Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jan. 06, 2017 | Dec. 31, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | INTEGRAL TECHNOLOGIES INC | ||
Entity Central Index Key | 1,018,281 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 52,086,546 | ||
Entity Common Stock, Shares Outstanding | 140,667,603 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2016 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets: | ||
Cash | $ 47,350 | $ 117,307 |
Accounts receivable | 21,894 | 0 |
Prepaid expenses | 90,329 | 64,541 |
Total current assets | 159,573 | 181,848 |
Deposit | 2,500 | 2,500 |
Property and equipment, net | 74,689 | 65,514 |
Total Assets | 236,762 | 249,862 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,004,550 | 345,172 |
Related party payable | 30,000 | 60,480 |
Loans payable | 148,022 | 32,335 |
Deferred revenue | 50,000 | 50,000 |
Convertible debentures | 664,621 | 94,107 |
Derivative liabilities | 142,797 | 87,821 |
Warrant liability | 87,500 | 0 |
Total current liabilities | 2,127,490 | 669,915 |
Non-current liabilities: | ||
Deferred revenue, net of current portion | 320,833 | 370,833 |
Total Liabilities | 2,448,323 | 1,040,748 |
Commitment and Contingencies (Note 16) | ||
Stockholders' Deficit | ||
Preferred stock and paid-in capital in excess of $0.0001 par value, 20,000,000 shares authorized, 0 (June 30, 2015 - 0) issued and outstanding | 0 | 0 |
Common stock and paid in capital in excess of $0.0001 par value, 150,000,000 shares authorized, 133,506,044 (June 30, 2015 - 114,370,094) issued and outstanding | 55,024,270 | 51,753,457 |
Share subscriptions and obligations to issue shares | 340,184 | 391,974 |
Accumulated other comprehensive income | 46,267 | 46,267 |
Accumulated deficit | (57,622,282) | (52,982,584) |
Total stockholders' deficit | (2,211,561) | (790,886) |
Total Liabilities and Stockholders' Deficit | $ 236,762 | $ 249,862 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Jun. 30, 2015 |
Stockholders' Deficit | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 133,506,044 | 114,370,094 |
Common stock, shares outstanding (in shares) | 133,506,044 | 114,370,094 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements of Operations [Abstract] | ||
Revenue | $ 96,713 | $ 222,332 |
Cost of goods sold | 18,692 | 0 |
Gross profit | 78,021 | 222,332 |
Operating expenses: | ||
Selling, general, and administrative expenses | 2,885,753 | 3,745,562 |
Research and development | 661,371 | 655,432 |
Total operating expenses | 3,547,124 | 4,400,994 |
Fair value (loss) gain on derivative financial liabilities | (815,491) | 49,724 |
Fair value gain on warrant liability | 37,500 | 0 |
Net loss on extinguishment of liabilities | 0 | (139,400) |
Gain (loss) on extinguishment of convertible debenture | 149,194 | (6,577) |
Other income | 6,680 | 257 |
Interest expense | (548,478) | (157,959) |
Net Loss | $ (4,639,698) | $ (4,432,617) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.04) | $ (0.04) |
Weighted average number of common shares outstanding (in shares) | 120,011,421 | 106,267,953 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit - USD ($) | Common Stock and Paid-in Capital in Excess of Par [Member] | Preferred Stock and Paid-in Capital in Excess of Par [Member] | Promissory Notes Receivable From Shareholders [Member] | Shares Subscriptions and Obligations to Issue Shares [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Balance at Jun. 30, 2014 | $ 46,832,941 | $ 0 | $ 0 | $ 188,635 | $ 46,267 | $ (48,549,967) | $ (1,482,124) |
Balance (in shares) at Jun. 30, 2014 | 98,985,442 | 0 | |||||
Shares issued for | |||||||
Services | $ 614,500 | $ 0 | 0 | (15,250) | 0 | 0 | 599,250 |
Services (in shares) | 1,515,000 | 0 | |||||
Cash: | |||||||
Warrants exercised | $ 685,989 | $ 0 | 0 | 0 | 0 | 0 | 685,989 |
Warrants exercised (in shares) | 2,508,262 | 0 | |||||
Private placements | $ 2,906,005 | $ 0 | 0 | (158,625) | 0 | 0 | 2,747,380 |
Private placements (in shares) | 9,968,709 | 0 | |||||
Settlement of debt | $ 529,400 | $ 0 | 0 | 0 | 0 | 0 | 529,400 |
Settlement of debt (in shares) | 717,681 | 0 | |||||
Stock-based compensation | $ 184,622 | $ 0 | 0 | 0 | 0 | 0 | 184,622 |
Stock-based compensation (in shares) | 675,000 | 0 | |||||
Subscriptions received | $ 0 | $ 0 | 0 | 107,500 | 0 | 0 | 107,500 |
Obligation to issue shares | 0 | 0 | 0 | 269,714 | 0 | 0 | 269,714 |
Net loss for year | 0 | 0 | 0 | 0 | 0 | (4,432,617) | (4,432,617) |
Balance at Jun. 30, 2015 | $ 51,753,457 | $ 0 | 0 | 391,974 | 46,267 | (52,982,584) | (790,886) |
Balance (in shares) at Jun. 30, 2015 | 114,370,094 | 0 | |||||
Cash: | |||||||
Warrants exercised | $ 997,271 | $ 0 | 0 | (1,107,500) | 0 | 0 | 889,771 |
Warrants exercised (in shares) | 3,265,569 | 0 | |||||
Private placements | $ 28,000 | $ 0 | 0 | 0 | 0 | 0 | $ 28,000 |
Private placements (in shares) | 56,000 | 0 | 15,463,881 | ||||
Settlement of convertible debt | $ 2,059,738 | $ 0 | 0 | 0 | 0 | 0 | $ 2,059,738 |
Settlement of convertible debt (in shares) | 15,463,881 | 0 | |||||
Settlement of debt | $ 6,220 | 0 | 6,220 | ||||
Settlement of debt (in shares) | 13,000 | ||||||
Stock-based compensation | $ 179,584 | $ 0 | 0 | 0 | 0 | 0 | 179,584 |
Stock-based compensation (in shares) | 337,500 | 0 | |||||
Obligation to issue shares | $ 0 | $ 0 | 0 | 55,710 | 0 | 0 | 55,710 |
Net loss for year | 0 | 0 | 0 | 0 | 0 | (44,639,698) | (4,639,698) |
Balance at Jun. 30, 2016 | $ 55,024,270 | $ 0 | $ 0 | $ 340,184 | $ 46,267 | $ (557,622,282) | $ (2,211,561) |
Balance (in shares) at Jun. 30, 2016 | 133,506,044 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (4,639,698) | $ (4,432,617) |
Items not involving cash | ||
Depreciation | 4,581 | 3,254 |
Accrued interest | 5,500 | 0 |
Settlement of debt | 6,220 | 599,250 |
Deferred revenues | (50,000) | (50,000) |
Obligation to issue shares for consulting services | 55,710 | 45,720 |
Stock-based compensation | 179,584 | 184,622 |
Interest on convertible debentures | 511,623 | 142,790 |
Fair value loss (gain) on derivative financial liabilities | 815,491 | (49,724) |
Fair value gain on warrant liability | (37,500) | 0 |
(Gain) loss on extinguishment of convertible debentures | (149,194) | 6,577 |
Net loss on extinguishment of liabilities | 0 | 139,400 |
Changes in working capital | 782,437 | (168,579) |
Net cash used in operating activities | (2,515,246) | (3,579,307) |
Cash flows from investing activities: | ||
Deposit | 0 | (2,500) |
Purchase of property, equipment and intangible assets | (13,756) | (40,947) |
Net cash used in investing activities | (13,756) | (43,447) |
Cash flows from financing activities: | ||
Proceeds from loans | 130,000 | 0 |
Repayment of loans | (221,034) | (58,370) |
Repayment of promissory notes | 0 | (24,500) |
Proceeds from issuance of common stock | 28,000 | 2,747,380 |
Proceeds from warrants exercised | 889,771 | 685,989 |
Subscriptions received | 0 | 107,500 |
Proceeds from convertible debentures | 1,863,950 | 245,000 |
Repayment of convertible debentures | (231,642) | (162,715) |
Net cash provided by financing activities | 2,459,045 | 3,540,284 |
Decrease in cash | (69,957) | (82,470) |
Cash, beginning of year | 117,307 | 199,777 |
Cash, end of year | 47,350 | 117,307 |
Supplemental cash flow information: | ||
Interest paid | $ 31,355 | $ 14,529 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Jun. 30, 2016 | |
NATURE OF OPERATIONS [Abstract] | |
NATURE OF OPERATIONS | NOTE 1 - NATURE OF OPERATIONS Integral Technologies, Inc. (the “Company” or “Integral”) was incorporated under the laws of the state of Nevada on February 12, 1996 and has recently relocated its head office to Evansville, Indiana, USA. The Company is in the business of researching, developing and commercializing new electrically-conductive resin-based materials called ElectriPlast. The Company will be devoting all of its resources to the research, development and commercialization of its ElectriPlast technology. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2016 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are presented in United States dollars. Principles of consolidation These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Integral Operating, LLC (“Operating”), Integral Vision Systems, Inc. ("IVSI"), Antek Wireless Inc. ("Antek"), Electriplast Corp. (formerly Plastenna, Inc.) (“Electriplast”), and Integral Technologies Asia, Inc. (“Asia”) and its 76.625%-owned subsidiary, Emergent Technologies Corp. ("ETC"), which is currently inactive. ETC's non-controlling interest balance is immaterial to the financial statements. All intercompany balances and transactions have been eliminated. Basic and diluted net loss per share Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the year. Diluted net loss per common share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common share equivalents outstanding during the period. Because the Company has reported a net loss for all years presented, diluted net loss per common share is the same as basic net loss per common share for those years. Stock issued in exchange for services The valuation of common stock issued in exchange for services to non-employees is valued at an estimated fair market value of the Company’s stock price based upon trading, sales and other issuances of the Company's common stock. Stock-based compensation expense related to awards to non-employees is recognized based on the then-current fair value at each measurement date over the associated service period of the award, which is generally the vesting term, using the accelerated attribution method. The fair value of non-employee stock options is estimated using the Black-Scholes valuation model with assumptions generally consistent with those used for employee stock options, with the exception of the expected term, which is the remaining contractual life at each measurement date. Restricted shares are issued or become issuable when they vested and are measured at their grant date and recorded evenly over the vesting period. Revenue recognition The Company has not generated significant revenue since inception. Although the Company has begun to receive revenue from the sale of material for commercial applications, the Company is devoting substantially all its efforts to developing the business. As discussed in Note 14, the Company signed a ten year license agreement with Hanwha Advanced Materials Co., Ltd., (“Hanwa”), of South Korea. For license agreements that the Company enters into, revenue is recognized when all four of the following criteria are met: (i) a contract is executed, (ii) the contract price is fixed and determinable, (iii) delivery of the service or products has occurred, and (iv) collectability of the contract amounts is reasonably assured. The Company’s license agreements can provide for upfront license fees, maintenance payments, and/or substantive milestone payments. In accordance with revenue recognition guidance, the Company identifies all of the deliverables at the inception of the agreement. License fees which are nonrefundable fees will be evaluated for standalone value to the licensor and may be recognized upon delivery pursuant to terms of the agreement. Upfront nonrefundable fees associated with license and development agreements where the Company has continuing involvement that does not meet the requirement of a separate deliverable are recorded as deferred revenue and recognized over the estimated service period. The Company may also enter into agreements to provide engineering services. The Company recognizes revenue from engineering services as the service has been performed and amounts are reasonably assured of collection. Foreign currency translation The Company’s functional and reporting currency is the US dollar. Transactions and balances for the Company’s operations that are not in US dollars are translated into US dollars at the exchange rates in effect at the balance sheet dates for monetary assets and liabilities, and at historical exchange rates for non-monetary assets and liabilities. Revenues and expenses are translated at the rate of exchange on the date of the transaction, except for amortization and depreciation, which are translated on the same basis as the related assets. Resulting translation gains or losses are included in the consolidated statements of operations. The foreign currency impact on the consolidated financial statements is immaterial. Advertising Advertising costs are charged to operations when incurred. Advertising expense was $39,357 and $97,119 for the years ended June 30, 2016 and 2015, respectively. Research and development The Company expenses all research and development expenditures as incurred. Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management estimates include valuation allowance for deferred income tax assets, the determination of the assumptions used in calculating the fair value of stock-based compensation and the determination of the assumptions used in calculating the fair value of derivative financial liabilities and the warrant liability. Actual results could differ from those estimates and could impact future results of operations and cash flows. Financial instruments We have issued financial instruments that contain embedded conversion features that qualify as derivatives and are therefore accounted for as liabilities. The derivative liabilities are initially recorded at fair value, with gains and losses arising from changes in fair value recognized in the consolidated statements of operations at each period end while such instruments are outstanding. The derivative liabilities relating to the convertible debt is valued using a binomial lattice model and the Black-Scholes Model where appropriate. The fair value of the warrants issued with reset provisions are measured using the Monte Carlo method. Fair value measurements Assets and liabilities recorded at fair value in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. For certain of the Company’s financial instruments including cash and accounts payable, the carrying values approximate fair value due to their short-term nature. ASC 820 Fair Value Measurements and Disclosures · Level 1 – Quoted prices in active markets for identical securities; · Level 2 – Other significant observable inputs that are observable through corroboration with market data (including quoted prices in active markets for similar securities); and · Level 3 – Significant unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability. The fair value measurement of the derivative liability and warrants with reset provisions are classified as a Level 3 measurement as further discussed under Fair Value Measurements. Income taxes The Company uses the asset and liability approach in its method of accounting for income taxes that requires the recognition of deferred tax liabilities and assets for expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. A valuation allowance against deferred tax assets is recorded if, based upon weighted available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The impact of an uncertain tax position that is more likely than not of being sustained upon audit by the relevant taxing authority is recognized at the largest amount that is more likely than not to be sustained. No portion of an uncertain tax position will be recognized if the position has less than a 50% likelihood of being sustained. Stock-based compensation The Company accounts for stock-based compensation expense associated with stock options and other forms of equity compensation by estimating the fair value of share-based payment awards on the date of grant using the market price of common stock or the Black-Scholes option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company’s consolidated statements of operations. The Company uses the straight-line single-option method to recognize the value of stock-based compensation expense for all share-based payment awards. Stock-based compensation expense recognized in the consolidated statements of operations is reduced for estimated forfeitures, as it is based on awards ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Property and Equipment Property and equipment are recorded at cost and depreciated over the estimated useful lives using the straight-line method of depreciation. Amortization of the leasehold improvements is computed using the straight-line method over the lesser of the estimated useful lives of the underlying assets and the term of the related lease. Reclassifications: For comparability certain 2015 amounts have been reclassified to conform to classifications adopted in 2016. These reclassifications did not have an impact on stockholders’ deficit or net loss on the 2015 consolidated financial statements. Recent Accounting Pronouncements In May 2014, the FASB issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The requirements are effective for annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. We are evaluating the impact of the amended revenue recognition guidance on our financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosure if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” ASU 2014-15 applies to all entities and is effective for annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Pment Accounting, In April 2015, the FASB issued Update No. 2015-03— Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2016 | |
