaged in on/off discussions and negotiations with Pennvest concerning this matter but no such discussions/negotiations are currently active. As of the date of this report, no formal proposals are presently under consideration and only sporadic communication has taken place regarding the matters involved over the past 5 years. It is not possible at this date to predict the outcome of this matter, but the Company believes it is possible that an agreement may yet be reached that will result in a viable loan modification. Subject to the results of the negotiations with Pennvest and pending development of a more robust market for nutrient reductions in Pennsylvania, PA1 and Bion will continue to evaluate various options with regard to Kreider 1 over the next 180 days.

In connection with the Pennvest Loan financing documents, the Company provided a ‘technology guaranty’ regarding nutrient reduction performance of Kreider 1 which was structured to expire when Kreider 1’s nutrient reduction performance had been demonstrated. During August 2012 the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider 1 System had surpassed the requisite performance criteria and that the Company’s ‘technology guaranty’ was met. As a result, the Pennvest Loan is solely an obligation of PA1.

7. CONVERTIBLE NOTES PAYABLE - AFFILIATES:

January 2015 Convertible Notes

The January 2015 Convertible Notes accrue interest at 4% per annum and were due and payable on December 31, 2017. Effective June 30, 2017, the maturity dates were extended on the January 2015 Convertible Notes until July 1, 2019 and were further extended to July 1, 2021 effective September 30, 2018. The January 2015 Convertible Notes (including accrued interest, plus all future deferred compensation), are convertible, at the sole election of the noteholder, into Units consisting of one share of the Company’s common stock and one half warrant to purchase a share of the Company’s common stock, at a price of $0.50 per Unit until December 31, 2020. The warrant contained in the Unit shall be exercisable at $1.00 per share until December 31, 2020. The original conversion price of $0.50 per Unit approximated the fair value of the Units at the date of the agreements; therefore no beneficial conversion feature exists. Management evaluated the terms and conditions of the embedded conversion features based on the guidance of ASC 815-15 “Embedded Derivatives” to determine if there was an embedded derivative requiring bifurcation. An embedded derivative instrument (such as a conversion option embedded in the deferred compensation) must be bifurcated from its host instruments and accounted for separately as a derivative instrument only if the “risks and rewards” of the embedded derivative instrument are not “clearly and closely related” to the risks and rewards of the host instrument in which it is embedded. Management concluded that the embedded conversion feature of the deferred compensation was not required to be bifurcated because the conversion feature is clearly and closely related to the host instrument, and because of the Company’s limited trading volume that indicates the feature is not readily convertible to cash in accordance with ASC 815-10, “Derivatives and Hedging”.

As of September 30, 2019, the January 2015 Convertible Note balances, including accrued interest, owed Bassani, Smith and Edward Schafer (“Schafer”), the Company’s Vice Chairman, were $1,752,074, $909,870 and $450,103, respectively. As of September 30, 2018, the January 2015 Convertible Note balances, including accrued interest, owed Bassani, Smith and Schafer were $1,684,107, $874,534 and $435,002, respectively. The Company recorded interest expense of $40,517 and $26,248 for the three months ended September 30, 2019 and 2018, respectively.

During the year ended June 30, 2019, the Company agreed to sell Bassani and Smith, 3,000,000 and 300,000 warrants, respectively, exercisable at $0.60 per share until June 30, 2025 and June 30, 2023, respectively. The purchase price for the warrants is $0.10 per warrant and is payable with secured promissory notes of $300,000 and $30,000 from Bassani and Smith, respectively, both of which are secured by portions of their January 2015 Convertible Notes (Note 9). The promissory notes accrue interest at 4% per annum and as of September 30, 2019 the accrued interest owed by Bassani and Smith is $13,940 and $1,394, respectively.

September 2015 Convertible Notes

During the year ended June 30, 2016, the Company entered into September 2015 Convertible Notes with Bassani, Schafer and a Shareholder which replaced previously issued promissory notes. The September 2015 Convertible Notes bear interest at 4% per annum, had maturity dates of December 31, 2017 and may be converted at the sole election of the noteholders into restricted common shares of the Company at a conversion price of $0.60 per share. Effective June 30, 2017, the maturity dates of the September 2015 Convertible Notes due Bassani and Schafer were extended until July 1, 2019 and during the year ended June 30, 2018, the maturity date of the note due a Shareholder was extended until July 1, 2019. During the year ended June 30, 2019, the maturity dates of the all the September 2015 Convertible Notes were extended until July 1, 2021. As the conversion price of $0.60 approximated the fair value of the common shares at the date of the September 2015 Convertible Notes, no beneficial conversion feature exists. During the year ended June 30, 2018, Bassani and the Company agreed to split his original September 2015 Convertible Note into two replacement notes with all the terms remaining the same. One of the replacement notes’ original principal is $130,000, which is being held by the Company as collateral for a subscription receivable promissory note from Bassani. During the year ended June 30, 2019, with the Company’s approval, Bassani sold $300,000 of his second replacement note to a Shareholder with all the terms remaining the same.

The balances of the September 2015 Convertible Notes as of September 30, 2019, including accrued interest owed Bassani, Schafer and Shareholder, are $161,385, $19,043 and $404,185, respectively. The balances of the September 2015 Convertible Notes as of September 30, 2018, including accrued interest, were $155,707, $18,389 and $388,734, respectively.

The Company recorded interest expense of $5,366 and $5,010 for the months ended September 30, 2019 and 2018, respectively.

2019 Convertible Notes

During the year ended June 30, 2019, Bassani converted $150,000 of his deferred compensation into a 2019 Deferred Compensation Convertible Promissory Note. The 2019 Convertible Note accrues interest at 4% per annum and is due and payable on May 31, 2021 and as of September 30, 2019 the 2019 Convertible Note and accrued interest was $152,268. The 2019 Convertible Note (including accrued interest), is convertible, at the sole election of the noteholder, into Units consisting of one share of the Company’s common stock and one half warrant to purchase a share of the Company’s common stock, at an initial price of $0.50 per Unit. The warrant contained in the Unit shall be exercisable at $0.75 per share until December 31, 2021. The original conversion price of $0.50 per Unit approximated the fair value of the Units at the date of the agreements; therefore no beneficial conversion feature exists. The Company recorded interest expense of $1,877 and nil for the three months ended September 30, 2019 and 2018, respectively.

8. STOCKHOLDERS' EQUITY:

Series B Preferred stock:

Since July 1, 2014, the Company has 200 shares of Series B redeemable convertible Preferred stock outstanding with a par value of $0.01 per share, convertible at the option of the holder at $2.00 per share, with dividends accrued and payable at 2.5% per quarter. The Series B Preferred stock is mandatorily redeemable at $100 per share by the Company three years after issuance and accordingly was classified as a liability. The 200 shares have reached their maturity date, but due to the cash constraints of the Company have not been redeemed.

During the years ended June 30, 2019 and 2018, the Company declared dividends of $2,000 and $2,000 respectively. During the three months ended September 30, 2019, the Company declared dividends of $500. At September 30, 2019, accrued dividends payable are $16,500. The dividends are classified as a component of operations as the Series B Preferred stock is presented as a liability in these financial statements.

Common stock:

Holders of common stock are entitled to one vote per share on all matters to be voted on by common stockholders. In the event of liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share in all assets remaining after liabilities have been paid in full or set aside and the rights of any outstanding preferred stock have been satisfied. Common stock has no preemptive, redemption or conversion rights. The rights of holders of common stock are subject to, and may be adversely affected by, the rights of the holders of any outstanding series of preferred stock or any series of preferred stock the Company may designate in the future.

Centerpoint holds 704,309 shares of the Company’s common stock. These shares of the Company’s common stock held by Centerpoint are for the benefit of its shareholders without any beneficial interest.

During the three months ended September 30, 2019, the Company issued 29,000 shares of the Company’s common stock at prices ranging from $0.48 to $0.75 per share for services valued at $16,350 in the aggregate, to two consultants.

During the three months ended September 30, 2019, the Company entered into a subscription agreement to sell units for $0.50 per unit, with each unit consisting of one share of the Company’s restricted common stock and one warrant to purchase one half of a share of the Company’s restricted common stock for $0.75 per share with an expiry date of December 31, 2020, and pursuant thereto, the Company issued 18,000 units for total proceeds of $9,000, net proceeds of $8,100 after commissions. The Company allocated the proceeds from the 18,000 shares and the 9,000 warrants based upon their relative fair values, using the share price on the day each of the subscription agreements were entered into and the fair value of the warrants, which was determined to be $0.05 per warrant. As a result, $333 was allocated to the warrants and $8,667 was allocated to the shares, and both were recorded as additional paid in capital.

During the three months ended September 30, 2019, the Company entered into subscription agreements to sell units for $0.50 per unit, with each unit consisting of one share of the Company’s restricted common stock and one warrant to purchase one share of the Company’s restricted common stock for $0.75 per share with an expiry date of December 31, 2020, and pursuant thereto, the Company issued 301,914 units for total proceeds of $150,957, net proceeds of $141,361 after commissions. The Company allocated the proceeds from the 301,914 shares and the 301,914 warrants based upon their relative fair values, using the share price on the day each of the subscription agreements were entered into and the fair value of the warrants, which was determined to be $0.05 per warrant. As a result, $6,751 was allocated to the warrants and $144,206 was allocated to the shares, and both were recorded as additional paid in capital.

Warrants:

As of September 30, 2019, the Company had approximately 17 million warrants outstanding, with exercise prices from $0.60 to $2.00 and expiring on various dates through June 30, 2025.

The weighted-average exercise price for the outstanding warrants is $0.93, and the weighted-average remaining contractual life as of September 30, 2019 is 3.2 years.

Stock options:

The Company’s 2006 Consolidated Incentive Plan, as amended (the “2006 Plan”), provides for the issuance of options (and/or other securities) to purchase up to 30,000,000 shares of the Company’s common stock. Terms of exercise and expiration of options/securities granted under the 2006 Plan may be established at the discretion of the Board of Directors, but no option may be exercisable for more than ten years.

The Company recorded compensation expense related to employee stock options of nil and $95,500 for the three months ended September 30, 2019 and 2018, respectively. The Company granted nil and 325,000 options during the three months ended September 30, 2019 and 2018, respectively.

The fair value of the options granted during the three months ended September 30, 2019 and 2018 were estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:

	Weighted Average, September 30, 2019			Range, September 30, 2019			Weighted Average, September 30, 2018			Range, September 30, 2018
Volatility		—	%		—	%		70	%		63%-76%
Dividend yield		—			—			—			—
Risk-free interest rate		—	%		—	%		2.73	%		2.68%-2.78%
Expected term (years)		—			—			3.9			3.4 to 4.3

The expected volatility was based on the historical price volatility of the Company’s common stock. The dividend yield represents the Company’s anticipated cash dividend on common stock over the expected term of the stock options. The U.S. Treasury bill rate for the expected term of the stock options was utilized to determine the risk-free interest rate. The expected term of stock options represents the period of time the stock options granted are expected to be outstanding based upon management’s estimates.

A summary of option activity under the 2006 Plan for the three months ended September 30, 2019 is as follows:

	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value
Outstanding at July 1, 2019		7,411,600	$	1.08		3.1	$	20,375
Granted		—		—
Exercised		—		—
Forfeited		—		—
Expired		—		—
Outstanding at September 30, 2019		7,411,600	$	1.08		2.9	$	—
Exercisable at September 30, 2019		7,411,600	$	1.08		2.9	$	—

The following table presents information relating to nonvested stock options as of September 30, 2019:

	Options		Weighted Average Grant-Date Fair Value
Nonvested at July 1, 2019	—	$	—
Granted	—		—
Vested	—		—
Nonvested at September 30, 2019	—	$	—

The total fair value of stock options that vested during the three months ended September 30, 2019 and 2018 was nil and $80,500 respectively. As of September 30, 2019, the Company had no unrecognized compensation cost related to stock options.

Stock-based employee compensation charges in operating expenses in the Company’s financial statements for the three months ended September 30, 2019 and 2018 are as follows:

	Three months ended September 30, 2019		Three months ended September 30, 2018
General and administrative:
Change in fair value from modification of option terms	$	—	$	211,185
Change in fair value from modification of warrant terms		—		118,233
Fair value of stock options expensed		—		69,625
Total	$	—	$	399,043

Research and development:
Change in fair value from modification of option terms	$	—	$	11,115
Change in fair value from modification of warrant terms		—		44,793
Fair value of stock options expensed		—		25,875
Total	$	—	$	81,783

9. SUBSCRIPTION RECEIVABLE - AFFILIATES:

As of September 30, 2019, the Company has three interest bearing, secured promissory notes with an aggregate principal amount of $428,250 ($453,445, including interest), from Bassani as consideration to purchase warrants to purchase 5,565,000 shares of the Company’s restricted common stock, which warrants have exercise prices ranging from $0.60 to $1.00 and have expiry dates ranging from December 31, 2020 to December 31, 2025. The promissory notes bear interest at 4% per annum, are secured by portions of Bassani’s January 2015 Convertible Note and Bassani’s September 2015 Convertible Notes. The secured promissory notes are payable July 1, 2020.

As of September 30, 2019, the Company has two interest bearing, secured promissory notes with an aggregate principal amount of $46,400 ($49,914 including interest) from two former employees as consideration to purchase warrants to purchase 928,000 shares of the Company’s restricted common stock, which warrants are exercisable at $0.75 and have expiry dates of December 31, 2020. These warrants have a 90% exercise bonus. The promissory notes bear interest at 4% per annum, are secured by a perfected security interest in the warrants, and are payable on July 1, 2020.

As of September 30, 2019, the Company has an interest bearing, secured promissory note for $30,000 ($31,394 including interest) from Smith as consideration to purchase warrants to purchase 300,000 shares of the Company’s restricted common stock, which warrants are exercisable at $0.60 and have expiry dates of December 31, 2023. The warrants have a 75% exercise bonus. The promissory note bears interest at 4% per annum, is secured by $30,000 of Smith’s January 2015 Convertible Note. The secured promissory note is payable on July 1, 2020.

10. COMMITMENTS AND CONTINGENCIES:

Employment and consulting agreements:

Smith has held the positions of Director, President and General Counsel of Company and its subsidiaries under various agreements (and extensions) and terms since March 2003. On October 10, 2016, the Company approved a month to month contract extension with Smith which includes provisions for i) a monthly deferred salary of $18,000 effective October 1, 2016 until the Board of Directors re-instates cash payments to all employees and consultants who are deferring compensation, ii) the right to convert up to $125,000 of his deferred compensation, at his sole election, at $0.75 per share, until March 15, 2018 (which was expanded on April 27, 2017 to the right to convert up to $300,000 of his deferred compensation, at his sole election, at $0.75 per share, and subsequently extended until December 31, 2019), and iii) the right to convert his deferred compensation in whole or in part, at his sole election, at any time in any amount at “market” or into securities sold in the Company’s current/most recent private offering at the price of such offering to third parties. Smith agreed effective July 29, 2018 to continue to serve the Company under these terms.

Since March 31, 2005, the Company has had various agreements with Brightcap and/or Bassani, through which the services of Bassani are provided (any reference to Brightcap or Bassani for all purposes are the same individual). The Board appointed Bassani as the Company's CEO effective May 13, 2011. On February 10, 2015, the Company executed an Extension Agreement with Bassani pursuant to which Bassani extended the term of his service to the Company to December 31, 2017, (with the Company having an option to extend the term an additional six months.) Pursuant to the Extension Agreement, Bassani continued to defer his cash compensation ($31,000 per month) until the Board of Directors re-instates cash payments to all employees and consultants who are deferring their compensation. During October 2016 Bassani was granted the right to convert up to $125,000 of his deferred compensation, at his sole election, at $0.75 per share, until March 15, 2018 (which was expanded on April 27, 2017 to the right to convert up to $300,000 of his deferred compensation, at his sole election, at $0.75 per share, and subsequently extended until December 31, 2019). During February 2018, the Company agreed to the material terms for a binding two-year extension agreement for Bassani’s services as CEO, while a detailed, fully executed agreement is still being negotiated and will be finalized in the future. Bassani’s salary will remain $372,000 per year, which will continue to be accrued until there is adequate cash available while negotiations proceed toward the re-instatement of a least a partial cash payment. Additionally, the Company has agreed to pay him $2,000 per month to be applied to life insurance premiums. On August 1, 2018, in the context of extending his agreement to provide services to the Company on a full time basis through December 31, 2022) plus 2 years after that on a part-time basis, the Company received an interest bearing secured promissory note for $300,000 from Bassani as consideration to purchase warrants to purchase 3,000,000 shares of the Company’s restricted common stock, which warrants are exercisable at $0.60 and have expiry dates of June 30, 2025. The promissory note is secured by Bassani’s $300,000 of January 2015 Convertible Note (Note 7) and as of September 30, 2019 the accrued interest was $13,940.

Execution/exercise bonuses:

As part of agreements the Company entered into with Bassani and Smith effective May 15, 2013, they were each granted the following: a) a 50% execution/exercise bonus which shall be applied upon the effective date of the notice of intent to exercise (for options and warrants) or issuance event, as applicable, of any currently outstanding and/or subsequently acquired options, warrants and/or contingent stock bonuses owned by each (and/or their donees) as follows: i) in the case of exercise by payment of cash, the bonus shall take the form of reduction of the exercise price; ii) in the case of cashless exercise, the bonus shall be applied to reduce the exercise price prior to the cashless exercise calculations; and iii) with regard to contingent stock bonuses, issuance shall be triggered upon the Company’s common stock reaching a closing price equal to 50% of currently specified price; and b) the right to extend the exercise period of all or part of the applicable options and warrants for up to five years (one year at a time) by annual payments of $.05 per option or warrant to the Company on or before a date during the three months prior to expiration of the exercise period at least three business days before the end of the expiration period. Effective January 1, 2016 such annual payments to extend warrant exercise periods have been reduced to $.01 per option or warrant.

During the year ended June 30, 2014, the Company extended 50% execution/exercise bonuses with the same terms as described above to Schafer and to Jon Northrop (“Northrop”), the Company’s other board member.

During the year ended June 30, 2018, the Company extended 50% execution/exercise bonuses with the same terms as described above to all options and warrants issued prior to November 7, 2017, to an employee and two former employees who are now consultants.

During the year ended June 30, 2018, the Company increased the above 50% execution/exercise bonus on all outstanding options and warrants owned or acquired in the future by Bassani, Smith and Schafer to 75% (to the extent such existing exercise bonus is less than 75%).

During the year ended June 30, 2019, the Company approved the right to extend the exercise period of all or part of any options or warrants granted in the past or in the future, for up to five years (one year at a time) by annual payments of $0.01 per option/warrant for one of its employees. The extension payment may be made in i) cash; ii) by reduction of sums owed by the Company, and iii) by reduction of applicable exercise bonuses.

As of September 30, 2019, the execution/exercise bonuses ranging from 50-90% were applicable to 7,239,600 of the Company’s outstanding options and 12,032,095 of the Company’s outstanding warrants.

Litigation:

On September 25, 2014, Pennvest exercised its right to declare the Pennvest Loan in default and has accelerated the Pennvest Loan and has demanded that PA1 pay $8,137,117 (principal, interest plus late charges) on or before October 24, 2014. PA1 did not make the payment and did not then and does not now have the resources to make the payment demanded by Pennvest. During August 2012, the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider 1 system met the ‘technology guaranty’ standards which were incorporated in the Pennvest financing documents and, as a result, the Pennvest Loan is now solely an obligation of PA1. No litigation has commenced related to this matter but such litigation is likely if negotiations do not produce a resolution (Note 1 and Note 6).

The Company currently is not involved in any other material litigation.

11. RELATED PARTY TRANSACTIONS:

The Coalition for Affordable Bay Solutions (“CABS”), a not-for-profit organization that engages in political and legislative lobbying and educational activities regarding the competitive bidding procurement and nutrient credit trading program in Pennsylvania (and elsewhere), shares certain key management members with the Company.

During the three months ended September 30, 2019 and 2018, respectively, the Company received nil and $30,000 for expense reimbursements from CABS, respectively. During the three months ended September 30, 2019 and 2018, respectively, the Company paid CABS $12,900 and nil, respectively for consulting expenses. The Company also issued 16,000 shares of its restricted common stock valued at $8,000 for third party consulting expenses on behalf of CABS during the three months ended September 30, 2018.

12. SUBSEQUENT EVENTS:

The Company has evaluated events that occurred subsequent to September 30, 2019 for recognition and disclosure in the financial statements and notes to the financial statements.

From October 1, 2019 through November 7, 2019, the Company has sold 900,000 Units of its securities at $0.50 per Unit for aggregate consideration of $450,000. Each Unit consists of one share of common stock and a callable warrant to purchase one share of the Company’s common shares at $0.75 per share until December 31, 2020.

From October 1, 2019 through November 7, 2019, Bassani was repaid $20,000 he had loaned the Company for working capital requirements.

From October 1, 2019 through November 7, 2019, the Company paid CABS $14,200 for consulting expenses.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Statements made in this Form 10-Q that are not historical or current facts, which represent the Company's expectations or beliefs including, but not limited to, statements concerning the Company's operations, performance, financial condition, business strategies, and other information, involve substantial risks and uncertainties. The Company's actual results of operations, most of which are beyond the Company's control, could differ materially. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," anticipate," "estimate," or "continue" or the negative thereof. We wish to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. Any forward looking statements represent management's best judgment as to what may occur in the future. However, forward looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected.

These factors include adverse economic conditions, entry of new and stronger competitors, inadequate capital, unexpected costs, failure (or delay) to gain product or regulatory approvals in the United States (or particular states) or foreign countries and failure to capitalize upon access to new markets. Additional risks and uncertainties that may affect forward looking statements about Bion's business and prospects include the possibility that markets for nutrient reduction credits (discussed below) and/or other ways to monetize nutrient reductions will be slow to develop (or not develop at all), the existing default by PA1 on its loan secured by the Kreider 1 system, the possibility that a competitor will develop a more comprehensive or less expensive environmental solution, delays in market awareness of Bion and our Systems, uncertainties and costs related to research and development efforts to update and improve Bion’s technologies and applications thereof, and/or delays in Bion's development of Projects and failure of marketing strategies, each of which could have both immediate and long term material adverse effects by placing us behind our competitors and requiring expenditures of our limited resources. Bion disclaims any obligation subsequently to revise any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements filed herein with the Company’s Form 10-K for the year ended June 30, 2019.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

BUSINESS OVERVIEW

From 2014 through the current fiscal year, the Company has focused its research and development activities toward development of our 3G Tech, augmenting the basic ‘separate and aggregate’ approach of its technology platform to provide additional flexibility and to increase recovery of nutrient co-products (in organic and non-organic forms) and renewable energy production (either/both biogas and/or renewable electricity and related credits), thereby increasing potential related revenue streams and reducing dependence of its future projects on the monetization of nutrient reductions (which still remain an important part of project revenue streams). This research and development effort also involves ongoing review of potential “add-ons” and applications to our technology platform for use in different regulatory and/or climate environments. These research and development activities continued through the 2018 and 2019 fiscal years with increased focus on recovery of marketable ‘coproducts’ (including nutrients and renewable natural gas) and completion of development of Bion’s 3G Tech and technology platform. We believe such activities will continue at least through the 2019 calendar year (and likely longer), subject to availability of adequate financing for the Company’s operations, of which there is no assurance. Such activities may include the design and construction of an initial, commercial-scale module utilizing our 3G Tech to assist in optimization efforts before construction of the full Kreider 2 project (see below).

Bion’s 3G Tech and technology platform are designed to capture four revenue streams under one umbrella and provide the basis for joint ventures between the Company and larger livestock producers seeking to produce environmental/sustainable product lines. The revenue streams are: a) renewable energy and associated greenhouse gas credits (including US Renewable Fuel Standard (RFS) and/or Low Carbon Fuel Standard (LCFS) credits), b) verified nutrient reductions (primarily nitrogen and phosphorus) that can be used as qualified offsets to the federal Chesapeake Bay mandate and US EPA TMDL (‘total maximum daily limit’) requirements, c) co-products consisting of high value fertilizer that Bion believes will achieve certification for use in organic food production for human consumption during the current fiscal year, and d) an environmentally sustainable USDA certification that will be incorporated into a “brand” that can address the consumer concerns regarding food safety and sustainability (based on incorporation of all of the third party verified data for greenhouse gas reductions, nutrient reductions and fertilizer products into a digital register). The “branding” opportunity will offer large scale livestock producer / processor / distributors of livestock products the opportunity to differentiate and identify their products in the marketplace and, thereby creates the opportunity to achieve “premium pricing” by addressing consumer concerns related to safety and sustainability in a manner similar to the premiums achieved by organic producers.

Operational results from the initial commercial system (utilizing our 2G Tech) confirmed the ability of Bion’s technologies to meet nutrient reduction goals at commercial scale for an extended period of operation. Bion’s 3G Tech platform (and the new variations under development) center on its patented and proprietary processes that separate and aggregate the various assets in the CAFO waste stream so they become benign, stable and/or transportable. Bion systems can: a) remove up to 95% of the nutrients (primarily nitrogen and phosphorus) in the effluent, b) reduce greenhouse gases by 90% (or more) including elimination of virtually all ammonia emissions, c) while materially reducing pathogens, antibiotics and hormones in the livestock waste stream. Our core technology and its primary CAFO applications are now proven in commercial operations. It has been accepted by the Environmental Protection Agency (“EPA”) and other regulatory agencies and it is protected by Bion’s portfolio of U.S. and international patents (both issued and applied for).

Currently, our research and development activities are underway to improve, update and commercialization of our 3G Tech systems (which is ready to be implemented) during the current fiscal year to meet the needs of CAFOs in various geographic and climate areas with nutrient release constraints and to increase the recovery and generation of valuable by-products while adding the capability to treat dry (poultry) waste streams in addition to wet manure streams at lower capital costs and operating costs

Bion is focused on using applications of its patented and proprietary waste management technologies and technology platform to pursue three main business opportunities: 1) development of new state-of-the-art large-scale waste treatment facilities in joint ventures with large CAFO’s (and other agricultural industry parties) in strategic locations (“Projects”) ( some of these may be Integrated Projects) with multiple revenue streams; 2) installation of Bion systems ( some of which may generate verified nutrient reduction credits and revenues from the production of renewable energy and coproducts) to retrofit and environmentally remediate existing large scale CAFOs (“Retrofits”) in selected markets where: a) government policy supports such efforts (such as the Chesapeake Bay watershed, some Great Lakes Basin states, and/or other states and watersheds facing EPA ‘total maximum daily load’ (“TMDL”) issues, and/or b) where CAFO’s need our technology to obtain permits to expand or develop without negative environmental consequences; and 3) licensing and/or joint venturing of Bion’s technology and applications (primarily) outside North America. The opportunities described at 1) and 2) above each require substantial political and regulatory (federal, state and local) efforts on the part of the Company and a substantial part of Bion’s efforts are focused on such political and regulatory matters. Bion intends to pursue international opportunities primarily through the use of consultants with existing relationships in target locations. The most intense focus is currently on the requirements for the clean-up of the Chesapeake Bay, on CAFO projects in the mid-west involving various species, and the potential use of Bion’s technology and technology platform on CAFOs to remediate ammonia release (and re-deposition to the ground and water) and as an alternative to what the Company believes is far more expensive nutrient removal downstream in storm water and other projects.

