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Equity Instruments (Tables)

6 Months Ended

Dec. 31, 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 six months ended December 31, 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:

			Weighted		Weighted Average
	Number of		Average		Remaining Contractual
	Options		Exercise Price		Life in Years
Outstanding June 30, 2016		322,302	$	18.01		9.33
Granted		441,999	$	3.23
Exercised		-	$	-
Forfeited/Cancelled		(17,646)	$	4.99
Outstanding December 31, 2016		746,655	$	3.52		9.21
Exercisable at December 31, 2016		323,755	$	3.40		9.10
Available for grant at December 31, 2016		1,253,345

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 and six months ended December 31, 2016 and three and six months ended December 31, 2015:

	Three Months Ended December 31,				Six Months Ended December 31,
	2016		2015		2016		2015
Research and development expenses
Stock options	$	-	$	20,000	$	-	$	25,000
Selling, general and administrative expenses
Stock options		381,000	$	163,000		1,425,000		226,000
	$	381,000	$	183,000	$	1,425,000	$	251,000

Unrecognized expense at December 31, 2016	$	1,435,000

Weighted average remaining years to vest		2.26

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

A summary of all warrants is as follows:

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

Issuance of settlement warrants to initial investors		88,032	$	4.00
Warrants issued to investors in connection with the registered offering		6,020,245	$	1.86
Warrants issued to placement agents for the registered offering		401,450	$	1.86

Outstanding December 31, 2016		8,711,354	$	2.98		4.51

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

Significant assumptions in valuing the warrants issued during the December 31, 2016 quarter were as follows:

Expected volatility			186.7% - 229.8%
Risk free interest rate			1.02% - 1.33%
Contractual term (years)			4.68 - 5.0
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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