GOING CONCERN [Abstract] | |
GOING CONCERN | NOTE 3 - GOING CONCERN These consolidated financial statements have been prepared on a going concern basis, which assumes the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the ordinary course of business. The Company’s operations have resulted in a net loss of $4,639,698 for the fiscal year ended June 30, 2016 (2015 - $4,432,617), and an accumulated deficit of $57,622,282 (2015 - $52,982,584) and a working capital deficiency of $1,967,917 as at June 30, 2016 (2015 - $488,067). The Company does not have sufficient revenue-producing activities to fund its expenditure requirements to continue to advance researching, developing and commercializing its conductive plastics technology, ElectriPlast. Subsequent to year end, the Company raised $554,155 pursuant to private placements and $80,000 pursuant to a short-term loan agreement (note 17). The Company estimates that, without further funding, it will deplete its cash resources within three months. These factors raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate because management believes that the actions already taken or planned will mitigate the adverse conditions and events that raise doubts about the validity of the going concern assumption used in preparing these consolidated financial statements. Management intends to raise additional capital through stock and debt issuances to finance operations. If none of these events occur, there is a risk that the business will fail. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2016 | |
PROPERTY AND EQUIPMENT [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4 - PROPERTY AND EQUIPMENT As of June 30, 2016 and 2015, property and equipment consisted of the following: June 30, 2016 June 30, 2015 Equipment $ 118,680 $ 104,924 Furniture and fixtures 96,279 96,279 Leasehold improvements 64,565 64,565 279,524 265,768 Less: accumulated depreciation (204,835 ) (200,254 ) Property and equipment, net $ 74,689 $ 65,514 Depreciation expense for the fiscal years ended June 30, 2016 and 2015 was $4,581 and $3,254, respectively. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 12 Months Ended |
Jun. 30, 2016 | |
STOCKHOLDERS' DEFICIT [Abstract] | |
STOCKHOLDERS' DEFICIT | NOTE 5 - STOCKHOLDERS’ DEFICIT Common stock During the year ended June 30, 2016, the Company completed the following private placement: (i) Completed a private placement amounting to $28,000 for the issuance of 56,000 shares of common stock at $0.50 per share. During the year ended June 30, 2016, the Company issued shares of common stock to settle the following debt: (i) Pursuant to a promissory note agreement, the Company issued 13,000 shares of common stock measured at a fair value of $0.48 per share resulting in a total value of $6,220 which was recorded in common stock and paid in capital in excess of par. (ii) The Company issued 15,463,881 shares of common stock to settle $2,059,738 of convertible debentures and derivative liabilities (note 9). During the year ended June 30, 2015, the Company completed the following private placements: (i) Completed a private placement amounting to $108,620 for the issuance of 638,940 units. Each unit consisted of one common share at $0.17 per share and one share purchase warrant at $0.001 per warrant to purchase 638,940 shares on or before February 16, 2016 at an exercise price of $0.30 per share. (ii) Completed a private placement amounting to $305,478 for the issuance of 1,796,927 units. Each unit consisted of one common share at $0.17 per share and one share purchase warrant issued at $0.001 per warrant to purchase 1,796,927 common shares on or before February 16, 2016 at an exercise price of $0.30 per share. (iii) Completed a private placement amounting to (iv) Completed a private placement amounting to $247,875 for the issuance of 701,447 shares consisting of common stock at $0.35 per share. (v) Completed a private placement amounting to $263,720 for the issuance of 694,377 shares consisting of common stock at $0.38 per share. (vi) Completed a private placement amounting to $25,000 for the issuance of 100,000 shares consisting of common stock at $0.25 per share. (vii) Completed a private placement amounting to $48,500 for the issuance of 127,631 shares consisting of common stock at $0.38 per share. (viii) Completed a private placement amounting to $35,000 for the issuance of 100,000 shares consisting of common stock at $0.35 per share. (ix) Completed a private placement amounting to $239,000 for the issuance of 796,667 shares consisting of common stock at $0.30 per share. (x) Completed a private placement amounting to $1,002,190 for the issuance of 3,340,633 shares consisting of common stock at $0.30 per share. (xi) Completed a private placement amounting to $70,000 for the issuance of 230,000 shares consisting of common stock at $0.30 per share. (xii) Completed a private placement amounting to $400,000 for the issuance of 800,000 common shares issued at $0.50 per share. The Company determined that warrants issued did not contain any provisions that would preclude equity treatment. During the year ended June 30, 2015, the Company issued shares of common stock pursuant to consulting agreements as follows: (i) 50,000 shares measured at a fair value of $0.31 per share resulting in a total value of $15,250 which was previously recorded as selling, general, and administrative expenses during the year ended June 30, 2014. (ii) 850,000 shares measured at a fair value of $0.33 per share resulting in a total value of $280,500 which was recorded as selling, general, and administrative expenses. (iii) 150,000 shares measured at a fair value of $0.48 per share resulting in a total value of $72,250 which was recorded as selling, general, and administrative expenses. (iv) 15,000 shares measured at a fair value of $0.45 per share resulting in a total value of $6,750 which was recorded as selling, general, and administrative expenses. (v) 50,000 shares measured at a fair value of $0.68 per share resulting in a total value of $33,750 which was recorded as selling, general, and administrative expenses. (vi) 400,000 shares measured at a fair value of $0.52 per share resulting in a total value of $206,000 which was recorded as selling, general, and administrative expenses. During the fiscal year ended , . The shares issued were measured at a weighted average fair value of $0.38 per share (2015 - $0.38). Preferred stock As of June 30, 2016 and 2015 there are no outstanding preferred shares of stock. Stock-based compensation During the fiscal year ended June 30, 2016, the Company recorded stock-based compensation expense with respect to vesting stock options, restricted stock and warrants and modified stock options of $179,584 (2015- $184,622) included in selling, general, and administrative expenses. Stock-based compensation not yet recognized at June 30, 2016 relating to non-vested stock options was $196,576 (June 30, 2015 - $376,159), which will be recognized over a period of 1 years (2015 – 2 years). Stock options and restricted shares The Company is reviewing several alternatives to replace its 2001, 2003, and 2009 Stock Option Plans with a new omnibus stock option plan (the “New Plan”). In certain cases, we have made contractual commitments to provide shares or stock option grants in anticipation of putting in place the New Plan. The New Plan will allow us to attract and retain key employees or service providers as we continue to develop our business. We will obtain the necessary approvals based on the attributes of the plan. We anticipate that this New Plan will be implemented prior to June 30, 2017. In January 2001, the Company adopted the Integral Technologies, Inc. 2001 Stock Plan (the "2001 Plan"), a non-qualified stock option plan under which the Company may issue up to 2,500,000 stock options and bonuses of common stock of the Company to provide incentives to officers, directors, key employees and other persons who contribute to the success of the Company. This plan was amended during December 2001 to increase the number of common stock options that may be granted from 2,500,000 to 3,500,000 stock options. As of June 30, 2016, there were no (June 30, 2015 - nil) common stock options available under this plan. In April 2003, the Company adopted the Integral Technologies, Inc. 2003 Stock Plan (the "2003 Plan"), a non-qualified stock option plan under which the Company may issue up to 1,500,000 stock options. As of June 30, 2016, there were no (June 30, 2015 - nil) common stock options available under this plan. During the fiscal year ended June 30, 2010, the Company adopted the Integral Technologies, Inc. 2009 Stock Plan (the "2009 Plan"), a non-qualified stock option plan under which the Company may issue up to 4,000,000 common stock options. As of June 30, 2016, there were no (June 30, 2015 - nil) common stock options available under this plan. Stock option activity The following summarizes information about the Company’s options outstanding: Number of Options Price Per Option Weighted Average Exercise Price Outstanding, June 30, 2015 3,500,000 $ 0.25 to $ 0.85 $ 0.34 Granted - - - Cancelled - - - Expired (2,350,000 ) $ 0.25 to $ 0.85 $ 0.32 - Outstanding, June 30, 2016 1,150,000 $ 0.25 to $ 0.85 $ 0.37 Exercisable, June 30, 2016 1,100,000 $ 0.25 to $ 0.85 $ 0.38 A summary of the status of non-vested options as of June 30, 2016 is as follows; Number of Options Weighted Average Grant Date Fair Value Non-vested at June 30, 2015 100,000 $ 0.25 Options granted - - Options forfeited - - Options vested (50,000 ) 0.25 Non-vested at June 30, 2016 50,000 $ 0.25 The weighted average remaining contractual lives for options outstanding and exercisable at June 30, 2016 are 1.13 years and 0.93 years (June 30, 2015 - 1.34 and 1.20 years), respectively. The following summarizes the options outstanding and exercisable: Number of Options Expiry Date Exercise Price June 30, 2016 June 30, 2015 December 1, 2015 $ 0.50 - 150,000 December 1, 2015 $ 0.85 - 100,000 June 1, 2016 $ 0.50 - 75,000 June 1, 2016 $ 0.85 - 100,000 June 30, 2016 $ 0.25 - 2,000,000 December 1, 2016 $ 0.85 100,000 100,000 December 1, 2016 $ 0.50 75,000 75,000 February 19, 2017 $ 0.31 750,000 750,000 June 1, 2017 $ 0.50 75,000 75,000 January 13, 2019 $ 0.25 50,000 50,000 January 13, 2020 $ 0.25 50,000 50,000 January 13, 2021 $ 0.25 50,000 50,000 Total outstanding 1,150,000 3,500,000 Total exercisable 1,100,000 3,400,000 The aggregate intrinsic value of options outstanding and exercisable as of June 30, 2016 was $nil and $nil (June 30, 2015 - $1,128,000 and $1,089,000), respectively. The aggregate intrinsic values exclude options having a negative aggregate intrinsic value due to awards with exercise prices greater than market value. The intrinsic value is the difference between the market value of the shares and the exercise price of the award. During the year ended June 30, 2014, the Company entered into employment agreements, whereby the employees would be granted restricted shares. The holder of a restricted share award is generally entitled at all times on and after the date of the agreement to exercise the rights of a shareholder of the Company, including the right to vote and the right to receive dividends on the shares. These shareholders do not have the ability to sell, transfer or otherwise encumber the restricted shares awards until they fully vest. The restricted shares granted vest over three or four-year periods and the grant date fair value of the awards is recognized as expense over the vesting period. During the year ended June 30, 2016, total compensation expense of $179,584 (June 30, 2015 - $184,622) was recognized as stock-based compensation and included in selling, general and administration expense. During the year ended June 30, 2016, the Company issued 377,500 shares (2015 - 675,000) and is obligated to issue an additional 600,000 shares pursuant to the employment agreements. A summary of the status of non-vested restricted shares as of June 30, 2016 is as follows: Number of Restricted Stock Awards Weighted Average Grant Date Fair Value Non-vested at June 30, 2015 875,000 $ 0.35 Awards granted - - Awards forfeited - - Awards vested (537,500 ) $ 0.33 Non-vested at June 30, 2016 337,500 $ 0.38 Stock purchase warrants The following summarizes information about the Company’s stock purchase warrants outstanding: Number of Warrants Price Per Share Weighted Average Exercise Price Balance, June 30, 2015 25,554,938 $ 0.25 - $0.60 $ 0.33 Issued 1,250,000 $ 0.08 $ 0.08 Expired (11,033,060 ) $ 0.25 - $0.60 $ 0.33 Exercised (3,265,569 ) $ 0.30 - $0.50 $ 0.31 Balance, June 30, 2016 12,506,309 $ 0.08 - $0.50 $ 0.32 Number of Warrants Expiry Date Exercise Price June 30, 2016 June 30, 2015 January 31, 2015 $ 0.50 - 150,000 February 28, 2015 $ 0.50 - 200,000 June 30, 2015 $ 0.30 - 125,000 July 31, 2015 $ 0.50 - 88,000 September 13, 2015 $ 0.60 - 44,757 October 1, 2015 $ 0.30 - 13,191,405 October 1, 2015 $ 0.50 - 450,000 December 1, 2015 $ 0.30 - 936,405 December 1, 2015 $ 0.50 - 1,000,000 December 31, 2015 $ 0.30 - 157,000 January 1, 2016 $ 0.30 - 249,235 February 16, 2016 $ 0.25 - 302,117 February 16, 2016 $ 0.30 - 1,737,804 November 25, 2016 $ 0.30 8,501,786 4,168,692 November 25, 2016 $ 0.50 2,754,523 2,754,523 May 5, 2020 $ 0.08 1,250,000 - Total outstanding and exercisable 12,506,309 25,554,938 The following summarizes changes to share purchase warrants outstanding during the year ended June 30, 2016: · 955,646 investor warrants expiring October 1, 2015 and exercisable at $0.30 were extended to November 25, 2016; · 588,236 investor warrants expiring December 1, 2015 and exercisable at $0.30 were extended to November 25, 2016; · 157,000 investor warrants expiring December 31, 2015 and exercisable at $0.30 were extended to November 25, 2016; · 466,629 investor warrants expiring February 16, 2016 and exercisable at $0.30 were extended to November 25, 2016; The modifications of warrants resulted in no additional expense. Share obligations Pursuant to a consulting agreement with the CFO dated August 19, 2013, the Company is obligated to pay $5,000 to $12,500 per month based on the number of hours worked and to issue 6,000 shares of common stock per month beginning September 1, 2013. As of June 30, 2016, no shares have been issued. As such, a total of 204,000 shares of common stock are issuable. The obligation to issue shares of common stock was measured at a weighted average fair value of $0.43 per share on the date each series of shares became issuable. During the year ended June 30, 2016, $26,460 (2015 - $23,340) was recorded as an obligation to issue shares During the year ended June 30, 2016, the Company received conversion notices to issue 950,000 shares of common stock to settle $280,282 of convertible debentures and derivative liabilities (note 9) recorded as an obligation to issue shares within equity. These shares were issued in April 2016. Pursuant to a director’s agreement dated July 1, 2015, the Company is obligated to issue 250,000 shares of common stock. As at June 30, 2016, these shares have not been issued and as such, the grant date fair value of $29,250 has been recognized in obligation to issue shares within equity. Subscriptions During the year ended June 30, 2016, 331,667 shares were issued pursuant to warrants exercised for proceeds received during the year ended June 30, 2015 of $107,500. |
RISK MANAGEMENT AND FINANCIAL I
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | 12 Months Ended |
