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

Derivative Liabilities (Tables)

v3.7.0.1
Derivative Liabilities (Tables)
 9 Months Ended 12 Months Ended
Mar. 31, 2017
Jun. 30, 2016
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 condensed consolidated balance sheet as of March 31, 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  

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, 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  

 

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, 2015:

 

    Carrying     Fair Value Measurement Using  
    Value     Level 1     Level 2     Level 3     Total  
                                         
Derivative warrant liabilities   $ 205,144     $ —     $ —     $ 205,144     $ 205,144  

 

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheet as of March 31, 2016:

 

    Carrying     Fair Value Measurement Using  
    Value     Level 1     Level 2     Level 3     Total  
                                         
Derivative warrant liabilities   $ 313,709     $ —     $ —     $ 313,709     $ 313,709  
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 nine months ended March 31, 2017:

 

    Fair Value
Measurement
Using Level 3
Inputs		  
    Total  
Balance, July 1, 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, March 31, 2017   $ -  

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 period April 1, 2015 ended June 30, 2016:

 

    Fair Value
Measurement
Using Level 3
Inputs		  
    Total  
Balance, April 1, 2015   $ —  
Issuance of derivative warrant liabilities     206,715  
Change in fair value of derivative warrants     (1,571 )
Balance, June 30, 2015     205,144  
Change in fair value of derivative warrants     108,565  
Balance, March 31, 2016     313,709  
Issuance of derivative warrants     165,719  
Transfer from liability to equity classification due to exercise     (16,974 )
Change in fair value of derivative warrant liabilities     860,275  
Balance, June 30, 2016   $ 1,322,729  
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: 

 

    January 19, 2017     June 30, 2016  
Risk free interest rate     1.75 %     1.01 %
Dividend yield     0.00 %     0.00 %
Expected volatility     69 %     39 %
Remaining term (years)     3.14 – 4.04       3.89-4.79  
                 

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

 

    May 22,
2015		     June 9,
2015		     June 30,
2015		     March 31,
2016		     April 14,
2016		     June 30,
2016		  
Risk free interest rate     1.57 %     1.74 %     1.63 %     1.04 %     1.08 %     1.01 %
Dividend yield     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
Expected volatility     47 %     47 %     47 %     41 %     44 %     39 %
Remaining term (years)     5.0       5.0       4.89 – 4.94       4.15 – 4.19       5.0       3.89 – 4.79