During 2008 the Company commenced actively pursuing the opportunity presented by environmental retrofit and remediation of the waste streams of existing CAFOs which effort has met with very limited success to date. The first commercial activity in this area is represented by our agreement with Kreider Farms (“KF”), pursuant to which the Kreider 1 system to treat KF's dairy waste streams to reduce nutrient releases to the environment while generating marketable nutrient credits and renewable energy was designed, constructed and entered full-scale operation during 2011. On January 26, 2009 the Board of the Pennsylvania Infrastructure Investment Authority (“Pennvest”) approved a $7.75 million loan to Bion PA 1, LLC (“PA1”), a wholly-owned subsidiary of the Company, for the initial Kreider Farms project (“Kreider 1 System”). After substantial unanticipated delays, on August 12, 2010 PA1 received a permit for construction of the Kreider 1 System. Construction activities commenced during November 2010. The closing/settlement of the Pennvest Loan took place on November 3, 2010. PA1 finished the construction of the Kreider 1 System and entered a period of system ‘operational shakedown’ during May 2011. The Kreider 1 System reached full, stabilized operation by the end of the 2012 fiscal year. During 2011 the PADEP re-certified the nutrient credits for this project. The PADEP issued final permits for the Kreider 1 System (including the credit verification plan) on August 1, 2012 on which date the Company deemed that the Kreider 1 System was ‘placed in service’. As a result, PA1 commenced generating nutrient reduction credits for potential sale while continuing to utilize the Kreider 1 System to test improvements and add-ons. However, to date liquidity in the Pennsylvania nutrient credit market has been slow to develop significant breadth and depth, which limited liquidity/depth has negatively impacted Bion’s business plans and has resulted in challenges to monetizing the nutrient reductions created by PA1’s existing Kreider 1 project and Bion’s other proposed projects. These difficulties have prevented PA1 from generating any material revenues from the Kreider 1 project to date and raise significant questions as to when, if ever, PA1 will be able to generate such revenues from the Kreider 1 System. PA1 has had sporadic discussions/negotiations with Pennvest related to forbearance and/or re-structuring its obligations pursuant to the Pennvest Loan for more than three years. In the context of such discussions/negotiations, PA1 elected not to make interest payments to Pennvest on the Pennvest Loan since January 2013. Additionally, the Company has not made any principal payments, which were to begin in fiscal 2013, and, therefore, the Company has classified the Pennvest Loan as a current liability as of September 30, 2019. Due to the failure of the Pennsylvania nutrient reduction credit market to develop, the Company determined that the carrying amount of the property and equipment related to the Kreider 1 project exceeded its estimated future undiscounted cash flows based on certain assumptions regarding timing, level and probability of revenues from sales of nutrient reduction credits and, therefore, PA1 and the Company recorded impairments related to the value of the Kreider 1 assets of $1,750,000 and $2,000,000 at June 30, 2015 and June 30, 2014, respectively. During the 2016 fiscal year, PA1 and the Company recorded an impairment of $1,684,562 to the value of the Kreider 1 assets which reduced the value on the Company’s books to zero. This impairment reflects management’s judgment that the salvage value of the Kreider 1 assets roughly equals PA1’s contractual obligations related to the Kreider 1 System, including expenses related to decommissioning of the Kreider 1 System, costs associated with needed capital upgrade expenses, and re-certification/ permitting amendments.

On September 25, 2014, Pennvest exercised its right to declare the Pennvest Loan in default and accelerated the Pennvest Loan and demanded that PA1 pay $8,137,117 (principal, interest plus late charges) on or before October 24, 2014. PA1 did not make the payment and does not have the resources to make the payments demanded by Pennvest. PA1 has commenced discussions and negotiations with Pennvest concerning this matter but Pennvest has rejected PA1’s proposal made during the fall of 2014. As of the date of this report, no formal proposals are currently under consideration and only sporadic communication has taken place regarding the matters involved over the last 5 years. It is not possible at this date to predict the outcome of this matter, but the Company believes that a loan modification agreement (coupled with an agreement regarding an update and re-start of full operations of KF1) may be reached in the future if/when a more robust market for nutrient reductions develops in Pennsylvania, of which there is no assurance. PA1 and Bion will continue to evaluate various options with regard to Kreider 1 over the next 180 days.

The economics (potential revenues, profitability and continued operation) of the Kreider 1 System were based almost entirely on the long term sale of nutrient (nitrogen and/or phosphorus) reduction credits to meet the requirements of the Chesapeake Bay environmental clean-up. See below for further discussion.

PA1 is currently maintaining the Kreider 1 System pending development of a more robust market for its nutrient reductions and/or its potential inclusion within the Kreider 2 Project discussed below.

Bion continues its pre-development work related to a waste treatment/renewable energy production facility to treat the waste from KF’s approximately 6+ million chickens (planned to expand to approximately 9-10 million)(and potentially other poultry operations and/or other waste streams)('Kreider Renewable Energy Facility' or ‘ Kreider 2 Project’). On May 5, 2016, the Company executed a stand-alone joint venture agreement with Kreider Farms covering all matters related to development and operation of Kreider 2 system to treat the waste streams from Kreider’s poultry facilities in Bion PA2 LLC (“PA2”). During May 2011 the PADEP certified a smaller version of the Kreider 2 Project for 559,457 nutrient credits under the old EPA’s Chesapeake Bay model. The Company has been in ongoing discussions with the PADEP regarding the appropriate credit calculation methodology for large-scale technology-based nutrient reduction installations such as the KF2 Project. Based on these discussions and the size of the Kreider 2 Project, we anticipate that when designs are finalized, the Kreider 2 Project will be re-certified for a far larger number of credits (management’s current estimates are between 2-4 million (or more) nutrient reduction credits for treatment of the waste stream from Kreider’s poultry pursuant to the Company’s subsequent amended application during the current fiscal year pursuant to the amended EPA Chesapeake Bay model and agreements between the EPA and PA. Note that this Project may be expanded in the future to treat wastes from other local and regional CAFOs (poultry and/or dairy---including the Kreider Dairy) and/or additional Kreider poultry expansion (some of which may not qualify for nutrient reduction credits). The review process to clarify certain issues related to credit calculation and verification commenced during 2014 based on Bion’s 2G Tech but has been placed on hold while certain matters are resolved between the EPA and Pennsylvania and pending development of a robust market for nutrient reductions in Pennsylvania. The Company anticipates it will submit an amended or new application based on our 3G Technology once these matters are clear. Site specific design and engineering work for this facility, which will probably be the first full-scale project to utilize Bion’s 3G Tech, have not commenced, and the Company does not yet have financing in place for the Kreider 2 Project. This opportunity is being pursued through PA2. If there are positive developments related to the market for nutrient reductions in Pennsylvania, of which there is no assurance, the Company intends to pursue development, design and construction of the Kreider 2 Project with a goal of achieving operational status for its initial modules during the coming calendar year, and hopes to enter into agreements related to sales of the nutrient reduction credits for future delivery (under long term contracts) during the current 2020 fiscal year subject to verification by the PADEP based on operating data from the Kreider 2 Project. The economics (potential revenues and profitability) of the Kreider 2 Project, despite its use of Bion’s 3G Tech for increased recovery of marketable by-products, are based in material part the long term sale of nutrient (nitrogen and/or phosphorus) reduction credits to meet the requirements of the Chesapeake Bay environmental clean-up. However, liquidity in the Pennsylvania nutrient credit market has been slow to develop significant breadth and depth, which lack of liquidity has negatively impacted Bion’s business plans and has resulted in challenges to monetizing the nutrient reduction credits generated by PA1’s existing Kreider 1 project and will most likely delay PA2’s Kreider 2 Project and other proposed projects in Pennsylvania.

Note that while Bion believes that the Kreider 1 System, the Kreider 2 Project and/or subsequent Bion Projects will eventually generate revenue from the sale of: a) nutrient reductions (credits or in other form), b) renewable energy (and related credits), c) sales of fertilizer products, and/or d) potentially, in time, credits for the reduction of greenhouse gas emissions, plus e) license fees related to a ‘sustainable brand’. We believe that the potential market is very large, but it is not possible to predict the exact timing and/or magnitude of these potential markets at this time.

A substantial portion of our activities involve public policy initiatives (by the Company and other stakeholders) to encourage the establishment of appropriate public policies and regulations (at federal, regional, state and local levels) to facilitate cost effective environmental clean-up and, thereby, support our business activities. Bion has been joined by National Milk Producers Federation, Land O’Lakes, JBS and other national livestock interests to support changes to our nation’s clean water strategy that will allow states to acquire low-cost nutrient reductions through a competitive procurement process, in a similar manner to how government entities now acquire many other goods and services on behalf of the taxpayer. As developing markets for nutrient reductions become fully-established, Bion anticipates a robust business opportunity to retrofit existing CAFOs and develop Projects, based primarily on the sale of nutrient credits that provide cost-effective alternatives to today’s high-cost and failing clean water strategy.

To date the market for long-term nutrient reduction credits in Pennsylvania (‘PA’) has been very slow to develop and the Company’s activities have been negatively affected by such lack of development. However, Bion is confident that once these markets are established, the credits it produces will be competitive in the credit trading markets, based on its cost to remove nitrogen from the livestock waste stream, compared to the cost to remove nitrogen through various other treatment activities.

Several independent studies have calculated the average cost to remove nitrogen through various sector practices. Reports prepared for the PA Senate (2008), Chesapeake Bay Commission (2012) and PA legislature (2013; described below), as well as the Maryland Chesapeake Bay Financing Strategy Report (2015), demonstrate that the cost to remove nitrogen (per pound on average) from agriculture is $44 to $54, municipal wastewater: $28 to $43, and storm water: $386 to $633. Pursuant to the PA legislative Report, by replacing sector allocation (for all sectors) with competitive bidding, up to 80 percent savings could be achieved in PA’s Chesapeake Bay compliance costs ($1.5 billion annually) by 2025. If the legislative study had focused on the cost differentials of competitive bidding compared only with storm water, the relative savings would be substantially greater.

Since these studies were completed, most of the larger (Tier 1) municipal wastewater treatment plants in PA have been upgraded, at a cost of approximately $2.5 billion (vs initial 2004 PA DEP cost estimates of $376 million). US EPA is now focused on PA’s storm water allocation (3.5 million pounds (per last published data)) and has this sector on ‘backstop level actions’, the highest level of EPA-oversight and the final step before sanctions. In the same 2004 PA DEP cost estimate that led to the more than a $2 billion underestimate/miscalculation in municipal wastewater plant upgrade costs, the estimate for storm water cost was $5.6 billion. In April 2017, US EPA sent a Letter of Expectation to PA DEP, expressing the agency’s support for the use of nutrient credit trading and competitive bidding to engage the private-sector to lower costs. The letter specifically encouraged the use of credit trading to offset the state’s looming storm water obligations.

The Company believes that: i) the April 2015 release of a report from the Pennsylvania Auditor General titled “Special Report on the Importance of Meeting Pennsylvania’s Chesapeake Bay Nutrient Reduction Targets” which highlighted the economic consequences of EPA-imposed sanctions if the state fails to meet the 2017 TMDL targets, as well as the need to support using low-cost solutions and technologies as alternatives to higher-cost public infrastructure projects, where possible, and ii) Senate Bill 575 (introduced in April 2019 as successor to prior SB 799 (which was passed by PA Senate during January 2018 but was not voted on in the House)) which, if adopted, will establish a program that will allow the Pennsylvania’s tax- and rate-payers to meet significant portions of their EPA-mandated Chesapeake Bay pollution reductions at significantly lower cost by purchasing verified reductions (by competitive bidding) from all sources, including those that Bion can produce through livestock waste treatment, represent visible evidence of progress being made on these matters in Pennsylvania. SB 575 was passed by the PA Senate earlier this year and introduced in the PA House which is scheduled to be taken up the bill during its Fall 2019 session which is now underway. Such legislation (which has bi-partisan support), if passed and signed into law (of which there is no assurance), will potentially enable Bion (and others) to compete for public funding on an equal basis with subsidized agricultural ‘best management practices’ and public works and storm water authorities. Note, however, that there is opposition to SB 575 (as was the case for SB 799 and its predecessors) from threatened stakeholders committed to the existing status quo approaches--- a significant portion of which was focused on attacking (in often inaccurate and/or vilifying ways) Bion in/through social media and internet articles, blogs, press releases, twitter posts and re-tweets, rather than engaging the substantive issues. If legislation similar to SB 575 is passed (on a stand-alone basis or as part of a larger piece of legislation) and implemented (in a form which maintains its core provisions), Bion expects that the policies and strategies being developed in PA will not only benefit the Company’s existing and proposed PA projects, but will also subsequently provide the basis for a larger Chesapeake Bay watershed strategy and, thereafter, a national clean water strategy.

The Company believes that Pennsylvania is ‘ground zero’ in the long-standing clean water battle between agriculture and the further regulation of agriculture relative to nutrient impacts. The ability of Bion and other technology providers to achieve verified reductions from agricultural non-point sources can resolve the current stalemate and enable implementation of constructive solutions that benefit all stakeholders, providing a mechanism that ensures that taxpayer funds will be used to achieve the most beneficial result at the lowest cost, regardless of source. All sources, point and non-point, rural and urban, will be able to compete for tax payer-funded nitrogen reductions in a fair and transparent process; and since payment from the tax and rate payers would now be performance-based, these providers will be held financially accountable.

We believe that the overwhelming environmental, economic, quality of life and public health benefits to all stakeholders in the watershed, both within and outside of Pennsylvania, make the case for adoption of the strategies outlined in the Report less an issue of ‘if’, but of ‘when and how’. The adoption of a competitive procurement program will have significant positive impact on technology providers that can deliver verified nitrogen reductions such as Bion, by allocating existing tax- and rate-payer clean water funding to low cost solutions based upon a voluntary and transparent procurement process. The Company believes that implementation of a competitively-bid nutrient reduction program to achieve the goals for the Chesapeake Bay watershed can also provide a working policy model and platform for other states to adopt that will enhance their efforts to comply with both current and future requirements for local and federal estuarine watersheds, including the Mississippi River/Gulf of Mexico, the Great Lakes Basin and other nutrient-impaired watersheds.

Bion will also pursue the opportunities related to development of Projects (including Integrated Projects) which are likely to involve joint ventures with large livestock producers who can utilize the benefits of the ‘sustainable branding’ that Bion technology can facilitate for products produced utilizing its technology. Integrated Projects will include large CAFOs (such as large poultry facilities, dairy complexes, beef cattle feed lots and/or hog farms) with Bion waste treatment/resource recovery system modules processing the aggregate CAFO waste stream from the equivalent of 20,000 to 80,000 (or more) beef or dairy cows (or the waste stream equivalent of other species), while recovering renewable energy and/or value-added fertilizer/soil amendment products, integrated to various degrees with CAFO end product users/processing facilities, and/or potentially in some locations, a biofuel/ethanol plant. Such Integrated Projects will involve large CAFOs with Bion waste treatment/resource recovery modules on a single site and/or on sites within an approximately 30-mile radius. Bion believes its 3G technology platform will allow integration of large-scale CAFO's with end product processors (and/or potentially biofuel production), together with renewable energy production and co-product recovery from the waste streams, and on-site energy utilization in a relatively 'closed loop' manner that will reduce the capital expenditures, operating costs and carbon footprint for the entire Integrated Project and each component facility. Some Integrated Projects may be developed from scratch while others may be developed in geographic proximity to (and in coordination with) existing participating CAFOs, feed producers (corn growers and/or biofuel plants) and end product processors. Each Integrated Project is likely to have different degrees of integration, especially in the early development phases.

The Company currently anticipates that the Kreider 2 poultry waste treatment facility in PA will be its initial full-scale 3G Project. Bion anticipates that it will finalize site selection for the Kreider 2 Project and/or its initial Integrated Project (and possibly additional Projects) during the current fiscal year if SB 575 becomes law in PA. Bion hopes to commence development of its initial Project by optioning land and beginning the site-specific design and permitting process during the current fiscal year, but further delays are possible. It is not possible at this time to firmly predict where the initial Project will be developed or the order in which Projects will be developed. All potential Projects are in very early discussion and pre-development stages and may never progress to actual development or may be developed after other Projects not yet under active consideration.

Bion also hopes to be able to move forward on additional Projects through 2020-22 to create a pipeline of Projects. Management has a 5-year development target (through calendar year 2025) of approximately 10 or more Projects pursuant to joint ventures (or similar agreements). Management hopes to have identified and begun development work related to 3-5 Projects over the next 2 years. At the end of the 5-year period, Bion projects that 3-8 of these Projects will be in full operation in 3-6 states (and possibly one or more foreign countries), and the balance would be in various stages ranging from partial operation to early development stage. It is possible that one or more Projects will be developed in joint ventures specifically targeted to meet the growing animal protein demand outside of the United States (including without limitation Asia, Europe and/or the Middle East). No Projects (including Integrated Projects) have been developed to date.

The Company’s audited financial statements for the years ended June 30, 2019 and 2018 were prepared assuming the Company will continue as a going concern. The Company has incurred net losses of approximately $2,659,000 and $3,018,000 during the years ended June 30, 2019 and 2018, respectively. The Report of the Independent Registered Public Accounting Firm on the Company’s consolidated financial statements as of and for the year ended June 30, 2019 includes a “going concern” explanatory paragraph which means that there are factors that raise substantial doubt about the Company’s ability to continue as a going concern. The Company has incurred net losses of approximately $562,000 and $941,000 for the three months ended September 30, 2019 and 2018, respectively. At September 30, 2019, the Company had a working capital deficit and a stockholders’ deficit of approximately $11,224,000 and $15,119,000, respectively. Management’s plans with respect to these matters are described in this section and in our consolidated financial statements (and notes thereto), and this material does not include any adjustments that might result from the outcome of this uncertainty. However, there is no guarantee that we will be able to raise sufficient funds or further capital for the operations planned in the near future.

CRITICAL ACCOUNTING POLICIES

Revenue Recognition

Stock-based compensation

The Company follows the provisions of ASC 718, which generally requires that share-based compensation transactions be accounted and recognized in the statement of income based upon their grant date fair values.

Derivative Financial Instruments:

Warrants:

Recent Accounting Pronouncements:

THREE MONTHS ENDED SEPTEMBER 30, 2019 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2018

Revenue

Total revenues were nil for both the three months ended September 30, 2019 and 2018, respectively.

General and Administrative

Total general and administrative expenses were $320,000 and $678,000 for the three months ended September 30, 2019 and 2018, respectively.

General and administrative expenses, excluding stock-based compensation charges of nil and $399,000, were $320,000 and $279,000 for the three months ended September 30, 2019 and 2018, respectively, representing a $41,000 increase. Salaries and related payroll tax expenses were $61,000 and $67,000 for the three months ended September 30, 2019 and 2018, respectively. Consulting costs were $116,000 and $84,000 for the three months ended September 30, 2019 and 2018, respectively, representing a $32,000 increase due to the absence of the $30,000 reimbursement from CABS during the three months ended September 30, 2018 for prior consulting expenses. Investor relation expenses were $24,000 and $5,000 for the three months ended September 30, 2019 and 2018, respectively. The increased activity is due to the engagement of an investor relations firm during the three months ended September 30, 2019.

General and administrative stock-based employee compensation for the three months ended September 30, 2019 and 2018 consists of the following:

	Three months ended September 30, 2019		Three months ended September 30, 2018
General and administrative:
Change in fair value from modification of option terms	$	—	$	211,000
Change in fair value from modification of warrant terms		—		118,000
Fair value of stock options expensed under ASC 718		—		70,000
Total	$	—	$	399,000

Stock-based compensation charges were nil and $399,000 for the three months ended September 30, 2019 and 2018, respectively. Compensation expense relating to the change in fair value from the modification of option terms was nil and $211,000 for the three months ended September 30, 2019 and 2018, respectively, as the Company granted a reduction in certain exercise prices and an extension of certain option expiration dates for an employee during the three months ended September 30, 2018. During the three months ended September 30, 2019 and 2018, respectively, the Company extended expiration dates of warrants for certain employees and consultants which resulted in the recognition of nil and $118,000, respectively, in non-cash compensation. The fair value of stock options expensed for the three months ended September 30, 2019 and 2018 was nil and $70,000, respectively. The Company granted nil and 325,000 options during the three months ended September 30, 2019 and 2018, respectively, of which nil and 175,000 were fully vested at grant date during the three months ended September 30, 2019 and 2018, respectively.

Depreciation

Total depreciation expense was $347 and $436 for the three months ended September 30, 2019 and 2018, respectively.

Research and Development

Total research and development expenses were $123,000 and $170,000 for the three months ended September 30, 2019 and 2018, respectively.

Research and development expenses, excluding stock-based compensation expenses of nil and $82,000 were $123,000 and $88,000 for the three months ended September 30, 2019 and 2018, respectively, representing a $35,000 increase. Salaries and related payroll tax expenses were $20,000 for both the three months ended September 30, 2019 and 2018, respectively. Consulting costs were $54,000 and $49,000 for the three months ended September 30, 2019 and 2018, respectively. The Company also incurred $30,000 and $10,000 for the three months ended September 30, 2019 and 2018, respectively in the development of a new pilot program for its anaerobic digestate process.

Research and development stock-based employee compensation for the three months ended September 30, 2019 and 2018 consists of the following:

	Three months ended September 30, 2019		Three months ended September 30, 2018
Research and development:
Change in fair value from modification of option terms	$	—	$	11,000
Change in fair value from modification of warrant terms		—		45,000
Fair value of stock options expensed under ASC 718		—		26,000
Total	$	—	$	82,000

Stock-based compensation expenses were nil and $82,000 for the three months ended September 30, 2019 and 2018, respectively. The compensation expense of nil and $11,000 for the three months ended
September 30, 2019 and 2018, respectively, is due to the change in fair value from modification of options terms is due to a research and development employee and consultant having certain option exercise prices reduced during the three months ended September 30, 2018. During the three months ended September 30, 2018, the Company extended expiration dates of warrants for certain research and development employees and consultants which resulted in the recognition of $45,000 in non-cash compensation. The Company expensed nil and $26,000 for the fair value of stock options that vested during the three months ended September 30, 2019 and 2018, respectively. The Company granted nil and 325,000 options during the three months ended September 30, 2019 and 2018, respectively, of which 175,000 options were fully vested during the three months ended September 30, 2018, and a portion of the stock compensation was allocated to research and development.

Loss from Operations

As a result of the factors described above, the loss from operations was $444,000 and $848,000 for the three months ended September 30, 2019 and 2018, respectively.

Other Expense

Other expense was $118,000 and $92,000 for the three months ended September 30, 2019 and 2018, respectively. Interest expense related to the Pennvest loan was $62,000 and $53,000 for the three months ended September 30, 2019 and 2018, respectively, an increase of $9,000. Interest on deferred compensation and convertible notes payable was higher during the three months ended September 30, 2019 due to higher overall balances.

Net Loss Attributable to the Noncontrolling Interest

The net loss attributable to the noncontrolling interest was $500 and $3,000 for the three months ended September 30, 2019 and 2018, respectively.

Net Loss Attributable to Bion’s Common Stockholders

As a result of the factors described above, the net loss attributable to Bion’s stockholders was $561,000 and $937,000 for the three months ended September 30, 2019 and 2018, respectively, and the net loss per basic common share was $0.02 and $0.04 for the three months ended September 30, 2019 and 2018, respectively.

LIQUIDITY AND CAPITAL RESOURCES

The Company's consolidated financial statements for the three months ended September 30, 2019 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Report of our Independent Registered Public Accounting Firm on the Company's consolidated financial statements as of and for the year ended June 30, 2019 includes a "going concern" explanatory paragraph which means that the auditors stated that conditions exist that raise substantial doubt about the Company's ability to continue as a going concern.

Operating Activities

As of September 30, 2019, the Company had cash of approximately $75,000. During the three months ended September 30, 2019, net cash used in operating activities was $151,000, primarily consisting of cash operating expenses related to salaries and benefits, and other general and administrative costs such as insurance, legal, accounting and investor relations expenses. As previously noted, the Company is currently not generating significant revenue and accordingly has not generated cash flows from operations. The Company does not anticipate generating sufficient revenues to offset operating and capital costs for a minimum of two to five years. While there are no assurances that the Company will be successful in its efforts to develop and construct its Projects and market its Systems, it is certain that the Company will require substantial funding from external sources. Given the unsettled state of the current credit and capital markets for companies such as Bion, there is no assurance the Company will be able to raise the funds it needs on reasonable terms.

Financing Activities

During the three months ended September 30, 2019, the Company received gross cash proceeds of $160,000 from the sale of 319,914 units which consists of one share of the Company’s restricted common stock and one warrant to purchase one share of the Company’s restricted common stock for $0.75 per share through December 2020. The Company paid cash commissions related to the sale of units of $10,000. The Company received proceeds from loans from affiliates of $35,000 during the three months ended September 30, 2019.

As of September 30, 2019 the Company has debt obligations consisting of: a) deferred compensation of $1,078,000, b) convertible notes payable – affiliates of $3,849,000, and, c) a loan payable and accrued interest of $9,374,000 (owed by PA1).

Plan of Operations and Outlook

As of September 30, 2019, the Company had cash of approximately $75,000.

The Company continues to explore sources of additional financing to satisfy its current operating requirements as it is not currently generating any significant revenues. During the past six years (fiscal years 2014 through 2019), the Company experienced greater difficulty in raising equity and debt funding than in the prior years (which is not mitigated by the relative increase in equity funding during the year ended June 30, 2019). As a result, the Company faced, and continues to face, significant cash flow management challenges due to material working capital constraints. These difficulties, challenges and constraints have continued during fiscal years 2018 and 2019 and the Company anticipates that they may continue for the next twelve (12) months or longer. To partially mitigate these working capital constraints, the Company's core senior management and some key employees and consultants have been deferring all or part of their cash compensation and/or are accepting compensation in the form of securities of the Company (Notes 5 and 7 to Financial Statements) and members of the Company's senior management have made loans to the Company which have been converted into convertible promissory notes as of September 30, 2019. During the year ended June 30, 2018 senior management and certain core employees and consultants agreed to a one-time extinguishment of liabilities owed by the Company which in aggregate totaled $2,404,000. As of September 30, 2019, such deferrals totaled approximately $4,927,000 (including accrued interest and deferred compensation converted into promissory notes but excluding conversions of deferred compensation into the Company's common stock by officers, employees and consultants that have already been completed). The extended constraints on available resources have had, and continue to have, negative effects on the pace and scope of the Company's effort to develop its business. The Company made reductions in its personnel during the years ended June 30, 2014 and 2015 and again in 2018. The Company has had to delay payments of trade obligations and economize in many ways that have potentially negative consequences. If the Company does not have greater success in its efforts to raise needed funds during the current year (and subsequent periods), we will need to consider deeper cuts (including additional personnel cuts) and curtailments of operations (including possibly Kreider 1 operations). The Company will need to obtain additional capital to fund its operations and technology development, to satisfy existing creditors, to develop Projects (including Integrated Projects) and CAFO Retrofit waste remediation systems (including the Kreider 2 facility) and to continue to operate the Kreider 1 facility (subject to agreements being reached with Pennvest as discussed above). The Company anticipates that it will seek to raise from $2,500,000 to $50,000,000 or more (debt and equity) during the next twelve months. However, as discussed above, there is no guarantee that we will be able to raise sufficient funds or further capital for the operations planned in the near future.

The Company is not currently generating any significant revenues. Further, the Company’s anticipated revenues, if any, from existing projects and proposed projects will not be sufficient to meet the Company’s anticipated operational and capital expenditure needs for many years. During the three months ended September 30, 2019 the Company raised gross proceeds of approximately $160,000 through the sale of its securities and paid commissions of approximately $10,000, and anticipates raising additional funds from such sales and transactions. However, there is no guarantee that we will be able to raise sufficient funds or further capital for the operations planned in the near future.

Because the Company is not currently generating significant revenues, the Company will need to obtain additional capital to fund its operations and technology development, to satisfy existing creditors, to develop Projects and to sustain operations at the KF 1 facility.