Jun. 30, 2016 | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS [Abstract] | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | NOTE 6 - RISK MANAGEMENT AND FINANCIAL INSTRUMENTS Fair value The loan payable balance approximates fair value due its short-term nature. Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company’s financial asset that is exposed to credit risk consists of cash, which is placed with US and Canadian financial institutions. Concentration of credit risk exists with respect to the Company’s cash, as certain amounts are held at US and Canadian financial institutions. The Company's cash are as follows at June 30, 2016 and 2015: June 30, 2016 June 30, 2015 Cash (US institution) $ 46,698 $ 116,655 Cash (CDN institution) 652 652 $ 47,350 $ 117,307 All U.S. institution amounts are covered by FDIC insurance as of June 30, 2016. Additionally, all CDN institution amounts are covered by CDIC insurance. Management deems any related risk to be minimal. Interest rate risk The Company is not exposed to significant interest rate risk due to the short-term maturity of its monetary current assets and current liabilities. Currency risk The Company translates the results of non-US transactions into US dollars using rates of exchange on the date of the transaction. The exchange rate varies from time to time. This risk is considered nominal as the Company does not incur significant transactions in currencies other than US dollars. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company’s approach to managing liquidity risk is to provide reasonable assurance that it will have sufficient funds to meet liabilities when due. The Company manages its liquidity risk by forecasting cash flows required for operations and anticipated investing and financing activities. The Company requires significant additional funding to meet its administrative overhead costs and maintain its research and development program in fiscal year 2016. Financing transactions may include the issuance of equity securities, obtaining additional credit facilities, licensing proprietary technology or other financing mechanisms. However, the trading price of the Company’s common stock and the recent year’s slowdown in the United States economy has made it more difficult to obtain equity financing. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2016 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 7 - INCOME TAXES The provision for income taxes consists of the following at June 30: 2016 2015 Current Expense $ - $ - Deferred Expense/(Benefit) (746,000 ) (482,000 ) Inc/(Dec) in valuation allowance 746,000 482,000 Total provision for income tax $ - $ - The total provision differs from the amount computed by applying federal statutory rates to loss before income taxes due to the following at June 30: 2016 2015 Provision for income tax at the statutory rate of 34% $ (1,578,000 ) $ (1,507,000 ) Increase(Decrease) in taxes due to Change in valuation allowance 746,000 482,000 Disallowed expense 419,000 (14,000 ) Federal Tax Return True Ups 64,000 (30,000 ) Expired & Cancelled Stock Op 349,000 729,000 Expired Net Operating Loss - 340,000 Total provision for income tax $ - $ - The Company has used a federal statutory rate of 34%. The Company has no material state tax liabilities, so no provision for state income tax is needed. Deferred tax assets and liabilities reflect the tax effects of the temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The Company has net deferred income tax assets which have been reduced to zero through a valuation allowance because of uncertainties relating to utilization of future tax benefits. The increase/(decrease) in the valuation allowance for the years ended June 30, 2016 and June 30, 2015 are respectively $746,000 and $482,000. The components of the net deferred income tax assets, calculated at an effective rate of 34%, are as follows at June 30: 2016 2015 Deferred income tax assets Current deferred tax assets Accrued Liabilities $ - $ - Valuation allowance - - Total current deferred tax assets - - Noncurrent deferred tax assets Net operating loss carryforwards 14,450,000 13,339,000 Nonqualified stock options 41,000 390,0000 Deferred Revenue 127,000 143,000 Capital loss carryforwards - - Unrealized Loss on Stock Compensation - - Legal dispute reserve - - Basis difference of fixed assets - - Valuation allowance (14,605,000 ) (13,859,000 ) Total noncurrent deferred tax assets 13,000 13,000 Noncurrent deferred tax liabilities Basis difference of fixed assets 13,000 13,000 Total noncurrent deferred tax liabilities 13,000 13,000 Net deferred tax asset/(liability) $ - $ - For tax purposes, the Company has unused net operating losses available for carryforwards to future tax years. At June 30, 2016, the amounts and expiration dates of the Company's net operating loss carryforwards are as follows: Year Ended Expires Amount June 30, 1999 June 30, 2019 1,264,000 June 30, 2000 June 30, 2020 946,000 June 30, 2001 June 30, 2021 1,975,000 June 30, 2002 June 30, 2022 2,506,000 June 30, 2003 June 30, 2023 1,364,000 June 30, 2004 June 30, 2024 2,159,000 June 30, 2005 June 30, 2025 2,208,000 June 30, 2006 June 30, 2026 2,373,000 June 30, 2007 June 30, 2027 1,177,000 June 30, 2008 June 30, 2028 1,676,000 June 30, 2009 June 30, 2029 1,439,000 June 30, 2010 June 30, 2030 1,699,000 June 30, 2011 June 30, 2031 3,130,000 June 30, 2012 June 30, 2032 3,057,000 June 30, 2013 June 30, 2033 3,536,000 June 30, 2014 June 30, 2034 4,635,000 June 30, 2015 June 30, 2035 3,897,000 June 30, 2016 June 30, 2036 3,458,000 Total $ 42,499,000 Current federal tax laws include substantial restrictions on the utilization of net operating losses and tax credits in the event of an ownership change of a corporation. Accordingly, the Company's ability to utilize net operating loss and tax credit carryforwards may be limited as a result of such ownership changes. Such a limitation could result in the expiration of carryforwards before they are utilized. In July 2006, the FASB released the Final Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (formerly FIN 48, now ASC 740-10). ASC 740-10 prescribes the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740-10 also requires additional disclosure of the beginning and ending unrecognized tax benefits and details regarding the uncertainties that may cause the unrecognized benefits to increase or decrease within a twelve-month period. We adopted the provisions of ASC 740-10 on July 1, 2007. There was no impact on our consolidated financial position, results of operations and cash flows as a result of adoption. We have an unrecognized tax benefit of $336,000 as of June 30, 2016, including no accrued amounts for interest and penalties. In addition, the Company has not completed an analysis under IRC section 382 to determine if there have been any direct and/or indirect ownership changes that would limit the use of net operating loss in future years. Our policy will be to recognize interest and penalties related to income taxes as a component of income tax expense. We are subject to income tax examinations for U.S. incomes taxes from the year ended June 30, 1999 forward. We do not anticipate that total unrecognized tax benefits will significantly change prior to June 30, 2017. |
SUPPLEMENTAL DISCLOSURE OF CASH
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | 12 Months Ended |
Jun. 30, 2016 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract] | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | NOTE 8 - SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION June 30, 2016 June 30, 2015 Changes in working capital Prepaid expenses $ 65,433 $ 49,995 Accounts payable and accruals 769,378 (218,574 ) Related party payable (30,480 ) Accounts receivable (21,894 ) - $ 782,437 $ (168,579 ) Shares issued for: Subscriptions received in prior year $ 107,500 $ 158,625 Settlement of debt 6,220 529,400 Settlement of convertible debenture 2,059,738 - Services and financing fees - 614,500 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2016 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 9 - RELATED PARTY TRANSACTIONS As of June 30, 2016, $30,000 (June 30, 2015 - $60,480) was owed to the Company's executives for outstanding managements fees, consulting fees and business related reimbursements, and are without interest or stated terms of repayment. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jun. 30, 2016 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | NOTE 10 - SEGMENT INFORMATION The Company operates primarily in one business segment, the development of electronically-conductive resin-based materials, with operations located in the US. |
CONVERTIBLE DEBENTURES
CONVERTIBLE DEBENTURES | 12 Months Ended |
Jun. 30, 2016 | |
CONVERTIBLE DEBENTURES [Abstract] | |
CONVERTIBLE DEBENTURES | NOTE 11 - CONVERTIBLE DEBENTURES During the year ended June 30, 2016, the Company had the following convertible debenture agreements, summarized as follows: (a) Vis Vires Group, Inc.: · On July 23, 2015, a total of $165,000 (extinguished) was received, net of $4,000 in legal fees. The convertible debt was due April 27, 2016; · On August 20, 2015, a total of $100,000 (extinguished) was received, net of $4,000 in legal fees. The convertible debt was due May 25, 2016; · On November 17, 2015, a total of $100,000 (extinguished) was received, net of $4,000 in legal fees. The convertible debt was due August 19, 2016; and · On January 28, 2016, a total of $75,000 (extinguished) was received, net of $3,500 in legal fees. The convertible debt was due November 1, 2016. · On March 25, 2016, a total of $125,000 (settled) was received, net of $3,500 in legal fees. The convertible debt was due December 29, 2016 The convertible debentures accrue interest of 8% per annum and can be converted into common stock at the option of the holder at any time after 180 days following the date of issuance. The debenture has a conversion price equal to 63% of the market price. Market price is defined as the average of the lowest three trading prices for the Company’s common stock during the ten-day trading period ending one trading day prior to the date of conversion notice with a limitation of 4.99% of the issued and outstanding common stock at the time of conversion. Any amount of principal that is not paid when due bears interest at a rate of 22% per annum. The convertible debentures may be repaid by the Company as follows: · Outstanding principal multiplied by 107% together with accrued interest and unpaid interest thereon if prepaid within a period of 30 days beginning on the date of issuance of the note; · Outstanding principal multiplied by 113% together with accrued interest and unpaid interest thereon if prepaid at any time during the period beginning 31 days from the date of issuance of the note and ending on the date that is 60 days following the date of the note; · Outstanding principal multiplied by 118% together with accrued interest and unpaid interest thereon if prepaid at any time during the period beginning 61 days from the date of issuance of the note and ending on the date that is 90 days following the date of the note. · Outstanding principal multiplied by 123% together with accrued interest and unpaid interest thereon if prepaid at any time during the period beginning 91 days from the date of issuance of the note and ending on the date that is 120 days following the date of the note. · Outstanding principal multiplied by 128% together with accrued interest and unpaid interest thereon if prepaid at any time during the period beginning 121 days from the date of issuance of the note and ending on the date that is 150 days following the date of the note. · Outstanding principal multiplied by 130% together with accrued interest and unpaid interest thereon if prepaid at any time during the period beginning 151 days from the date of issuance of the note and ending on the date that is 180 days following the date of the note. After the expiration of the 180 days following the date of issuance of the debentures, the Company will have no right of prepayment. On September 23, 2015, the first two convertible debentures with Vis Vires Group, Inc. were transferred to River North Equity LLC with identical terms with the exception of the maturity date of the note (note 9(b)). The transfer of debt was accounted for as an extinguishment of debt with a gain on extinguishment of $1,927 recognized in the consolidated statement of operations. (a) Vis Vires Group, Inc. (continued): On March 21, 2016, the second two convertible debentures with Vis Vires Group, Inc. were transferred to Vista Capital Investments, LLC with identical terms with the exception of the maturity date of the note and a lower interest rate (note 9(c)). The transfer of debt was accounted for as an extinguishment of debt with a gain on extinguishment of $67,148 recognized in the consolidated statement of operations during the year ended June 30, 2016. The embedded conversion feature of the convertible debentures were treated as derivative liabilities measured at fair value on inception and at each reporting date with the debt component being allocated the residual value of the debt and amortized using the effective interest method to its maturity value. Debt issuance costs have been recorded as a reduction to the debt. During the year ended June 30, 2016, the total net proceeds allocated to the derivative liability components were $261,974 with the residual net proceeds of $30,026 allocated to the debt components at inception. (b) River North Equity LLC · On September 23, 2015, a replacement note of $273,000 (extinguished during the three months ended March 31, 2016) was received in exchange with the two convertible notes with Vis Vires Group, Inc. (described above). The new convertible debt is due September 21, 2016. The terms of this convertible debt are identical to the terms with Vis Vires Group, Inc. (above); · On September 24, 2015, a total of $98,950 (extinguished during the three months ended March 31, 2016) was received, net of $5,000 in legal fees and $61,050 in Other Issue Discount (“OID”). The convertible debt is due December 31, 2016; The convertible debenture accrues interest of 8% per annum and can be converted into common stock at the option of the holder at any time after 180 days following the date of issuance. The debenture has a conversion price equal to 63% of the market price. Market price is defined as the average of the lowest trading price for the Company’s common stock during the ten-day trading period ending one trading day prior to the date of conversion notice with a limitation of 9.99% of the issued and outstanding common stock at the time of conversion. Any amount of principal that is not paid when due bears interest at a rate of 18% per annum. The convertible debenture may be repaid by the Company as follows: · Outstanding principal multiplied by 105% together with accrued interest and unpaid interest thereon if prepaid within a period of 30 days beginning on the date of the Note · Outstanding principal multiplied by 110% together with accrued interest and unpaid interest thereon if prepaid at any time during the period beginning 31 days from the date of the Note and ending on the date which is 60 days following the date of the Note · Outstanding principal multiplied by 118% together with accrued interest and unpaid interest thereon if prepaid at any time during the period beginning 61 days from the date of the Note and ending on the date which is 90 days following the date of the Note · Outstanding principal multiplied by 123% together with accrued interest and unpaid interest thereon if prepaid at any time during the period beginning 91 days from the date of the Note and ending on the date which is 120 days following the date of the Note · Outstanding principal multiplied by 130% together with accrued interest and unpaid interest thereon if prepaid at any time during the period beginning 121 days from the date of the Note and ending on the date which is 180 days following the date of the Note (b) River North Equity LLC (continued) After the expiration of the 180 days following the date of issuance of the debenture, the Company will have no right of prepayment. The two outstanding convertible debt notes with River North LLC (described above) were exchanged for new convertible debentures as follows: (i) On February 4, 2016, a portion of the $273,000 convertible debenture was transferred to an independent lender. A new note totalling $127,786 was issued representing the original principle of $104,000, accrued interest of $3,100 and an additional $20,686 as consideration for the amending the terms of the convertible debt. The maturity date of the new convertible debt is February 1, 2018 and is stated without interest. As of the effective date of the convertible debt note, the lender may convert all or part of the unpaid principal and accrued interest into common stock at its sole discretion. All balances outstanding have a variable conversion price equal to 63% of the market price. The market price is defined as the lowest five trading prices in the 25 days prior to the conversion date. The lender is limited in its sale of the Company’s common shares to the greater of 15% of the total number of common shares traded in that same week, or $10,000 in dollar volume per week and a limitation of 4.99% of the issued and outstanding common stock at the time of conversion unless the market capitalization of the Company falls below $2,500,000, then the limit will increase to 9.99%. (ii) On February 5, 2016, the remaining convertible debentures were transferred to SBI Investments, LLC and an independent lender. The replacement notes were issued with identical terms as described above with the exception of the maturity dates of the notes being extending to February 5, 2017: The replacement notes with SBI Investment total $273,575, representing transferred principle of $222,667, accrued interest of $6,375 and an additional $44,533 as consideration for amending the terms of the convertible debt. The replacement notes with the independent lender total $136,787, representing transferred principle of $111,333, accrued interest of $3,187 and an additional $22,267 as consideration for amending the terms of the convertible debt. The transfer of their debts were accounted for as an extinguishment of debt with a gain on extinguishment of $75,149 recognized in the consolidated statement of operations during the year ended June 30, 2016. The embedded conversion features of the convertible debentures were treated as derivative liabilities measured at fair value on inception and at each reporting date with the debt component being allocated the residual value of the debt and amortized using the effective interest method to its maturity value. Debt issuance costs have been recorded as a reduction to the debt. During the year ended June 30, 2016, the net proceeds of the replacement notes allocated to