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Stock-Based Compensation and Warrants | 6 Months Ended
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Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share Based Compensation [Text Block] | Note 8. Stock-Based Compensation and Warrants Stock Options The following table sets forth a summary of stock option activity for the six months ended December 31, 2018:
|  |  |  |  | Weighted |  |  | Weighted Average |
|  | Number of |  |  | Average |  |  | Remaining |
|  | Options |  |  | Exercise Price |  |  | Contractual Life |
Outstanding, June 30, 2018 |  |  | 19,415,246 |  |  | $ | 1.55 |  |  |  | 7.8 |
Granted |  |  | 1,125,000 |  |  |  | 0.52 |  |  |  |  |
Forfeited |  |  | (1,839,642 | ) |  |  | 1.62 |  |  |  |  |
Outstanding, December 31, 2018 |  |  | 18,700,604 |  |  |  | 1.58 |  |  |  | 7.6 |
Exercisable, December 31, 2018 |  |  | 11,744,856 |  |  |  | 1.86 |  |  |  | 6.2 |
Effective July 1, 2018, the Company adopted ASU 2016-09 to maintain its current practice of recognizing forfeitures in the period that the forfeiture occurs rather than estimating the number of awards that are not expected to vest. The unrecognized stock-based compensation expense as of December 31, 2018 is $3,046,814. Stock-based compensation expense is included in compensation and benefits under the following captions in the unaudited condensed consolidated statements of operations:
|  | Three Months |  |  | Six Months |
|  | Ended December 31, |  |  | Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Research and development |  | $ | 61,063 |  |  | $ | 281,814 |  |  | $ | 190,672 |  |  | $ | 580,769 |
General and administrative |  |  | 754,355 |  |  |  | 912,215 |  |  |  | 1,502,697 |  |  |  | 2,120,959 |
Total |  | $ | 815,418 |  |  | $ | 1,194,029 |  |  | $ | 1,693,369 |  |  | $ | 2,701,728 |
The aggregate fair value of stock options granted for 1,125,000 shares of common stock for the six months ended December 31, 2018 amounted to $445,189, or $0.40 per share as of the grant date. Fair value was computed using the Black-Scholes valuation model and will result in the recognition of compensation cost ratably over the vesting period of the stock options which approximates the requisite service period. For the six months ended December 31, 2018, the fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:
Expected volatility |  |  | 84 | %
Risk free interest rate |  |  | 2.83 | %
Expected term (years) |  |  | 7 |
Dividend yield |  |  | 0 | %
Warrants The Company has issued warrants in conjunction with various debt and equity financings and for services. For the six months ended December 31, 2018, no warrants expired, and none were exercised. Presented below is a summary of warrant activity for the six months ended December 31, 2018:
|  |  |  |  | Weighted |  |  | Weighted Average |
|  | Number of |  |  | Average |  |  | Remaining |
|  | Warrants |  |  | Exercise Price |  |  | Contractual Life |
Outstanding, June 30, 2018 |  |  | 45,635,217 |  |  | $ | 1.37 |  |  |  | 3.4 |
Warrants issued for consulting services |  |  | 31,248 |  |  |  | 1.00 |  |  |  |  |
Outstanding, December 31, 2018 |  |  | 45,666,465 |  |  |  | 1.37 |  |  |  | 2.8 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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