The first commercial activity in the Retrofit segment is represented by our agreement with Kreider Farms ("KF"), pursuant to which the Kreider 1 system to treat KF's dairy waste streams to reduce nutrient releases to the environment while generating marketable nutrient credits and renewable energy was designed, constructed and entered full-scale operation during 2011. On January 26, 2009 the Board of the Pennsylvania Infrastructure Investment Authority ("Pennvest") approved a $7.75 million loan to Bion PA 1, LLC ("PA1"), a wholly-owned subsidiary of the Company, for the initial Kreider Farms project ("Kreider 1 System"). After substantial unanticipated delays, on August 12, 2010 PA1 received a permit for construction of the Kreider 1 system. Construction activities commenced during November 2010. The closing/settlement of the Pennvest Loan took place on November 3, 2010. PA1 finished the construction of the Kreider 1 System and entered a period of system 'operational shakedown' during May 2011. The Kreider 1 System reached full, stabilized operation by the end of the 2012 fiscal year. During 2011 the PADEP re-certified the nutrient credits for this project. The PADEP issued final permits for the Kreider 1 System (including the credit verification plan) on August 1, 2012 on which date the Company deemed that the Kreider System was 'placed in service'. As a result, PA1 commenced generating nutrient reduction credits for potential sale while continuing to utilize the Kreider 1 system to test improvements and add-ons. However, to date liquidity in the Pennsylvania nutrient credit market has been slow to develop significant breadth and depth, which limited liquidity/depth has negatively impacted Bion's business plans and has resulted in challenges to monetizing the nutrient reductions created by PA1's existing Kreider 1 project and Bion's other proposed projects. These difficulties have prevented PA1 from generating any material revenues from the Kreider 1 project to date and raise significant questions as to when, if ever, PA1 will be able to generate such revenues from the Kreider 1 system. PA1 has had sporadic discussions/negotiations with Pennvest related to forbearance and/or re-structuring its obligations pursuant to the Pennvest Loan for more than three years. In the context of such discussions/negotiations, PA1 elected not to make interest payments to Pennvest on the Pennvest Loan since January 2013. Additionally, the Company has not made any principal payments, which were to begin in fiscal 2013, and, therefore, the Company has classified the Pennvest Loan as a current liability as of September 30, 2019. Due to the failure of the PA nutrient reduction credit market to develop, the Company determined that the carrying amount of the property and equipment related to the Kreider 1 project exceeded its estimated future undiscounted cash flows based on certain assumptions regarding timing, level and probability of revenues from sales of nutrient reduction credits and, therefore, PA1 and the Company recorded impairments related to the value of the Kreider 1 assets of $1,750,000 and $2,000,000 at June 30, 2015 and June 30, 2014, respectively. During the 2016 fiscal year, PA1 and the Company recorded an impairment of $1,684,562 to the value of the Kreider 1 assets which reduced the value on the Company's books to zero. This impairment reflects management's judgment that the salvage value of the Kreider 1 assets roughly equals PA1's contractual obligations related to the Kreider 1 system, including expenses related to decommissioning of the Kreider 1 system, costs associated with needed capital upgrade expenses, and re-certification/ permitting amendments.

On September 25, 2014, Pennvest exercised its right to declare the Pennvest Loan in default and accelerated the Pennvest Loan and demanded that PA1 pay $8,137,117 (principal, interest plus late charges) on or before October 24, 2014. PA1 did not make the payment and does not have the resources to make the payments demanded by Pennvest. PA1 has commenced discussions and negotiations with Pennvest concerning this matter but Pennvest has rejected PA1's proposal made during the fall of 2014. As of the date of this report, no formal proposals are currently under consideration and only sporadic communication has taken place regarding the matters involved over the last 5 years. It is not possible at this date to predict the outcome of this matter, but the Company believes that a loan modification agreement (coupled with an agreement regarding an update and restart of full operations of KF1) may be reached in the future if/when a more robust market for nutrient reductions develops in PA, of which there is no assurance. PA1 and Bion will continue to evaluate various options with regard to Kreider 1 over the next 180 days.

During August 2012, the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider 1 system met the 'technology guaranty' standards which were incorporated in the Pennvest financing documents and, as a result, the Pennvest Loan is now solely an obligation of PA1.

The Company is currently operating the Kreider 1 System in a limited manner pending development of a more robust market for its nutrient reductions and/or its potential inclusion within the Kreider 2 Project discussed above.

As indicated above, the Company anticipates that it will seek to raise from $2,500,000 to $50,000,000 or more (from debt, equity, joint venture, strategic partnering, etc.) during the next twelve months, some of which may be in the context of joint ventures for the development of one or more large scale projects. We reiterate that there is no assurance, especially in the extremely unsettled capital markets that presently exist for companies such as Bion, that the Company will be able to obtain the funds that it needs to stay in business, finance its Projects and other activities, continue its technology development and/or to successfully develop its business.

There is extremely limited likelihood that funds required during the next twelve months or in the periods immediately thereafter will be generated from operations and there is no assurance that those funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital resulting from the inability to generate cash flow from operations and/or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Further, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significantly dilutive effect on the Company's existing shareholders. All of these factors have been exacerbated by the extremely limited and unsettled credit and capital markets presently existing for companies such as Bion.

Currently, Bion is focused on using applications of its patented and proprietary waste management technologies and technology platform to pursue three main business opportunities: 1) installation of Bion systems ( some of which may generate verified nutrient reduction credits and revenues from the production of renewable energy and byproducts) to retrofit and environmentally remediate existing CAFOs ("Retrofits") in selected markets where: a) government policy supports such efforts (such as the Chesapeake Bay watershed, Great Lakes Basin states, and/or other states and watersheds facing EPA 'total maximum daily load' ("TMDL") issues, and/or b) where CAFO's need our technology to obtain permits to expand or develop without negative environmental consequences; 2) development of new state-of-the-art large scale waste treatment facilities in joint ventures with large CAFO’s in strategic locations ("Projects") ( some of these may be Integrated Projects as described below) with multiple revenue streams, and 3) licensing and/or joint venturing of Bion's technology and applications (primarily) outside North America commencing during the 2019 calendar year. The opportunities described at 1) and 2) above each require substantial political and regulatory (federal, state and local) efforts on the part of the Company and a substantial part of Bion's efforts are focused on such political and regulatory matters. Bion is currently pursuing the international opportunities primarily through the use of consultants with existing relationships in target countries. The most intense focus is currently on the requirements for the clean-up of the Chesapeake Bay faced by the Commonwealth of Pennsylvania and the potential use of Bion’s technology and technology platform on CAFOs to remediate ammonia release (and re-deposition to the ground and water) and as an alternative to what the Company believes is far more expensive nutrient removal downstream in storm water and other projects.

Additionally, the Kreider agreements provide for Bion to develop a waste treatment/renewable energy production facility to treat the waste from Kreider's approximately 6+ million chickens (planned to expand to approximately 9-10 million)(and potentially other poultry operations and/or other waste streams)('Kreider Renewable Energy Facility' or ' Kreider 2 Project'). On May 5, 2016, the Company executed a stand-alone joint venture agreement with Kreider Farms covering all matters related to development and operation of a system to treat the waste streams from Kreider's poultry facilities in Bion PA2 LLC ("PA2"). The Company continues its development work related to the details of the Kreider 2 Project. During May 2011 the PADEP certified Kreider 2 Project for 559,457 nutrient credits under the old EPA's Chesapeake Bay model. The Company anticipates that the Kreider 2 Project will be re-certified for between 1.5-2 million (or more) nutrient reduction credits (for treatment of the waste stream from Kreider's poultry) pursuant to the Company's pending reapplication (or subsequent amended application) during 2018 pursuant to the amended EPA Chesapeake Bay model and agreements between the EPA and PA. Note that this Project may be expanded in the future to treat wastes from other local and regional CAFOs (poultry and/or dairy – including the Kreider Dairy) and/or Kreider poultry expansion (some of which may not qualify for nutrient reduction credits). The review process to clarify certain issues related to credit calculation and verification commenced during 2014 based on Bion’s 2G Tech but has been largely placed on hold while certain matters are resolved between the EPA and PA and pending development of a robust market for nutrient reductions in PA. The Company anticipates it will submit an amended application based on our 3G Technology once these matters are clear. Site specific design and engineering work for this facility, which will probably be the first full-scale project to utilize Bion's 3G Tech, have not commenced, and the Company does not yet have financing in place for the Kreider 2 Project. This opportunity is being pursued through PA2. If there are positive developments related to the market for nutrient reductions in PA, of which there is no assurance, the Company intends to pursue development, design and construction of the Kreider 2 Project with a goal of achieving operational status of its initial modules during the 2019 calendar year, and hopes to enter into agreements related to sales of the nutrient reduction credits for future delivery (under long term contracts) during the 2019 fiscal year subject to verification by the PADEP based on operating data from the Kreider 2 Project. The economics (potential revenues and profitability) of the Kreider 2 Project, despite its use of Bion's 3G Tech for increased recovery of marketable by-products, are based in material part the long term sale of nutrient (nitrogen and/or phosphorus) reduction credits to meet the requirements of the Chesapeake Bay environmental clean-up. However, liquidity in the PA nutrient credit market has been slow to develop significant breadth and depth, which lack of liquidity has negatively impacted Bion's business plans and has resulted in challenges to monetizing the nutrient reduction credits generated by PA1's existing Kreider 1 project and will most likely delay PA2's Kreider 2 Project and other proposed projects in PA.

Note that while Bion believes that the Kreider 1 System (when re-started), the Kreider 2 Project and/or subsequent Bion Projects will eventually generate revenue from the sale of: a) nutrient reductions (credits or in other form), b) renewable energy (and related credits), c) sales of fertilizer products, and/or d) potentially, in time, credits for the reduction of greenhouse gas emissions, plus e) license fees related to a ‘sustainable brand’. We believe that the potential market is very large, but it is not possible to predict the exact timing and/or magnitude of these potential markets at this time.

The Company anticipates that the Kreider 2 poultry waste treatment facility in PA will be its initial Project. Bion anticipates that it will select a site for the Kreider 2 Project and/or its initial Integrated Project (and possibly additional Projects) during the current fiscal year if SB575 becomes law in PA. Bion hopes to commence development of its initial Project by optioning land and beginning the site specific design and permitting process during the current year, but delays are possible. It is not possible at this time to firmly predict where the initial Project will be developed or the order in which Projects will be developed. All potential Projects are in very early pre-development stages and may never progress to actual development or may be developed after other Projects not yet under active consideration.

Bion also hopes to be able to move forward on additional Projects through 2020-22 to create a pipeline of Projects. Management has a 5-year development target (through calendar year 2025) of approximately 10 or more Projects. Management hopes to have identified and begun development work related to 3-5 Projects over the next 2 years. At the end of the 5-year period, Bion projects that 3-8 of these Projects will be in full operation in 3-6 states (and possibly one or more foreign countries), and the balance would be in various stages ranging from partial operation to early development stage. It is possible that one or more Projects will be developed in joint ventures specifically targeted to meet the growing animal protein demand outside of the United States (including without limitation Asia, Europe and/or the Middle East). No Projects (including Integrated Projects) has been developed to date.

CONTRACTUAL OBLIGATIONS

We have the following material contractual obligations (in addition to employment and consulting agreements with management and employees):

During 2008 the Company commenced actively pursuing the opportunity presented by environmental retrofit and remediation of the waste streams of existing CAFOs which effort has met with very limited success to date. The first commercial activity in this area is represented by our agreement with Kreider Farms ("KF"), pursuant to which the Kreider 1 system to treat KF's dairy waste streams to reduce nutrient releases to the environment while generating marketable nutrient credits and renewable energy was designed, constructed and entered full-scale operation during 2011. On January 26, 2009 the Board of the Pennsylvania Infrastructure Investment Authority ("Pennvest") approved a $7.75 million loan to Bion PA 1, LLC ("PA1"), a wholly-owned subsidiary of the Company, for the initial Kreider Farms project ("Kreider 1 System"). After substantial unanticipated delays, on August 12, 2010 PA1 received a permit for construction of the Kreider 1 system. Construction activities commenced during November 2010. The closing/settlement of the Pennvest Loan took place on November 3, 2010. PA1 finished the construction of the Kreider 1 System and entered a period of system 'operational shakedown' during May 2011. The Kreider 1System reached full, stabilized operation by the end of the 2012 fiscal year. During 2011 the PADEP re-certified the nutrient credits for this project. The PADEP issued final permits for the Kreider 1 System (including the credit verification plan) on August 1, 2012 on which date the Company deemed that the Kreider System was 'placed in service'. As a result, PA1 commenced generating nutrient reduction credits for potential sale while continuing to utilize the Kreider 1 system to test improvements and add-ons. However, to date liquidity in the Pennsylvania nutrient credit market has been slow to develop significant breadth and depth, which limited liquidity/depth has negatively impacted Bion's business plans and has resulted in challenges to monetizing the nutrient reductions created by PA1's existing Kreider 1 project and Bion's other proposed projects. These difficulties have prevented PA1 from generating any material revenues from the Kreider 1 project to date and raise significant questions as to when, if ever, PA1 will be able to generate such revenues from the Kreider 1 system. PA1 has had sporadic discussions/negotiations with Pennvest related to forbearance and/or re-structuring its obligations pursuant to the Pennvest Loan for more than three years. In the context of such discussions/negotiations, PA1 elected not to make interest payments to Pennvest on the Pennvest Loan since January 2013. Additionally, the Company has not made any principal payments, which were to begin in fiscal 2013, and, therefore, the Company has classified the Pennvest Loan as a current liability as of September 30, 2019. Due to the failure of the PA nutrient reduction credit market to develop, the Company determined that the carrying amount of the property and equipment related to the Kreider 1 project exceeded its estimated future undiscounted cash flows based on certain assumptions regarding timing, level and probability of revenues from sales of nutrient reduction credits and, therefore, PA1 and the Company recorded impairments related to the value of the Kreider 1 assets of $1,750,000 and $2,000,000 at June 30, 2015 and June 30, 2014, respectively. During the 2016 fiscal year, PA1 and the Company recorded an impairment of $1,684,562 to the value of the Kreider 1 assets which reduced the value on the Company's books to zero. This impairment reflects management's judgment that the salvage value of the Kreider 1 assets roughly equals PA1's contractual obligations related to the Kreider 1 system, including expenses related to decommissioning of the Kreider 1 system, costs associated with needed capital upgrade expenses, and re-certification/ permitting amendments.

On September 25, 2014, Pennvest exercised its right to declare the Pennvest Loan in default and accelerated the Pennvest Loan and demanded that PA1 pay $8,137,117 (principal, interest plus late charges) on or before October 24, 2014. PA1 did not make the payment and does not have the resources to make the payments demanded by Pennvest. PA1 has commenced discussions and negotiations with Pennvest concerning this matter but Pennvest has rejected PA1's proposal made during the fall of 2014. As of the date of this report, no formal proposals are currently under consideration and only sporadic communication has taken place regarding the matters involved over the 5 years. It is not possible at this date to predict the outcome of this matter, but the Company believes that a loan modification agreement (coupled with an agreement regarding an update and restart of full operations of KF1) may be reached in the future if/when a more robust market for nutrient reductions develops in PA, of which there is no assurance. PA1 and Bion will continue to evaluate various options with regard to Kreider 1 over the next 180 days.

OFF-BALANCE SHEET ARRANGEMENTS

We do not have any off-balance sheet arrangements (as that term is defined in Item 303 of Regulation S-K) that are reasonably likely to have a current or future material effect on our financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.

The term "disclosure controls and procedures" is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). This term refers to the controls and procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files under the Exchange Act is recorded, processed, summarized, and reported within the required time periods. Our Chief Executive Officer and Principal Financial Officer has evaluated the effectiveness of the design and operations of our disclosure controls and procedures as of the end of the period covered by this quarterly report, and has concluded that, as of that date, our disclosure controls and procedures were not effective at ensuring that required information will be disclosed on a timely basis in our reports filed under the Exchange Act, as a result of the material weakness in internal control over financial reporting discussed in Item 9(A) of our Form 10-K for the year ended June 30, 2018.

(b) Changes in Internal Control over Financial Reporting.

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

On September 25, 2014, Pennvest exercised its right to declare the Pennvest Loan in default and has accelerated the Pennvest Loan and has demanded that our wholly-owned subsidiary Bion PA-1 LLC (‘PA-1’) pay $8,137,117 (principal, interest plus late charges) on or before October 24, 2014. The Company anticipates that it is possible that discussions and negotiations will take place between PA-1 and Pennvest concerning this matter over the next 90-180 days if legislation is passed in Pennsylvania. No proposals are currently under consideration to resolve this matter. It is not possible at this date to predict the outcome of such negotiations, but the Company believes that it remains possible that negotiations will lead to a commercially reasonable loan modification agreement be reached between PA-1 and Pennvest. Subject to the results of the negotiations with Pennvest and pending development of a more robust market for nutrient reductions in Pennsylvania, PA-1 and Bion anticipate that it will be necessary for the Company to evaluate various options with regard to Kreider 1 over the coming months. Litigation has not commenced in this matter but has been threatened by Pennvest.

The Company currently is not involved in any other material litigation.

Item 1A. Risk Factors.

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

During the quarter ended September 30, 2019 the Company sold the following restricted securities: a) 29,000 shares issued to entities for services, valued at $16,500. During the quarter ended September 30, 2019, the Company sold 18,000 units at $0.50 per unit consisting of one share of the Company’s restricted common stock and one warrant to purchase half a share of the Company’s restricted common stock at $0.75 until December 31, 2020 and received gross proceeds of $9,000 and net proceeds of $8,100. During the quarter ended September 30, 2019, the Company also sold 301,914 units at $0.50 per unit consisting of one share of the Company’s restricted common stock and one warrant to purchase one share of the Company’s restricted common stock at $0.75 until December 31, 2020 and received gross proceeds of $150,957 and net proceeds of $141,361. In all of these transactions the Company relied on the exemptions in Section 4(2) of the Securities Act of 1933, as amended, and/or under Rule 506 of Regulation D under the Securities Act of 1933, as amended. See Notes to Financial Statements (included herein) for additional details.

The proceeds were utilized for general corporate purposes.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

Item 6. Exhibits.

(a) Exhibits required by Item 601 of Regulation S-K.

Exhibit		Description
31.1		Certification of CEO pursuant to Rule 13a-14(a) or Rule 15d-14(a) - Filed herewith electronically

31.2		Certification of Executive Chairman, President and CFO pursuant to Rule 13a-14(a) or Rule 15d-14(a) - Filed herewith electronically

32.1		Certification of CEO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Filed herewith electronically

32.2		Certification of Executive Chairman, President and CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Filed herewith electronically

101		XBRL Exhibits

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		BION ENVIRONMENTAL TECHNOLOGIES, INC.


Date: November 12, 2019	By:	*/s/ Mark A. Smith*
		Mark A. Smith, President and Chief Financial Officer (Principal Financial and Accounting Officer)



Date: November 12, 2019	By:	*/s/ Dominic Bassani*
		Dominic Bassani, Chief Executive Officer

EX-31.1 2 ex31x1.htm EXHIBIT 31.1

Exhibit 31.1

SECTION 302 CERTIFICATION

I, Dominic Bassani, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Bion Environmental Technologies, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the of the registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

November 12, 2019	/s/ Dominic Bassani
	Dominic Bassani Chief Executive Officer

EX-31.2 3 ex31x2.htm EXHIBIT 31.2

Exhibit 31.2

SECTION 302 CERTIFICATION

I, Mark A. Smith, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Bion Environmental Technologies, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 12, 2019		/s/ Mark A. Smith
		Mark A. Smith Executive Chairman, President and Interim Chief Financial Officer

EX-32.1 4 ex32x1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION OF CEO PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q of Bion Environmental Technologies, Inc., a company duly formed under the laws of Colorado (the "Company"), for the period ended September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Dominic Bassani, Chief Executive Officer of the Company, hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

November 12, 2019	/s/ Dominic Bassani
	Dominic Bassani Chief Executive Officer

This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided to Bion Environmental Technologies, Inc. and will be retained by Bion Environmental Technologies, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 ex32x2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION OF CFO PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q of Bion Environmental Technologies, Inc., a company duly formed under the laws of Colorado (the "Company"), for the period ended September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Mark A. Smith, President (Executive Chairman) and Interim Chief Financial Officer (Principal Financial and Accounting Officer) of the Company, hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: November 12, 2019		/s/ Mark A. Smith
		Mark A. Smith Executive Chairman, President and Interim Chief Financial Officer

EX-101.INS 6 bnet-20190930.xml XBRL INSTANCE FILE 1619923 166776 166776 222300 222300 372000 0.9 0.75 9000 301914 3000000 300000 0.10 1 173245 173245 0.5 100000 150000 0.50 0.60 0.50 300000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div>     CONVERTIBLE NOTES PAYABLE - AFFILIATES: </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2015 </div>Convertible Notes</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2015 </div>Convertible Notes accrue interest at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> per annum and were due and payable on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>the maturity dates were extended on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2015 </div>Convertible Notes until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2019 </div>and were further extended to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2021 </div>effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018. </div>The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2015 </div>Convertible Notes (including accrued interest, plus all future deferred compensation), are convertible, at the sole election of the noteholder, into Units consisting of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of the Company’s common stock and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> half warrant to purchase a share of the Company’s common stock, at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per Unit until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2020. </div>The warrant contained in the Unit shall be exercisable at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.00</div> per share until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2020. </div>The original conversion price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per Unit approximated the fair value of the Units at the date of the agreements; therefore <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> beneficial conversion feature exists. Management evaluated the terms and conditions of the embedded conversion features based on the guidance of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> “Embedded Derivatives” to determine if there was an embedded derivative requiring bifurcation. An embedded derivative instrument (such as a conversion option embedded in the deferred compensation) must be bifurcated from its host instruments and accounted for separately as a derivative instrument only if the “risks and rewards” of the embedded derivative instrument are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> “clearly and closely related” to the risks and rewards of the host instrument in which it is embedded. Management concluded that the embedded conversion feature of the deferred compensation was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> required to be bifurcated because the conversion feature is clearly and closely related to the host instrument, and because of the Company’s limited trading volume that indicates the feature is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> readily convertible to cash in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> “Derivatives and Hedging”.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2015 </div>Convertible Note balances, including accrued interest, owed Bassani, Smith and Edward Schafer (“Schafer”), the Company’s Vice Chairman, were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,752,074,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$909,870</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$450,103,</div> respectively. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2015 </div>Convertible Note balances, including accrued interest, owed Bassani, Smith and Schafer were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,684,107,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$874,534</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$435,002,</div> respectively. The Company recorded interest expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$40,517</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26,248</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the Company agreed to sell Bassani and Smith, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,000,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">300,000</div> warrants, respectively, exercisable at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.60</div> per share until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2025 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2023, </div>respectively. The purchase price for the warrants is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.10</div> per warrant and is payable with secured promissory notes of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$300,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000</div> from Bassani and Smith, respectively, both of which are secured by portions of their <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2015 </div>Convertible Notes (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>). The promissory notes accrue interest at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> per annum and as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>the accrued interest owed by Bassani and Smith is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,940</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,394,</div> respectively.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015 </div>Convertible Notes</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>the Company entered into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015 </div>Convertible Notes with Bassani, Schafer and a Shareholder which replaced previously issued promissory notes. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015 </div>Convertible Notes bear interest at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> per annum, had maturity dates of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be converted at the sole election of the noteholders into restricted common shares of the Company at a conversion price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.60</div> per share. Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>the maturity dates of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015 </div>Convertible Notes due Bassani and Schafer were extended until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2019 </div>and during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the maturity date of the note due a Shareholder was extended until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2019. </div>During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the maturity dates of the all the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015 </div>Convertible Notes were extended until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2021. </div>As the conversion price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.60</div> approximated the fair value of the common shares at the date of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015 </div>Convertible Notes, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> beneficial conversion feature exists. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>Bassani and the Company agreed to split his original <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015 </div>Convertible Note into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> replacement notes with all the terms remaining the same. One of the replacement notes’ original principal is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$130,000,</div> which is being held by the Company as collateral for a subscription receivable promissory note from Bassani. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>with the Company’s approval, Bassani sold <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$300,000</div> of his <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> replacement note to a Shareholder with all the terms remaining the same.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The balances of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015 </div>Convertible Notes as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>including accrued interest owed Bassani, Schafer and Shareholder, are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$161,385,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,043</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$404,185,</div> respectively. The balances of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015 </div>Convertible Notes as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>including accrued interest, were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$155,707,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18,389</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$388,734,</div> respectively.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company recorded interest expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,366</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,010</div> for the months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> Convertible Notes</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>Bassani converted <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,000</div> of his deferred compensation into a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> Deferred Compensation Convertible Promissory Note. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> Convertible Note accrues interest at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> per annum and is due and payable on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 31, 2021 </div>and as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> Convertible Note and accrued interest was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$152,268.</div> The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> Convertible Note (including accrued interest), is convertible, at the sole election of the noteholder, into Units consisting of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of the Company’s common stock and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> half warrant to purchase a share of the Company’s common stock, at an initial price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per Unit. The warrant contained in the Unit shall be exercisable at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.75</div> per share until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2021. </div>The original conversion price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per Unit approximated the fair value of the Units at the date of the agreements; therefore <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> beneficial conversion feature exists. The Company recorded interest expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,877</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div></div> P3Y P10D P5D 300000 300000 0.75 0.75 2404000 125000 300000 125000 300000 0.75 0.75 0.75 0.75 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Warrants:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company has issued warrants to purchase common shares of the Company. Warrants are valued using a fair value based method, whereby the fair value of the warrant is determined at the warrant issue date using a market-based option valuation model based on factors including an evaluation of the Company’s value as of the date of the issuance, consideration of the Company’s limited liquid resources and business prospects, the market price of the Company’s stock in its mostly inactive public market and the historical valuations and purchases of the Company’s warrants. When warrants are issued in combination with debt or equity securities, the warrants are valued and accounted for based on the relative fair value of the warrants in relation to the total value assigned to the debt or equity securities and warrants combined.</div></div></div> 0.01 0.5 0.5 0.5 0.5 0.75 0.5 0.9 P5Y 0.05 0.01 30000 0.04 0.04 0.04 0.04 428250 46400 30000 0.04 0.03 9373923 9303270 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div>     LOANS PAYABLE - AFFILIATES:</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>Dominic Bassani (“Bassani”), the Company’s Chief Executive Officer, and Mark A. Smith (“Smith”), the Company’s President, have loaned the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,000,</div> respectively, for working capital needs. The loans are non-interest bearing and will be repaid when there is adequate cash available to allow repayment. Subsequent to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>Bassani was repaid the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20,000</div> he had loaned the Company.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Noncontrolling interests:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810,</div> “Consolidation”, the Company separately classifies noncontrolling interests within the equity section of the consolidated balance sheets and separately reports the amounts attributable to controlling and noncontrolling interests in the consolidated statements of operations. In addition, the noncontrolling interest continues to be attributed its share of losses even if that attribution results in a deficit noncontrolling interest balance.</div></div></div> 2000 18000 31000 300000 1 1 1 1 1 1 1 0.5 0.5 1 1 1 0.5 12900 14200 2 8100 141361 9000 150957 159957 416999 30000 18000 301914 900000 833999 319914 450000 416999 416999 159957 159957 300000 30000 118233 44793 704309 704309 704309 514 1028 38900 38900 10496 10496 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div>     SUBSCRIPTION RECEIVABLE - AFFILIATES:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> interest bearing, secured promissory notes with an aggregate principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$428,250</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$453,445,</div> including interest), from Bassani as consideration to purchase warrants to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,565,000</div> shares of the Company’s restricted common stock, which warrants have exercise prices ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.60</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.00</div> and have expiry dates ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2020 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2025. </div>The promissory notes bear interest at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> per annum, are secured by portions of Bassani’s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2015 </div>Convertible Note and Bassani’s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015 </div>Convertible Notes. The secured promissory notes are payable <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2020.</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> interest bearing, secured promissory notes with an aggregate principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$46,400</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$49,914</div> including interest) from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> former employees as consideration to purchase warrants to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">928,000</div> shares of the Company’s restricted common stock, which warrants are exercisable at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.75</div> and have expiry dates of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2020. </div>These warrants have a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90%</div> exercise bonus. The promissory notes bear interest at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> per annum, are secured by a perfected security interest in the warrants, and are payable on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2020.</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company has an interest bearing, secured promissory note for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$31,394</div> including interest) from Smith as consideration to purchase warrants to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">300,000</div> shares of the Company’s restricted common stock, which warrants are exercisable at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.60</div> and have expiry dates of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2023. </div>The warrants have a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div> exercise bonus. The promissory note bears interest at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> per annum, is secured by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000</div> of Smith’s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2015 </div>Convertible Note. The secured promissory note is payable on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2020.</div></div></div> P10Y P3Y 1 0.5 0.05 0.05 330000 0.93 102433 424147 P3Y73D -11224000 -15119000 false --06-30 Q1 2019 2019-09-30 10-Q 0000875729 28613293 Yes false Non-accelerated Filer BION ENVIRONMENTAL TECHNOLOGIES INC false true Common Stock bnet