derivative liability components were $508,587 with the residual net proceeds of $29,561 allocated to the debt components at inception. (c) Vista Capital Investments, LLC · On March 21, 2016, a new note with a principle of $126,000 (inclusive of $8,507 in interest and a premium of $13,493) was received in exchange for the $104,000 convertible note with Vis Vires Group, Inc. (note 9(a)). The new convertible debt is due January 1, 2017; and · On March 21, 2016, a new note with a principle of $89,250 (inclusive of $5,858 in interest and a premium of $4,892) was received in exchange for the $78,500 convertible note with Vis Vires Group, Inc. (note 9(a)). The new convertible debt is due January 1, 2017; During the year ended June 30, 2016, the two notes with Vista Capital were settled with 2,833,333 common shares of the Company. The convertible debentures include an up-front interest charge of 5% due at maturity and can be converted into common stock at the option of the holder at any time after date of issuance. The debenture has a conversion price equal to 63% of the market price. Market price is defined as the lowest trading price for the Company’s common stock during the twenty five-day trading period ending one trading day prior to the date of conversion notice with a limitation of 4.99% of the issued and outstanding common stock at the time of conversion unless the market capitalization of the Company falls below $2,500,000, then the limit will increase to 9.99%. The convertible debentures may be repaid by the Company as follows: · Outstanding principal multiplied by 145% together with accrued interest and unpaid interest thereon if prepaid within a period of 150 days beginning on the date of issuance of the note; After the expiration of the 150 days following the date of issuance of the debentures, the Company will have no right of prepayment. The embedded conversion feature of the convertible debentures were treated as derivative liabilities measured at fair value on inception and at each reporting date with the debt components being allocated the residual value of the debt and amortized using the effective interest method to its maturity value. Debt issuance costs have been recorded as a reduction to the debt. During the year ended June 30, 2016, the total net proceeds allocated to the derivative liability components were $215,250 with the residual net proceeds of $0 allocated to the debt components at inception. (d) JMJ Financial During the year ended June 30, 2016, the Company entered into two convertible debt notes with JMJ Financial. First convertible note: The total amount that may be borrowed with JMJ Financial is $650,000, which includes an upfront OID fee of 8%. On signing the agreement, the first advance of $300,000 was received by the Company from the lender. At the sole discretion of the lender, additional consideration may be advanced to the Company; however, the Company has the right to reject any of those payments within 24 hours of receipt of payment. Each advance received by the Company is due two years from delivery of payment. · On September 30, 2015, received $300,000, net of an upfront fee of $26,087; No interest will be applied to the principal balance for the first 90 days after cash advance. After the first 90 days, an interest charge of 8% will be immediately applied to the principal. On delivery of consideration, the lender may convert all or part of the unpaid principal and up-front fee into common stock at its sole discretion. All balances outstanding have a variable conversion price equal to 75% of the market price. The market price is defined as the lowest two trading prices in the 20 days prior to the conversion date. The lender is limited to holding no more than 4.99% of the issued and outstanding common stock at the time of conversion. After the expiration of 90 days following the delivery date of any consideration, the Company will have no right of prepayment. The embedded conversion feature of the convertible debenture was treated as a derivative liability measured at fair value on inception and at each reporting date with the debt component being allocated the residual value of the debt and amortized using the effective interest method to its maturity value. Debt issuance costs have been recorded as a reduction to the debt. During the year ended June 30, 2016, the net proceeds allocated to the derivative liability component was $234,087 with the residual net proceeds of $65,913 allocated to the debt component at inception. Second convertible note: On May 5, 2016, the Company entered into a second convertible debt agreement with JMJ Financial. A total of $900,000 was received, net of an upfront OID 10% fee of $100,000. The convertible debenture is due May 5, 2017. No interest will be applied to the principal balance for the first 90 days after cash advance. After the first 90 days, a one-time interest charge of 12% will be immediately applied to the principal. On delivery of consideration, the lender may convert all or part of the unpaid principal and up-front fee into common stock at its sole discretion. All balances outstanding have a variable conversion price equal to 65% of the market price. The market price is defined as the lowest two trading prices in the 25 days prior to the conversion date. The lender is limited to holding no more than 4.99% of the issued and outstanding common stock at the time of conversion. After the expiration of 120 days following the delivery date of any consideration, the Company will have no right of prepayment without written consent of the lender. The convertible debenture may be repaid by the Company as follows: · Outstanding principal multiplied by 120% together with accrued interest and unpaid interest thereon if prepaid within a period of 90 days beginning on the date of the Note · Outstanding principal multiplied by 140% together with accrued interest and unpaid interest thereon if prepaid at any time during the period beginning 91 days from the date of the Note and ending on the date which is 180 days following the date of the Note Pursuant to the terms of the financing, the Company is required to use a portion of the proceeds to settle all outstanding convertible debentures with other lenders. In addition to the convertible debt, the Company issued 1,250,000 share purchase warrants with an expiry date of May 5, 2020. The exercise price of the warrants will be the lessor of $0.20 per share, the lowest trade price in the 10 days prior to exercise or the adjusted price as described below. The adjusted warrant price is described as follows: · At any time while the warrants are outstanding, any subsequent sale of shares of common stock, or any agreement whereby the holder may acquire common stock at an effective exercise price per share less than the warrant exercise price in effect, the exercise price of these warrants will automatically adjust to this new lower exercise price. · On June 7, 2016, 5,250,000 common shares were issued to settle $416,325 of the convertible debt with at a conversion price of $0.0793. This conversion price is now the new exercise price of the warrant. These warrants are cashless and the number of shares received will be equivalent to the gain between the market price of shares at the time of exercise and the exercise price of warrant. The price reset feature of the warrants have been accounted for as a derivative liability with fair value measured at inception and at each reporting date. Further, the embedded conversion feature of the convertible debenture was treated as a derivative liability measured at fair value on inception and at each reporting date. The proceeds of the loan were first allocated to the derivative warrant liability with the residual value then allocated to embedded conversion feature of the convertible debt and then allocated to the debt component. The debt is amortized over its life using the effective interest method. Debt issuance costs have been recorded as a reduction to the debt. During the year ended June 30, 2016, $815,837 of the face value of debentures were extinguished by issuing 15,463,881 shares of common stock of the Company. As a result, $2,059,738 representing the fair value of the derivative liabilities and the amortized cost of convertible debentures settled was included as additional paid in capital. $231,642 of the face value of debentures were extinguished with cash. As of June 30, 2016, the total amortized value of the outstanding convertible debentures were $664,621 (June 30, 2015 - $94,107), the total fair value of the outstanding derivative liabilities were $142,797 (June 30, 2015 - $87,821) and the fair value of the warrant liability was $87,500 (June 30, 2015 - $nil). During the year ended June 30, 2016, a fair value loss on the derivative liability of $815,491 (2015 - $1,092) was recognized. As of June 30, 2016, $115,079 of the fair value loss relates to the conversion features associated with the outstanding debentures with the remaining $700,412 related to the conversion features associated with the debentures that were settled and extinguished. As of June 30, 2016, 1,374,041 (June 30, 2015 - 343,177) common shares of the Company would be required to settle the remaining tranches of convertible debt at a weighted average conversion price of $0.11 (June 30, 2015 - $0.26) per common share. As of June 30, 2016, the face value of convertible debentures is $1,189,649 (June 30, 2015 - $133,976), which includes accrued interest of $146,087 (June 30, 2015 - $4,976). During the year ended June 30, 2016, debt discount amortization of $511,623 (2015 - $103,956) was recorded as interest expense. The fair value of the derivative financial liability is calculated using a binomial lattice valuation method at inception and the balance sheet date. The fair value of the warrant liability is calculated using the Monte Carlo Model at inception and the balance sheet date. The following assumptions were used in determining the fair value of the derivative liabilities at inception during the year ended: June 30, 2016 Share price 0.16 – 0.50 Conversion price 0.11 – 0.37 Expected life (years) 0.78 – 2.00 Interest rate 0.42 - 0.63 % Volatility 76.39 – 101.5 % Dividend yield N/A Estimated forfeitures N/A The following assumptions were used in determining the fair value of the derivative financial liabilities as of: June 30, 2016 June 30, 2015 Share price 0.16 0.64 Conversion price 0.11 0.39 Expected life (years) 0.850 – 1.25 0.27 Interest rate 0.45 - 0.50 % 0.58 % Volatility 91.50 – 122.29 % 65.73 % Dividend yield N/A N/A Estimated forfeitures N/A N/A The following assumptions were used in determining the fair value of the derivative warrant liability as of: June 30, 2016 June 30, 2015 Share price 0.16 N/A Conversion price $ 0.0915 N/A Expected life (years) 1.85 N/A Interest rate 0.58 % N/A Volatility 92 % N/A Dividend yield N/A N/A Estimated forfeitures N/A N/A |
LOAN PAYABLE
LOAN PAYABLE | 12 Months Ended |
Jun. 30, 2016 | |
LOAN PAYABLE [Abstract] | |
LOAN PAYABLE | NOTE 12 – LOAN PAYABLE During the year ended June 30, 2016, the Company entered into the following loan agreements, summarized as follows: (a) On Jan 1, 2016, the Company entered into a new financing arrangement to cover directors’ and officers’ liability insurance for the period December 31, 2015 to December 31, 2016. The amount financed was $73,176, which bears interest at 3.189% annually. Monthly payments of $8,131 are required to settle amounts owing. The balance outstanding as of June 30, 2016 was $32,522 (June 30, 2015 - $32,335). As of June 30, 2016, $45,609 (June 30, 2015 – $45,351), representing the unamortized portion of prepaid insurance, is included in prepaid expenses on the consolidated balance sheet. (b) On January 1, 2016, the Company entered into a short term loan agreement with an original maturity date of July 1, 2016, for $110,000. A one-time interest charge of 5% or $5,500 is due as of July 1, 2016. The loan was entered into to settle marketing fees payable. As of June 30, 2016, the loan balance on the consolidated balance sheet is $115,500. On July 2, 2016 the maturity date of the loan was revised to include the following loan repayment dates: (i) $5,500 on July 5, 2016 (paid) (ii) $25,000 on July 18, 2016 (paid) (iii) $25,000 on July 29, 2016 (paid) (iv) $25,000 on August 8, 2016 (partially repaid); and (v) $35,000 on August 22, 2016 In the event of a default on the loan, the unpaid principal amount together with the interest shall immediately increase by 130% and the lender will have the right to convert the outstanding balance into shares of the Company’s common stock. On September 9, 2016, the lender agreed to waive its right to conversion of the loan until January 31, 2017. As such, the Company expects to settle the debt with cash, no consideration for the default conversion feature has been accounted for. (c) On March 8, 2016, the Company entered into a short term loan agreement with a maturity date of May 8, 2016, for $120,000 net of legal fees of $6,000. A one-time OID fee of $20,000 was applied to the balance at inception of the loan. On May 9, 2016 the loan was settled with a cash payment of $146,000. (d) On March 30, 2016, the Company entered into a short term loan agreement with a maturity date of April 4, 2016, for $10,000. A one-time interest charge of $500 was applied to the balance at inception of the loan. On April 4, 2016, the principle and interest were repaid in cash. |
EXTINGUISHMENT OF DEBT
EXTINGUISHMENT OF DEBT | 12 Months Ended |
Jun. 30, 2016 | |
EXTINGUISHMENT OF DEBT [Abstract] | |
EXTINGUISHMENT OF DEBT | NOTE 13 – EXTINGUISHMENT OF DEBT During the year ended June 30, 2015, the following debts were extinguished: (a) Accounts payable of $25,000 with a consultant was settled by issuing 54,347 shares of common stock measured at a fair value of $0.46 per share on the date of the agreement. (b) Legal fees included in accounts payable for a total of $200,000 were settled by a cash payment of $100,000 and a deposit in advance of services of $50,000 included in prepaid expenses. As a result, a gain on extinguishment of $100,000 was recognized in net loss on extinguishment of liabilities within the consolidated statement of operations. There were no such extinguishments during the year ended June 30, 2016. |
DEFERRED REVENUE
DEFERRED REVENUE | 12 Months Ended |
Jun. 30, 2016 | |
DEFERRED REVENUE [Abstract] | |
DEFERRED REVENUE | NOTE 14 – DEFERRED REVENUE On June 21, 2013, the Company signed a ten year license agreement with , of South Korea. The agreement grants Hanwha exclusive rights to sell, distribute and manufacture Integral's patented line of conductive plastics, ElectriPlast, in South Korea, as well as non-exclusive sales and distribution rights to ElectriPlast for Japan, Taiwan and the China markets. The agreement called for license fees as follows: · $250,000 (received) to be paid to the Company within 15 business days; and · $250,000 (received) payment to be paid to the Company no later than one year after signing the agreement. The payments have been recorded as deferred revenue, which will be recognized as license fee revenue in the consolidated statements of operations over the life of the ten year contract. During the year ended June 30, 2016, $50,000 (June 30, 2014 - $29,167) has been recognized as revenue. As of June 30, 2016 and June 30, 2015, the remaining deferred revenue was as follows: June 30, 2016 June 30, 2015 Current $ 50,000 $ 50,000 Non-current 320,833 370,833 $ 370,833 $ 420,833 |
LEASE AGREEMENTS
LEASE AGREEMENTS | 12 Months Ended |
Jun. 30, 2016 | |
LEASE AGREEMENTS [Abstract] | |
LEASE AGREEMENTS | NOTE 15 - LEASE AGREEMENTS During the fiscal years June 30, 2016 and 2015, rent expense was $76,542 and $48,212, respectively. Effective July 1, 2013 the Company entered into a lease agreement whereby the Company is the lessee of office space. The agreement expires on June 30, 2018, and monthly payments are $2,500. Future minimum lease payments are as follows: 2017 30,000 2018 30,000 $ 60,000 |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Jun. 30, 2016 | |
COMMITMENTS [Abstract] | |
