Annual report pursuant to Section 13 and 15(d)

Convertible Notes (Details Narrative)

v3.10.0.1
Convertible Notes (Details Narrative) - USD ($)
 12 Months Ended
May 14, 2018
Jun. 30, 2018
Jun. 30, 2017
Short-term Debt [Line Items]      
Principal amount $ 15,000,000    
Interest rate 6.50%    
Maturity date May 31, 2023    
Net proceeds from offering $ 13,100,000    
Conversion price $ 6.55    
Description of debt comversion

The notes and prior to May 31, 2021, the holder will also receive a make-whole payment equal to the remaining scheduled interest payments that would have been made on the notes converted had such notes remained outstanding through May 31, 2021 (the “put date”). At the Company’s option, make-whole payments may be paid in cash and/or freely tradable shares of the Company’s common stock.

 

The holders of the notes will have a one-time right, exercisable prior to the put date in the manner described in the indenture relating to the notes, to require the Company to repurchase for cash all (but not less than all) of such holder’s notes on the put date at a purchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, and including, the put date.

 

At any time on or after May 31, 2019, if the closing sale price per share of the Company’s common stock is greater than 175% of the then-effective conversion price for each of 20 days of any 30 consecutive trading day period immediately preceding the Company’s optional redemption notice, the Company may redeem the notes at a redemption price equal to 100% of the principal amount thereof, plus accrued interest.

    
Debt discount $ 1,809,161 $ 204,581  
Total debt discount and debt issuance costs 4,844,650    
Derivative liability of convertible notes 1,158,800 1,104,701
Debt issuance costs $ 1,876,689    
Convertible Notes [Member]      
Short-term Debt [Line Items]      
Debt discount   4,640,069  
Outstanding principal balance   $ 15,000,000