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Equity Instruments (Tables)

3 Months Ended

Sep. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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

The assumptions used for the three months ended September 30, 2016 are as follows:

Expected volatility		182% - 185%
Risk free interest rate		0.97% - 1.14%
Expected term (years)		5.0 - 6.5
Dividend yield		0%

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

Stock option activity is as follows:

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years
Outstanding June 30, 2016		322,302	$	18.01		9.33
Granted		441,999	$	3.23
Exercised		-	$	-
Forfeited/Cancelled		(2,084)	$	18.12
Outstanding September 30, 2016		762,217	$	3.52		9.48
Exercisable at September 30, 2016		254,131	$	3.44		9.42
Available for grant at September 30, 2016		71,117

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

The following table summarizes stock-based compensation expense for the three months ended September 30, 2016 and the three months ended September 30, 2015:

	Three Months Ended September 30,
	2016		2015
Research and development expenses
Stock options	$	-	$	5,000
Selling, general and administrative expenses
Stock options		1,044,000		63,000
	$	1,044,000	$	68,000

Unrecognized expense at September 30, 2016	$	1,906,000

Weighted average remaining years to vest		2.48

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

A summary of all warrants is as follows:

	Number of Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years
Outstanding June 30, 2016		2,201,627	$	6.19		4.71

Issuance of settlement warrants to initial investors		84,918	$	4.00
Outstanding September 30, 2016		2,286,545	$	6.11		4.47

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

Significant assumptions in valuing the warrants issued during the September 30, 2016 quarter were as follows:

Expected volatility		225.5% - 229.8%
Risk free interest rate		1.02% - 1.18%
Contractual term (years)		4.79 - 4.94
Dividend yield		0%

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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