COMMITMENTS | NOTE 16 - COMMITMENTS During the fiscal year ended June 30, 2016, the following commitments were outstanding: (a) An employment agreement with an employee, dated November 1, 2013, engaging the individual to provide certain business development services to the Company in Korea. The term of the agreement is for three years and the Company is to pay the employee an annual salary of $150,000. The Company agreed to issue 810,000 shares of the Company’s common stock vesting 25% on the grant date and each anniversary thereafter. As at June 30, 2016, 607,500 shares have vested and 202,500 (2015 – 405,000) were issued during the year. (b) An employment agreement with an employee, dated November 1, 2013, engaging the individual to provide certain consulting services to the Company in Korea. The term of the agreement is for three years and the Company is to pay the employee an annual salary of $100,000. The Company agreed to issue 540,000 shares of the Company’s common stock vesting 25% on the grant date and each anniversary thereafter. As at June 30, 2016, 405,000 shares have vested and 135,000 (2015 – 270,000) were issued during the year. (c) An employment agreement with an employee, dated January 13, 2014, engaging the individual to provide certain technical expertise to the Company in the USA. The term of the agreement is for three years and the Company is to pay the employee an annual salary of $200,000. The Company agreed to issue 500,000 shares of the Company’s common stock vesting 33% on the grant date and each anniversary thereafter. As at June 30, 2016, 500,000 shares have vested and are obligated to be issued. (d) An employment agreement with an employee, dated January 1, 2014, engaging the individual to provide the expertise as that of the Chief Technical Officer. The term of the agreement is for three years and the Company is to pay the employee an annual salary of $170,000 The Company agreed to issue 100,000 shares of the Company’s common stock vesting 33% on the grant date and each anniversary thereafter. As at June 30, 2016, 100,000 shares have vested and are obligated to be issued. For each of the shares granted under the employee agreements above, fair value is measured at the grant date and recorded evenly over each of the vesting periods. During the year ended June 30, 2016, fair value of $179,583 was recorded to the consolidated statement of operations within selling, general and administrative. (e) Pursuant to a consulting agreement dated August 19, 2014, the Company is obligated to pay $5,000 to $12,500 per month based on the number of hours worked and to issue 6,000 shares of common stock per month beginning September 1, 2014. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2016 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17 - SUBSEQUENT EVENTS Subsequent to the year ended June 30, 2016, the following events occurred: (a) On July 27, 2016, the Company completed a private placement amounting to $226,355 for the issuance of 1,968,304 units. Each unit consisted of one common share at $0.115 per share and one quarter share purchase warrant at $0.001 per warrant to purchase 492,076 shares on or before April 30, 2017 at an exercise price of $0.30 per warrant. (b) On August 22, 2016, the Company completed a private placement amounting to $94,000 for the issuance of 817,391 units. Each unit consisted of one common share at $0.115 per share and one quarter share purchase warrant at $0.001 per warrant to purchase 204,348 shares on or before May 31, 2017 at an exercise price of $0.30 per warrant. (c) On September 2, 2016, the Company entered into a promissory note agreement and received a total of $80,000, net of $8,000 in fees. The $88,000 plus a one-time interest charge of 10% is due December 2, 2016. In addition, the Company is to issue 100,000 common shares within 14 days of the start of the note. In the event of default (non-payment), the balance of the promissory note will increase by 140%. (d) On September 21, 2016, the Company issued 1,035,864 shares to settle the remaining balance of $69,649, the first convertible debt note with JMJ Financial (note 11(d)). (e) On November 29, 2016, increased its authorized common shares to 250,000,000 from 150,000,000. (f) During December, 2016, the Company completed private placements amounting to $210,000 for the issuance of 3,000,000 units. Each unit consisted of one common share at $0.07 per share and one quarter share purchase warrant at $0.001 per warrant to purchase 750,000 shares on or before October 1, 2017 at an exercise price of $0.20 per warrant. (g) During January 2017, the Company completed a private placement amounting to $23,800 for the issuance of 340,000 units. Each unit consisted of one common share at $0.07 per share and one quarter share purchase warrant at $0.001 per warrant to purchase 85,000 shares on or before October 1, 2017 at an exercise price of $0.20 per warrant. |
SIGNIFICANT ACCOUNTING POLICI24
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Principles of consolidation | Principles of consolidation These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Integral Operating, LLC (“Operating”), Integral Vision Systems, Inc. ("IVSI"), Antek Wireless Inc. ("Antek"), Electriplast Corp. (formerly Plastenna, Inc.) (“Electriplast”), and Integral Technologies Asia, Inc. (“Asia”) and its 76.625%-owned subsidiary, Emergent Technologies Corp. ("ETC"), which is currently inactive. ETC's non-controlling interest balance is immaterial to the financial statements. All intercompany balances and transactions have been eliminated. |
Basic and diluted net loss per share | Basic and diluted net loss per share Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the year. Diluted net loss per common share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common share equivalents outstanding during the period. Because the Company has reported a net loss for all years presented, diluted net loss per common share is the same as basic net loss per common share for those years. |
Stock issued in exchange for services | Stock issued in exchange for services The valuation of common stock issued in exchange for services to non-employees is valued at an estimated fair market value of the Company’s stock price based upon trading, sales and other issuances of the Company's common stock. Stock-based compensation expense related to awards to non-employees is recognized based on the then-current fair value at each measurement date over the associated service period of the award, which is generally the vesting term, using the accelerated attribution method. The fair value of non-employee stock options is estimated using the Black-Scholes valuation model with assumptions generally consistent with those used for employee stock options, with the exception of the expected term, which is the remaining contractual life at each measurement date. Restricted shares are issued or become issuable when they vested and are measured at their grant date and recorded evenly over the vesting period. |
Revenue recognition | Revenue recognition The Company has not generated significant revenue since inception. Although the Company has begun to receive revenue from the sale of material for commercial applications, the Company is devoting substantially all its efforts to developing the business. As discussed in Note 14, the Company signed a ten year license agreement with Hanwha Advanced Materials Co., Ltd., (“Hanwa”), of South Korea. For license agreements that the Company enters into, revenue is recognized when all four of the following criteria are met: (i) a contract is executed, (ii) the contract price is fixed and determinable, (iii) delivery of the service or products has occurred, and (iv) collectability of the contract amounts is reasonably assured. The Company’s license agreements can provide for upfront license fees, maintenance payments, and/or substantive milestone payments. In accordance with revenue recognition guidance, the Company identifies all of the deliverables at the inception of the agreement. License fees which are nonrefundable fees will be evaluated for standalone value to the licensor and may be recognized upon delivery pursuant to terms of the agreement. Upfront nonrefundable fees associated with license and development agreements where the Company has continuing involvement that does not meet the requirement of a separate deliverable are recorded as deferred revenue and recognized over the estimated service period. The Company may also enter into agreements to provide engineering services. The Company recognizes revenue from engineering services as the service has been performed and amounts are reasonably assured of collection. |
Foreign currency translation | Foreign currency translation The Company’s functional and reporting currency is the US dollar. Transactions and balances for the Company’s operations that are not in US dollars are translated into US dollars at the exchange rates in effect at the balance sheet dates for monetary assets and liabilities, and at historical exchange rates for non-monetary assets and liabilities. Revenues and expenses are translated at the rate of exchange on the date of the transaction, except for amortization and depreciation, which are translated on the same basis as the related assets. Resulting translation gains or losses are included in the consolidated statements of operations. The foreign currency impact on the consolidated financial statements is immaterial. |
Advertising | Advertising Advertising costs are charged to operations when incurred. Advertising expense was $39,357 and $97,119 for the years ended June 30, 2016 and 2015, respectively. |
Research and development | Research and development The Company expenses all research and development expenditures as incurred. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management estimates include valuation allowance for deferred income tax assets, the determination of the assumptions used in calculating the fair value of stock-based compensation and the determination of the assumptions used in calculating the fair value of derivative financial liabilities and the warrant liability. Actual results could differ from those estimates and could impact future results of operations and cash flows. |
Financial instruments | Financial instruments We have issued financial instruments that contain embedded conversion features that qualify as derivatives and are therefore accounted for as liabilities. The derivative liabilities are initially recorded at fair value, with gains and losses arising from changes in fair value recognized in the consolidated statements of operations at each period end while such instruments are outstanding. The derivative liabilities relating to the convertible debt is valued using a binomial lattice model and the Black-Scholes Model where appropriate. The fair value of the warrants issued with reset provisions are measured using the Monte Carlo method. |
Fair value measurements | Fair value measurements Assets and liabilities recorded at fair value in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. For certain of the Company’s financial instruments including cash and accounts payable, the carrying values approximate fair value due to their short-term nature. ASC 820 Fair Value Measurements and Disclosures · Level 1 – Quoted prices in active markets for identical securities; · Level 2 – Other significant observable inputs that are observable through corroboration with market data (including quoted prices in active markets for similar securities); and · Level 3 – Significant unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability. The fair value measurement of the derivative liability and warrants with reset provisions are classified as a Level 3 measurement as further discussed under Fair Value Measurements. |
Income taxes | Income taxes The Company uses the asset and liability approach in its method of accounting for income taxes that requires the recognition of deferred tax liabilities and assets for expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. A valuation allowance against deferred tax assets is recorded if, based upon weighted available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The impact of an uncertain tax position that is more likely than not of being sustained upon audit by the relevant taxing authority is recognized at the largest amount that is more likely than not to be sustained. No portion of an uncertain tax position will be recognized if the position has less than a 50% likelihood of being sustained. |
Stock-based compensation | Stock-based compensation The Company accounts for stock-based compensation expense associated with stock options and other forms of equity compensation by estimating the fair value of share-based payment awards on the date of grant using the market price of common stock or the Black-Scholes option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company’s consolidated statements of operations. The Company uses the straight-line single-option method to recognize the value of stock-based compensation expense for all share-based payment awards. Stock-based compensation expense recognized in the consolidated statements of operations is reduced for estimated forfeitures, as it is based on awards ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated over the estimated useful lives using the straight-line method of depreciation. Amortization of the leasehold improvements is computed using the straight-line method over the lesser of the estimated useful lives of the underlying assets and the term of the related lease. |
Reclassifications | Reclassifications: For comparability certain 2015 amounts have been reclassified to conform to classifications adopted in 2016. These reclassifications did not have an impact on stockholders’ deficit or net loss on the 2015 consolidated financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The requirements are effective for annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. We are evaluating the impact of the amended revenue recognition guidance on our financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosure if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” ASU 2014-15 applies to all entities and is effective for annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Pment Accounting, In April 2015, the FASB issued Update No. 2015-03— Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
PROPERTY AND EQUIPMENT [Abstract] | |
Property and Equipment | As of June 30, 2016 and 2015, property and equipment consisted of the following: June 30, 2016 June 30, 2015 Equipment $ 118,680 $ 104,924 Furniture and fixtures 96,279 96,279 Leasehold improvements 64,565 64,565 279,524 265,768 Less: accumulated depreciation (204,835 ) (200,254 ) Property and equipment, net $ 74,689 $ 65,514 |
STOCKHOLDERS' DEFICIT (Tables)
STOCKHOLDERS' DEFICIT (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
STOCKHOLDERS' DEFICIT [Abstract] | |
Stock options outstanding | The following summarizes information about the Company’s options outstanding: Number of Options Price Per Option Weighted Average Exercise Price Outstanding, June 30, 2015 3,500,000 $ 0.25 to $ 0.85 $ 0.34 Granted - - - Cancelled - - - Expired (2,350,000 ) $ 0.25 to $ 0.85 $ 0.32 - Outstanding, June 30, 2016 1,150,000 $ 0.25 to $ 0.85 $ 0.37 Exercisable, June 30, 2016 1,100,000 $ 0.25 to $ 0.85 $ 0.38 |
Schedule of nonvested options | A summary of the status of non-vested options as of June 30, 2016 is as follows; Number of Options Weighted Average Grant Date Fair Value Non-vested at June 30, 2015 100,000 $ 0.25 Options granted - - Options forfeited - - Options vested (50,000 ) 0.25 Non-vested at June 30, 2016 50,000 $ 0.25 |
Stock options outstanding and exercisable | The following summarizes the options outstanding and exercisable: Number of Options Expiry Date Exercise Price June 30, 2016 June 30, 2015 December 1, 2015 $ 0.50 - 150,000 December 1, 2015 $ 0.85 - 100,000 June 1, 2016 $ 0.50 - 75,000 June 1, 2016 $ 0.85 - 100,000 June 30, 2016 $ 0.25 - 2,000,000 December 1, 2016 $ 0.85 100,000 100,000 December 1, 2016 $ 0.50 75,000 75,000 February 19, 2017 $ 0.31 750,000 750,000 June 1, 2017 $ 0.50 75,000 75,000 January 13, 2019 $ 0.25 50,000 50,000 January 13, 2020 $ 0.25 50,000 50,000 January 13, 2021 $ 0.25 50,000 50,000 Total outstanding 1,150,000 3,500,000 Total exercisable 1,100,000 3,400,000 |
Status of non-vested restricted shares | A summary of the status of non-vested restricted shares as of June 30, 2016 is as follows: Number of Restricted Stock Awards Weighted Average Grant Date Fair Value Non-vested at June 30, 2015 875,000 $ 0.35 Awards granted - - Awards forfeited - - Awards vested (537,500 ) $ 0.33 Non-vested at June 30, 2016 337,500 $ 0.38 |
Stock purchase warrants | The following summarizes information about the Company’s stock purchase warrants outstanding: Number of Warrants Price Per Share Weighted Average Exercise Price Balance, June 30, 2015 25,554,938 $ 0.25 - $0.60 $ 0.33 Issued 1,250,000 $ 0.08 $ 0.08 Expired (11,033,060 ) $ 0.25 - $0.60 $ 0.33 Exercised (3,265,569 ) $ 0.30 - $0.50 $ 0.31 Balance, June 30, 2016 12,506,309 $ 0.08 - $0.50 $ 0.32 Number of Warrants Expiry Date Exercise Price June 30, 2016 June 30, 2015 January 31, 2015 $ 0.50 - 150,000 February 28, 2015 $ 0.50 - 200,000 June 30, 2015 $ 0.30 - 125,000 July 31, 2015 $ 0.50 - 88,000 September 13, 2015 $ 0.60 - 44,757 October 1, 2015 $ 0.30 - 13,191,405 October 1, 2015 $ 0.50 - 450,000 December 1, 2015 $ 0.30 - 936,405 December 1, 2015 $ 0.50 - 1,000,000 December 31, 2015 $ 0.30 - 157,000 January 1, 2016 $ 0.30 - 249,235 February 16, 2016 $ 0.25 - 302,117 February 16, 2016 $ 0.30 - 1,737,804 November 25, 2016 $ 0.30 8,501,786 4,168,692 November 25, 2016 $ 0.50 2,754,523 2,754,523 May 5, 2020 $ 0.08 1,250,000 - Total outstanding and exercisable 12,506,309 25,554,938 |
RISK MANAGEMENT AND FINANCIAL27
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS [Abstract] | |
Maximum exposure to credit risk with respect to cash | The Company's cash are as follows at June 30, 2016 and 2015: June 30, 2016 June 30, 2015 Cash (US institution) $ 46,698 $ 116,655 Cash (CDN institution) 652 652 $ 47,350 $ 117,307 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
INCOME TAXES [Abstract] | |
