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

Stockholders' Equity (Tables)

v3.7.0.1
Stockholders' Equity (Tables)
9 Months Ended 12 Months Ended
Mar. 31, 2017
Jun. 30, 2016
Schedule of Black-Scholes option pricing model with weighted average assumptions  

The fair values of the Company’s options were estimated at the dates of grant using a Black-Scholes option pricing model with the following weighted average assumptions:

 

Expected term (years)     6.25  
Risk-free interest rate     1.29 %
Volatility     47 %
Dividend yield     0 %
Schedule of the option activity

The following is a summary of the option activity:

 

    Options     Weighted
Average
Exercise
Price
 
             
Outstanding – June 30, 2016     160,000     $ 1.50  
Exercisable – June 30, 2016     40,000     $ 1.50  
Granted            
Exercised            
Forfeited/Cancelled            
Outstanding – March 31, 2017     160,000     $ 1.50  
Exercisable – March 31, 2017     40,000     $ 1.50  

The following is a summary of the option activity:

 

    Options     Weighted
Average
Exercise
Price
 
             
Outstanding – April 1, 2015         $  
Exercisable –April 1, 2015            
Granted     160,000       1.50  
Exercised            
Forfeited/Cancelled            
Outstanding – June 30, 2015     160,000     $ 1.50  
Exercisable – June 30, 2015         $  
Granted            
Exercised            
Forfeited/Cancelled            
Outstanding – March 31, 2016     160,000     $ 1.50  
Exercisable – March 31, 2016         $  
Granted            
Exercised            
Forfeited/Cancelled            
Outstanding – June 30, 2016     160,000     $ 1.50  
Exercisable – June 30, 2016 (1)     40,000     $ 1.50  
Schedule of resricted shares

The following is a summary of restricted shares:

 

Grant Date   Shares
Issued
    Fair
Value
    Shares
Vested
 
June 2014     307,876     $ 2,103,429       96,211  
July 2014     32,408       2,090       9,452  
August 2014     81,020       534,950       31,056  
September 2014     129,633       513,400       32,408  
March 2015     72,918       691,565       13,164  
June 2015     293,000       439,500       -  
November 2015     36,200       54,300       -  
December 2015     300,000       1,393,000       230,000  
January 2016     40,000       68,000       -  
March 2016     60,000       333,000       60,000  
June 2016     118,000       577,771       -  
August 2016     351,000       1,570,472       40,000  
January 2017     192,000       1,472,302       -  
February 2017     110,000       697,500       -  
March 2017     20,000       135,000       -  
      2,144,055     $ 10,586,279       512,291  

The following is a summary of restricted shares:

 

Grant Date   Shares
Issued
    Fair
Value
    Shares
Vested
 
June 2014     307,876     $ 604,385       96,211  
July 2014     32,408       1,469       9,452  
August 2014     81,020       207,257       33,083  
September 2014     129,633       260,514       32,408  
March 2015     72,918       259,288       8,608  
June 2015     293,000       439,500       -  
November 2015     36,200       54,300       -  
December 2015     300,000       1,068,700       -  
January 2016     40,000       68,000       -  
March 2016     60,000       251,400       -  
June 2016     8,000       33,600       -  
                         
      1,361,055     $ 3,248,413       179,762  
Schedule of stock-based compensation expense  

In relation to the above restricted stock agreements for the three months ended June 30, 2016, the years ended June 30, 2016, June 30, 2015, March 31, 2016 and the period May 12, 2014 (Inception) through June 30, 2015, the Company recorded stock–based compensation expense for the shares that have vested, as follows:

 

                        For the
Period
from
 
For the
Three
Months
Ended
      For the
Year
Ended
      For the
Year
Ended
      For the
Year
Ended
    May 12,
2014
(Inception)
through
 
June 30,
2016
      June 30,
2016
      June 30,
2015
      March 31,
2016
     March 31,
2015
 
                                     
$ 428,678     $ 821,617     $ 78,925     $ 465,616     $ 6,219  
General and Administrative Expense [Member]    
Schedule of stock-based compensation expense

The Company recorded stock-based compensation expense for the shares issued to consultants that have vested, which is a component of general and administrative expenses in the Condensed Consolidated Statement of Operations as follows:

 

          Stock Based Compensation  
                   
          For the Nine Months Ended  
Month of Original Grant   Shares
Issued
    March 31,
2017
    March 31,
2016
 
December 2015     230,000     $ 945,189     $ 136,603  
March 2016     60,000       261,214       12,133  
August 2016     40,000       147,600       -  
January 2017     50,000       114,329       -  
      380,000     $ 1,468,332     $ 148,736  

In relation to the above consulting agreements for the three months ended June 30, 2016, the years ended June 30, 2016, June 30, 2015, March 31, 2016 and the period May 12, 2014 (Inception) through June 30, 2015 the Company recorded stock–based compensation expense for the shares that have vested, which is a component of general and administrative expenses in the Consolidated Statement of Operations as follows:

  

          Stock Based Compensation  
                                  For the
Period
from
 
          For the
Three
Months
Ended
    For the
Year
Ended
    For the
Year
Ended
    For the
Year
Ended
    May 12,
2014
(Inception)
through
 
    Shares
Issued
    June 30,
2016
    June 30,
2016
    June 30,
2015
    March 31,
2016
    March 31,
2015
 
                                     
December 2015     230,000     $ 206,208     $ 342,811     $ -     $ 136,603     $ -  
March 2016     60,000       59,653       71,786       -       12,133       -  
      290,000     $ 265,861     $ 414,597     $ -     $ 148,736     $ -