General form of registration statement for all companies including face-amount certificate companies

Derivative Liabilities (Tables)

v3.8.0.1
Derivative Liabilities (Tables)
 12 Months Ended
Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of financial assets and liabilities measured on recurring basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheet as of June 30, 2017:

 

    Carrying     Fair Value Measurement Using  
    Value     Level 1     Level 2     Level 3     Total  
                                         
Derivative warrant liabilities   $       $ —     $ —     $ —     $ —  

 

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the condensed consolidated balance sheet as of June 30, 2016:

 

    Carrying     Fair Value Measurement Using  
    Value     Level 1     Level 2     Level 3     Total  
                                         
Derivative warrant liabilities   $ 1,322,729     $ —     $ —     $ 1,322,729     $ 1,322,729  
Schedule of fair value measurement of financial assets and liabilities using significant unobservable inputs

The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended June 30, 2017 and 2016:

 

    Fair Value
Measurement
Using Level 3
Inputs		  
    Total  
Balance, July 1, 2015   $ 205,144  
Issuance of derivative warrants     165,719  
Change in fair value of derivative warrant liabilities     968,840  
Reclassification of Derivative liability to Additional Paid in Capital     (16,974 )
Balance, June 30, 2016   $ 1,322,729  
Change in fair value of derivative warrant liabilities     877,490  
Reclassification of Derivative liability to Additional Paid in Capital     (2,200,219 )
Balance, June 30, 2017   $ —  
Schedule of fair value of the derivative feature of the warrant

The fair value of the derivative feature of the warrants on the issuance dates, at the balance sheet date and on the date of reclassification to equity were calculated using a binomial option model valued with the following weighted average assumptions:   

 

   

April 14, 

2016 

    

June 30, 

2016 

     January 19,
2017		  
Risk free interest rate     1.04 %     1.08 %     1.01 %
Dividend yield     0.00 %     0.00 %     0.00 %
Expected volatility     41 %     44 %     39 %
Remaining term (years)     4.15 - 4.19       5.0       3.89 - 4.79