Provision for income taxes | The provision for income taxes consists of the following at June 30: 2016 2015 Current Expense $ - $ - Deferred Expense/(Benefit) (746,000 ) (482,000 ) Inc/(Dec) in valuation allowance 746,000 482,000 Total provision for income tax $ - $ - |
Income tax reconciliation | The total provision differs from the amount computed by applying federal statutory rates to loss before income taxes due to the following at June 30: 2016 2015 Provision for income tax at the statutory rate of 34% $ (1,578,000 ) $ (1,507,000 ) Increase(Decrease) in taxes due to Change in valuation allowance 746,000 482,000 Disallowed expense 419,000 (14,000 ) Federal Tax Return True Ups 64,000 (30,000 ) Expired & Cancelled Stock Op 349,000 729,000 Expired Net Operating Loss - 340,000 Total provision for income tax $ - $ - |
Components of net deferred income tax assets | The components of the net deferred income tax assets, calculated at an effective rate of 34%, are as follows at June 30: 2016 2015 Deferred income tax assets Current deferred tax assets Accrued Liabilities $ - $ - Valuation allowance - - Total current deferred tax assets - - Noncurrent deferred tax assets Net operating loss carryforwards 14,450,000 13,339,000 Nonqualified stock options 41,000 390,0000 Deferred Revenue 127,000 143,000 Capital loss carryforwards - - Unrealized Loss on Stock Compensation - - Legal dispute reserve - - Basis difference of fixed assets - - Valuation allowance (14,605,000 ) (13,859,000 ) Total noncurrent deferred tax assets 13,000 13,000 Noncurrent deferred tax liabilities Basis difference of fixed assets 13,000 13,000 Total noncurrent deferred tax liabilities 13,000 13,000 Net deferred tax asset/(liability) $ - $ - |
Amounts and expiration dates of Company's net operating loss carry-forwards | At June 30, 2016, the amounts and expiration dates of the Company's net operating loss carryforwards are as follows: Year Ended Expires Amount June 30, 1999 June 30, 2019 1,264,000 June 30, 2000 June 30, 2020 946,000 June 30, 2001 June 30, 2021 1,975,000 June 30, 2002 June 30, 2022 2,506,000 June 30, 2003 June 30, 2023 1,364,000 June 30, 2004 June 30, 2024 2,159,000 June 30, 2005 June 30, 2025 2,208,000 June 30, 2006 June 30, 2026 2,373,000 June 30, 2007 June 30, 2027 1,177,000 June 30, 2008 June 30, 2028 1,676,000 June 30, 2009 June 30, 2029 1,439,000 June 30, 2010 June 30, 2030 1,699,000 June 30, 2011 June 30, 2031 3,130,000 June 30, 2012 June 30, 2032 3,057,000 June 30, 2013 June 30, 2033 3,536,000 June 30, 2014 June 30, 2034 4,635,000 June 30, 2015 June 30, 2035 3,897,000 June 30, 2016 June 30, 2036 3,458,000 Total $ 42,499,000 |
SUPPLEMENTAL DISCLOSURE OF CA29
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract] | |
Supplemental disclosure of cash flow information | June 30, 2016 June 30, 2015 Changes in working capital Prepaid expenses $ 65,433 $ 49,995 Accounts payable and accruals 769,378 (218,574 ) Related party payable (30,480 ) Accounts receivable (21,894 ) - $ 782,437 $ (168,579 ) Shares issued for: Subscriptions received in prior year $ 107,500 $ 158,625 Settlement of debt 6,220 529,400 Settlement of convertible debenture 2,059,738 - Services and financing fees - 614,500 |
CONVERTIBLE DEBENTURES (Tables)
CONVERTIBLE DEBENTURES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
CONVERTIBLE DEBENTURES [Abstract] | |
Assumptions used in determining weighted average fair value of derivative financial liabilities | The following assumptions were used in determining the fair value of the derivative liabilities at inception during the year ended: June 30, 2016 Share price 0.16 – 0.50 Conversion price 0.11 – 0.37 Expected life (years) 0.78 – 2.00 Interest rate 0.42 - 0.63 % Volatility 76.39 – 101.5 % Dividend yield N/A Estimated forfeitures N/A The following assumptions were used in determining the fair value of the derivative financial liabilities as of: June 30, 2016 June 30, 2015 Share price 0.16 0.64 Conversion price 0.11 0.39 Expected life (years) 0.850 – 1.25 0.27 Interest rate 0.45 - 0.50 % 0.58 % Volatility 91.50 – 122.29 % 65.73 % Dividend yield N/A N/A Estimated forfeitures N/A N/A The following assumptions were used in determining the fair value of the derivative warrant liability as of: June 30, 2016 June 30, 2015 Share price 0.16 N/A Conversion price $ 0.0915 N/A Expected life (years) 1.85 N/A Interest rate 0.58 % N/A Volatility 92 % N/A Dividend yield N/A N/A Estimated forfeitures N/A N/A |
DEFERRED REVENUE (Tables)
DEFERRED REVENUE (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
DEFERRED REVENUE [Abstract] | |
Deferred revenue by arrangement | As of June 30, 2016 and June 30, 2015, the remaining deferred revenue was as follows: June 30, 2016 June 30, 2015 Current $ 50,000 $ 50,000 Non-current 320,833 370,833 $ 370,833 $ 420,833 |
LEASE AGREEMENTS (Tables)
LEASE AGREEMENTS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
LEASE AGREEMENTS [Abstract] | |
Lease agreement | Future minimum lease payments are as follows: 2017 30,000 2018 30,000 $ 60,000 |
NATURE OF OPERATIONS (Details)
NATURE OF OPERATIONS (Details) | 12 Months Ended |
Jun. 30, 2016 | |
NATURE OF OPERATIONS [Abstract] | |
Date of incorporation | Feb. 12, 1996 |
SIGNIFICANT ACCOUNTING POLICI34
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Principles of consolidation [Abstract] | ||
Ownership in Emergent Technologies Corp | 76.625% | |
Advertising [Abstract] | ||
Advertising expense | $ 39,357 | $ 97,119 |
Revenue recognition [Abstract] | ||
Term of license agreement with Hanwha L&C | 10 years | |
Income taxes [Abstract] | ||
Threshold for uncertain tax position recognition, minimum | 50.00% |
GOING CONCERN (Details)
GOING CONCERN (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jan. 11, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Subsidiary, Sale of Stock [Line Items] | |||
Net loss for period | $ (4,639,698) | $ (4,432,617) | |
Accumulated deficit | 57,622,282 | 52,982,584 | |
Working capital deficiency | $ 1,967,917 | 488,067 | |
Period in which entity estimates that without further funding it will deplete its cash resources | 3 months | ||
Proceeds from convertible debt | $ 1,863,950 | $ 245,000 | |
Short Term Loan Agreement Maturity on December 2, 2016 [Member] | Subsequent Event [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from convertible debt | $ 80,000 | ||
Private Placement [Member] | Subsequent Event [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from convertible debt | $ 554,155 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 279,524 | $ 265,768 |
Less: accumulated depreciation | (204,835) | (200,254) |
Property and equipment, net | 74,689 | 65,514 |
Depreciation expense | 4,581 | 3,254 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 118,680 | 104,924 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 96,279 | 96,279 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 64,565 | $ 64,565 |
STOCKHOLDERS' DEFICIT, Private
STOCKHOLDERS' DEFICIT, Private Placement (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Subsidiary, Sale of Stock [Line Items] | ||
Shares issued (in shares) | 15,463,881 | |
Total value of shares issued | $ 28,000 | $ 2,747,380 |
Convertible debt and derivative liability | $ 2,059,738 | |
Common stock at 0.48 per share [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Shares issued (in shares) | 13,000 | |
Sale of stock price per share (in dollars per share) | $ 0.48 | |
Total value of shares issued | $ 6,220 | |
Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 28,000 | |
Shares issued (in shares) | 56,000 | |
Sale of stock price per share (in dollars per share) | $ 0.50 | |
First Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 108,620 | |
Shares issued (in shares) | 638,940 | |
Sale of stock price per share (in dollars per share) | $ 0.17 | |
First Private Placement [Member] | Stock Purchase Warrant [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Sale of stock price per share (in dollars per share) | $ 0.001 | |
Warrants exercised (in shares) | 638,940 | |
Date from which warrants are exercisable | Feb. 16, 2016 | |
Exercise price of warrants (in dollars per share) | $ 0.30 | |
Second Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 305,478 | |
Shares issued (in shares) | 1,796,927 | |
Sale of stock price per share (in dollars per share) | $ 0.17 | |
Second Private Placement [Member] | Stock Purchase Warrant [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Sale of stock price per share (in dollars per share) | $ 0.001 | |
Warrants exercised (in shares) | 1,796,927 | |
Date from which warrants are exercisable | Feb. 16, 2016 | |
Exercise price of warrants (in dollars per share) | $ 0.30 | |
Third Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 160,622 | |
Shares issued (in shares) | 642,087 | |
Sale of stock price per share (in dollars per share) | $ 0.25 | |
Fourth Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 247,875 | |
Shares issued (in shares) | 701,447 | |
Sale of stock price per share (in dollars per share) | $ 0.35 | |
Fifth Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 263,720 | |
Shares issued (in shares) | 694,377 | |
Sale of stock price per share (in dollars per share) | $ 0.38 | |
Sixth Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 25,000 | |
Shares issued (in shares) | 100,000 | |
Sale of stock price per share (in dollars per share) | $ 0.25 | |
Seventh Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 48,500 | |
Shares issued (in shares) | 127,631 | |
Sale of stock price per share (in dollars per share) | $ 0.38 | |
Eighth Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 35,000 | |
Shares issued (in shares) | 100,000 | |
Sale of stock price per share (in dollars per share) | $ 0.35 | |
Ninth Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 239,000 | |
Shares issued (in shares) | 796,667 | |
Sale of stock price per share (in dollars per share) | $ 0.30 | |
Tenth Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 1,002,190 | |
Shares issued (in shares) | 3,340,633 | |
Sale of stock price per share (in dollars per share) | $ 0.30 | |
Eleventh Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 70,000 | |
Shares issued (in shares) | 230,000 | |
Sale of stock price per share (in dollars per share) | $ 0.30 | |
Twelfth Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from private placement | $ 400,000 | |
Shares issued (in shares) | 800,000 | |
Sale of stock price per share (in dollars per share) | $ 0.50 |
STOCKHOLDERS' DEFICIT, Stock Is
STOCKHOLDERS' DEFICIT, Stock Issuance (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Subsidiary, Sale of Stock [Line Items] | ||
Shares issued (in shares) | 15,463,881 | |
Total value of shares issued | $ 28,000 | $ 2,747,380 |
Common stock at 0.38 per share [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Shares issued pursuant to restricted stock award agreement (in shares) | 337,500 | 675,000 |
Fair value price per common share (in dollars per share) | $ 0.38 | $ 0.38 |
Common stock issuance pursuant to consulting agreements [Member] | Common stock at 0.31 per share [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Shares issued (in shares) | 50,000 | |
Sale of stock price (in dollars per share) | $ 0.31 | |
Total value of shares issued | $ 15,250 | |
Common stock issuance pursuant to consulting agreements [Member] | Common stock at 0.33 per share [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Shares issued (in shares) | 850,000 | |
Sale of stock price (in dollars per share) | $ 0.33 | |
Total value of shares issued | $ 280,500 | |
Common stock issuance pursuant to consulting agreements [Member] | Common stock at 0.48 per share [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Shares issued (in shares) | 150,000 | |
Sale of stock price (in dollars per share) | $ 0.48 | |
Total value of shares issued | $ 72,250 | |
Common stock issuance pursuant to consulting agreements [Member] | Common stock at 0.45 per share [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Shares issued (in shares) | 15,000 | |
Sale of stock price (in dollars per share) | $ 0.45 | |
Total value of shares issued | $ 6,750 | |
Common stock issuance pursuant to consulting agreements [Member] | Common stock at 0.68 per share [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Shares issued (in shares) | 50,000 | |
Sale of stock price (in dollars per share) | $ 0.68 | |
Total value of shares issued | $ 33,750 | |
Common stock issuance pursuant to consulting agreements [Member] | Common stock at 0.52 per share [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Shares issued (in shares) | 400,000 | |
Sale of stock price (in dollars per share) | $ 0.52 | |
Total value of shares issued | $ 206,000 |
STOCKHOLDERS' DEFICIT, Preferre
STOCKHOLDERS' DEFICIT, Preferred Stock (Details) - shares | Jun. 30, 2016 | Jun. 30, 2015 |
STOCKHOLDERS' DEFICIT [Abstract] | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 |
STOCKHOLDERS' DEFICIT, Stock Op
STOCKHOLDERS' DEFICIT, Stock Options and Stock-Based Compensation (Details) - USD ($) | 12 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2010 | Apr. 30, 2003 | Dec. 31, 2001 | Jan. 31, 2001 | |
Share-based Compensation [Abstract] | ||||||
Share-based compensation expense | $ 179,583 | |||||
Stock Options [Member] | ||||||
Share-based Compensation [Abstract] | ||||||
Unrecognized share based compensation | $ 196,576 | $ 376,159 | ||||
Unrecognized share based compensation weighted average recognition period | 1 year | 2 years | ||||
Stock Options and Warrants [Member] | ||||||
Share-based Compensation [Abstract] | ||||||
Share-based compensation expense | $ 179,584 | $ 184,622 | ||||
2001 Plan [Member] | ||||||
Share-based Compensation [Abstract] | ||||||
Number of shares authorized (in shares) | 3,500,000 | 2,500,000 | ||||
Number of options available for grant (in shares) | 0 | 0 | ||||
2003 Plan [Member] | ||||||
Share-based Compensation [Abstract] | ||||||
Number of shares authorized (in shares) | 1,500,000 | |||||
Number of options available for grant (in shares) | 0 | 0 | ||||
2009 Plan [Member] | ||||||
Share-based Compensation [Abstract] | ||||||
Number of shares authorized (in shares) | 4,000,000 | |||||
Number of options available for grant (in shares) | 0 | 0 |
STOCKHOLDERS' DEFICIT, Stock 41
STOCKHOLDERS' DEFICIT, Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jul. 02, 2015 | Jun. 30, 2015 | |
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 3,500,000 | ||||
Granted (in shares) | 0 | ||||
Outstanding, Ending of period (in shares) | 1,150,000 | 3,500,000 | |||
Price Per Option [Abstract] | |||||
Exercise price range, lower range limit (in dollars per share) | $ 0 | ||||
Weighted Average Exercise Price of Stock Options [Roll Forward] | |||||
Granted (in dollars per share) | $ 0 | ||||
Number of Options [Roll Forward] | |||||
Non-vested, Beginning of period (in shares) | 100,000 | ||||
Options granted (in shares) | 0 | ||||
Options forfeited (in shares) | 0 | ||||
Options vested (in shares) | (50,000) | ||||
Non-vested, Ending of period (in shares) | 50,000 | 100,000 | |||
Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted average grant date fair value, Beginning Balance (in dollars per share) | $ 0.25 | ||||
Options granted in period, weighted average grant date fair value (in dollars per share) | 0 | ||||
Options forfeited, weighted average grant date fair value (in dollars per share) | 0 | ||||
Options vested, weighted average grant date fair value (in dollars per share) | 0.25 | ||||
Weighted average grant date fair value, Ending Balance (in dollars per share) | $ 0.25 | $ 0.25 | |||
Options outstanding and exercisable [Abstract] | |||||
Total outstanding (in shares) | 1,150,000 | 3,500,000 | 1,150,000 | 3,500,000 | |
Total exercisable (in shares) | 1,100,000 | 3,400,000 | |||
Common stock issuable (in shares) | 204,000 | 250,000 | |||
Total compensation expense recognized | $ 179,583 | ||||
Expiry Date July 31, 2015 [Member] | |||||
Number of Restricted Stock Awards [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 88,000 | ||||
Outstanding, Ending of period (in shares) | 0 | 88,000 | |||
Expiry Date December 1, 2015 One [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 150,000 | ||||
Outstanding, Ending of period (in shares) | 0 | 150,000 | |||
Options outstanding and exercisable [Abstract] | |||||
Exercise price (in dollars per share) | $ 0.50 | ||||
Total outstanding (in shares) | 0 | 150,000 | 0 | 150,000 | |
Number of Restricted Stock Awards [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 1,000,000 | ||||
Outstanding, Ending of period (in shares) | 0 | 1,000,000 | |||
Expiry Date December 1, 2015 Two [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 100,000 | ||||
Outstanding, Ending of period (in shares) | 0 | 100,000 | |||
Options outstanding and exercisable [Abstract] | |||||
Exercise price (in dollars per share) | $ 0.85 | ||||
Total outstanding (in shares) | 0 | 100,000 | 0 | 100,000 | |
Expiry Date June 1, 2016 One [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 75,000 | ||||
Outstanding, Ending of period (in shares) | 0 | 75,000 | |||
Options outstanding and exercisable [Abstract] | |||||
Exercise price (in dollars per share) | $ 0.50 | ||||
Total outstanding (in shares) | 75,000 | 75,000 | 0 | 75,000 | |
Expiry Date June 1, 2016 Two [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 100,000 | ||||