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Loss per share:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Basic loss per share amounts are calculated using the weighted average number of shares of common stock outstanding during the period. Diluted loss per share assumes the conversion, exercise or issuance of all potential common stock instruments, such as options or warrants, unless the effect is to reduce the loss per share or increase the earnings per share. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the basic and diluted loss per share was the same, as the impact of potential dilutive common shares was anti-dilutive.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The following table represents the warrants, options and convertible securities excluded from the calculation of basic loss per share:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">September 30,<br /> 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">September 30,<br /> 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Warrants</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,006,921</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,097,956</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Options</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,411,600</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,152,225</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Convertible debt</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,289,105</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,743,155</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Convertible preferred stock</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,250</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,250</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The following is a reconciliation of the denominators of the basic and diluted loss per share computations for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three months<br /> ended<br /> September 30,<br /> 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three months<br /> ended<br /> September 30,<br /> 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Shares issued – beginning of period</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,068,688</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,939,892</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Shares held by subsidiaries (Note 8)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(704,309</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(704,309</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Shares outstanding – beginning of period</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,364,379</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,235,583</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted average shares issued during the period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">102,433</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">424,147</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Diluted weighted average shares – end of period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,466,812</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,659,730</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div></div></div>

320228

677890

3750000

1684562

74579

-62268

196352

185400

3829

3540

7620

3650

40517

26248

5366

5010

1877

117602

92496

61722

53339

5242

2968

13940

1394

15160019

14727554

89730

52956

11311090

10926386

7754000

794000

149000

873000

846000

819000

8137117

2222670

48903

49408

0.589

184461

378099

-151169

-223700

-505

-3169

-560997

-937374

-117602

-92496

453445

49914

31394

300000

443900

848047

-443900

-848047

126534

97537

1000

10496

38900

0.025

36500

36000

0.01

100

50000

60000

200

11834

8005

897000

418000

160000

20000

35000

-2659000

-3018000

-561502

-940543

-937374

-3169

-560997

-505

2797385

2269

2616

20000

123325

169721

-124907155

-124346158

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three months<br /> ended<br /> September 30,<br /> 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three months<br /> ended<br /> September 30,<br /> 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">General and administrative:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Change in fair value from modification of option terms</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">211,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Change in fair value from modification of warrant terms</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118,233</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Fair value of stock options expensed</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,625</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 18pt;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">399,043</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Research and development:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Change in fair value from modification of option terms</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,115</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Change in fair value from modification of warrant terms</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,793</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Fair value of stock options expensed</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,875</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 18pt;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,783</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Options</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Weighted-<br /> Average<br /> Exercise<br /> Price</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Weighted-<br /> Average<br /> Remaining<br /> Contractual<br /> Life</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Aggregate<br /> Intrinsic<br /> Value</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 52%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at July 1, 2019</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,411,600</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.08</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.1</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,375</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Granted</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Exercised</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Forfeited</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Expired</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at September 30, 2019</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,411,600</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.08</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.9</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Exercisable at September 30, 2019</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,411,600</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.08</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.9</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 49%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Weighted<br /> Average,<br /> September 30,<br /> 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Range,<br /> September 30,<br /> 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Weighted<br /> Average,<br /> September 30,<br /> 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="3" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 8%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Range,<br /> September 30,<br /> 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 49%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Volatility</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">70</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 5%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 63%</div></td> <td style="width: 3%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 5%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76%</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 49%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Dividend yield</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 3%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 49%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Risk-free interest rate</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.73</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 2.68%</div></td> <td style="width: 3%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.78%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 49%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Expected term (years)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 3.4</div></td> <td style="width: 3%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.3</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div>

16350

499278

0.7

0.63

0.76

0.0273

0.0268

0.0278

30000000

7411600

1.08

325000

20375

7239600

7411600

1.08

211185

11115

0.48

0.75

P10Y

P3Y328D

P3Y146D

P4Y109D

P2Y328D

P3Y36D

P2Y328D

80500

0.50

25939892

26996148

28068688

28417602

33900

33400

200000

29000

16000

21229

29000

18000

301914

100000

16350

8000

10952

16350

-15119192

-14724006

108117330

-174650

-121691956

54338

-13694938

109424707

-504650

-122629330

51169

-13658104

110126802

-504650

-124346158

49408

-14674598

110292613

-504650

-124907155

48903

-15070289

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div>     STOCKHOLDERS' EQUITY:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Series B Preferred stock:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2014, </div>the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">200</div> shares of Series B redeemable convertible Preferred stock outstanding with a par value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01</div> per share, convertible at the option of the holder at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.00</div> per share, with dividends accrued and payable at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.5%</div> per quarter. The Series B Preferred stock is mandatorily redeemable at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$100</div> per share by the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years after issuance and accordingly was classified as a liability. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">200</div> shares have reached their maturity date, but due to the cash constraints of the Company have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been redeemed.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company declared dividends of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,000</div> respectively. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company declared dividends of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$500.</div> At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>accrued dividends payable are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16,500.</div> The dividends are classified as a component of operations as the Series B Preferred stock is presented as a liability in these financial statements.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Common stock:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Holders of common stock are entitled to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> vote per share on all matters to be voted on by common stockholders. In the event of liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share in all assets remaining after liabilities have been paid in full or set aside and the rights of any outstanding preferred stock have been satisfied. Common stock has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> preemptive, redemption or conversion rights. The rights of holders of common stock are subject to, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be adversely affected by, the rights of the holders of any outstanding series of preferred stock or any series of preferred stock the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>designate in the future.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Centerpoint holds <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">704,309</div> shares of the Company’s common stock. These shares of the Company’s common stock held by Centerpoint are for the benefit of its shareholders without any beneficial interest.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,000</div> shares of the Company’s common stock at prices ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.48</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.75</div> per share for services valued at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16,350</div> in the aggregate, to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> consultants.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company entered into a subscription agreement to sell units for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per unit, with each unit consisting of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of the Company’s restricted common stock and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> warrant to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> half of a share of the Company’s restricted common stock for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.75</div> per share with an expiry date of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2020, </div>and pursuant thereto, the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,000</div> units for total proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,000,</div> net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,100</div> after commissions. The Company allocated the proceeds from the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,000</div> shares and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,000</div> warrants based upon their relative fair values, using the share price on the day each of the subscription agreements were entered into and the fair value of the warrants, which was determined to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.05</div> per warrant. As a result, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$333</div> was allocated to the warrants and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,667</div> was allocated to the shares, and both were recorded as additional paid in capital.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company entered into subscription agreements to sell units for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per unit, with each unit consisting of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of the Company’s restricted common stock and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> warrant to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of the Company’s restricted common stock for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.75</div> per share with an expiry date of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2020, </div>and pursuant thereto, the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">301,914</div> units for total proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,957,</div> net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$141,361</div> after commissions. The Company allocated the proceeds from the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">301,914</div> shares and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">301,914</div> warrants based upon their relative fair values, using the share price on the day each of the subscription agreements were entered into and the fair value of the warrants, which was determined to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.05</div> per warrant. As a result, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,751</div> was allocated to the warrants and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$144,206</div> was allocated to the shares, and both were recorded as additional paid in capital.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Warrants:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company had approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div> million warrants outstanding, with exercise prices from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.60</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.00</div> and expiring on various dates through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2025.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The weighted-average exercise price for the outstanding warrants is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.93,</div> and the weighted-average remaining contractual life as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.2</div> years.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company entered into a subscription agreement to sell units for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per unit, with each unit consisting of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of the Company’s restricted common stock and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> warrant to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> half of a share of the Company’s restricted common stock for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.75</div> per share with an expiry date of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2020, </div>and pursuant thereto, the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,000</div> units for total proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,000,</div> net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,100</div> after commissions. The Company allocated the proceeds from the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,000</div> shares and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,000</div> warrants based upon their relative fair values, using the share price on the day each of the subscription agreements were entered into and the fair value of the warrants, which was determined to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.05</div> per warrant. As a result, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$333</div> was allocated to the warrants and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,667</div> was allocated to the shares, and both were recorded as additional paid in capital.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company entered into subscription agreements to sell units for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per unit, with each unit consisting of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of the Company’s restricted common stock and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> warrant to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of the Company’s restricted common stock for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.75</div> per share with an expiry date of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2020, </div>and pursuant thereto, the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">301,914</div> units for total proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,957,</div> net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$141,361</div> after commissions. The Company allocated the proceeds from the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">301,914</div> shares and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">301,914</div> warrants based upon their relative fair values, using the share price on the day each of the subscription agreements were entered into and the fair value of the warrants, which was determined to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.05</div> per warrant. As a result, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,751</div> was allocated to the warrants and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$144,206</div> was allocated to the shares, and both were recorded as additional paid in capital.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Stock options: </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company’s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2006</div> Consolidated Incentive Plan, as amended (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">“2006</div> Plan”), provides for the issuance of options (and/or other securities) to purchase up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,000,000</div> shares of the Company’s common stock. Terms of exercise and expiration of options/securities granted under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2006</div> Plan <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be established at the discretion of the Board of Directors, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> option <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be exercisable for more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company recorded compensation expense related to employee stock options of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$95,500</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively. The Company granted <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">325,000</div> options during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The fair value of the options granted during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> were estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 49%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Weighted<br /> Average,<br /> September 30,<br /> 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Range,<br /> September 30,<br /> 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Weighted<br /> Average,<br /> September 30,<br /> 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="3" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 8%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Range,<br /> September 30,<br /> 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 49%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Volatility</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">70</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 5%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 63%</div></td> <td style="width: 3%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 5%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76%</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 49%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Dividend yield</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 3%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 49%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Risk-free interest rate</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.73</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 2.68%</div></td> <td style="width: 3%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.78%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 49%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Expected term (years)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 3.4</div></td> <td style="width: 3%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.3</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The expected volatility was based on the historical price volatility of the Company’s common stock. The dividend yield represents the Company’s anticipated cash dividend on common stock over the expected term of the stock options. The U.S. Treasury bill rate for the expected term of the stock options was utilized to determine the risk-free interest rate. The expected term of stock options represents the period of time the stock options granted are expected to be outstanding based upon management’s estimates.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">A summary of option activity under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2006</div> Plan for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>is as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Options</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Weighted-<br /> Average<br /> Exercise<br /> Price</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Weighted-<br /> Average<br /> Remaining<br /> Contractual<br /> Life</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Aggregate<br /> Intrinsic<br /> Value</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 52%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at July 1, 2019</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,411,600</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.08</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.1</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,375</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Granted</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Exercised</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Forfeited</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Expired</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at September 30, 2019</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,411,600</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.08</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Exercisable at September 30, 2019</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,411,600</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.08</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The following table presents information relating to nonvested stock options as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Options</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Weighted</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Average<br /> Grant-Date</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Fair<br /> Value</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Nonvested at July 1, 2019</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Granted</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Vested</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Nonvested at September 30, 2019</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The total fair value of stock options that vested during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$80,500</div> respectively. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> unrecognized compensation cost related to stock options.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Stock-based employee compensation charges in operating expenses in the Company’s financial statements for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> are as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three months<br /> ended<br /> September 30,<br /> 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three months<br /> ended<br /> September 30,<br /> 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">General and administrative:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Change in fair value from modification of option terms</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">211,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Change in fair value from modification of warrant terms</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118,233</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Fair value of stock options expensed</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,625</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 18pt;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">399,043</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Research and development:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Change in fair value from modification of option terms</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,115</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Change in fair value from modification of warrant terms</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,793</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt;">Fair value of stock options expensed</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,875</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 18pt;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,783</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div></div>

27466812

25659730

27466812

25659730

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Disclosure - Note 3 - Property and Equipment (Details Textual) link:calculationLink link:definitionLink link:presentationLink 027 - Disclosure - Note 3 - Property and Equipment - Property and Equipment (Details) link:calculationLink link:definitionLink link:presentationLink 028 - Disclosure - Note 4 - Loans Payable - Affiliates (Details Textual) link:calculationLink link:definitionLink link:presentationLink 029 - Disclosure - Note 5 - Deferred Compensation (Details Textual) link:calculationLink link:definitionLink link:presentationLink 030 - Disclosure - Note 6 - Loan Payable (Details Textual) link:calculationLink link:definitionLink link:presentationLink 031 - Disclosure - Note 7 - Convertible Notes Payable - Affiliates (Details Textual) link:calculationLink link:definitionLink link:presentationLink 032 - Disclosure - Note 8 - Stockholders' Equity (Details Textual) link:calculationLink link:definitionLink link:presentationLink 033 - Disclosure - Note 8 - Stockholders' Equity - Black-scholes Valuation Assumptions for Options (Details) link:calculationLink link:definitionLink link:presentationLink 034 - Disclosure - Note 8 - Stockholders' Equity - Stock Options Activity (Details) link:calculationLink link:definitionLink link:presentationLink 036 - Disclosure - Note 8 - Stockholders' Equity - Allocation of Recognized Period Costs (Details) link:calculationLink link:definitionLink link:presentationLink 037 - Disclosure - Note 9 - Subscription Receivable - Affiliates (Details Textual) link:calculationLink link:definitionLink link:presentationLink 038 - Disclosure - Note 10 - Commitments and Contingencies (Details Textual) link:calculationLink link:definitionLink link:presentationLink 040 - Disclosure - Note 12 - Subsequent Events (Details Textual) link:calculationLink link:definitionLink link:presentationLink EX-101.CAL 8 bnet-20190930_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 bnet-20190930_def.xml XBRL DEFINITION FILE EX-101.LAB 10 bnet-20190930_lab.xml XBRL LABEL FILE Document And Entity Information Fair Value Measurement, Policy [Policy Text Block] Subscription Receivable [Text Block] The entire disclosure for subscription receivable. 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Total current liabilities Expected term (Year) Earnings Per Share, Policy [Policy Text Block] Revenue Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] Operating expenses: Share-based Payment Arrangement, Option, Activity [Table Text Block] Deferred compensation (Note 5) Deferred Compensation Liability, Current, Total Schedule of Nonvested Share Activity [Table Text Block] Depreciation expense Depreciation Depreciation, Total us-gaap_SharesIssuedPricePerShare Shares Issued, Price Per Share Exercisable, weighted-average exercise price (in dollars per share) us-gaap_AssetsCurrent Total current assets Exercisable, weighted-average remaining contractual life (Year) Exercisable, aggregate intrinsic value Share-based Payment Arrangement [Policy Text Block] Stockholders' Equity Note Disclosure [Text Block] us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1 Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber Exercisable, options (in shares) us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest Total deficit Balances Balances Outstanding, weighted-average remaining contractual life (Year) Outstanding, aggregate intrinsic value Granted, weighted-average grant-date fair value (in dollars per share) Vested, weighted-average grant-date fair value (in dollars per share) us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue Nonvested, weighted-average grant-date fair value (in dollars per share) Nonvested, weighted-average grant-date fair value (in dollars per share) Modification of options This item represents the adjustment To additional paid in capital as a result of modification of options. us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares Vested (in shares) Common stock, no par value, 100,000,000 shares authorized, 28,417,602 and 28,068,688 shares issued, respectively; 27,713,293 and 27,364,379 shares outstanding, respectively us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares Nonvested (in shares) Nonvested (in shares) Adjustments to reconcile net loss to net cash used in operating activities: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice Outstanding, weighted-average exercise price (in dollars per share) Outstanding, weighted-average exercise price (in dollars per share) Common stock, authorized (in shares) Forfeited, weighted-average exercise price (in dollars per share) Accounts payable and accrued expenses Common stock, issued (in shares) Shares issued – beginning of period (in shares) Expired, weighted-average exercise price (in dollars per share) Common stock, par value (in dollars per share) Granted, weighted-average exercise price (in dollars per share) bnet_MonthlyCompensationLifeInsurance Monthly Compensation, Life Insurance The amount of monthly compensation that will be applied to life insurance premiums. Sale of Units, One [Member] Represents the sale of units, each unit consists of one share of common stock and a callable warrant to purchase one half of a share of the company's common shares. Exercised, weighted-average exercise price (in dollars per share) Modification of warrants This item represents the adjustment to additional paid in capital as a result of modification of warrants. 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Non-cash investing and financing transactions: us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Equity Issuances Warrants Policy [Policy Text Block] Disclosure of accounting policy for its outstanding warrants. us-gaap_PreferredStockRedemptionPricePerShare Preferred Stock, Redemption Price Per Share Minority Interest Policy [Policy Text Block] Disclosure of accounting policy for minority interests. Current liabilities: Weighted-average number of common shares outstanding: us-gaap_Assets Total assets Plan Name [Axis] us-gaap_PreferredStockDividendRatePercentage Preferred Stock, Dividend Rate, Percentage Plan Name [Domain] bnet_AccruedInterestAndLateChargesPayable Accrued Interest and Late Charges Payable The carrying amount of accrued interest and late charges payable to lender. us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount Noncontrolling interest CASH FLOWS FROM OPERATING ACTIVITIES us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic Net loss applicable to Bion's common stockholders bnet_WorkingCapital Working Capital This item represents the capital available for operations for the Company. Subscriptions Receivable [Member] This item represents the subscriptions of shares that have not yet been fulfilled. Revenue [Policy Text Block] Statement [Line Items] Replacement Note Held as Collateral [Member] Information related to a replacement not that is being held by the Company as collateral for subscription receivable promissory note. Subscription Agreement [Member] This item represents transactions occurring related to one or more subscription agreements. us-gaap_DebtDefaultLongtermDebtAmount Debt Instrument, Debt Default, Amount bnet_DeferredCompensationMaximumConvertibleAmount Deferred Compensation, Maximum Convertible Amount The maximum amount of deferred compensation that is deemed to be convertible. Additional paid-in capital Executive Vice Chairman and Other Board Member [Member] Information related to the executive vice chairman and other board member. us-gaap_LossContingencyDamagesSoughtValue Loss Contingency, Damages Sought, Value Centerpoint [Member] This item represents the separate legal entity of Centerpoint. Share-based Payment Arrangement [Text Block] bnet_DeferredCompensationStockConversionPricePerShare Deferred Compensation, Stock Conversion, Price Per Share The price per share in which an individual can convert their deferred compensation. Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Property, Plant and Equipment, Type [Axis] us-gaap_NonoperatingIncomeExpense Total other expense Property, Plant and Equipment, Type [Domain] Award Type [Domain] Convertible Preferred Stock Antidilutive Securities [Member] This item represents the convertible preferred stock securities that have been excluded from the computation of earnings per share. Chief Executive Officer [Member] bnet_ClassOfWarrantOrRightIssuedDuringPeriod Class of Warrant or Right, Issued During Period The number of warrants or rights issued during period. Current assets: Award Type [Axis] CEO, President, and Executive Vice Chairman [Member] Represents the CEO, President, and Executive Vice Chairman of the company. Restricted Stock [Member] us-gaap_NetCashProvidedByUsedInFinancingActivities Net cash provided by financing activities us-gaap_NetIncomeLossAttributableToNoncontrollingInterest Net loss attributable to the noncontrolling interest us-gaap_Liabilities Total liabilities Sale of Stock [Axis] Sale of Stock [Domain] Convertible Debt Securities [Member] us-gaap_OperatingIncomeLoss Loss from operations Share-based Payment Arrangement, Option [Member] us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash used in operating activities Warrant [Member] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease Net increase in cash Antidilutive Securities [Axis] Antidilutive Securities, Name [Domain] Derivatives, Policy [Policy Text Block] bnet_TermLoanPeriodForAmortizationOfPrincipal Term Loan, Period for Amortization of Principal Duration of the amortization of principal. Commitments and Contingencies Disclosure [Text Block] us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment Less accumulated depreciation Property and equipment, net (Note 3) Property, Plant and Equipment, Net, Ending Balance Net bnet_ProceedsFromSaleOfUnitsNetOfCommissions Proceeds from Sale of Units, Net of Commissions Represents the cash influx as a result of proceeds from the sale of units during the period, net of commissions us-gaap_PropertyPlantAndEquipmentGross Total Change in fair value from modification of warrant terms The amount of change in fair value of share-based payment awards due to modifications in warrants terms. us-gaap_MachineryAndEquipmentGross Machinery and equipment us-gaap_PaymentsOfStockIssuanceCosts Payments of Stock Issuance Costs Commissions on sale of units Concentration Risk, Credit Risk, Policy [Policy Text Block] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] us-gaap_BuildingsAndImprovementsGross Buildings and structures bnet_DeferredCompensationLiabilityAmountCancelled Deferred Compensation Liability, Amount Cancelled The amount of deferred compensation liability cancelled during the period. Net loss Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total Net loss President [Member] Noncontrolling Interest [Member] us-gaap_ProceedsFromIssuanceOrSaleOfEquity Proceeds from Issuance or Sale of Equity, Total Scenario [Domain] Increase in deferred compensation Retained Earnings [Member] Convertible Debt [Member] bnet_StockIssuedDuringPeriodValueCommissionsOnSaleOfUnits Commissions on sale of units Represents the value of stock issued during the period for commissions on sale of units. Title of Individual [Domain] Title of Individual [Axis] Scenario [Axis] bnet_FinancingReceivableInterestRateStatedPercentage Financing Receivable, Interest Rate, Stated Percentage Contractual interest rate for financing receivable, under the agreement. Increase (decrease) in accounts payable and accrued expenses Shares issued for warrant exercise commissions Represents the shares issued for warrant exercise commissions included in noncash investing and financing items. Purchase of warrants for subscription receivable - affiliates Amount of subscription receivable from investors who have been allocated warrants. Additional Paid-in Capital [Member] Commissions on sale of units (in shares) Represents the number of shares issued during the period for commissions on sale of units. Common Stock [Member] Related Party Transactions Disclosure [Text Block] Preferred Stock [Member] Shareholder [Member] Related to a certain shareholder. Equity Components [Axis] EX-101.PRE 11 bnet-20190930_pre.xml XBRL PRESENTATION FILE XML 12 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2019	Jun. 30, 2019
Current assets:
Cash	$ 74,627	$ 41,335
Prepaid expenses	11,834	8,005
Deposits and other receivables	1,000	1,000
Total current assets	87,461	50,340
Property and equipment, net (Note 3)	2,269	2,616
Total assets	89,730	52,956
Current liabilities:
Accounts payable and accrued expenses	790,133	715,554
Series B Redeemable Convertible Preferred stock, $0.01 par value, 50,000 shares authorized; 200 shares issued and outstanding, liquidation preference of $36,500 and $36,000, respectively (Note 8)	33,900	33,400
Loans payable - affiliates (Note 4)	35,000
Deferred compensation (Note 5)	1,078,134	874,162
Loan payable and accrued interest (Note 6)	9,373,923	9,303,270
Total current liabilities	11,311,090	10,926,386
Convertible notes payable - affiliates (Note 7)	3,848,929	3,801,168
Total liabilities	15,160,019	14,727,554
Deficit:
Common stock, no par value, 100,000,000 shares authorized, 28,417,602 and 28,068,688 shares issued, respectively; 27,713,293 and 27,364,379 shares outstanding, respectively
Additional paid-in capital	110,292,613	110,126,802
Subscription receivable - affiliates (Note 9)	(504,650)	(504,650)
Accumulated deficit	(124,907,155)	(124,346,158)
Total Bion’s stockholders’ deficit	(15,119,192)	(14,724,006)
Noncontrolling interest	48,903	49,408
Total deficit	(15,070,289)	(14,674,598)
Total liabilities and deficit	89,730	52,956
Series A Preferred Stock [Member]
Deficit:
Preferred stock
Series C Preferred Stock [Member]
Deficit:
Preferred stock

XML 13 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (561,502)	$ (940,543)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	347	436
Accrued interest on loan payable, deferred compensation and other	126,534	97,537
Stock-based compensation	16,350	499,278
Increase in prepaid expenses	(3,829)	(3,540)
Increase (decrease) in accounts payable and accrued expenses	74,579	(62,268)
Increase in deferred compensation	196,352	185,400
Net cash used in operating activities	(151,169)	(223,700)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of units	159,957	416,999
Commissions on sale of units	(10,496)	(38,900)
Proceeds from loans payable - affiliates	35,000
Net cash provided by financing activities	184,461	378,099
Net increase in cash	33,292	154,399
Cash at beginning of period	41,335	22,013
Cash at end of period	74,627	176,412
Supplemental disclosure of cash flow information:
Cash paid for interest
Non-cash investing and financing transactions:
Shares issued for warrant exercise commissions		514
Purchase of warrants for subscription receivable - affiliates		330,000
Conversion of debt and liabilities		$ 100,000

XML 14 R34.htm IDEA: XBRL DOCUMENT

Note 8 - Stockholders' Equity - Black-scholes Valuation Assumptions for Options (Details) - Share-based Payment Arrangement, Option [Member]	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Volatility
Dividend yield
Risk-free interest rate
Expected term (Year)
Weighted Average [Member]
Volatility		70.00%
Dividend yield
Risk-free interest rate		2.73%
Expected term (Year)		3 years 328 days
Minimum [Member]
Volatility		63.00%
Dividend yield
Risk-free interest rate		2.68%
Expected term (Year)		3 years 146 days
Maximum [Member]
Volatility		76.00%
Dividend yield
Risk-free interest rate		2.78%
Expected term (Year)		4 years 109 days

XML 15 R30.htm IDEA: XBRL DOCUMENT

Note 5 - Deferred Compensation (Details Textual) - USD ($)	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019
Deferred Compensation Liability, Current, Total	$ 1,078,134	$ 523,628	$ 874,162
Interest Rate on Deferred Compensation	4.00%
Deferred Compensation Conversion Days	5 days
Deferred Compensation Consecutive Trading Days	10 days
Interest Expense, Total	$ 117,602	92,496
Interest Expense on Deferred Compensation Obligation [Member]
Interest Expense, Total	7,620	3,650
Interest Expense, Related Party	5,242	2,968
Chief Executive Officer [Member]
Deferred Compensation Liability, Current, Total	450,508	314,654
Deferred Compensation, Convertible to Common Stock	$ 300,000
Deferred Compensation, Convertible to Common Stock, Price Per Share	$ 0.75
President [Member]
Deferred Compensation Liability, Current, Total	$ 189,467	6,300
Deferred Compensation, Convertible to Common Stock	$ 300,000
Deferred Compensation, Convertible to Common Stock, Price Per Share	$ 0.75
Consultants [Member]
Deferred Compensation Liability, Current, Total	$ 365,659	$ 129,190
Interest Rate on Deferred Compensation	3.00%
Former Employee [Member]
Deferred Compensation Liability, Current, Total	$ 72,500

