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Subsequent Events | 9 Months Ended
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Mar. 31, 2019
Subsequent Events [Abstract] |
Subsequent Events | Note 13. Subsequent Events The Company held its annual meeting of stockholders on April 24, 2019, whereby the Company’s stockholders approved the following resolutions:
|  | An amendment to the Certificate of Incorporation resulted in a recission of the previous designation of 15,000,000 shares of the Series A Preferred Stock whereby no shares of Series A Preferred Stock had ever been issued. As a result of this action, the Company now has authority to designate 15,000,000 shares of Preferred Stock.
|  | The Company’s 2016 Non-Qualified Stock Option Plan was amended to increase the number of shares of Common Stock available for issuance thereunder by 13,000,000 shares of Common Stock resulting in the aggregate of 28,000,000 shares authorized for issuance under the Plan.
|  | The authorized number of shares of Common Stock was increased from 200 million shares to 500 million shares. Accordingly, all shares of Series AA Preferred Stock discussed in Note 7 automatically converted to 148,523,540 shares of Common Stock.
The change in the authorized shares of Common Stock and recission of the previous designation of 15,000,000 shares of Series AA Preferred Stock are disclosed on the face of the accompanying unaudited condensed consolidated balance sheets. The conversion of Series AA Preferred Stock to Common Stock will be reflected during the fiscal quarter ending June 30, 2019. The following presents the impact of the conversion to common stock on an unaudited pro forma basis as if the Series AA Preferred Stock had converted to Common Stock as of March 31, 2019:
|  | Series AA |  |  |  |  |  |  |  |  | Additional |  |  |  |  |  |  |
|  | Preferred Stock |  |  | Common Stock |  |  | Paid-in |  |  | Accumulated |  |  |  |
|  | Shares |  |  | Amount |  |  | Shares |  |  | Amount |  |  | Capital |  |  | Deficit |  |  | Total |
Historical balances, March 31, 2019 |  |  | 3,267,519 |  |  | $ | 31,140,117 |  |  |  | 61,866,319 |  |  | $ | 61,866 |  |  | $ | 97,203,841 |  |  | $ | (123,756,208 | ) |  | $ | 4,649,616 |
Pro forma adjustments for conversion |  |  | (3,267,519 | ) |  |  | (31,140,117 | ) |  |  | 148,523,540 |  |  |  | 148,524 |  |  |  | 30,991,593 |  |  |  | - |  |  |  | - |
Pro forma balances, March 31, 2019 |  |  | - |  |  | $ | - |  |  |  | 210,389,859 |  |  | $ | 210,390 |  |  | $ | 128,195,434 |  |  | $ | (123,756,208 | ) |  | $ | 4,649,616 |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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