Outstanding, Ending of period (in shares) | 0 | 100,000 | |||
Options outstanding and exercisable [Abstract] | |||||
Exercise price (in dollars per share) | $ 0.85 | ||||
Total outstanding (in shares) | 0 | 100,000 | 0 | 100,000 | |
Expiry Date June 30, 2016 [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 2,000,000 | ||||
Outstanding, Ending of period (in shares) | 0 | 2,000,000 | |||
Options outstanding and exercisable [Abstract] | |||||
Exercise price (in dollars per share) | $ 0.25 | ||||
Total outstanding (in shares) | 0 | 2,000,000 | 0 | 2,000,000 | |
Expiry Date December 1, 2016 One [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 100,000 | ||||
Outstanding, Ending of period (in shares) | 100,000 | 100,000 | |||
Options outstanding and exercisable [Abstract] | |||||
Exercise price (in dollars per share) | $ 0.85 | ||||
Total outstanding (in shares) | 100,000 | 100,000 | 100,000 | 100,000 | |
Expiry Date December 1, 2016 Two [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 75,000 | ||||
Outstanding, Ending of period (in shares) | 75,000 | 75,000 | |||
Options outstanding and exercisable [Abstract] | |||||
Exercise price (in dollars per share) | $ 0.50 | ||||
Total outstanding (in shares) | 75,000 | 75,000 | 75,000 | 75,000 | |
Expiry Date February 19, 2017 [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 750,000 | ||||
Outstanding, Ending of period (in shares) | 750,000 | 750,000 | |||
Options outstanding and exercisable [Abstract] | |||||
Exercise price (in dollars per share) | $ 0.31 | ||||
Total outstanding (in shares) | 750,000 | 750,000 | 750,000 | 750,000 | |
Expiry Date June 1, 2017 [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 75,000 | ||||
Outstanding, Ending of period (in shares) | 75,000 | 75,000 | |||
Options outstanding and exercisable [Abstract] | |||||
Exercise price (in dollars per share) | $ 0.50 | ||||
Total outstanding (in shares) | 75,000 | 75,000 | 75,000 | 75,000 | |
Expiry Date January 13, 2019 [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 50,000 | ||||
Outstanding, Ending of period (in shares) | 50,000 | 50,000 | |||
Options outstanding and exercisable [Abstract] | |||||
Exercise price (in dollars per share) | $ 0.25 | ||||
Total outstanding (in shares) | 50,000 | 50,000 | 50,000 | 50,000 | |
Expiry Date January 13, 2020 [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 50,000 | ||||
Outstanding, Ending of period (in shares) | 50,000 | 50,000 | |||
Options outstanding and exercisable [Abstract] | |||||
Exercise price (in dollars per share) | $ 0.25 | ||||
Total outstanding (in shares) | 50,000 | 50,000 | 50,000 | 50,000 | |
Expiry Date January 13, 2021 [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 50,000 | ||||
Outstanding, Ending of period (in shares) | 50,000 | 50,000 | |||
Options outstanding and exercisable [Abstract] | |||||
Exercise price (in dollars per share) | $ 0.25 | ||||
Total outstanding (in shares) | 50,000 | 50,000 | 50,000 | 50,000 | |
Stock Options [Member] | |||||
Options outstanding and exercisable [Abstract] | |||||
Weighted average remaining contractual lives outstanding | 1 year 1 month 17 days | 1 year 4 months 2 days | |||
Weighted average remaining contractual lives exercisable | 11 months 5 days | 1 year 2 months 12 days | |||
Aggregate intrinsic value of options outstanding | $ 0 | $ 1,128,000 | |||
Aggregate intrinsic value of exercisable options | $ 0 | $ 1,089,000 | |||
Restricted Shares [Member] | |||||
Options outstanding and exercisable [Abstract] | |||||
Stock-based compensation (in shares) | 377,500 | 675,000 | |||
Common stock issuable (in shares) | 600,000 | 600,000 | |||
Total compensation expense recognized | $ 179,584 | $ 184,622 | |||
Restricted Shares [Member] | Maximum [Member] | |||||
Options outstanding and exercisable [Abstract] | |||||
Vesting period | 4 years | ||||
Restricted Shares [Member] | Minimum [Member] | |||||
Options outstanding and exercisable [Abstract] | |||||
Vesting period | 3 years | ||||
Non-Vested Restricted Shares [Member] | |||||
Number of Restricted Stock Awards [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 875,000 | ||||
Granted (in shares) | 0 | ||||
Forfeited (in shares) | 0 | ||||
Vested (in shares) | (537,500) | ||||
Outstanding, Ending of period (in shares) | 337,500 | 875,000 | |||
Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted average grant date fair value, Beginning balance (in dollars per share) | $ 0.35 | ||||
Weighted average grant date fair value, Granted (in dollars per share) | 0 | ||||
Weighted average grant date fair value, Forfeited (in dollars per share) | 0 | ||||
Weighted average grant date fair value, Vested (in dollars per share) | 0.33 | ||||
Weighted average grant date fair value, Ending balance (in dollars per share) | $ 0.38 | $ 0.35 | |||
$0.25 to $1.00 [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Beginning of period (in shares) | 3,500,000 | ||||
Outstanding, Ending of period (in shares) | 3,500,000 | ||||
Weighted Average Exercise Price of Stock Options [Roll Forward] | |||||
Outstanding, Beginning of period (in dollars per share) | $ 0.34 | ||||
Outstanding, Ending of period (in dollars per share) | $ 0.34 | ||||
Options outstanding and exercisable [Abstract] | |||||
Total outstanding (in shares) | 3,500,000 | 3,500,000 | 3,500,000 | ||
$0.25 to $1.00 [Member] | Maximum [Member] | |||||
Price Per Option [Abstract] | |||||
Exercise price range, upper range limit (in dollars per share) | $ 0.85 | ||||
$0.25 to $1.00 [Member] | Minimum [Member] | |||||
Price Per Option [Abstract] | |||||
Exercise price range, lower range limit (in dollars per share) | $ 0.25 | ||||
$0.50 [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Cancelled (in shares) | 0 | ||||
Price Per Option [Abstract] | |||||
Exercise price range, lower range limit (in dollars per share) | $ 0 | ||||
Weighted Average Exercise Price of Stock Options [Roll Forward] | |||||
Cancelled (in dollars per share) | $ 0 | ||||
$0.25 to $1.00 [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Expired (in shares) | (2,350,000) | ||||
Weighted Average Exercise Price of Stock Options [Roll Forward] | |||||
Expired (in dollars per share) | $ 0.32 | ||||
$0.25 to $1.00 [Member] | Maximum [Member] | |||||
Price Per Option [Abstract] | |||||
Exercise price range, upper range limit (in dollars per share) | 0.85 | ||||
$0.25 to $1.00 [Member] | Minimum [Member] | |||||
Price Per Option [Abstract] | |||||
Exercise price range, lower range limit (in dollars per share) | $ 0.25 | ||||
$0.25 to $0.85 [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Outstanding, Ending of period (in shares) | 1,150,000 | ||||
Weighted Average Exercise Price of Stock Options [Roll Forward] | |||||
Outstanding, Ending of period (in dollars per share) | $ 0.37 | ||||
Options outstanding and exercisable [Abstract] | |||||
Total outstanding (in shares) | 1,150,000 | 1,150,000 | |||
$0.25 to $0.85 [Member] | Maximum [Member] | |||||
Price Per Option [Abstract] | |||||
Exercise price range, upper range limit (in dollars per share) | $ 0.85 | ||||
$0.25 to $0.85 [Member] | Minimum [Member] | |||||
Price Per Option [Abstract] | |||||
Exercise price range, lower range limit (in dollars per share) | $ 0.25 | ||||
$0.25 to $0.85 [Member] | |||||
Stock Option Activity [Roll Forward] | |||||
Exercisable, End of period (in shares) | 1,100,000 | ||||
Weighted Average Exercise Price of Stock Options [Roll Forward] | |||||
Exercisable (in dollars per share) | $ 0.38 | ||||
$0.25 to $0.85 [Member] | Maximum [Member] | |||||
Price Per Option [Abstract] | |||||
Exercise price range, upper range limit (in dollars per share) | $ 0.85 | ||||
$0.25 to $0.85 [Member] | Minimum [Member] | |||||
Price Per Option [Abstract] | |||||
Exercise price range, lower range limit (in dollars per share) | $ 0.25 |
STOCKHOLDERS' DEFICIT, Stock Pu
STOCKHOLDERS' DEFICIT, Stock Purchase Warrants (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Weighted Average Exercise Price [Abstract] | ||
Total outstanding and exercisable (in shares) | 12,506,309 | 25,554,938 |
Stock Purchase Warrant [Member] | ||
Number of Warrants [Roll Forward] | ||
Balance (in shares) | 25,554,938 | |
Issued (in shares) | 1,250,000 | |
Expired (in shares) | (11,033,060) | |
Exercised (in shares) | (3,265,569) | |
Balance (in shares) | 12,506,309 | 25,554,938 |
Price per Warrant [Abstract] | ||
Issued (in dollars per share) | $ 0.08 | |
Weighted Average Exercise Price [Abstract] | ||
Balance (in dollars per share) | 0.33 | |
Issued (in dollars per share) | 0.08 | |
Expired (in dollars per share) | 0.33 | |
Exercised (in dollars per share) | 0.31 | |
Balance (in dollars per share) | 0.32 | $ 0.33 |
Minimum [Member] | Stock Purchase Warrant [Member] | ||
Price per Warrant [Abstract] | ||
Balance (in dollars per share) | 0.25 | |
Expired (in dollars per share) | 0.25 | |
Exercised (in dollars per share) | 0.30 | |
Balance (in dollars per share) | 0.08 | 0.25 |
Maximum [Member] | Stock Purchase Warrant [Member] | ||
Price per Warrant [Abstract] | ||
Balance (in dollars per share) | 0.60 | |
Expired (in dollars per share) | 0.60 | |
Exercised (in dollars per share) | 0.50 | |
Balance (in dollars per share) | $ 0.50 | $ 0.60 |
Expiry Date January 31, 2015 [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 150,000 |
Exercise price of warrants (in dollars per share) | $ 0.50 | |
Expiry Date February 28, 2015 [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 200,000 |
Exercise price of warrants (in dollars per share) | $ 0.50 | |
Expiry Date June 30, 2015 [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 125,000 |
Exercise price of warrants (in dollars per share) | $ 0.30 | |
Expiry Date July 31, 2015 [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 88,000 |
Exercise price of warrants (in dollars per share) | $ 0.50 | |
Expiry Date September 13, 2015 [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 44,757 |
Exercise price of warrants (in dollars per share) | $ 0.60 | |
Expiry Date October 1, 2015 [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 13,191,405 |
Exercise price of warrants (in dollars per share) | $ 0.30 | |
Expiry Date October 1, 2015 One [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 450,000 |
Exercise price of warrants (in dollars per share) | $ 0.50 | |
Expiry Date December 1, 2015 [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 936,405 |
Exercise price of warrants (in dollars per share) | $ 0.30 | |
Expiry Date December 1, 2015 One [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 1,000,000 |
Exercise price of warrants (in dollars per share) | $ 0.50 | |
Expiry Date December 31, 2015 [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 157,000 |
Exercise price of warrants (in dollars per share) | $ 0.30 | |
Expiry Date January 1, 2016 [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 249,235 |
Exercise price of warrants (in dollars per share) | $ 0.30 | |
Expiry Date February 16, 2016 [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 302,117 |
Exercise price of warrants (in dollars per share) | $ 0.25 | |
Expiry Date February 16, 2016 One [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 0 | 1,737,804 |
Exercise price of warrants (in dollars per share) | $ 0.30 | |
Expiry Date November 25, 2016 [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 8,501,786 | 4,168,692 |
Exercise price of warrants (in dollars per share) | $ 0.30 | |
Expiry Date November 25, 2016 One [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 2,754,523 | 2,754,523 |
Exercise price of warrants (in dollars per share) | $ 0.50 | |
Expiry Date November 25, 2016 One [Member] | Stock Purchase Warrant [Member] | ||
Number of Warrants [Roll Forward] | ||
Exercisable (in shares) | 955,646 | |
Price per Warrant [Abstract] | ||
Exercised (in dollars per share) | $ 0.30 | |
Expiry Date May 5, 2020 [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Number of warrants (in shares) | 1,250,000 | 0 |
Exercise price of warrants (in dollars per share) | $ 0.08 | |
Expiry Date November 25, 2016 Two [Member] | Stock Purchase Warrant [Member] | ||
Number of Warrants [Roll Forward] | ||
Exercisable (in shares) | 588,236 | |
Price per Warrant [Abstract] | ||
Exercised (in dollars per share) | $ 0.30 | |
Expiry Date November 25, 2016 Three [Member] | Stock Purchase Warrant [Member] | ||
Number of Warrants [Roll Forward] | ||
Exercisable (in shares) | 157,000 | |
Price per Warrant [Abstract] | ||
Exercised (in dollars per share) | $ 0.30 | |
Expiry Date November 25, 2016 Four [Member] | Stock Purchase Warrant [Member] | ||
Number of Warrants [Roll Forward] | ||
Exercisable (in shares) | 466,629 | |
Price per Warrant [Abstract] | ||
Exercised (in dollars per share) | $ 0.30 |
STOCKHOLDERS' DEFICIT, Share Ob
STOCKHOLDERS' DEFICIT, Share Obligations (Details) - USD ($) | Aug. 19, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jul. 02, 2015 |
Share Obligations [Line Items] | ||||
Number of share issued per month (in shares) | 6,000 | |||
Common shares issued (in shares) | 0 | |||
Common stock issuable (in shares) | 204,000 | 250,000 | ||
Weighted average fair value (in dollars per share) | $ 0.43 | |||
Value of shares obligated to be issued | $ 26,460 | $ 23,340 | ||
Cumulative value of shares obligated to be issued | 86,940 | |||
Fair value of shares obligation to issue | $ 29,250 | |||
Total value of subscriptions amount | 107,500 | |||
Shares issued on conversion of debt (in shares) | 950,000 | |||
Convertible debt converted | $ 280,282 | |||
Minimum [Member] | ||||
Share Obligations [Line Items] | ||||
Consulting agreement, payment amount | $ 5,000 | |||
Maximum [Member] | ||||
Share Obligations [Line Items] | ||||
Consulting agreement, payment amount | $ 12,500 | |||
Subscription [Member] | Stock Purchase Warrant [Member] | ||||
Share Obligations [Line Items] | ||||
Common shares issued (in shares) | 331,667 | |||
Total value of subscriptions amount | $ 107,500 |
RISK MANAGEMENT AND FINANCIAL44
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Details) - Credit Concentration Risk [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Maximum exposure to credit risk [Abstract] | ||
Cash | $ 47,350 | $ 117,307 |
US Institution [Member] | ||
Maximum exposure to credit risk [Abstract] | ||
Cash | 46,698 | 116,655 |
CDN Institution [Member] | ||
Maximum exposure to credit risk [Abstract] | ||
Cash | $ 652 | $ 652 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Provision for income taxes [Abstract] | ||
Current expense | $ 0 | $ 0 |
Deferred Expense/(Benefit) | (746,000) | (482,000) |
Inc/(Dec) in valuation allowance | 746,000 | 482,000 |
Total provision for income tax | 0 | 0 |
Income tax reconciliation [Abstract] | ||
Provision for income tax at the statutory rate of 34% | (1,578,000) | (1,507,000) |
Increase (decrease) in taxes due to [Abstract] | ||
Change in valuation allowance | 746,000 | 482,000 |
Disallowed expense | 419,000 | (14,000) |
Federal Tax Return True Ups | 64,000 | (30,000) |
Expired & Cancelled Stock Op | 349,000 | 729,000 |
Expired Net Operating Loss | 0 | 340,000 |
Total provision for income tax | $ 0 | 0 |
Federal statutory income tax rate | 34.00% | |
Current deferred tax assets [Abstract] | ||
Accrued Liabilities | $ 0 | 0 |
Valuation allowance | 0 | 0 |
Total current deferred tax assets | 0 | 0 |
Noncurrent deferred tax assets [Abstract] | ||
Net operating loss carryforwards | 14,450,000 | 13,339,000 |
Nonqualified stock options | 41,000 | 390,000 |
Deferred Revenue | 127,000 | 143,000 |
Capital loss carryforwards | 0 | 0 |
Unrealized Loss on Stock Compensation | 0 | 0 |
Legal dispute reserve | 0 | 0 |
Basis difference of fixed assets | 0 | 0 |
Valuation allowance | (14,605,000) | (13,859,000) |
Total noncurrent deferred tax assets | 13,000 | 13,000 |
Noncurrent deferred tax liabilities [Abstract] | ||
Basis difference of fixed assets | 13,000 | 13,000 |
Total noncurrent deferred tax liabilities | 13,000 | 13,000 |
Net deferred tax asset/(liability) | 0 | $ 0 |
Operating Loss Carryforwards [Line Items] | ||
Amount | 42,499,000 | |
Tax Credit Carryforward [Line Items] | ||
Unrecognized tax benefit | 336,000 | |
Accrued interest and penalties | $ 0 | |
Year Ended June 30, 1999 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2019 | |
Amount | $ 1,264,000 | |
Year Ended June 30, 2000 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2020 | |
Amount | $ 946,000 | |
Year Ended June 30, 2001 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2021 | |
Amount | $ 1,975,000 | |
Year Ended June 30, 2002 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2022 | |
Amount | $ 2,506,000 | |
Year Ended June 30, 2003 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2023 | |
Amount | $ 1,364,000 | |
Year Ended June 30, 2004 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2024 | |
Amount | $ 2,159,000 | |
Year Ended June 30, 2005 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2025 | |
Amount | $ 2,208,000 | |
Year Ended June 30, 2006 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2026 | |
Amount | $ 2,373,000 | |
Year Ended June 30, 2007 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2027 | |
Amount | $ 1,177,000 | |
Year Ended June 30, 2008 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2028 | |
Amount | $ 1,676,000 | |