XML 16 R38.htm IDEA: XBRL DOCUMENT

Note 9 - Subscription Receivable - Affiliates (Details Textual)	3 Months Ended
	Sep. 30, 2019 USD ($) $ / shares shares
Minimum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 0.60
Maximum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 2
Chief Executive Officer [Member] \| Warrants Issused, Subscription Receivable [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights \| shares	5,565,000
Chief Executive Officer [Member] \| Warrants Issused, Subscription Receivable [Member] \| Minimum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 0.60
Chief Executive Officer [Member] \| Warrants Issused, Subscription Receivable [Member] \| Maximum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 1
Chief Executive Officer [Member] \| Secured Promissory Note [Member]
Financing Receivable, Principal Amount	$ 428,250
Financing Receivable, after Allowance for Credit Loss, Total	$ 453,445
Financing Receivable, Interest Rate, Stated Percentage	4.00%
Former Employee [Member] \| Warrants Issused, Subscription Receivable [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights \| shares	928,000
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 0.75
Class of Warrant or Right, Exercise Bonus, Percentage	90.00%
Former Employee [Member] \| Secured Promissory Note [Member]
Financing Receivable, Principal Amount	$ 46,400
Financing Receivable, after Allowance for Credit Loss, Total	$ 49,914
Financing Receivable, Interest Rate, Stated Percentage	4.00%
President [Member] \| Warrants Issused, Subscription Receivable [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights \| shares	300,000
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 0.60
Class of Warrant or Right, Exercise Bonus, Percentage	75.00%
President [Member] \| Secured Promissory Note [Member]
Financing Receivable, Principal Amount	$ 30,000
Financing Receivable, after Allowance for Credit Loss, Total	$ 31,394
Financing Receivable, Interest Rate, Stated Percentage	4.00%
Financing Receivable, Collateral	$ 30,000

XML 17 R13.htm IDEA: XBRL DOCUMENT

Note 7 - Convertible Notes Payable - Affiliates	3 Months Ended
Note 7 - Convertible Notes Payable - Affiliates	Sep. 30, 2019
Notes to Financial Statements
Convertible Debt [Text Block]	7. CONVERTIBLE NOTES PAYABLE - AFFILIATES: January 2015 Convertible Notes The January 2015 Convertible Notes accrue interest at 4% per annum and were due and payable on December 31, 2017. Effective June 30, 2017, the maturity dates were extended on the January 2015 Convertible Notes until July 1, 2019 and were further extended to July 1, 2021 effective September 30, 2018. The January 2015 Convertible Notes (including accrued interest, plus all future deferred compensation), are convertible, at the sole election of the noteholder, into Units consisting of one share of the Company’s common stock and one half warrant to purchase a share of the Company’s common stock, at a price of $0.50 per Unit until December 31, 2020. The warrant contained in the Unit shall be exercisable at $1.00 per share until December 31, 2020. The original conversion price of $0.50 per Unit approximated the fair value of the Units at the date of the agreements; therefore no beneficial conversion feature exists. Management evaluated the terms and conditions of the embedded conversion features based on the guidance of ASC 815 - 15 “Embedded Derivatives” to determine if there was an embedded derivative requiring bifurcation. An embedded derivative instrument (such as a conversion option embedded in the deferred compensation) must be bifurcated from its host instruments and accounted for separately as a derivative instrument only if the “risks and rewards” of the embedded derivative instrument are not “clearly and closely related” to the risks and rewards of the host instrument in which it is embedded. Management concluded that the embedded conversion feature of the deferred compensation was not required to be bifurcated because the conversion feature is clearly and closely related to the host instrument, and because of the Company’s limited trading volume that indicates the feature is not readily convertible to cash in accordance with ASC 815 - 10, “Derivatives and Hedging”. As of September 30, 2019, the January 2015 Convertible Note balances, including accrued interest, owed Bassani, Smith and Edward Schafer (“Schafer”), the Company’s Vice Chairman, were $1,752,074, $909,870 and $450,103, respectively. As of September 30, 2018, the January 2015 Convertible Note balances, including accrued interest, owed Bassani, Smith and Schafer were $1,684,107, $874,534 and $435,002, respectively. The Company recorded interest expense of $40,517 and $26,248 for the three months ended September 30, 2019 and 2018, respectively. During the year ended June 30, 2019, the Company agreed to sell Bassani and Smith, 3,000,000 and 300,000 warrants, respectively, exercisable at $0.60 per share until June 30, 2025 and June 30, 2023, respectively. The purchase price for the warrants is $0.10 per warrant and is payable with secured promissory notes of $300,000 and $30,000 from Bassani and Smith, respectively, both of which are secured by portions of their January 2015 Convertible Notes (Note 9 ). The promissory notes accrue interest at 4% per annum and as of September 30, 2019 the accrued interest owed by Bassani and Smith is $13,940 and $1,394, respectively. September 2015 Convertible Notes During the year ended June 30, 2016, the Company entered into September 2015 Convertible Notes with Bassani, Schafer and a Shareholder which replaced previously issued promissory notes. The September 2015 Convertible Notes bear interest at 4% per annum, had maturity dates of December 31, 2017 and may be converted at the sole election of the noteholders into restricted common shares of the Company at a conversion price of $0.60 per share. Effective June 30, 2017, the maturity dates of the September 2015 Convertible Notes due Bassani and Schafer were extended until July 1, 2019 and during the year ended June 30, 2018, the maturity date of the note due a Shareholder was extended until July 1, 2019. During the year ended June 30, 2019, the maturity dates of the all the September 2015 Convertible Notes were extended until July 1, 2021. As the conversion price of $0.60 approximated the fair value of the common shares at the date of the September 2015 Convertible Notes, no beneficial conversion feature exists. During the year ended June 30, 2018, Bassani and the Company agreed to split his original September 2015 Convertible Note into two replacement notes with all the terms remaining the same. One of the replacement notes’ original principal is $130,000, which is being held by the Company as collateral for a subscription receivable promissory note from Bassani. During the year ended June 30, 2019, with the Company’s approval, Bassani sold $300,000 of his second replacement note to a Shareholder with all the terms remaining the same. The balances of the September 2015 Convertible Notes as of September 30, 2019, including accrued interest owed Bassani, Schafer and Shareholder, are $161,385, $19,043 and $404,185, respectively. The balances of the September 2015 Convertible Notes as of September 30, 2018, including accrued interest, were $155,707, $18,389 and $388,734, respectively. The Company recorded interest expense of $5,366 and $5,010 for the months ended September 30, 2019 and 2018, respectively. 2019 Convertible Notes During the year ended June 30, 2019, Bassani converted $150,000 of his deferred compensation into a 2019 Deferred Compensation Convertible Promissory Note. The 2019 Convertible Note accrues interest at 4% per annum and is due and payable on May 31, 2021 and as of September 30, 2019 the 2019 Convertible Note and accrued interest was $152,268. The 2019 Convertible Note (including accrued interest), is convertible, at the sole election of the noteholder, into Units consisting of one share of the Company’s common stock and one half warrant to purchase a share of the Company’s common stock, at an initial price of $0.50 per Unit. The warrant contained in the Unit shall be exercisable at $0.75 per share until December 31, 2021. The original conversion price of $0.50 per Unit approximated the fair value of the Units at the date of the agreements; therefore no beneficial conversion feature exists. The Company recorded interest expense of $1,877 and nil for the three months ended September 30, 2019 and 2018, respectively.

XML 18 R17.htm IDEA: XBRL DOCUMENT

Note 11 - Related Party Transactions	3 Months Ended
Note 11 - Related Party Transactions	Sep. 30, 2019
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	11. RELATED PARTY TRANSACTIONS: The Coalition for Affordable Bay Solutions (“CABS”), a not -for-profit organization that engages in political and legislative lobbying and educational activities regarding the competitive bidding procurement and nutrient credit trading program in Pennsylvania (and elsewhere), shares certain key management members with the Company. During the three months ended September 30, 2019 and 2018, respectively, the Company received nil and $30,000 for expense reimbursements from CABS, respectively. During the three months ended September 30, 2019 and 2018, respectively, the Company paid CABS $12,900 and nil, respectively for consulting expenses. The Company also issued 16,000 shares of its restricted common stock valued at $8,000 for third party consulting expenses on behalf of CABS during the three months ended September 30, 2018.

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Note 4 - Loans Payable - Affiliates (Details Textual) - USD ($)	1 Months Ended
	Nov. 08, 2019	Sep. 30, 2019
Chief Executive Officer [Member]
Due from Affiliates		$ 20,000
Chief Executive Officer [Member] \| Subsequent Event [Member]
Repayments of Related Party Debt	$ 20,000
President [Member]
Due from Affiliates		$ 15,000

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Note 3 - Property and Equipment (Tables)

3 Months Ended

Sep. 30, 2019

Notes Tables

Property, Plant and Equipment [Table Text Block]

	September 30, 2019			June 30, 2019
Machinery and equipment	$	2,222,670		$	2,222,670
Buildings and structures		401,470			401,470
Computers and office equipment		173,245			173,245
		2,797,385			2,797,385
Less accumulated depreciation		(2,795,116	)		(2,794,769	)
	$	2,269		$	2,616

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Note 2 - Significant Accounting Policies - Antidilutive Securities (Details) - shares	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Warrant [Member]
Antidilutive securities (in shares)	17,006,921	16,097,956
Share-based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	7,411,600	7,152,225
Convertible Debt Securities [Member]
Antidilutive securities (in shares)	9,289,105	7,743,155
Convertible Preferred Stock Antidilutive Securities [Member]
Antidilutive securities (in shares)	18,250	17,250

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Note 11 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Stock Issued During Period, Value, Issued for Services	$ 16,350	$ 10,952
Coalition for Affordable Bay Solutions [Member]
Related Party Transaction, Reimbursements		$ 30,000
Payments for Consulting Expenses	$ 12,900
Stock Issued During Period, Shares, Issued for Services		16,000
Stock Issued During Period, Value, Issued for Services		$ 8,000

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Note 2 - Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2019

Notes Tables

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	September 30, 2019		September 30, 2018
Warrants		17,006,921		16,097,956
Options		7,411,600		7,152,225
Convertible debt		9,289,105		7,743,155
Convertible preferred stock		18,250		17,250

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three months ended September 30, 2019			Three months ended September 30, 2018
Shares issued – beginning of period		28,068,688			25,939,892
Shares held by subsidiaries (Note 8)		(704,309	)		(704,309	)
Shares outstanding – beginning of period		27,364,379			25,235,583
Weighted average shares issued during the period		102,433			424,147
Diluted weighted average shares – end of period		27,466,812			25,659,730

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Note 2 - Significant Accounting Policies (Details Textual)	Sep. 30, 2019
Centerpoint [Member]
Noncontrolling Interest, Ownership Percentage by Parent	58.90%

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Note 12 - Subsequent Events (Details Textual) - USD ($)
1 Months Ended 3 Months Ended

Nov. 07, 2019

Sep. 30, 2019

Sep. 30, 2018

Sale of Units, Value $ 159,957 $ 416,999

Proceeds from Related Party Debt 35,000

Coalition for Affordable Bay Solutions [Member]

Payments for Consulting Expenses $ 12,900

Subsequent Event [Member] | Coalition for Affordable Bay Solutions [Member]

Payments for Consulting Expenses $ 14,200

Subsequent Event [Member] | Chief Executive Officer [Member]

Proceeds from Related Party Debt $ 20,000

Subsequent Event [Member] | Sale of Units, One [Member]

Sale of Units, Number Of Units Issued 900,000

Shares Issued, Price Per Share $ 0.50

Sale of Units, Value $ 450,000

Number of Shares Per Unit 1

Number of Warrants Per Unit 0.5

Class of Warrant or Right, Exercise Price of Warrants or Rights $ 0.75

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Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)

Sep. 30, 2019

Jun. 30, 2019

Common stock, par value (in dollars per share) $ 0 $ 0

Common stock, authorized (in shares) 100,000,000 100,000,000

Common stock, issued (in shares) 28,417,602 28,068,688

Common stock, outstanding (in shares) 27,713,293 27,364,379

Series B Preferred Stock [Member]

Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01

Preferred stock, authorized (in shares) 50,000 50,000

Preferred stock, issued (in shares) 200 200

Preferred stock, outstanding (in shares) 200 200

Preferred stock, liquidation $ 36,500 $ 36,000

Series A Preferred Stock [Member]

Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01

Preferred stock, authorized (in shares) 50,000 50,000

Preferred stock, issued (in shares) 0 0

Preferred stock, outstanding (in shares) 0 0

Series C Preferred Stock [Member]

Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01

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Note 1 - Organization, Nature of Business, Going Concern and Management's Plans
3 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
1.
     ORGANIZATION, NATURE OF BUSINESS, GOING CONCERN AND MANAGEMENT’S PLANS:

Organization and nature of business:

Bion Environmental Technologies, Inc. (“Bion” or “We” or the “Company”) was incorporated in
1987
in the State of Colorado and has developed and continues to develop patented and proprietary technology and business models that provide comprehensive environmental solutions to a significant source of pollution in United States agriculture, large scale livestock facilities known as Concentrated Animal Feeding Operations (“CAFO’s”). Application of our technology and technology platform can simultaneously remediate environmental problems and improve operational/resource efficiencies by recovering value from the CAFOs’ waste stream that has traditionally been wasted or underutilized, including renewable energy, nutrients (nitrogen and phosphorus)--- in organic and conventional form-- and clean water. Bion’s technologies (and applications related thereto) produce substantial reductions of nutrient releases (primarily nitrogen and phosphorus) to both water and air (including ammonia, which is subsequently re-deposited to the ground) from livestock waste streams based upon our operations and research to date (and
third
party peer review thereof). Our technology simultaneously enables the documentation of the remediation efforts thereby providing the basis for product branding which addresses consumer concerns regarding sustainability and food safety. We are continually involved in research and development to upgrade and improve our technology and technology applications, including integration with
third
party technology. Bion provides comprehensive and cost-effective treatment of livestock waste onsite (and/or at nearby locations), while it is still concentrated and before it contaminates air, soil, groundwater aquifers and/or downstream waters, and, in certain configurations, can be optimized to maximize recovery of marketable nutrients for potential use as fertilizer (organic and/or inorganic) and/or feed additives plus renewable energy (and related environmental credits).

From
2014
through the current
2020
fiscal year, the Company has focused its research and development on augmenting the basic ‘separate and aggregate’ approach of its technology platform to provide additional flexibility and to increase recovery of marketable nutrient by-products (in organic and non-organic forms) and renewable energy production (either/both biogas and/or renewable electricity), thereby increasing potential related revenue streams and reducing dependence of its future projects on the monetization of nutrient reductions (which still remain an important part of project revenue streams). Bion has worked on development of its
third
generation technology (
“3G
Tech”) which is designed to: a) generate significantly greater value from the nutrients and renewable energy recovered from the waste stream, b) treat dry (poultry) waste streams as well as wet waste streams (dairy/beef cattle/swine) while c) maintaining or improving environmental performance. This research and development effort also involves ongoing review of potential “add-ons” and applications to our technology platform for use in different regulatory and/or climate environments. These research and development activities have targeted completion of development of the next generation of Bion’s technology and technology platform. We believe such activities will continue at least through the
2020
fiscal year (and likely longer), subject to availability of adequate financing for the Company’s operations, of which there is
no
assurance. Such activities
may
include design and construction of an initial, commercial-scale module utilizing our
3G
Tech to assist in optimization efforts before construction of the full Kreider
2
project (see below) and other Projects.

For the past decade, Bion has been directed toward creating applications of our patented and proprietary waste management technologies and technology platform to pursue JVs in
three
main business opportunities:

1
)

Installation of Bion systems to retrofit and environmentally remediate existing large CAFOs (“Retrofits” and “Retrofit Projects”) in selected markets where:

a) government policy supports such efforts (such as the Chesapeake Bay watershed, Great Lakes Basin states, and/or other states and watersheds facing EPA ‘total maximum daily load’ (“TMDL”) issues), and/or

b) CAFO’s need our technology to obtain permits to expand or develop without negative environmental consequences.

2
)

Development of new state-of-the-art large scale waste treatment facilities (now utilizing the Company’s
3G
Tech) which
may
be developed in conjunction with new CAFOs in strategic locations that were previously impracticable due to environmental impacts or to treat the waste streams from
one
or more existing large livestock facilities (“Projects”). Some of these Projects
may
be either a) Integrated Projects as described below, b) ‘central processing facilities’ which receive the waste from multiple livestock facilities, c) Retrofit Projects or d) hybrids with elements of each of these types. Each version will be able to realize revenue from multiple revenue streams potentially generated by our
3G
Tech.

3
)

Licensing and/or joint venturing of Bion’s technology and applications (primarily) outside North America.

In both categories
1
) and
2
) above, the Company intends to directly participate (whether by joint venture agreement or other contractual arrangements) in the revenues of the Retrofits and Projects.

The opportunities described at
1
) and
2
) above each require substantial political and regulatory (federal, state and local) efforts on the part of the Company and a substantial part of Bion’s efforts are focused on such political and regulatory matters. Bion currently intends to pursue the international opportunities primarily through the use of consultants with existing relationships in target countries.

At this time, our primary focus is on category
2
) above using our
3G
Tech to develop new (or expanded) large-scale Projects with strategic partners (including the Kreider
2
Project) on a joint venture (or other participating contractual form) basis. Bion’s business model opens up the opportunity for JV’s in various forms based upon the revenue generated by our
3G
Tech platform from nutrient reductions, fertilizer co-products and renewable natural gas (which revenue streams will be secured through long term take-off agreements for each of these co-products) providing initial support for financing of required capital expenditures (whether equity or debt). We anticipate that these revenue streams will be supplemented by revenue realized from long-term premium pricing resulting from the sustainable branding opportunity. We believe that the branding opportunity
may
provide the single largest contribution to the economic opportunity over time.

During
2008
the Company commenced actively pursuing the opportunity presented by environmental retrofit and remediation of the waste streams of existing CAFOs which effort has met with very limited success to date. The
first
commercial activity in this area is represented by our agreement with Kreider Farms (“KF”), pursuant to which the Kreider
1
system to treat KF's dairy waste streams to reduce nutrient releases to the environment while generating marketable nutrient credits and renewable energy was designed, constructed and entered full-scale operation during
2011.
On
January 26, 2009
the Board of the Pennsylvania Infrastructure Investment Authority (“Pennvest”) approved a
$7.75
million loan to Bion PA
1,
LLC (
“PA1”
), a wholly-owned subsidiary of the Company, for the initial Kreider Farms project (“Kreider
1
System”). After substantial unanticipated delays, on
August 12, 2010
PA1
received a permit for construction of the Kreider
1
System. Construction activities commenced during
November 2010.
The closing/settlement of the Pennvest Loan took place on
November 3, 2010.
PA1
finished the construction of the Kreider
1
System and entered a period of system ‘operational shakedown’ during
May 2011.
The Kreider
1
System reached full, stabilized operation by the end of the
2012
fiscal year. During
2011
the Pennsylvania Department of Environmental Protection (“PADEP”) re-certified the nutrient credits for this project. The PADEP issued final permits for the Kreider
1
System (including the credit verification plan) on
August 1, 2012
on which date the Company deemed that the Kreider
1
System was ‘placed in service’. As a result,
PA1
commenced generating nutrient reduction credits for potential sale while continuing to utilize the Kreider
1
System to test improvements and add-ons. However, to date liquidity in the Pennsylvania nutrient credit market has been slow to develop significant breadth and depth, which limited liquidity/depth has negatively impacted Bion’s business plans and has resulted in challenges to monetizing the nutrient reductions created by
PA1’s
existing Kreider
1
System and Bion’s other proposed projects. These difficulties have prevented
PA1
from generating any material revenues from the Kreider
1
System to date and raise significant questions as to when, if ever,
PA1
will be able to generate such revenues from

the Kreider
1
System.
PA1
has had sporadic discussions/negotiations with Pennvest related to forbearance and/or re-structuring its obligations pursuant to the Pennvest Loan for more than
five
years. In the context of such discussions/negotiations,
PA1
elected
not
to make interest payments to Pennvest on the Pennvest Loan since
January 2013.
Additionally, the Company has
not
made any principal payments, which were to begin in fiscal
2013,
and, therefore, the Company has classified the Pennvest Loan as a current liability as of
September 30, 2019.
Due to the failure of the Pennsylvania nutrient reduction credit market to develop, the Company determined (on
three
separate occasions) that the carrying amount of the property and equipment related to the Kreider
1
System exceeded its estimated future undiscounted cash flows based on certain assumptions regarding timing, level and probability of revenues from sales of nutrient reduction credits. Therefore,
PA1
and the Company recorded impairments related to the value of the Kreider
1
assets totaling
$3,750,000
through
June 30, 2015.
During the
2016
fiscal year,
PA1
and the Company recorded an additional impairment of
$1,684,562
to the value of the Kreider
1
assets which reduced the value on the Company’s books to zero. This impairment reflects management’s judgment that the salvage value of the Kreider
1
assets roughly equals
PA1’s
contractual obligations related to the Kreider
1
System, including expenses related to decommissioning of the Kreider
1
System, costs associated with needed capital upgrade expenses, and re-certification/ permitting amendments.

On
September 25, 2014,
Pennvest exercised its right to declare the Pennvest Loan in default and accelerated the Pennvest Loan and demanded that
PA1
pay
$8,137,117
(principal, interest plus late charges) on or before
October 24, 2014.
PA1
did
not
make the payment and does
not
have the resources to make the payments demanded by Pennvest.
PA1
has commenced discussions and negotiations with Pennvest concerning this matter but Pennvest has rejected
PA1’s
proposal made during the fall of
2014.

No
formal proposals are presently under consideration and only sporadic communication has taken place regarding the matters involved over the last
5
years. It is
not
possible at this date to predict the outcome of such this matter, but the Company believes that a loan modification agreement (coupled with an agreement regarding an update and re-start of full operations of the Kreider
1
System)
may
be reached in the future if/when a more robust market for nutrient reductions develops in Pennsylvania, of which there is
no
assurance.
PA1
and Bion will continue to evaluate various options with regard to Kreider
1
over the next
180
days.

During
August 2012,
the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider
1
System met the ‘technology guaranty’ standards which were incorporated in the Pennvest financing documents and, as a result, the Pennvest Loan has been (and is now) solely an obligation of
PA1
since that date.

The economics (potential revenues, profitability and continued operation) of the Kreider
1
System are based almost entirely on the long term sale of nutrient (nitrogen and/or phosphorus) reduction credits to meet the requirements of the Chesapeake Bay environmental clean-up.

On
May 5, 2016,
Bion
PA2
LLC (
“PA2”
) executed a stand-alone joint venture agreement with Kreider Farms covering matters related to development and operation of a system to treat the waste streams from Kreider’s poultry facilities (“Kreider
2”
).

The Kreider projects are owned and operated by Bion through separate subsidiaries, in which Kreider has the option to acquire a noncontrolling interest. Substantial capital (equity and/or debt) has been and will continue to be expended on these projects. Additional funds will be required for continuing operations and additional capital expenditures for upgrades at Kreider
1
until sufficient revenues can be generated, of which there is
no
assurance. The Company anticipates that the Kreider
1
System will generate revenue primarily from the sale of nutrient reduction (and/or other) environmental credits. A portion of Bion’s research and development activities has taken place at the Kreider
1
facility.

Kreider Farms –
3G
Tech Project

Bion is completing an envelope of policy change and technology pilots that will allow it to move forward with the
first
commercial large scale
3G
Tech project at Kreider Farms. Having recently received a Notice of Allowance of the initial
3G
Tech patent (and subsequent filing of related additional patent applications/continuations), Bion is focused on
two
key tasks during the remainder of the
2019
calendar year that will ‘complete the envelope’ and allow Bion to launch active development of the Kreider
2
poultry project (and/or other Projects) in
2020:

1.
Support for adoption of PA SB
575
(successor to SB
799
): This will create a competitively-bid market for nutrient reductions/Credits that we believe will provide support for project financing for Kreider
2
prior to development of markets for the coproducts from Kreider
2
are established.

2.
Installation of a small-scale
3G
Tech ammonia recovery system to produce ammonium bicarbonate to be used to make application to OMRI for organic certification (and possibly for grower trials).

The
3G
Tech Kreider
2
Project is planned for
two
(or more) locations. It is intended to treat the waste from Kreider’s
1,800
dairy cows and approximately
six million
egg layer chickens (with capacity for an additional
three million
layers). The Kreider
2
Project will be designed with modules with capacity of
450
tons (or more) per day of waste and will remove nitrogen and phosphorus from the waste stream that will be converted into high-value coproducts instead of polluting local and downstream waters. The Kreider
2
Project is planned to be built in
three
phases and
may
be expanded to include a ‘central processing facility’ with modules that will accept transported waste from the region on fee basis.

Bion has a long-standing relationship with Kreider Farms including a
2016
joint venture agreement related to this facility. Kreider has already made a significant investment in upgrading its poultry facilities to maximize the treatment and recovery efficiencies that can be achieved with Bion’s technology. We are cautiously optimistic that once PA
SB575
(the recently introduced successor to
SB799
) will be passed during the current fiscal year, a market will be put in place for long-term commercial sale of the nutrient reduction credits produced at Kreider
2.
Bion anticipates that it
may
require up to
6
months after
SB575
becomes law to develop the rules/regulations related to the competitive bidding program. If the competitive bidding program is implemented, we intend to arrange project financing for the Kreider
2
Project during
2020.

Assuming there are positive developments related to the market for nutrient reductions in Pennsylvania, the Company intends to pursue development, design and construction of the Kreider
2
poultry waste/renewable energy project with a goal of achieving operational status for its initial modules during
2020.
However, as discussed above, this Project faces challenges related to the current limits of the existing nutrient reduction market and funding of technology-based, verifiable agricultural nutrient reductions which are anticipated to constitute the largest share of its revenues.

Bion’s current long-term goal is to acquire or develop, or have in a development pipeline,
6
to
12
Projects over the next
36
to
48
months.

A significant portion of Bion’s activities concern efforts with private and public stakeholders (at local and state level) in Pennsylvania (and other Chesapeake Bay and Midwest and Great Lakes states) and at the federal level EPA and the Department of Agriculture (“USDA”) (and other executive departments) and Congress) to establish appropriate public policies which will create regulations and funding mechanisms that foster installation of the low cost environmental solutions that Bion (and others) can provide through clean-up of agricultural waste streams. The Company anticipates that such efforts will continue in Pennsylvania and other Chesapeake Bay watershed states throughout the next
12
months and in various additional states thereafter.

Going concern and management’s plans:

The consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has
not
generated significant revenues and has incurred net losses (including significant non-cash expenses) of approximately
$2,659,000
and
$3,018,000
during the years ended
June 30, 2019
and
2018,
respectively, and a net loss of approximately
$562,000
during the
three
months ended
September 30, 2019.
At
September 30, 2019,
the Company has a working capital deficit and a stockholders’ deficit of approximately
$11,224,000
and
$15,119,000,
respectively. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do
not
include any adjustments relating to the recoverability or classification of assets or the amounts and classification of liabilities that
may
result should the Company be unable to continue as a going concern. The following paragraphs describe management’s plans with regard to these conditions.

The Company continues to explore sources of additional financing (including potential agreements with strategic partners – both financial and ag-industry) to satisfy its current and future operating and capital expenditure requirements as it is
not
currently generating any significant revenues.

During the years ended
June 30, 2019
and
2018,
the Company received total proceeds of approximately
$897,000
and
$418,000
from the sale of its debt and equity securities. Proceeds during the
2019
and
2018
fiscal years have been lower than in earlier years which reduction has negatively impacted the Company’s business development efforts.

During the
three
months ended
September 30, 2019,
the Company received total proceeds of approximately
$160,000
from the sale of its equity securities and paid approximately
$10,000
in commissions.

During fiscal years
2019
and
2018,
the Company continued to experience difficulty in raising equity funding. As a result, the Company faced, and continues to face, significant cash flow management challenges due to working capital constraints. To partially mitigate these working capital constraints, the Company’s core senior management and several key employees and consultants have been deferring (and continue to defer) all or part of their cash compensation and/or are accepting compensation in the form of securities of the Company (Notes
5
and
7
) and members of the Company’s senior management have made loans to the Company (Note
4
). During the year ended
June 30, 2018,
senior management and certain core employees and consultants agreed to a
one
-time extinguishment of liabilities owed by the Company which in aggregate totaled
$2,404,000.
Additionally, the Company made reductions in its personnel during the years ended
June 30, 2014
and
2015
and again during the year ended
June 30, 2018.
The constraint on available resources has had, and continues to have, negative effects on the pace and scope of the Company’s efforts to develop its business. The Company has had to delay payment of trade obligations and has had to economize in many ways that have potentially negative consequences. If the Company does
not
have greater success in its efforts to raise needed funds during the remainder of the current fiscal year (and subsequent periods), management will need to consider deeper cuts (including additional personnel cuts) and curtailment of operations (including possibly Kreider
1
operations) and/or research and development activities.

