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Subsequent Events

12 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

Stock Options

On July 3, 2018, the Company granted 295,000 options to employees with a fair value of $324,500. The options vest over a three-year period, and have a term of ten years.

Warrants

On August 13, 2018, the Company granted 39,000 shares of common stock upon the exercise of 100,000 warrants on a cashless basis.

Restricted Common Stock

On August 9, 2018, the Company issued 130,127 shares of restricted stock to employees. These shares vest over a three year period, with a one year cliff vesting period, and remain subject to forfeiture if vesting conditions are not met. The aggregate value of the stock award was $258,953 based on the market price of our common stock of $1.99 per share on the date of grant, which will be amortized over the three-year vesting period.

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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

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