The Company will need to obtain additional capital to fund its operations and technology development, to satisfy existing creditors, to develop Projects (including Integrated Projects and the Kreider
2
facility) and CAFO Retrofit waste remediation systems and to continue to operate the Kreider
1
facility. The Company anticipates that it will seek to raise from
$2,500,000
to
$50,000,000
or more debt and/or equity through joint ventures, strategic partnerships and/or sale of its equity securities (common, preferred and/or hybrid) and/or debt (including convertible) securities, and/or through use of ‘rights’ and/or warrants (new and/or existing) during the next
twelve
months. However, as discussed above, there is
no
assurance, especially in light of the difficulties the Company has experienced in recent periods and the extremely unsettled capital markets that presently exist (especially for companies like us), that the Company will be able to obtain the funds that it needs to stay in business, complete its technology development or to successfully develop its business and Projects.

There is
no
realistic likelihood that funds required during the next
twelve
months (or in the periods immediately thereafter) for the Company’s basic operations and/or proposed Projects will be generated from operations. Therefore, the Company will need to raise sufficient funds from external sources such as debt or equity financings or other potential sources. The lack of sufficient additional capital resulting from the inability to generate cash flow from operations and/or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Further, there can be
no
assurance that any such required funds, if available, will be available on attractive terms or that they will
not
have a significantly dilutive effect on the Company’s existing shareholders. All of these factors have been exacerbated by the extremely limited and unsettled credit and capital markets presently existing for small companies like Bion.

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Note 10 - Commitments and Contingencies (Details Textual) - USD ($)
1 Months Ended

Oct. 10, 2016

Feb. 10, 2015

Sep. 25, 2014

May 15, 2013

Feb. 28, 2018

Sep. 30, 2019

Jun. 30, 2019

Aug. 01, 2018

Jun. 30, 2018

Jun. 30, 2017

Apr. 27, 2017

Oct. 31, 2016

Jun. 30, 2014

Extension of Exercise Period Annual Payment per Option or Warrant $ 0.05

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance 7,411,600 7,411,600

Pennvest Loan [Member]

Loss Contingency, Damages Sought, Value $ 8,137,117

Minimum [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights $ 0.60

Class of Warrant or Right, Outstanding 17,000,000

Maximum [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights $ 2

Exercise Bonus [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance 7,239,600

Class of Warrant or Right, Outstanding 12,032,095

Exercise Bonus [Member] | Minimum [Member]

Execution Bonus as Percentage of Exercised Options and Warrants 50.00%

Exercise Bonus [Member] | Maximum [Member]

Execution Bonus as Percentage of Exercised Options and Warrants 90.00%

President [Member]

Monthly Officers' Cash Compensation $ 18,000

President [Member] | Secured Promissory Note, Consideration for Warrants Expiring on December 31, 2025 [Member]

Interest Receivable $ 1,394

President [Member] | FY2016 Extension Agreement [Member] | Extension Bonus [Member]

Deferred Compensation, Maximum Convertible Amount $ 125,000 $ 300,000 $ 125,000

Deferred Compensation, Stock Conversion, Price Per Share $ 0.75 $ 0.75 $ 0.75

President [Member] | February 2018 Extension Agreement [Member] | Extension Bonus [Member]

Annual Salary $ 372,000

Monthly Compensation, Life Insurance $ 2,000

Chief Executive Officer [Member]

Monthly Officers' Cash Compensation $ 31,000

Chief Executive Officer [Member] | Warrants Expiring on December 31, 2025 [Member]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights 3,000,000

Class of Warrant or Right, Exercise Price of Warrants or Rights $ 0.60

Chief Executive Officer [Member] | Secured Promissory Note, Consideration for Warrants Expiring on December 31, 2025 [Member]

Financing Receivable, after Allowance for Credit Loss, Total $ 300,000

Note Receivable, Collateral $ 300,000

Interest Receivable $ 13,940

Chief Executive Officer [Member] | Stock Bonus [Member]

Execution Bonus as Percentage of Exercised Options and Warrants 50.00%

Chief Executive Officer [Member] | FY2016 Extension Agreement [Member] | Extension Bonus [Member]

Deferred Compensation, Maximum Convertible Amount $ 300,000

Deferred Compensation, Stock Conversion, Price Per Share $ 0.75

CEO and President [Member] | Exercise Bonus [Member]

ContingentStockBonusPercentageThresholdForIssuance 50.00%

Extension of Exercise Period 5 years

Extension of Exercise Period Annual Payment per Option or Warrant $ 0.01

Executive Vice Chairman and Other Board Member [Member] | Exercise Bonus [Member]

Execution Bonus as Percentage of Exercised Options and Warrants 50.00%

Two Former Employees [Member] | Exercise Bonus [Member]

Execution Bonus as Percentage of Exercised Options and Warrants 50.00%

CEO, President, and Executive Vice Chairman [Member]

Execution Bonus, Annual Payment Per Option or Warrant $ 0.01

CEO, President, and Executive Vice Chairman [Member] | Exercise Bonus [Member]

Execution Bonus as Percentage of Exercised Options and Warrants 75.00% 50.00%

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Note 8 - Stockholders' Equity - Stock Options Activity (Details) - USD ($)
3 Months Ended 12 Months Ended

Sep. 30, 2019

Jun. 30, 2019

Outstanding, options (in shares) 7,411,600

Outstanding, weighted-average exercise price (in dollars per share) $ 1.08

Outstanding, weighted-average remaining contractual life (Year) 2 years 328 days 3 years 36 days

Outstanding, aggregate intrinsic value $ 20,375

Granted, options (in shares)

Granted, weighted-average exercise price (in dollars per share)

Exercised, options (in shares)

Exercised, weighted-average exercise price (in dollars per share)

Forfeited, options (in shares)

Forfeited, weighted-average exercise price (in dollars per share)

Expired, options (in shares)

Expired, weighted-average exercise price (in dollars per share)

Outstanding, options (in shares) 7,411,600 7,411,600

Outstanding, weighted-average exercise price (in dollars per share) $ 1.08 $ 1.08

Exercisable, options (in shares) 7,411,600

Exercisable, weighted-average exercise price (in dollars per share) $ 1.08

Exercisable, weighted-average remaining contractual life (Year) 2 years 328 days

Exercisable, aggregate intrinsic value

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Note 6 - Loan Payable (Details Textual) - USD ($)
3 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 25, 2014

Jan. 26, 2009

Construction Loan $ 7,750,000

PA-1 [Member]

Debt Instrument, Debt Default, Amount $ 8,137,117

Pennvest Loan [Member]

Construction Loan $ 9,373,923

Accrued Interest and Late Charges Payable 1,619,923

Line of Credit Facility, Maximum Borrowing Capacity $ 7,754,000

Term Loan, Period for Interest Only Payments 3 years

Term Loan, Period for Amortization of Principal 10 years

Debt Instrument, Annual Principal Payment $ 4,273,000

Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months 794,000

Long-term Debt, Maturities, Repayments of Principal in Year Two 819,000

Long-term Debt, Maturities, Repayments of Principal in Year Three 846,000

Long-term Debt, Maturities, Repayments of Principal in Year Four 873,000

Long-term Debt, Maturities, Repayments of Principal in Year Five 149,000

Interest Expense, Debt, Total $ 61,722 $ 53,339

Pennvest Loan [Member] | Years One Through Five [Member]

Debt Instrument, Interest Rate During Period 2.547%

Pennvest Loan [Member] | Years Six Through Maturity [Member]

Debt Instrument, Interest Rate During Period 3.184%

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Note 6 - Loan Payable
3 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]
6.
     LOAN PAYABLE:

PA1,
the Company’s wholly-owned subsidiary, owes
$9,373,923
as of
September 30, 2019
under the terms of the Pennvest Loan related to the construction of the Kreider
1
System including accrued interest and late charges totaling
$1,619,923
as of
September 30, 2019.
The terms of the Pennvest Loan provided for funding of up to
$7,754,000
which was to be repaid by interest-only payments for
three
years, followed by an additional
ten
-year amortization of principal. The Pennvest Loan accrues interest at
2.547%
per annum for years
1
through
5
and
3.184%
per annum for years
6
through maturity. The Pennvest Loan required minimum annual principal payments of approximately
$4,273,000
in fiscal years
2013
through
2019,
and
$794,000
in fiscal year
2020,

$819,000
in fiscal year
2021,

$846,000
in fiscal year
2022,

$873,000
in fiscal year
2023
and
$149,000
in fiscal year
2024.
The Pennvest Loan is collateralized by the Kreider
1
System and by a pledge of all revenues generated from Kreider
1
including, but
not
limited to, revenues generated from nutrient reduction credit sales and by-product sales. In addition, in consideration for the excess credit risk associated with the project, Pennvest is entitled to participate in the profits from Kreider
1
calculated on a net cash flow basis, as defined. The Company has incurred interest expense related to the Pennvest Loan of
$61,722
and
$53,339
for the
three
months ended
September 30, 2019
and
2018,
respectively. Based on the limited development of the depth and breadth of the Pennsylvania nutrient reduction credit market to date,
PA1
commenced negotiations with Pennvest related to forbearance and/or re-structuring the obligations under the Pennvest Loan. In the context of such negotiations,
PA1
has elected
not
to make interest payments to Pennvest on the Pennvest Loan since
January 2013.
Additionally, the Company has
not
made any principal payments, which were to begin in fiscal
2013,
and, therefore, the Company has classified the Pennvest Loan as a current liability as of
September 30, 2019.

On
September 25, 2014,
Pennvest exercised its right to declare the Pennvest Loan in default and has accelerated the Pennvest Loan and demanded that
PA1
pay
$8,137,117
(principal, interest plus late charges) on or before
October 24, 2014.
PA1
did
not
make the payment and does
not
have the resources to make the payment demanded by Pennvest.
PA1
has engaged in on/off discussions and negotiations with Pennvest concerning this matter but
no
such discussions/negotiations are currently active. As of the date of this report,
no
formal proposals are presently under consideration and only sporadic communication has taken place regarding the matters involved over the past
5
years. It is
not
possible at this date to predict the outcome of this matter, but the Company believes it is possible that an agreement
may
yet be reached that will result in a viable loan modification. Subject to the results of the negotiations with Pennvest and pending development of a more robust market for nutrient reductions in Pennsylvania,
PA1
and Bion will continue to evaluate various options with regard to Kreider
1
over the next
180
days.

In connection with the Pennvest Loan financing documents, the Company provided a ‘technology guaranty’ regarding nutrient reduction performance of Kreider
1
which was structured to expire when Kreider
1’s
nutrient reduction performance had been demonstrated. During
August 2012
the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider
1
System had surpassed the requisite performance criteria and that the Company’s ‘technology guaranty’ was met. As a result, the Pennvest Loan is solely an obligation of
PA1.

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Note 10 - Commitments and Contingencies
3 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]
10.
     COMMITMENTS AND CONTINGENCIES:

Employment and consulting agreements:

Smith has held the positions of Director, President and General Counsel of Company and its subsidiaries under various agreements (and extensions) and terms since
March 2003.
On
October 10, 2016,
the Company approved a month to month contract extension with Smith which includes provisions for i) a monthly deferred salary of
$18,000
effective
October 1, 2016
until the Board of Directors re-instates cash payments to all employees and consultants who are deferring compensation, ii) the right to convert up to
$125,000
of his deferred compensation, at his sole election, at
$0.75
per share, until
March 15, 2018 (
which was expanded on
April 27, 2017
to the right to convert up to
$300,000
of his deferred compensation, at his sole election, at
$0.75
per share, and subsequently extended until
December 31, 2019),
and iii) the right to convert his deferred compensation in whole or in part, at his sole election, at any time in any amount at “market” or into securities sold in the Company’s current/most recent private offering at the price of such offering to
third
parties. Smith agreed effective
July 29, 2018
to continue to serve the Company under these terms.

Since
March 31, 2005,
the Company has had various agreements with Brightcap and/or Bassani, through which the services of Bassani are provided (any reference to Brightcap or Bassani for all purposes are the same individual). The Board appointed Bassani as the Company's CEO effective
May 13, 2011.
On
February 10, 2015,
the Company executed an Extension Agreement with Bassani pursuant to which Bassani extended the term of his service to the Company to
December 31, 2017, (
with the Company having an option to extend the term an additional
six
months.) Pursuant to the Extension Agreement, Bassani continued to defer his cash compensation (
$31,000
per month) until the Board of Directors re-instates cash payments to all employees and consultants who are deferring their compensation. During
October 2016
Bassani was granted the right to convert up to
$125,000
of his deferred compensation, at his sole election, at
$0.75
per share, until
March 15, 2018 (
which was expanded on
April 27, 2017
to the right to convert up to
$300,000
of his deferred compensation, at his sole election, at
$0.75
per share, and subsequently extended until
December 31, 2019).
During
February 2018,
the Company agreed to the material terms for a binding
two
-year extension agreement for Bassani’s services as CEO, while a detailed, fully executed agreement is still being negotiated and will be finalized in the future. Bassani’s salary will remain
$372,000
per year, which will continue to be accrued until there is adequate cash available while negotiations proceed toward the re-instatement of a least a partial cash payment. Additionally, the Company has agreed to pay him
$2,000
per month to be applied to life insurance premiums. On
August 1, 2018,
in the context of extending his agreement to provide services to the Company on a full time basis through
December 31, 2022)
plus
2
years after that on a part-time basis, the Company received an interest bearing secured promissory note for
$300,000
from Bassani as consideration to purchase warrants to purchase
3,000,000
shares of the Company’s restricted common stock, which warrants are exercisable at
$0.60
and have expiry dates of
June 30, 2025.
The promissory note is secured by Bassani’s
$300,000
of
January 2015
Convertible Note (Note
7
) and as of
September 30, 2019
the accrued interest was
$13,940.

Execution/exercise bonuses:

As part of agreements the Company entered into with Bassani and Smith effective
May 15, 2013,
they were each granted the following: a) a
50%
execution/exercise bonus which shall be applied upon the effective date of the notice of intent to exercise (for options and warrants) or issuance event, as applicable, of any currently outstanding and/or subsequently acquired options, warrants and/or contingent stock bonuses owned by each (and/or their donees) as follows: i) in the case of exercise by payment of cash, the bonus shall take the form of reduction of the exercise price; ii) in the case of cashless exercise, the bonus shall be applied to reduce the exercise price prior to the cashless exercise calculations; and iii) with regard to contingent stock bonuses, issuance shall be triggered upon the Company’s common stock reaching a closing price equal to
50%
of currently specified price; and b) the right to extend the exercise period of all or part of the applicable options and warrants for up to
five
years (
one
year at a time) by annual payments of
$.05
per option or warrant to the Company on or before a date during the
three
months prior to expiration of the exercise period at least
three
business days before the end of the expiration period. Effective
January 1, 2016
such annual payments to extend warrant exercise periods have been reduced to
$.01
per option or warrant.

During the year ended
June 30, 2014,
the Company extended
50%
execution/exercise bonuses with the same terms as described above to Schafer and to Jon Northrop (“Northrop”), the Company’s other board member.

During the year ended
June 30, 2018,
the Company extended
50%
execution/exercise bonuses with the same terms as described above to all options and warrants issued prior to
November 7, 2017,
to an employee and
two
former employees who are now consultants.

During the year ended
June 30, 2018,
the Company increased the above
50%
execution/exercise bonus on all outstanding options and warrants owned or acquired in the future by Bassani, Smith and Schafer to
75%
(to the extent such existing exercise bonus is less than
75%
).

During the year ended
June 30, 2019,
the Company approved the right to extend the exercise period of all or part of any options or warrants granted in the past or in the future, for up to
five
years (
one
year at a time) by annual payments of
$0.01
per option/warrant for
one
of its employees. The extension payment
may
be made in i) cash; ii) by reduction of sums owed by the Company, and iii) by reduction of applicable exercise bonuses.

As of
September 30, 2019,
the execution/exercise bonuses ranging from
50
-
90%
were applicable to
7,239,600
of the Company’s outstanding options and
12,032,095
of the Company’s outstanding warrants.

Litigation:

On
September 25, 2014,
Pennvest exercised its right to declare the Pennvest Loan in default and has accelerated the Pennvest Loan and has demanded that
PA1
pay
$8,137,117
(principal, interest plus late charges) on or before
October 24, 2014.
PA1
did
not
make the payment and did
not
then and does
not
now have the resources to make the payment demanded by Pennvest. During
August 2012,
the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider
1
system met the ‘technology guaranty’ standards which were incorporated in the Pennvest financing documents and, as a result, the Pennvest Loan is now solely an obligation of
PA1.

No
litigation has commenced related to this matter but such litigation is likely if negotiations do
not
produce a resolution (Note
1
and Note
6
).

The Company currently is
not
involved in any other material litigation.

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Note 8 - Stockholders' Equity (Tables)
3 Months Ended

Sep. 30, 2019

Notes Tables

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Weighted
Average,
September 30,
2019

Range,
September 30,
2019

Weighted
Average,
September 30,
2018

Range,
September 30,
2018

Volatility

-

%

-

%

70

%

63%

-

76%

Dividend yield

—

—

—

—

Risk-free interest rate

-

%

-

%

2.73

%

2.68%

-

2.78%

Expected term (years)

-

-

3.9

3.4

to

4.3

Share-based Payment Arrangement, Option, Activity [Table Text Block]

Options

Weighted-
Average
Exercise
Price

Weighted-
Average
Remaining
Contractual
Life

Aggregate
Intrinsic
Value

Outstanding at July 1, 2019

7,411,600
$
1.08

3.1
$
20,375

Granted

-

-

Exercised

—

—

Forfeited

—

—

Expired

-

-

Outstanding at September 30, 2019

7,411,600
$
1.08

2.9
$
-

Exercisable at September 30, 2019

7,411,600
$
1.08

2.9
$
-

Schedule of Nonvested Share Activity [Table Text Block]

Options

Weighted

Average
Grant-Date

Fair
Value

Nonvested at July 1, 2019

—
$
—

Granted

-

-

Vested

-

-

Nonvested at September 30, 2019

—
$
—

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

Three months
ended
September 30,
2019

Three months
ended
September 30,
2018

General and administrative:

Change in fair value from modification of option terms
$
-
$
211,185

Change in fair value from modification of warrant terms

-

118,233

Fair value of stock options expensed

-

69,625

Total
$
-
$
399,043

Research and development:

Change in fair value from modification of option terms
$
-
$
11,115

Change in fair value from modification of warrant terms

-

44,793

Fair value of stock options expensed

-

25,875

Total
$
-
$
81,783

X

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Note 2 - Significant Accounting Policies - Earnings Per Share, Basic and Diluted (Details) - shares
3 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Shares issued – beginning of period (in shares) 28,417,602 28,068,688 25,939,892

Shares held by subsidiaries (Note 8) (in shares) (704,309) (704,309)

Shares outstanding – beginning of period (in shares) 27,713,293 27,364,379 25,235,583

Weighted average shares issued during the period (in shares) 102,433 424,147

Diluted weighted average shares – end of period (in shares) 27,466,812 25,659,730

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Document And Entity Information - shares
3 Months Ended

Sep. 30, 2019

Oct. 28, 2019

Document Information [Line Items]

Entity Registrant Name BION ENVIRONMENTAL TECHNOLOGIES INC

Entity Central Index Key 0000875729

Trading Symbol bnet

Current Fiscal Year End Date --06-30

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Consolidated Statements of Changes in Equity (Deficit) (Unaudited) - USD ($)

Preferred Stock [Member]

Series A Preferred Stock [Member]

Preferred Stock [Member]

Series C Preferred Stock [Member]

Common Stock [Member]

Additional Paid-in Capital [Member]

Subscriptions Receivable [Member]

Retained Earnings [Member]

Noncontrolling Interest [Member]

Total

Balances (in shares) at Jun. 30, 2018 25,939,892

Balances at Jun. 30, 2018 $ 108,117,330 $ (174,650) $ (121,691,956) $ 54,338 $ (13,694,938)

Issuance of common stock for services (in shares) 21,229

Issuance of common stock for services 10,952 10,952

Vesting of options for services 95,500 95,500

Modification of options 222,300 222,300

Sale of units (in shares) 833,999

Sale of units 416,999 416,999

Commissions on sale of units (in shares) 1,028

Commissions on sale of units (38,900) (38,900)

Modification of warrants 166,776 166,776

Issuance of warrants 333,750 (330,000) 3,750

Conversion of debt and liabilities (in shares) 200,000

Conversion of debt and liabilities 100,000 100,000

Net loss (937,374) (3,169) (940,543)

Balances (in shares) at Sep. 30, 2018 26,996,148

Balances at Sep. 30, 2018 109,424,707 (504,650) (122,629,330) 51,169 (13,658,104)

Balances (in shares) at Jun. 30, 2018 25,939,892

Balances at Jun. 30, 2018 108,117,330 (174,650) (121,691,956) 54,338 (13,694,938)

Net loss (2,659,000)

Balances (in shares) at Jun. 30, 2019 28,068,688

Balances at Jun. 30, 2019 110,126,802 (504,650) (124,346,158) 49,408 (14,674,598)

Issuance of common stock for services (in shares) 29,000

Issuance of common stock for services 16,350 16,350

Sale of units (in shares) 319,914

Sale of units 159,957 159,957

Commissions on sale of units (10,496) (10,496)

Net loss (560,997) (505) (561,502)

Balances (in shares) at Sep. 30, 2019 28,417,602

Balances at Sep. 30, 2019 $ 110,292,613 $ (504,650) $ (124,907,155) $ 48,903 $ (15,070,289)

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Note 3 - Property and Equipment
3 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]
3.
     PROPERTY AND EQUIPMENT:

Property and equipment consists of the following:

September 30,
2019

June 30,
2019

Machinery and equipment
$
2,222,670
$
2,222,670

Buildings and structures

401,470

401,470

Computers and office equipment

173,245

173,245

2,797,385

2,797,385

Less accumulated depreciation

(2,795,116

)

(2,794,769

)

$
2,269
$
2,616

As of
September 30, 2019,
the net book value of Kreider
1
was
zero
. Management has reviewed the remaining property and equipment for impairment as of
September 30, 2019
and believes that
no
impairment exists.

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and
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2018,
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Note 12 - Subsequent Events
3 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Subsequent Events [Text Block]
12.
     SUBSEQUENT EVENTS:

The Company has evaluated events that occurred subsequent to
September 30, 2019
for recognition and disclosure in the financial statements and notes to the financial statements.

From
October 1, 2019
through
November 7, 2019,
the Company has sold
900,000
Units of its securities at
$0.50
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Each Unit consists of
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one
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From
October 1, 2019
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$14,200
for consulting expenses.

25

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Note 4 - Loans Payable - Affiliates
3 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Loans Payable to Affiliates
4.
     LOANS PAYABLE - AFFILIATES:

As of
September 30, 2019,
Dominic Bassani (“Bassani”), the Company’s Chief Executive Officer, and Mark A. Smith (“Smith”), the Company’s President, have loaned the Company
$20,000
and
$15,000,
respectively, for working capital needs. The loans are non-interest bearing and will be repaid when there is adequate cash available to allow repayment. Subsequent to
September 30, 2019,
Bassani was repaid the
$20,000
he had loaned the Company.

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Note 8 - Stockholders' Equity
3 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]
8.
     STOCKHOLDERS' EQUITY:

Series B Preferred stock:

Since
July 1, 2014,
the Company has
200
shares of Series B redeemable convertible Preferred stock outstanding with a par value of
$0.01
per share, convertible at the option of the holder at
$2.00
per share, with dividends accrued and payable at
2.5%
per quarter. The Series B Preferred stock is mandatorily redeemable at
$100
per share by the Company
three
years after issuance and accordingly was classified as a liability. The
200
shares have reached their maturity date, but due to the cash constraints of the Company have
not
been redeemed.

During the years ended
June 30, 2019
and
2018,
the Company declared dividends of
$2,000
and
$2,000
respectively. During the
three
months ended
September 30, 2019,
the Company declared dividends of
$500.
At
September 30, 2019,
accrued dividends payable are
$16,500.
The dividends are classified as a component of operations as the Series B Preferred stock is presented as a liability in these financial statements.

Common stock:

Holders of common stock are entitled to
one
vote per share on all matters to be voted on by common stockholders. In the event of liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share in all assets remaining after liabilities have been paid in full or set aside and the rights of any outstanding preferred stock have been satisfied. Common stock has
no
preemptive, redemption or conversion rights. The rights of holders of common stock are subject to, and
may
be adversely affected by, the rights of the holders of any outstanding series of preferred stock or any series of preferred stock the Company
may
designate in the future.

Centerpoint holds
704,309
shares of the Company’s common stock. These shares of the Company’s common stock held by Centerpoint are for the benefit of its shareholders without any beneficial interest.

During the
three
months ended
September 30, 2019,
the Company issued
29,000
shares of the Company’s common stock at prices ranging from
$0.48
to
$0.75
per share for services valued at
$16,350
in the aggregate, to
two
consultants.

During the
three
months ended
September 30, 2019,
the Company entered into a subscription agreement to sell units for
$0.50
per unit, with each unit consisting of
one
share of the Company’s restricted common stock and
one
warrant to purchase
one
half of a share of the Company’s restricted common stock for
$0.75
per share with an expiry date of
December 31, 2020,
and pursuant thereto, the Company issued
18,000
units for total proceeds of
$9,000,
net proceeds of
$8,100
after commissions. The Company allocated the proceeds from the
18,000
shares and the
9,000
warrants based upon their relative fair values, using the share price on the day each of the subscription agreements were entered into and the fair value of the warrants, which was determined to be
$0.05
per warrant. As a result,
$333
was allocated to the warrants and
$8,667
was allocated to the shares, and both were recorded as additional paid in capital.

During the
three
months ended
September 30, 2019,
the Company entered into subscription agreements to sell units for
$0.50
per unit, with each unit consisting of
one
share of the Company’s restricted common stock and
one
warrant to purchase
one
share of the Company’s restricted common stock for
$0.75
per share with an expiry date of
December 31, 2020,
and pursuant thereto, the Company issued
301,914
units for total proceeds of
$150,957,
net proceeds of
$141,361
after commissions. The Company allocated the proceeds from the
301,914
shares and the
301,914
warrants based upon their relative fair values, using the share price on the day each of the subscription agreements were entered into and the fair value of the warrants, which was determined to be
$0.05
per warrant. As a result,
$6,751
was allocated to the warrants and
$144,206
was allocated to the shares, and both were recorded as additional paid in capital.

Warrants:

As of
September 30, 2019,
the Company had approximately
17
million warrants outstanding, with exercise prices from
$0.60
to
$2.00
and expiring on various dates through
June 30, 2025.

The weighted-average exercise price for the outstanding warrants is
$0.93,
and the weighted-average remaining contractual life as of
September 30, 2019
is
3.2
years.

During the
three
months ended
September 30, 2019,
the Company entered into a subscription agreement to sell units for
$0.50
per unit, with each unit consisting of
one
share of the Company’s restricted common stock and
one
warrant to purchase
one
half of a share of the Company’s restricted common stock for
$0.75
per share with an expiry date of
December 31, 2020,
and pursuant thereto, the Company issued
18,000
units for total proceeds of
$9,000,
net proceeds of
$8,100
after commissions. The Company allocated the proceeds from the
18,000
shares and the
9,000
warrants based upon their relative fair values, using the share price on the day each of the subscription agreements were entered into and the fair value of the warrants, which was determined to be
$0.05
per warrant. As a result,
$333
was allocated to the warrants and
$8,667
was allocated to the shares, and both were recorded as additional paid in capital.

During the
three
months ended
September 30, 2019,
the Company entered into subscription agreements to sell units for
$0.50
per unit, with each unit consisting of
one
share of the Company’s restricted common stock and
one
warrant to purchase
one
share of the Company’s restricted common stock for
$0.75
per share with an expiry date of
December 31, 2020,
and pursuant thereto, the Company issued
301,914
units for total proceeds of
$150,957,
net proceeds of
$141,361
after commissions. The Company allocated the proceeds from the
301,914
shares and the
301,914
warrants based upon their relative fair values, using the share price on the day each of the subscription agreements were entered into and the fair value of the warrants, which was determined to be
$0.05
per warrant. As a result,
$6,751
was allocated to the warrants and
$144,206
was allocated to the shares, and both were recorded as additional paid in capital.

Stock options:

The Company’s
2006
Consolidated Incentive Plan, as amended (the
“2006
Plan”), provides for the issuance of options (and/or other securities) to purchase up to
30,000,000
shares of the Company’s common stock. Terms of exercise and expiration of options/securities granted under the
2006
Plan
may
be established at the discretion of the Board of Directors, but
no
option
may
be exercisable for more than
ten
years.

The Company recorded compensation expense related to employee stock options of
nil
and
$95,500
for the
three
months ended
September 30, 2019
and
2018,
respectively. The Company granted
nil
and
325,000
options during the
three
months ended
September 30, 2019
and
2018,
respectively.

The fair value of the options granted during the
three
months ended
September 30, 2019
and
2018
were estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:

Weighted
Average,
September 30,
2019

Range,
September 30,
2019

Weighted
Average,
September 30,
2018

Range,
September 30,
2018

Volatility

-

%

-

%

70

%

63%

-

76%

Dividend yield

—

—

—

—

Risk-free interest rate

-

%

-

%

2.73

%

2.68%

-

2.78%

Expected term (years)

-

-

3.9

3.4

to

4.3

The expected volatility was based on the historical price volatility of the Company’s common stock. The dividend yield represents the Company’s anticipated cash dividend on common stock over the expected term of the stock options. The U.S. Treasury bill rate for the expected term of the stock options was utilized to determine the risk-free interest rate. The expected term of stock options represents the period of time the stock options granted are expected to be outstanding based upon management’s estimates.

A summary of option activity under the
2006
Plan for the
three
months ended
September 30, 2019
is as follows:

Options

Weighted-
Average
Exercise
Price

Weighted-
Average
Remaining
Contractual
Life

Aggregate
Intrinsic
Value

Outstanding at July 1, 2019

7,411,600
$
1.08

3.1
$
20,375

Granted

-

-

Exercised

—

—

Forfeited

—

—

Expired

-

-

Outstanding at September 30, 2019

7,411,600
$
1.08

2.9
$
-

Exercisable at September 30, 2019

7,411,600
$
1.08

2.9
$
-

The following table presents information relating to nonvested stock options as of
September 30, 2019:

Options

Weighted

Average
Grant-Date

Fair
Value

Nonvested at July 1, 2019

—
$
—

Granted

-

-

Vested

-

-

Nonvested at September 30, 2019

—
$
—

The total fair value of stock options that vested during the
three
months ended
September 30, 2019
and
2018
was
nil
and
$80,500
respectively. As of
September 30, 2019,
the Company had
no
unrecognized compensation cost related to stock options.

Stock-based employee compensation charges in operating expenses in the Company’s financial statements for the
three
months ended
September 30, 2019
and
2018
are as follows:

Three months
ended
September 30,
2019

Three months
ended
September 30,
2018

General and administrative:

Change in fair value from modification of option terms
$
-
$
211,185

Change in fair value from modification of warrant terms

-

118,233

Fair value of stock options expensed

-

69,625

Total
$
-
$
399,043

Research and development:

Change in fair value from modification of option terms
$
-
$
11,115

Change in fair value from modification of warrant terms

-

44,793

Fair value of stock options expensed

-

25,875

Total
$
-
$
81,783

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Note 8 - Stockholders' Equity - Allocation of Recognized Period Costs (Details) - USD ($)
3 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Share-based Payment Arrangement, Option [Member]

Allocated Share-based Compensation Expense $ 95,500

General and Administrative Expense [Member]

Change in fair value from modification of warrant terms 118,233

Allocated Share-based Compensation Expense 399,043

General and Administrative Expense [Member] | Share-based Payment Arrangement, Option [Member]

Change in fair value from modification of option terms 211,185

Allocated Share-based Compensation Expense 69,625

Research and Development Expense [Member]

Change in fair value from modification of warrant terms 44,793

Allocated Share-based Compensation Expense 81,783

Research and Development Expense [Member] | Share-based Payment Arrangement, Option [Member]

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Allocated Share-based Compensation Expense $ 25,875

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Note 8 - Stockholders' Equity (Details Textual)
3 Months Ended 12 Months Ended

Jul. 01, 2014

$ / shares

shares

Sep. 30, 2019

USD ($)

$ / shares

shares

Sep. 30, 2018

USD ($)

shares

Jun. 30, 2019

USD ($)

$ / shares

shares

Jun. 30, 2018

USD ($)

$ / shares

shares

Common Stock Voting Rights Votes Per Share 1

Shares Held by Subsidiaries 704,309 704,309

Stock Issued During Period, Value, Issued for Services | $ $ 16,350 $ 10,952

Proceeds from the Sale of Units | $ $ 159,957 416,999

Adjustments to Additional Paid in Capital, Warrant Issued | $ 3,750

Weighted Average Exercise Price for Outstanding Warrants | $ / shares $ 0.93

Weighted Average Remaining Contractual Life for Outstanding Warrants 3 years 73 days

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 80,500

Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ $ 0

Share-based Payment Arrangement, Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized 30,000,000

Share-based Payment Arrangement, Expense | $ $ 95,500

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 325,000

Subscription Agreement [Member]

Share Price | $ / shares $ 0.75

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares $ 0.50 $ 0.50

Number of Shares Per Unit 1

Number of Warrants Per Unit 1 1

Sale of Units, Number Of Units Issued 18,000

Proceeds from the Sale of Units | $ $ 9,000

Proceeds from Sale of Units, Net of Commissions | $ $ 8,100

Stock Issued During Period, Shares, New Issues 18,000

Class of Warrant or Right, Issued During Period 9,000

Warrant Fair Value Price Per Share | $ / shares $ 0.05

Adjustments to Additional Paid in Capital, Warrant Issued | $ $ 333

Adjustments to Additional Paid in Capital, Other | $ $ 8,667

Warrant Component of Equity Unit, Number of Shares of Restricted Common Stock Called by Each Warrant 0.5

Subscription Agreement [Member] | Restricted Stock [Member]

Number of Shares Per Unit 1 1

Subscription Agreement Two [Member]

Share Price | $ / shares $ 0.75

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares $ 0.50

Number of Warrants Per Unit 1

Sale of Units, Number Of Units Issued 301,914

Proceeds from the Sale of Units | $ $ 150,957

Proceeds from Sale of Units, Net of Commissions | $ $ 141,361

Stock Issued During Period, Shares, New Issues 301,914

Class of Warrant or Right, Issued During Period 301,914

Warrant Fair Value Price Per Share | $ / shares $ 0.05

Adjustments to Additional Paid in Capital, Warrant Issued | $ $ 6,751

Adjustments to Additional Paid in Capital, Other | $ $ 144,206

Warrant Component of Equity Unit, Number of Shares of Restricted Common Stock Called by Each Warrant 1

Subscription Agreement Two [Member] | Restricted Stock [Member]

Number of Shares Per Unit 1

Minimum [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares $ 0.60

Class of Warrant or Right, Outstanding 17,000,000

Maximum [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares $ 2

Maximum [Member] | Share-based Payment Arrangement, Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period 10 years

Employees and Consultants [Member]

Stock Issued During Period, Shares, Issued for Services 29,000

Stock Issued During Period, Value, Issued for Services | $ $ 16,350

Employees and Consultants [Member] | Minimum [Member]

Share Price | $ / shares $ 0.48

Employees and Consultants [Member] | Maximum [Member]

Share Price | $ / shares $ 0.75

Centerpoint [Member]

Shares Held by Subsidiaries 704,309

Series B Preferred Stock [Member]

Preferred Stock, Shares Outstanding, Ending Balance 200 200 200

Preferred Stock, Par or Stated Value Per Share | $ / shares $ 0.01 $ 0.01 $ 0.01

Preferred Stock, Convertible Option Per Share | $ / shares $ 2

Preferred Stock, Dividend Rate, Percentage 2.50%

Preferred Stock, Redemption Price Per Share | $ / shares $ 100

Convertible Preferred Stock Redemption Period 3 years

Dividends, Preferred Stock, Total | $ $ 500 $ 2,000 $ 2,000

Dividends Payable | $ $ 16,500

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XML 47 R8.htm IDEA: XBRL DOCUMENT v3.19.3

Note 2 - Significant Accounting Policies
3 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Significant Accounting Policies [Text Block]
2.
     SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation:

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Bion Integrated Projects Group, Inc. (“Projects Group”), Bion Technologies, Inc., BionSoil, Inc., Bion Services,
PA1,
and
PA2;
and its
58.9%
owned subsidiary, Centerpoint Corporation (“Centerpoint”). All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying consolidated financial statements have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements reflect all adjustments (consisting of only normal recurring entries) that, in the opinion of management, are necessary to present fairly the financial position at
September 30, 2019,
and the results of operations and cash flows of the Company for the
three
months ended
September 30, 2019
and
2018.
Operating results for the
three
months ended
September 30, 2019
are
not
necessarily indicative of the results that
may
be expected for the year ending
June 30, 2020.

Cash and cash equivalents:

The Company considers all highly liquid investments purchased with an original maturity of
three
months or less to be cash and cash equivalents.

Property and equipment:

Property and equipment are stated at cost and are depreciated, when placed into service, using the straight-line method over the estimated useful lives of the related assets, generally
three
to
twenty
years. The Company capitalizes all direct costs and all indirect incrementally identifiable costs related to the design and construction of its Integrated Projects. The Company reviews its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
may
not
be recoverable. An impairment loss would be recognized based on the amount by which the carrying value of the assets or asset group exceeds its estimated fair value, and is recognized as a loss from operations.

Stock-based compensation:

The Company follows the provisions of Accounting Standards Codification (“ASC”)
718,
which generally requires that share-based compensation transactions be accounted and recognized in the statement of operations based upon their grant date fair values.

Derivative Financial Instruments:

Pursuant to ASC Topic
815
“Derivatives and Hedging” (“Topic
815”
), the Company reviews all financial instruments for the existence of features which
may
require fair value accounting and a related mark-to-market adjustment at each reporting period end. Once determined, the Company assesses these instruments as derivative liabilities. The fair value of these instruments is adjusted to reflect the fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations as an adjustment to fair value of derivatives.

Warrants:

The Company has issued warrants to purchase common shares of the Company. Warrants are valued using a fair value based method, whereby the fair value of the warrant is determined at the warrant issue date using a market-based option valuation model based on factors including an evaluation of the Company’s value as of the date of the issuance, consideration of the Company’s limited liquid resources and business prospects, the market price of the Company’s stock in its mostly inactive public market and the historical valuations and purchases of the Company’s warrants. When warrants are issued in combination with debt or equity securities, the warrants are valued and accounted for based on the relative fair value of the warrants in relation to the total value assigned to the debt or equity securities and warrants combined.

Concentrations of credit risk:

The Company's financial instruments that are exposed to concentrations of credit risk consist of cash. The Company's cash is in demand deposit accounts placed with federally insured financial institutions and selected brokerage accounts. Such deposit accounts at times
may
exceed federally insured limits. The Company has
not
experienced any losses on such accounts.

Noncontrolling interests:

In accordance with ASC
810,
“Consolidation”, the Company separately classifies noncontrolling interests within the equity section of the consolidated balance sheets and separately reports the amounts attributable to controlling and noncontrolling interests in the consolidated statements of operations. In addition, the noncontrolling interest continues to be attributed its share of losses even if that attribution results in a deficit noncontrolling interest balance.

Fair value measurements:

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has
three
levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value.

Level
1
– quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level
2
– observable inputs other than Level
1,
quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are
not
active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and

Level
3
– assets and liabilities whose significant value drivers are unobservable.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability
may
fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment.

The fair value of cash and accounts payable approximates their carrying amounts due to their short-term maturities. The fair value of the loan payable is indeterminable at this time due to the nature of the arrangement with a state agency and the fact that it is in default. The fair value of the redeemable preferred stock approximates its carrying value due to the dividends accrued on the preferred stock which are reflected as part of the redemption value. The fair value of the deferred compensation, loans payable - affiliates and convertible notes payable - affiliates are
not
practicable to estimate due to the related party nature of the underlying transactions.

Revenue Recognition:

The Company currently does
not
generate revenue and if and when the Company begins to generate revenue the Company will comply with the provisions of Accounting Standards Codification (“ASC”)
606
“Revenue from Contracts with Customers”.

Loss per share:

Basic loss per share amounts are calculated using the weighted average number of shares of common stock outstanding during the period. Diluted loss per share assumes the conversion, exercise or issuance of all potential common stock instruments, such as options or warrants, unless the effect is to reduce the loss per share or increase the earnings per share. During the
three
months ended
September 30, 2019
and
2018,
the basic and diluted loss per share was the same, as the impact of potential dilutive common shares was anti-dilutive.

The following table represents the warrants, options and convertible securities excluded from the calculation of basic loss per share:

September 30,
2019

September 30,
2018

Warrants

17,006,921

16,097,956

Options

7,411,600

7,152,225

Convertible debt

9,289,105

7,743,155

Convertible preferred stock

18,250

17,250

The following is a reconciliation of the denominators of the basic and diluted loss per share computations for the
three
months ended
September 30, 2019
and
2018:

Three months
ended
September 30,
2019

Three months
ended
September 30,
2018

Shares issued – beginning of period

28,068,688

25,939,892

Shares held by subsidiaries (Note 8)

(704,309

)

(704,309

)

Shares outstanding – beginning of period

27,364,379

25,235,583

Weighted average shares issued during the period

102,433

424,147

Diluted weighted average shares – end of period

27,466,812

25,659,730

Use of estimates:

In preparing the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements:

The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financial statements properly reflect the change.

In
June 2018,
the FASB issued ASU
No.

2018
-
07
“Compensation – Stock Compensation – Improvements to Nonemployee Share-Based Payment Accounting” to simplify the accounting for share based payments granted to nonemployees and was adopted by the Company effective
July 1, 2019.
Under this guidance, payments to nonemployees is aligned with the requirements for share based payments granted to employees. The adoption of this guidance did
not
have a material impact on the Company’s financial statements as previously issued share-based payments to nonemployees had already reached a measurement date.

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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Revenue

Operating expenses:

General and administrative (including stock-based compensation (Note 8)) 320,228 677,890

Depreciation 347 436

Research and development (including stock-based compensation (Note 8)) 123,325 169,721

Total operating expenses 443,900 848,047

Loss from operations (443,900) (848,047)

Other expense:

Interest expense 117,602 92,496

Total other expense 117,602 92,496

Net loss (561,502) (940,543)

Net loss attributable to the noncontrolling interest 505 3,169

Net loss applicable to Bion's common stockholders $ (560,997) $ (937,374)

Net loss applicable to Bion's common stockholders per basic and diluted common share (in dollars per share) $ (0.02) $ (0.04)

Weighted-average number of common shares outstanding:

Basic and diluted (in shares) 27,466,812 25,659,730

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XML 49 R11.htm IDEA: XBRL DOCUMENT v3.19.3

Note 5 - Deferred Compensation
3 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]
5.
     DEFERRED COMPENSATION:

The Company owes deferred compensation to various employees, former employees and consultants totaling
$1,078,134
and
$523,628
as of
September 30, 2019
and
2018,
respectively. Included in the deferred compensation balances as of
September 30, 2019,
are
$450,508
and
$189,467
owed Bassani and Smith respectively, pursuant to extension agreements effective
January 1, 2015,
whereby unpaid compensation earned after
January 1, 2015,
accrues interest at
4%
per annum and can be converted into shares of the Company’s common stock at the election of the employee during the
first

five
calendar days of any month. The conversion price shall be the average closing price of the Company’s common stock for the last
10
trading days of the immediately preceding month. The deferred compensation owed Bassani and Smith as of
September 30, 2018
was
$314,654
and
$6,300,
respectively. The Company also owes various consultants, pursuant to various agreements, for deferred compensation of
$365,659
and
$129,190
as of
September 30, 2019
and
2018,
respectively, with similar conversion terms as those described above for Bassani and Smith, with the exception that the interest accrues at
3%
per annum. Bassani and Smith have each been granted the right to convert up to
$300,000
of deferred compensation balances at a price of
$0.75
per share until
December 31, 2019 (
to be issued pursuant to the
2006
Plan). Smith also has the right to convert all or part of his deferred compensation balance into the Company’s securities (to be issued pursuant to the
2006
Plan) “at market” and/or on the same terms as the Company is selling or has sold its securities in its then current (or most recent if there is
no
current) private placement. The Company also owes a former employee
$72,500,
which is
not
convertible and is non-interest bearing.

The Company recorded interest expense of
$7,620
(
$5,242
with related parties) and
$3,650
(
$2,968
with related parties) for the
three
months ended
September 30, 2019
and
2018,
respectively.

X

- Definition
The entire disclosure for share-based payment arrangement.
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Note 9 - Subscription Receivable - Affiliates
3 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Subscription Receivable [Text Block]
9.
     SUBSCRIPTION RECEIVABLE - AFFILIATES:

As of
September 30, 2019,
the Company has
three
interest bearing, secured promissory notes with an aggregate principal amount of
$428,250
(
$453,445,
including interest), from Bassani as consideration to purchase warrants to purchase
5,565,000
shares of the Company’s restricted common stock, which warrants have exercise prices ranging from
$0.60
to
$1.00
and have expiry dates ranging from
December 31, 2020
to
December 31, 2025.
The promissory notes bear interest at
4%
per annum, are secured by portions of Bassani’s
January 2015
Convertible Note and Bassani’s
September 2015
Convertible Notes. The secured promissory notes are payable
July 1, 2020.

As of
September 30, 2019,
the Company has
two
interest bearing, secured promissory notes with an aggregate principal amount of
$46,400
(
$49,914
including interest) from
two
former employees as consideration to purchase warrants to purchase
928,000
shares of the Company’s restricted common stock, which warrants are exercisable at
$0.75
and have expiry dates of
December 31, 2020.
These warrants have a
90%
exercise bonus. The promissory notes bear interest at
4%
per annum, are secured by a perfected security interest in the warrants, and are payable on
July 1, 2020.

As of
September 30, 2019,
the Company has an interest bearing, secured promissory note for
$30,000
(
$31,394
including interest) from Smith as consideration to purchase warrants to purchase
300,000
shares of the Company’s restricted common stock, which warrants are exercisable at
$0.60
and have expiry dates of
December 31, 2023.
The warrants have a
75%
exercise bonus. The promissory note bears interest at
4%
per annum, is secured by
$30,000
of Smith’s
January 2015
Convertible Note. The secured promissory note is payable on
July 1, 2020.

X

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Significant Accounting Policies (Policies)
3 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]
Principles of consolidation:

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Bion Integrated Projects Group, Inc. (“Projects Group”), Bion Technologies, Inc., BionSoil, Inc., Bion Services,
PA1,
and
PA2;
and its
58.9%
owned subsidiary, Centerpoint Corporation (“Centerpoint”). All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying consolidated financial statements have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements reflect all adjustments (consisting of only normal recurring entries) that, in the opinion of management, are necessary to present fairly the financial position at
September 30, 2019,
and the results of operations and cash flows of the Company for the
three
months ended
September 30, 2019
and
2018.
Operating results for the
three
months ended
September 30, 2019
are
not
necessarily indicative of the results that
may
be expected for the year ending
June 30, 2020.

Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and cash equivalents:

The Company considers all highly liquid investments purchased with an original maturity of
three
months or less to be cash and cash equivalents.

Property, Plant and Equipment, Policy [Policy Text Block]
Property and equipment:

Property and equipment are stated at cost and are depreciated, when placed into service, using the straight-line method over the estimated useful lives of the related assets, generally
three
to
twenty
years. The Company capitalizes all direct costs and all indirect incrementally identifiable costs related to the design and construction of its Integrated Projects. The Company reviews its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
may
not
be recoverable. An impairment loss would be recognized based on the amount by which the carrying value of the assets or asset group exceeds its estimated fair value, and is recognized as a loss from operations.

Share-based Payment Arrangement [Policy Text Block]
Stock-based compensation:

The Company follows the provisions of Accounting Standards Codification (“ASC”)
718,
which generally requires that share-based compensation transactions be accounted and recognized in the statement of operations based upon their grant date fair values.

Derivatives, Policy [Policy Text Block]
Derivative Financial Instruments:

Pursuant to ASC Topic
815
“Derivatives and Hedging” (“Topic
815”
), the Company reviews all financial instruments for the existence of features which
may
require fair value accounting and a related mark-to-market adjustment at each reporting period end. Once determined, the Company assesses these instruments as derivative liabilities. The fair value of these instruments is adjusted to reflect the fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations as an adjustment to fair value of derivatives.

Equity Issuances Warrants Policy [Policy Text Block]
Warrants:

The Company has issued warrants to purchase common shares of the Company. Warrants are valued using a fair value based method, whereby the fair value of the warrant is determined at the warrant issue date using a market-based option valuation model based on factors including an evaluation of the Company’s value as of the date of the issuance, consideration of the Company’s limited liquid resources and business prospects, the market price of the Company’s stock in its mostly inactive public market and the historical valuations and purchases of the Company’s warrants. When warrants are issued in combination with debt or equity securities, the warrants are valued and accounted for based on the relative fair value of the warrants in relation to the total value assigned to the debt or equity securities and warrants combined.

Concentration Risk, Credit Risk, Policy [Policy Text Block]
Concentrations of credit risk:

The Company's financial instruments that are exposed to concentrations of credit risk consist of cash. The Company's cash is in demand deposit accounts placed with federally insured financial institutions and selected brokerage accounts. Such deposit accounts at times
may
exceed federally insured limits. The Company has
not
experienced any losses on such accounts.

Minority Interest Policy [Policy Text Block]
Noncontrolling interests:

In accordance with ASC
810,
“Consolidation”, the Company separately classifies noncontrolling interests within the equity section of the consolidated balance sheets and separately reports the amounts attributable to controlling and noncontrolling interests in the consolidated statements of operations. In addition, the noncontrolling interest continues to be attributed its share of losses even if that attribution results in a deficit noncontrolling interest balance.

Fair Value Measurement, Policy [Policy Text Block]
Fair value measurements:

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has
three
levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value.

Level
1
– quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level
2
– observable inputs other than Level
1,
quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are
not
active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and

Level
3
– assets and liabilities whose significant value drivers are unobservable.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability
may
fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment.

The fair value of cash and accounts payable approximates their carrying amounts due to their short-term maturities. The fair value of the loan payable is indeterminable at this time due to the nature of the arrangement with a state agency and the fact that it is in default. The fair value of the redeemable preferred stock approximates its carrying value due to the dividends accrued on the preferred stock which are reflected as part of the redemption value. The fair value of the deferred compensation, loans payable - affiliates and convertible notes payable - affiliates are
not
practicable to estimate due to the related party nature of the underlying transactions.

Revenue [Policy Text Block]
Revenue Recognition:

The Company currently does
not
generate revenue and if and when the Company begins to generate revenue the Company will comply with the provisions of Accounting Standards Codification (“ASC”)
606
“Revenue from Contracts with Customers”.

Earnings Per Share, Policy [Policy Text Block]
Loss per share:

Basic loss per share amounts are calculated using the weighted average number of shares of common stock outstanding during the period. Diluted loss per share assumes the conversion, exercise or issuance of all potential common stock instruments, such as options or warrants, unless the effect is to reduce the loss per share or increase the earnings per share. During the
three
months ended
September 30, 2019
and
2018,
the basic and diluted loss per share was the same, as the impact of potential dilutive common shares was anti-dilutive.

The following table represents the warrants, options and convertible securities excluded from the calculation of basic loss per share:

September 30,
2019

September 30,
2018

Warrants

17,006,921

16,097,956

Options

7,411,600

7,152,225

Convertible debt

9,289,105

7,743,155

Convertible preferred stock

18,250

17,250

The following is a reconciliation of the denominators of the basic and diluted loss per share computations for the
three
months ended
September 30, 2019
and
2018:

Three months
ended
September 30,
2019

Three months
ended
September 30,
2018

Shares issued – beginning of period

28,068,688

25,939,892

Shares held by subsidiaries (Note 8)

(704,309

)

(704,309

)

Shares outstanding – beginning of period

27,364,379

25,235,583

Weighted average shares issued during the period

102,433

424,147

Diluted weighted average shares – end of period

27,466,812

25,659,730

Use of Estimates, Policy [Policy Text Block]
Use of estimates:

In preparing the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements:

The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financial statements properly reflect the change.

In
June 2018,
the FASB issued ASU
No.

2018
-
07
“Compensation – Stock Compensation – Improvements to Nonemployee Share-Based Payment Accounting” to simplify the accounting for share based payments granted to nonemployees and was adopted by the Company effective
July 1, 2019.
Under this guidance, payments to nonemployees is aligned with the requirements for share based payments granted to employees. The adoption of this guidance did
not
have a material impact on the Company’s financial statements as previously issued share-based payments to nonemployees had already reached a measurement date.

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3 Months Ended

Sep. 30, 2019

$ / shares

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Nonvested (in shares) | shares

Nonvested, weighted-average grant-date fair value (in dollars per share) | $ / shares

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Vested, weighted-average grant-date fair value (in dollars per share) | $ / shares

Nonvested (in shares) | shares

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Note 7 - Convertible Notes Payable - Affiliates (Details Textual) - USD ($)
3 Months Ended 12 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Jun. 30, 2019

Dec. 31, 2017

Convertible Notes Payable, Noncurrent $ 3,848,929 $ 3,801,168

Interest Expense, Total 117,602 $ 92,496

Secured Promissory Note, Consideration for Warrants Expiring on December 31, 2025 [Member]

Financing Receivable, Interest Rate, Stated Percentage 4.00%

Warrants Payable With Secured Promissory Notes [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights $ 0.60

Class of Warrant or Right, Purchase Price of Warrants or Rights, Per Share $ 0.10

Chief Executive Officer [Member] | Secured Promissory Note, Consideration for Warrants Expiring on December 31, 2025 [Member]

Interest Receivable 13,940

Chief Executive Officer [Member] | Warrants Payable With Secured Promissory Notes [Member]

Class of Warrant or Right, Number Agreed to Sell 3,000,000

President [Member] | Secured Promissory Note, Consideration for Warrants Expiring on December 31, 2025 [Member]

Interest Receivable $ 1,394

President [Member] | Warrants Payable With Secured Promissory Notes [Member]

Class of Warrant or Right, Number Agreed to Sell 300,000

January 2015 Convertible Notes [Member] | Chief Executive Officer [Member] | Warrants Payable With Secured Promissory Notes [Member]

Secured Promissory Notes Payable with Warrants $ 300,000

January 2015 Convertible Notes [Member] | President [Member] | Warrants Payable With Secured Promissory Notes [Member]

Secured Promissory Notes Payable with Warrants $ 30,000

January 2015 Convertible Notes [Member] | Convertible Debt [Member]

Debt Instrument, Interest Rate, Stated Percentage 4.00%

Number of Shares Per Unit 1

Number of Warrants Per Unit 0.5

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Debt Instrument, Convertible, Beneficial Conversion Feature $ 0

Interest Expense, Total 40,517 26,248

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Convertible Notes Payable, Noncurrent 1,752,074 1,684,107

January 2015 Convertible Notes [Member] | Convertible Debt [Member] | President [Member]

Convertible Notes Payable, Noncurrent 909,870 874,534

January 2015 Convertible Notes [Member] | Convertible Debt [Member] | Executive Vice Chairman [Member]

Convertible Notes Payable, Noncurrent 450,103 435,002

September 2015 Convertible Notes [Member] | Chief Executive Officer [Member]

Convertible Notes Payable, Total 161,385 155,707

September 2015 Convertible Notes [Member] | President [Member]

Convertible Notes Payable, Total 19,043 18,389

September 2015 Convertible Notes [Member] | Shareholder [Member]

Convertible Notes Payable, Total 404,185 388,734

September 2015 Convertible Notes [Member] | Convertible Debt [Member]

Conversion Price Per Unit $ 0.60

Debt Instrument, Convertible, Beneficial Conversion Feature $ 0

Interest Expense, Total 5,366 $ 5,010

Replacement Note Held as Collateral [Member] | Chief Executive Officer [Member]

Convertible Notes Payable, Total 130,000

Convertible Debt, Amount Sold to a Shareholder By an Officer $ 300,000

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Debt Instrument, Interest Rate, Stated Percentage 4.00%

Number of Shares Per Unit 1

Number of Warrants Per Unit 0.5

Conversion Price Per Unit $ 0.50

Class of Warrant or Right, Exercise Price of Warrants or Rights $ 0.75

Debt Instrument, Convertible, Beneficial Conversion Feature $ 0

Interest Expense, Total 1,877

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Conversion of Deferred Compensation into Note Payable Affiliate $ 150,000

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Sep. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2016

Jun. 30, 2015

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Jan. 26, 2009

Construction Loan $ 7,750,000

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Sep. 30, 2018

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Note 3 - Property and Equipment - Property and Equipment (Details) - USD ($)	Sep. 30, 2019	Jun. 30, 2019
Machinery and equipment	$ 2,222,670	$ 2,222,670
Buildings and structures	401,470	401,470
Computers and office equipment	173,245	173,245
Total	2,797,385	2,797,385
Less accumulated depreciation	(2,795,116)	(2,794,769)
Net	$ 2,269	$ 2,616

Note 12 - Subsequent Events (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
Note 12 - Subsequent Events (Details Textual) - USD ($)	Nov. 07, 2019	Sep. 30, 2019	Sep. 30, 2018
Sale of Units, Value		$ 159,957	$ 416,999
Proceeds from Related Party Debt		35,000
Coalition for Affordable Bay Solutions [Member]
Payments for Consulting Expenses		$ 12,900
Subsequent Event [Member] \| Coalition for Affordable Bay Solutions [Member]
Payments for Consulting Expenses	$ 14,200
Subsequent Event [Member] \| Chief Executive Officer [Member]
Proceeds from Related Party Debt	$ 20,000
Subsequent Event [Member] \| Sale of Units, One [Member]
Sale of Units, Number Of Units Issued	900,000
Shares Issued, Price Per Share	$ 0.50
Sale of Units, Value	$ 450,000
Number of Shares Per Unit	1
Number of Warrants Per Unit	0.5
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.75

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2019	Jun. 30, 2019
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	28,417,602	28,068,688
Common stock, outstanding (in shares)	27,713,293	27,364,379
Series B Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000	50,000
Preferred stock, issued (in shares)	200	200
Preferred stock, outstanding (in shares)	200	200
Preferred stock, liquidation	$ 36,500	$ 36,000
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000	50,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Series C Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	60,000	60,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Note 10 - Commitments and Contingencies (Details Textual) - USD ($)					1 Months Ended
	Oct. 10, 2016	Feb. 10, 2015	Sep. 25, 2014	May 15, 2013	Feb. 28, 2018	Sep. 30, 2019	Jun. 30, 2019	Aug. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Apr. 27, 2017	Oct. 31, 2016	Jun. 30, 2014
Extension of Exercise Period Annual Payment per Option or Warrant				$ 0.05
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance						7,411,600	7,411,600
Pennvest Loan [Member]
Loss Contingency, Damages Sought, Value			$ 8,137,117
Minimum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 0.60
Class of Warrant or Right, Outstanding						17,000,000
Maximum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 2
Exercise Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance						7,239,600
Class of Warrant or Right, Outstanding						12,032,095
Exercise Bonus [Member] \| Minimum [Member]
Execution Bonus as Percentage of Exercised Options and Warrants						50.00%
Exercise Bonus [Member] \| Maximum [Member]
Execution Bonus as Percentage of Exercised Options and Warrants						90.00%
President [Member]
Monthly Officers' Cash Compensation	$ 18,000
President [Member] \| Secured Promissory Note, Consideration for Warrants Expiring on December 31, 2025 [Member]
Interest Receivable						$ 1,394
President [Member] \| FY2016 Extension Agreement [Member] \| Extension Bonus [Member]
Deferred Compensation, Maximum Convertible Amount	$ 125,000										$ 300,000	$ 125,000
Deferred Compensation, Stock Conversion, Price Per Share	$ 0.75										$ 0.75	$ 0.75
President [Member] \| February 2018 Extension Agreement [Member] \| Extension Bonus [Member]
Annual Salary					$ 372,000
Monthly Compensation, Life Insurance					$ 2,000
Chief Executive Officer [Member]
Monthly Officers' Cash Compensation		$ 31,000
Chief Executive Officer [Member] \| Warrants Expiring on December 31, 2025 [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights								3,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights								$ 0.60
Chief Executive Officer [Member] \| Secured Promissory Note, Consideration for Warrants Expiring on December 31, 2025 [Member]
Financing Receivable, after Allowance for Credit Loss, Total								$ 300,000
Note Receivable, Collateral								$ 300,000
Interest Receivable						$ 13,940
Chief Executive Officer [Member] \| Stock Bonus [Member]
Execution Bonus as Percentage of Exercised Options and Warrants				50.00%
Chief Executive Officer [Member] \| FY2016 Extension Agreement [Member] \| Extension Bonus [Member]
Deferred Compensation, Maximum Convertible Amount											$ 300,000
Deferred Compensation, Stock Conversion, Price Per Share											$ 0.75
CEO and President [Member] \| Exercise Bonus [Member]
ContingentStockBonusPercentageThresholdForIssuance				50.00%
Extension of Exercise Period				5 years
Extension of Exercise Period Annual Payment per Option or Warrant				$ 0.01
Executive Vice Chairman and Other Board Member [Member] \| Exercise Bonus [Member]
Execution Bonus as Percentage of Exercised Options and Warrants													50.00%
Two Former Employees [Member] \| Exercise Bonus [Member]
Execution Bonus as Percentage of Exercised Options and Warrants									50.00%
CEO, President, and Executive Vice Chairman [Member]
Execution Bonus, Annual Payment Per Option or Warrant							$ 0.01
CEO, President, and Executive Vice Chairman [Member] \| Exercise Bonus [Member]
Execution Bonus as Percentage of Exercised Options and Warrants									75.00%	50.00%

Note 8 - Stockholders' Equity - Stock Options Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Outstanding, options (in shares)	7,411,600
Outstanding, weighted-average exercise price (in dollars per share)	$ 1.08
Outstanding, weighted-average remaining contractual life (Year)	2 years 328 days	3 years 36 days
Outstanding, aggregate intrinsic value		$ 20,375
Granted, options (in shares)
Granted, weighted-average exercise price (in dollars per share)
Exercised, options (in shares)
Exercised, weighted-average exercise price (in dollars per share)
Forfeited, options (in shares)
Forfeited, weighted-average exercise price (in dollars per share)
Expired, options (in shares)
Expired, weighted-average exercise price (in dollars per share)
Outstanding, options (in shares)	7,411,600	7,411,600
Outstanding, weighted-average exercise price (in dollars per share)	$ 1.08	$ 1.08
Exercisable, options (in shares)	7,411,600
Exercisable, weighted-average exercise price (in dollars per share)	$ 1.08
Exercisable, weighted-average remaining contractual life (Year)	2 years 328 days
Exercisable, aggregate intrinsic value

Note 6 - Loan Payable (Details Textual) - USD ($)	3 Months Ended
Note 6 - Loan Payable (Details Textual) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 25, 2014	Jan. 26, 2009
Construction Loan				$ 7,750,000
PA-1 [Member]
Debt Instrument, Debt Default, Amount			$ 8,137,117
Pennvest Loan [Member]
Construction Loan	$ 9,373,923
Accrued Interest and Late Charges Payable	1,619,923
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,754,000
Term Loan, Period for Interest Only Payments	3 years
Term Loan, Period for Amortization of Principal	10 years
Debt Instrument, Annual Principal Payment	$ 4,273,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	794,000
Long-term Debt, Maturities, Repayments of Principal in Year Two	819,000
Long-term Debt, Maturities, Repayments of Principal in Year Three	846,000
Long-term Debt, Maturities, Repayments of Principal in Year Four	873,000
Long-term Debt, Maturities, Repayments of Principal in Year Five	149,000
Interest Expense, Debt, Total	$ 61,722	$ 53,339
Pennvest Loan [Member] \| Years One Through Five [Member]
Debt Instrument, Interest Rate During Period	2.547%
Pennvest Loan [Member] \| Years Six Through Maturity [Member]
Debt Instrument, Interest Rate During Period	3.184%

Note 6 - Loan Payable	3 Months Ended
Note 6 - Loan Payable	Sep. 30, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	6. LOAN PAYABLE: PA1, the Company’s wholly-owned subsidiary, owes $9,373,923 as of September 30, 2019 under the terms of the Pennvest Loan related to the construction of the Kreider 1 System including accrued interest and late charges totaling $1,619,923 as of September 30, 2019. The terms of the Pennvest Loan provided for funding of up to $7,754,000 which was to be repaid by interest-only payments for three years, followed by an additional ten -year amortization of principal. The Pennvest Loan accrues interest at 2.547% per annum for years 1 through 5 and 3.184% per annum for years 6 through maturity. The Pennvest Loan required minimum annual principal payments of approximately $4,273,000 in fiscal years 2013 through 2019, and $794,000 in fiscal year 2020, $819,000 in fiscal year 2021, $846,000 in fiscal year 2022, $873,000 in fiscal year 2023 and $149,000 in fiscal year 2024. The Pennvest Loan is collateralized by the Kreider 1 System and by a pledge of all revenues generated from Kreider 1 including, but not limited to, revenues generated from nutrient reduction credit sales and by-product sales. In addition, in consideration for the excess credit risk associated with the project, Pennvest is entitled to participate in the profits from Kreider 1 calculated on a net cash flow basis, as defined. The Company has incurred interest expense related to the Pennvest Loan of $61,722 and $53,339 for the three months ended September 30, 2019 and 2018, respectively. Based on the limited development of the depth and breadth of the Pennsylvania nutrient reduction credit market to date, PA1 commenced negotiations with Pennvest related to forbearance and/or re-structuring the obligations under the Pennvest Loan. In the context of such negotiations, PA1 has elected not to make interest payments to Pennvest on the Pennvest Loan since January 2013. Additionally, the Company has not made any principal payments, which were to begin in fiscal 2013, and, therefore, the Company has classified the Pennvest Loan as a current liability as of September 30, 2019. On September 25, 2014, Pennvest exercised its right to declare the Pennvest Loan in default and has accelerated the Pennvest Loan and demanded that PA1 pay $8,137,117 (principal, interest plus late charges) on or before October 24, 2014. PA1 did not make the payment and does not have the resources to make the payment demanded by Pennvest. PA1 has engaged in on/off discussions and negotiations with Pennvest concerning this matter but no such discussions/negotiations are currently active. As of the date of this report, no formal proposals are presently under consideration and only sporadic communication has taken place regarding the matters involved over the past 5 years. It is not possible at this date to predict the outcome of this matter, but the Company believes it is possible that an agreement may yet be reached that will result in a viable loan modification. Subject to the results of the negotiations with Pennvest and pending development of a more robust market for nutrient reductions in Pennsylvania, PA1 and Bion will continue to evaluate various options with regard to Kreider 1 over the next 180 days. In connection with the Pennvest Loan financing documents, the Company provided a ‘technology guaranty’ regarding nutrient reduction performance of Kreider 1 which was structured to expire when Kreider 1’s nutrient reduction performance had been demonstrated. During August 2012 the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider 1 System had surpassed the requisite performance criteria and that the Company’s ‘technology guaranty’ was met. As a result, the Pennvest Loan is solely an obligation of PA1.

Note 10 - Commitments and Contingencies	3 Months Ended
Note 10 - Commitments and Contingencies	Sep. 30, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. COMMITMENTS AND CONTINGENCIES: Employment and consulting agreements: Smith has held the positions of Director, President and General Counsel of Company and its subsidiaries under various agreements (and extensions) and terms since March 2003. On October 10, 2016, the Company approved a month to month contract extension with Smith which includes provisions for i) a monthly deferred salary of $18,000 effective October 1, 2016 until the Board of Directors re-instates cash payments to all employees and consultants who are deferring compensation, ii) the right to convert up to $125,000 of his deferred compensation, at his sole election, at $0.75 per share, until March 15, 2018 ( which was expanded on April 27, 2017 to the right to convert up to $300,000 of his deferred compensation, at his sole election, at $0.75 per share, and subsequently extended until December 31, 2019), and iii) the right to convert his deferred compensation in whole or in part, at his sole election, at any time in any amount at “market” or into securities sold in the Company’s current/most recent private offering at the price of such offering to third parties. Smith agreed effective July 29, 2018 to continue to serve the Company under these terms. Since March 31, 2005, the Company has had various agreements with Brightcap and/or Bassani, through which the services of Bassani are provided (any reference to Brightcap or Bassani for all purposes are the same individual). The Board appointed Bassani as the Company's CEO effective May 13, 2011. On February 10, 2015, the Company executed an Extension Agreement with Bassani pursuant to which Bassani extended the term of his service to the Company to December 31, 2017, ( with the Company having an option to extend the term an additional six months.) Pursuant to the Extension Agreement, Bassani continued to defer his cash compensation ( $31,000 per month) until the Board of Directors re-instates cash payments to all employees and consultants who are deferring their compensation. During October 2016 Bassani was granted the right to convert up to $125,000 of his deferred compensation, at his sole election, at $0.75 per share, until March 15, 2018 ( which was expanded on April 27, 2017 to the right to convert up to $300,000 of his deferred compensation, at his sole election, at $0.75 per share, and subsequently extended until December 31, 2019). During February 2018, the Company agreed to the material terms for a binding two -year extension agreement for Bassani’s services as CEO, while a detailed, fully executed agreement is still being negotiated and will be finalized in the future. Bassani’s salary will remain $372,000 per year, which will continue to be accrued until there is adequate cash available while negotiations proceed toward the re-instatement of a least a partial cash payment. Additionally, the Company has agreed to pay him $2,000 per month to be applied to life insurance premiums. On August 1, 2018, in the context of extending his agreement to provide services to the Company on a full time basis through December 31, 2022) plus 2 years after that on a part-time basis, the Company received an interest bearing secured promissory note for $300,000 from Bassani as consideration to purchase warrants to purchase 3,000,000 shares of the Company’s restricted common stock, which warrants are exercisable at $0.60 and have expiry dates of June 30, 2025. The promissory note is secured by Bassani’s $300,000 of January 2015 Convertible Note (Note 7 ) and as of September 30, 2019 the accrued interest was $13,940. Execution/exercise bonuses: As part of agreements the Company entered into with Bassani and Smith effective May 15, 2013, they were each granted the following: a) a 50% execution/exercise bonus which shall be applied upon the effective date of the notice of intent to exercise (for options and warrants) or issuance event, as applicable, of any currently outstanding and/or subsequently acquired options, warrants and/or contingent stock bonuses owned by each (and/or their donees) as follows: i) in the case of exercise by payment of cash, the bonus shall take the form of reduction of the exercise price; ii) in the case of cashless exercise, the bonus shall be applied to reduce the exercise price prior to the cashless exercise calculations; and iii) with regard to contingent stock bonuses, issuance shall be triggered upon the Company’s common stock reaching a closing price equal to 50% of currently specified price; and b) the right to extend the exercise period of all or part of the applicable options and warrants for up to five years ( one year at a time) by annual payments of $.05 per option or warrant to the Company on or before a date during the three months prior to expiration of the exercise period at least three business days before the end of the expiration period. Effective January 1, 2016 such annual payments to extend warrant exercise periods have been reduced to $.01 per option or warrant. During the year ended June 30, 2014, the Company extended 50% execution/exercise bonuses with the same terms as described above to Schafer and to Jon Northrop (“Northrop”), the Company’s other board member. During the year ended June 30, 2018, the Company extended 50% execution/exercise bonuses with the same terms as described above to all options and warrants issued prior to November 7, 2017, to an employee and two former employees who are now consultants. During the year ended June 30, 2018, the Company increased the above 50% execution/exercise bonus on all outstanding options and warrants owned or acquired in the future by Bassani, Smith and Schafer to 75% (to the extent such existing exercise bonus is less than 75% ). During the year ended June 30, 2019, the Company approved the right to extend the exercise period of all or part of any options or warrants granted in the past or in the future, for up to five years ( one year at a time) by annual payments of $0.01 per option/warrant for one of its employees. The extension payment may be made in i) cash; ii) by reduction of sums owed by the Company, and iii) by reduction of applicable exercise bonuses. As of September 30, 2019, the execution/exercise bonuses ranging from 50 - 90% were applicable to 7,239,600 of the Company’s outstanding options and 12,032,095 of the Company’s outstanding warrants. Litigation: On September 25, 2014, Pennvest exercised its right to declare the Pennvest Loan in default and has accelerated the Pennvest Loan and has demanded that PA1 pay $8,137,117 (principal, interest plus late charges) on or before October 24, 2014. PA1 did not make the payment and did not then and does not now have the resources to make the payment demanded by Pennvest. During August 2012, the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider 1 system met the ‘technology guaranty’ standards which were incorporated in the Pennvest financing documents and, as a result, the Pennvest Loan is now solely an obligation of PA1. No litigation has commenced related to this matter but such litigation is likely if negotiations do not produce a resolution (Note 1 and Note 6 ). The Company currently is not involved in any other material litigation.

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Sep. 30, 2019	Oct. 28, 2019
Document Information [Line Items]
Entity Registrant Name	BION ENVIRONMENTAL TECHNOLOGIES INC
Entity Central Index Key	0000875729
Trading Symbol	bnet
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		28,613,293
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common Stock

Consolidated Statements of Changes in Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Subscriptions Receivable [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balances (in shares) at Jun. 30, 2018	25,939,892
Balances at Jun. 30, 2018		$ 108,117,330	$ (174,650)	$ (121,691,956)	$ 54,338	$ (13,694,938)
Issuance of common stock for services (in shares)	21,229
Issuance of common stock for services		10,952				10,952
Vesting of options for services		95,500				95,500
Modification of options		222,300				222,300
Sale of units (in shares)	833,999
Sale of units		416,999				416,999
Commissions on sale of units (in shares)	1,028
Commissions on sale of units		(38,900)				(38,900)
Modification of warrants		166,776				166,776
Issuance of warrants		333,750	(330,000)			3,750
Conversion of debt and liabilities (in shares)	200,000
Conversion of debt and liabilities		100,000				100,000
Net loss				(937,374)	(3,169)	(940,543)
Balances (in shares) at Sep. 30, 2018	26,996,148
Balances at Sep. 30, 2018		109,424,707	(504,650)	(122,629,330)	51,169	(13,658,104)
Balances (in shares) at Jun. 30, 2018	25,939,892
Balances at Jun. 30, 2018		108,117,330	(174,650)	(121,691,956)	54,338	(13,694,938)
Net loss						(2,659,000)
Balances (in shares) at Jun. 30, 2019	28,068,688
Balances at Jun. 30, 2019		110,126,802	(504,650)	(124,346,158)	49,408	(14,674,598)
Issuance of common stock for services (in shares)	29,000
Issuance of common stock for services		16,350				16,350
Sale of units (in shares)	319,914
Sale of units		159,957				159,957
Commissions on sale of units		(10,496)				(10,496)
Net loss				(560,997)	(505)	(561,502)
Balances (in shares) at Sep. 30, 2019	28,417,602
Balances at Sep. 30, 2019		$ 110,292,613	$ (504,650)	$ (124,907,155)	$ 48,903	$ (15,070,289)

Note 12 - Subsequent Events	3 Months Ended
Note 12 - Subsequent Events	Sep. 30, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	12. SUBSEQUENT EVENTS: The Company has evaluated events that occurred subsequent to September 30, 2019 for recognition and disclosure in the financial statements and notes to the financial statements. From October 1, 2019 through November 7, 2019, the Company has sold 900,000 Units of its securities at $0.50 per Unit for aggregate consideration of $450,000. Each Unit consists of one share of common stock and a callable warrant to purchase one share of the Company’s common shares at $0.75 per share until December 31, 2020. From October 1, 2019 through November 7, 2019, Bassani was repaid $20,000 he had loaned the Company for working capital requirements. From October 1, 2019 through November 7, 2019, the Company paid CABS $14,200 for consulting expenses. 25

Note 4 - Loans Payable - Affiliates	3 Months Ended
Note 4 - Loans Payable - Affiliates	Sep. 30, 2019
Notes to Financial Statements
Loans Payable to Affiliates	4. LOANS PAYABLE - AFFILIATES: As of September 30, 2019, Dominic Bassani (“Bassani”), the Company’s Chief Executive Officer, and Mark A. Smith (“Smith”), the Company’s President, have loaned the Company $20,000 and $15,000, respectively, for working capital needs. The loans are non-interest bearing and will be repaid when there is adequate cash available to allow repayment. Subsequent to September 30, 2019, Bassani was repaid the $20,000 he had loaned the Company.

Note 8 - Stockholders' Equity (Details Textual)		3 Months Ended		12 Months Ended
Note 8 - Stockholders' Equity (Details Textual)	Jul. 01, 2014 $ / shares shares	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2018 USD ($) shares	Jun. 30, 2019 USD ($) $ / shares shares	Jun. 30, 2018 USD ($) $ / shares shares
Common Stock Voting Rights Votes Per Share		1
Shares Held by Subsidiaries				704,309	704,309
Stock Issued During Period, Value, Issued for Services \| $		$ 16,350	$ 10,952
Proceeds from the Sale of Units \| $		$ 159,957	416,999
Adjustments to Additional Paid in Capital, Warrant Issued \| $			3,750
Weighted Average Exercise Price for Outstanding Warrants \| $ / shares		$ 0.93
Weighted Average Remaining Contractual Life for Outstanding Warrants		3 years 73 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value \| $			80,500
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount \| $		$ 0
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		30,000,000
Share-based Payment Arrangement, Expense \| $			$ 95,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			325,000
Subscription Agreement [Member]
Share Price \| $ / shares		$ 0.75
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 0.50		$ 0.50
Number of Shares Per Unit		1
Number of Warrants Per Unit		1		1
Sale of Units, Number Of Units Issued		18,000
Proceeds from the Sale of Units \| $		$ 9,000
Proceeds from Sale of Units, Net of Commissions \| $		$ 8,100
Stock Issued During Period, Shares, New Issues		18,000
Class of Warrant or Right, Issued During Period		9,000
Warrant Fair Value Price Per Share \| $ / shares		$ 0.05
Adjustments to Additional Paid in Capital, Warrant Issued \| $		$ 333
Adjustments to Additional Paid in Capital, Other \| $		$ 8,667
Warrant Component of Equity Unit, Number of Shares of Restricted Common Stock Called by Each Warrant				0.5
Subscription Agreement [Member] \| Restricted Stock [Member]
Number of Shares Per Unit		1		1
Subscription Agreement Two [Member]
Share Price \| $ / shares		$ 0.75
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 0.50
Number of Warrants Per Unit		1
Sale of Units, Number Of Units Issued		301,914
Proceeds from the Sale of Units \| $		$ 150,957
Proceeds from Sale of Units, Net of Commissions \| $		$ 141,361
Stock Issued During Period, Shares, New Issues		301,914
Class of Warrant or Right, Issued During Period		301,914
Warrant Fair Value Price Per Share \| $ / shares		$ 0.05
Adjustments to Additional Paid in Capital, Warrant Issued \| $		$ 6,751
Adjustments to Additional Paid in Capital, Other \| $		$ 144,206
Warrant Component of Equity Unit, Number of Shares of Restricted Common Stock Called by Each Warrant		1
Subscription Agreement Two [Member] \| Restricted Stock [Member]
Number of Shares Per Unit		1
Minimum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 0.60
Class of Warrant or Right, Outstanding		17,000,000
Maximum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 2
Maximum [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
Employees and Consultants [Member]
Stock Issued During Period, Shares, Issued for Services		29,000
Stock Issued During Period, Value, Issued for Services \| $		$ 16,350
Employees and Consultants [Member] \| Minimum [Member]
Share Price \| $ / shares		$ 0.48
Employees and Consultants [Member] \| Maximum [Member]
Share Price \| $ / shares					$ 0.75
Centerpoint [Member]
Shares Held by Subsidiaries		704,309
Series B Preferred Stock [Member]
Preferred Stock, Shares Outstanding, Ending Balance	200	200		200
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.01	$ 0.01		$ 0.01
Preferred Stock, Convertible Option Per Share \| $ / shares	$ 2
Preferred Stock, Dividend Rate, Percentage	2.50%
Preferred Stock, Redemption Price Per Share \| $ / shares	$ 100
Convertible Preferred Stock Redemption Period	3 years
Dividends, Preferred Stock, Total \| $		$ 500		$ 2,000	$ 2,000
Dividends Payable \| $		$ 16,500

Note 5 - Deferred Compensation	3 Months Ended
Note 5 - Deferred Compensation	Sep. 30, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	5. DEFERRED COMPENSATION: The Company owes deferred compensation to various employees, former employees and consultants totaling $1,078,134 and $523,628 as of September 30, 2019 and 2018, respectively. Included in the deferred compensation balances as of September 30, 2019, are $450,508 and $189,467 owed Bassani and Smith respectively, pursuant to extension agreements effective January 1, 2015, whereby unpaid compensation earned after January 1, 2015, accrues interest at 4% per annum and can be converted into shares of the Company’s common stock at the election of the employee during the first five calendar days of any month. The conversion price shall be the average closing price of the Company’s common stock for the last 10 trading days of the immediately preceding month. The deferred compensation owed Bassani and Smith as of September 30, 2018 was $314,654 and $6,300, respectively. The Company also owes various consultants, pursuant to various agreements, for deferred compensation of $365,659 and $129,190 as of September 30, 2019 and 2018, respectively, with similar conversion terms as those described above for Bassani and Smith, with the exception that the interest accrues at 3% per annum. Bassani and Smith have each been granted the right to convert up to $300,000 of deferred compensation balances at a price of $0.75 per share until December 31, 2019 ( to be issued pursuant to the 2006 Plan). Smith also has the right to convert all or part of his deferred compensation balance into the Company’s securities (to be issued pursuant to the 2006 Plan) “at market” and/or on the same terms as the Company is selling or has sold its securities in its then current (or most recent if there is no current) private placement. The Company also owes a former employee $72,500, which is not convertible and is non-interest bearing. The Company recorded interest expense of $7,620 ( $5,242 with related parties) and $3,650 ( $2,968 with related parties) for the three months ended September 30, 2019 and 2018, respectively.

Note 8 - Stockholders' Equity - Nonvested Share Activity (Details)	3 Months Ended
	Sep. 30, 2019 $ / shares shares
Nonvested (in shares) \| shares
Nonvested, weighted-average grant-date fair value (in dollars per share) \| $ / shares
Granted, options (in shares) \| shares
Granted, weighted-average grant-date fair value (in dollars per share) \| $ / shares
Vested (in shares) \| shares
Vested, weighted-average grant-date fair value (in dollars per share) \| $ / shares
Nonvested (in shares) \| shares
Nonvested, weighted-average grant-date fair value (in dollars per share) \| $ / shares

Note 3 - Property and Equipment (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2019
Depreciation, Total	$ 347	$ 436
Property, Plant and Equipment, Net, Ending Balance	2,269				$ 2,616
Property, Plant and Equipment of PA1 [Member]
Impairment of Long-Lived Assets Held-for-use	0		$ 1,684,562	$ 3,750,000
Property, Plant and Equipment, Net, Ending Balance	$ 0