Year Ended June 30, 2009 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2029 | |
Amount | $ 1,439,000 | |
Year Ended June 30, 2010 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2030 | |
Amount | $ 1,699,000 | |
Year Ended June 30, 2011 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2031 | |
Amount | $ 3,130,000 | |
Year Ended June 30, 2012 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2032 | |
Amount | $ 3,057,000 | |
Year Ended June 30, 2013 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2033 | |
Amount | $ 3,536,000 | |
Year Ended June 30, 2014 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2034 | |
Amount | $ 4,635,000 | |
Year Ended June 30, 2015 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2035 | |
Amount | $ 3,897,000 | |
Year Ended June 30, 2016 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expires | Jun. 30, 2036 | |
Amount | $ 3,458,000 |
SUPPLEMENTAL DISCLOSURE OF CA46
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Changes in working capital [Abstract] | ||
Prepaid expenses | $ 65,433 | $ 49,995 |
Accounts payable and accruals | 769,378 | (218,574) |
Related party payable | (30,480) | |
Accounts receivable | (21,894) | 0 |
Changes in working capital | 782,437 | (168,579) |
Shares issued for [Abstract] | ||
Subscriptions received in prior year | 107,500 | 158,625 |
Settlement of debt | 6,220 | 529,400 |
Settlement of convertible debentures | 2,059,738 | 0 |
Services and financing fees | $ 0 | $ 614,500 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Executives [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties for management fees and business related reimbursement | $ 30,000 | $ 60,480 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 12 Months Ended |
Jun. 30, 2016Segment | |
SEGMENT INFORMATION [Abstract] | |
Number of operating segments | 1 |
CONVERTIBLE DEBENTURES (Details
CONVERTIBLE DEBENTURES (Details) | Jun. 07, 2016USD ($)$ / sharesshares | May 05, 2016USD ($)TradingPrice | Mar. 25, 2016USD ($) | Mar. 21, 2016USD ($)TradingPriceDebenture | Feb. 05, 2016USD ($) | Feb. 04, 2016USD ($)TradingPrice | Jan. 28, 2016USD ($) | Nov. 17, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 24, 2015USD ($) | Sep. 23, 2015USD ($)Debenture | Aug. 20, 2015USD ($) | Jul. 23, 2015USD ($) | Jun. 30, 2016USD ($)TradingPriceDebenture$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares |
Short-term Debt [Line Items] | |||||||||||||||
Debt instrument issued | $ 1,863,950 | $ 245,000 | |||||||||||||
Gain on extinguishment of debt | 149,194 | (6,577) | |||||||||||||
Debt instrument accrued interest | $ (5,500) | 0 | |||||||||||||
Shares issued on conversion of debt (in shares) | shares | 950,000 | ||||||||||||||
Convertible debentures | $ 664,621 | 94,107 | |||||||||||||
Fair value of derivative liabilities | 142,797 | 87,821 | |||||||||||||
Fair value of warrant liability | $ 87,500 | 0 | |||||||||||||
JMJ Financial [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Trading period | 10 days | ||||||||||||||
Share purchase warrants issued (in shares) | shares | 1,250,000 | ||||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.20 | ||||||||||||||
Convertible Debenture [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Face value of convertible debentures | $ 1,189,649 | $ 133,976 | |||||||||||||
Number of shares of common stock that would be required to settle remaining tranches of convertible debt (in shares) | shares | 1,374,041 | 343,177 | |||||||||||||
Shares issued on conversion of debt (in shares) | shares | 15,463,881 | ||||||||||||||
Debt conversion price (in dollars per share) | $ / shares | $ 0.11 | $ 0.26 | |||||||||||||
Shares issued on conversion of debt | $ 815,837 | ||||||||||||||
Fair value of the derivative liability | 2,059,738 | ||||||||||||||
Face value of debentures extinguished, settled with cash | 231,642 | ||||||||||||||
Convertible debentures | 664,621 | $ 94,107 | |||||||||||||
Fair value of derivative liabilities | 142,797 | 87,821 | |||||||||||||
Fair value of warrant liability | 87,500 | 0 | |||||||||||||
Gain (loss) on fair value of derivative liability | (815,491) | (1,092) | |||||||||||||
Amount of conversion feature liability | 115,079 | ||||||||||||||
Remaining amount of conversion feature liability | 700,412 | ||||||||||||||
Accrued interest on convertible debenture | 146,087 | 4,976 | |||||||||||||
Debt discount amortization, interest on convertible debentures | $ 103,956 | $ 511,623 | |||||||||||||
Convertible Debenture [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Debt instrument issued | $ 125,000 | $ 75,000 | $ 100,000 | $ 100,000 | $ 165,000 | ||||||||||
Debt instrument, legal fees | $ 3,500 | $ 3,500 | $ 4,000 | $ 4,000 | $ 4,000 | ||||||||||
Stated interest rate | 8.00% | ||||||||||||||
Conversion period of debt at the option of the issuer | 180 days | ||||||||||||||
Conversion price of debenture to market rate | 63.00% | ||||||||||||||
Number of lowest trading prices | TradingPrice | 3 | ||||||||||||||
Trading period | 10 days | ||||||||||||||
Limitation to conversion of issued and outstanding | 4.99% | ||||||||||||||
Number of convertible debentures transferred | Debenture | 2 | 2 | |||||||||||||
Gain on extinguishment of debt | $ 67,148 | $ 1,927 | |||||||||||||
Net proceeds allocated to derivative liability components | $ 261,974 | ||||||||||||||
Residual net proceeds allocated to debt components | $ 30,026 | ||||||||||||||
Convertible Debenture [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Debt instrument issued | $ 273,000 | $ 98,950 | $ 273,000 | ||||||||||||
Debt instrument, legal fees | 5,000 | ||||||||||||||
Conversion period of debt at the option of the issuer | 180 days | ||||||||||||||
Conversion price of debenture to market rate | 63.00% | 63.00% | |||||||||||||
Number of lowest trading prices | TradingPrice | 5 | ||||||||||||||
Trading period | 25 days | 10 days | |||||||||||||
Limitation to conversion of issued and outstanding | 9.99% | ||||||||||||||
Gain on extinguishment of debt | $ 75,149 | ||||||||||||||
Other issue discount | $ 61,050 | ||||||||||||||
Face value of convertible debentures | $ 104,000 | ||||||||||||||
Debt instrument accrued interest | 3,100 | ||||||||||||||
Debt instrument additional consideration received on amendment terms amount | 20,686 | ||||||||||||||
Volume of common shares traded amount | 10,000 | ||||||||||||||
Value of market capitalization limitation to conversion of issued and outstanding | $ 2,500,000 | ||||||||||||||
Convertible Debenture [Member] | Vista Capital Investments, LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Conversion price of debenture to market rate | 63.00% | ||||||||||||||
Number of lowest trading prices | TradingPrice | 1 | ||||||||||||||
Trading period | 25 days | ||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 145.00% | ||||||||||||||
Net proceeds allocated to derivative liability components | 215,250 | ||||||||||||||
Residual net proceeds allocated to debt components | $ 0 | ||||||||||||||
Value of market capitalization limitation to conversion of issued and outstanding | $ 2,500,000 | ||||||||||||||
Number of shares of common stock that would be required to settle remaining tranches of convertible debt (in shares) | shares | 2,833,333 | ||||||||||||||
Percentage of upfront interest charged | 5.00% | ||||||||||||||
Convertible Debenture [Member] | JMJ Financial [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Debt instrument issued | $ 416,325 | $ 300,000 | $ 300,000 | ||||||||||||
Number of days until interest can be charged | 90 days | ||||||||||||||
Conversion period of debt at the option of the issuer | 90 days | ||||||||||||||
Conversion price of debenture to market rate | 75.00% | ||||||||||||||
Number of lowest trading prices | TradingPrice | 2 | ||||||||||||||
Trading period | 20 days | ||||||||||||||
Limitation to conversion of issued and outstanding | 4.99% | ||||||||||||||
Net proceeds allocated to derivative liability components | $ 234,087 | ||||||||||||||
Residual net proceeds allocated to debt components | $ 65,913 | ||||||||||||||
Number of convertible debt notes | Debenture | 2 | ||||||||||||||
Face value of convertible debentures | $ 650,000 | ||||||||||||||
Percentage of upfront fee | 8.00% | ||||||||||||||
Debt instrument due term | 2 days | ||||||||||||||
Shares issued on conversion of debt (in shares) | shares | 5,250,000 | ||||||||||||||
Debt conversion price (in dollars per share) | $ / shares | $ 0.0793 | ||||||||||||||
Upfront fee on loans | $ 26,087 | ||||||||||||||
Convertible Debenture [Member] | SBI Investments, LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Debt instrument issued | $ 273,575 | ||||||||||||||
Face value of convertible debentures | 222,667 | ||||||||||||||
Debt instrument accrued interest | 6,375 | ||||||||||||||
Debt instrument additional consideration received on amendment terms amount | 44,533 | ||||||||||||||
Convertible Debenture [Member] | Independent Lender [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Debt instrument issued | 136,787 | ||||||||||||||
Face value of convertible debentures | 111,333 | ||||||||||||||
Debt instrument accrued interest | 3,187 | ||||||||||||||
Debt instrument additional consideration received on amendment terms amount | $ 22,267 | ||||||||||||||
Convertible Debenture [Member] | Minimum [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Stated interest rate | 8.00% | ||||||||||||||
Limitation to conversion of issued and outstanding | 4.99% | ||||||||||||||
Percentage of common shares traded | 15.00% | ||||||||||||||
Convertible Debenture [Member] | Minimum [Member] | Vista Capital Investments, LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Limitation to conversion of issued and outstanding | 4.99% | ||||||||||||||
Convertible Debenture [Member] | Maximum [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Stated interest rate | 22.00% | ||||||||||||||
Convertible Debenture [Member] | Maximum [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Stated interest rate | 18.00% | ||||||||||||||
Limitation to conversion of issued and outstanding | 9.99% | ||||||||||||||
Convertible Debenture [Member] | Maximum [Member] | Vista Capital Investments, LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Limitation to conversion of issued and outstanding | 9.99% | ||||||||||||||
Prepayment period of outstanding principal | 150 days | ||||||||||||||
Convertible Debenture [Member] | Condition 1 [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 107.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 1 [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 105.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 1 [Member] | JMJ Financial [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Stated interest rate | 0.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 1 [Member] | Maximum [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 30 days | ||||||||||||||
Convertible Debenture [Member] | Condition 1 [Member] | Maximum [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 30 days | ||||||||||||||
Convertible Debenture [Member] | Condition 2 [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 113.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 2 [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 110.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 2 [Member] | JMJ Financial [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Stated interest rate | 8.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 2 [Member] | Minimum [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 31 days | ||||||||||||||
Convertible Debenture [Member] | Condition 2 [Member] | Minimum [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 31 days | ||||||||||||||
Convertible Debenture [Member] | Condition 2 [Member] | Maximum [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 60 days | ||||||||||||||
Convertible Debenture [Member] | Condition 2 [Member] | Maximum [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 60 days | ||||||||||||||
Convertible Debenture [Member] | Condition 3 [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 118.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 3 [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 118.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 3 [Member] | Minimum [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 61 days | ||||||||||||||
Convertible Debenture [Member] | Condition 3 [Member] | Minimum [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 61 days | ||||||||||||||
Convertible Debenture [Member] | Condition 3 [Member] | Maximum [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 90 days | ||||||||||||||
Convertible Debenture [Member] | Condition 3 [Member] | Maximum [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 90 days | ||||||||||||||
Convertible Debenture [Member] | Condition 4 [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 123.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 4 [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 123.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 4 [Member] | Minimum [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 91 days | ||||||||||||||
Convertible Debenture [Member] | Condition 4 [Member] | Minimum [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 91 days | ||||||||||||||
Convertible Debenture [Member] | Condition 4 [Member] | Maximum [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 120 days | ||||||||||||||
Convertible Debenture [Member] | Condition 4 [Member] | Maximum [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 120 days | ||||||||||||||
Convertible Debenture [Member] | Condition 5 [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 128.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 5 [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 130.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 5 [Member] | Minimum [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 121 days | ||||||||||||||
Convertible Debenture [Member] | Condition 5 [Member] | Minimum [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 121 days | ||||||||||||||
Convertible Debenture [Member] | Condition 5 [Member] | Maximum [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 150 days | ||||||||||||||
Convertible Debenture [Member] | Condition 5 [Member] | Maximum [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 180 days | ||||||||||||||
Convertible Debenture [Member] | Condition 6 [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 130.00% | ||||||||||||||
Convertible Debenture [Member] | Condition 6 [Member] | Minimum [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 151 days | ||||||||||||||
Convertible Debenture [Member] | Condition 6 [Member] | Maximum [Member] | Vis Vires Group, Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 180 days | ||||||||||||||
Convertible Debenture Two [Member] | JMJ Financial [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Debt instrument issued | $ 900,000 | ||||||||||||||
Number of days until interest can be charged | 90 days | ||||||||||||||
Conversion period of debt at the option of the issuer | 120 days | ||||||||||||||
Conversion price of debenture to market rate | 65.00% | ||||||||||||||
Number of lowest trading prices | TradingPrice | 2 | ||||||||||||||
Trading period | 25 days | ||||||||||||||
Limitation to conversion of issued and outstanding | 4.99% | ||||||||||||||
Other issue discount | $ 100,000 | ||||||||||||||
Percentage of upfront fee | 10.00% | ||||||||||||||
Convertible Debenture Two [Member] | Condition 1 [Member] | JMJ Financial [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Stated interest rate | 0.00% | ||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 120.00% | ||||||||||||||
Convertible Debenture Two [Member] | Condition 1 [Member] | Maximum [Member] | JMJ Financial [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 90 days | ||||||||||||||
Convertible Debenture Two [Member] | Condition 2 [Member] | JMJ Financial [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Stated interest rate | 12.00% | ||||||||||||||
Prepayment multiplier with accrued interest and unpaid interest | 140.00% | ||||||||||||||
Convertible Debenture Two [Member] | Condition 2 [Member] | Minimum [Member] | JMJ Financial [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 91 days | ||||||||||||||
Convertible Debenture Two [Member] | Condition 2 [Member] | Maximum [Member] | JMJ Financial [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Prepayment period of outstanding principal | 180 days | ||||||||||||||
New Convertible Note One [Member] | River North Equity LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Debt instrument issued | $ 127,786 | ||||||||||||||
Net proceeds allocated to derivative liability components | $ 508,587 | ||||||||||||||
Residual net proceeds allocated to debt components | $ 29,561 | ||||||||||||||
New Convertible Note One [Member] | Vista Capital Investments, LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Face value of convertible debentures | $ 126,000 | ||||||||||||||
Debt instrument accrued interest | 8,507 | ||||||||||||||
Debt instrument premium amount | 13,493 | ||||||||||||||
Debt instrument convertible amount | 104,000 | ||||||||||||||
New Convertible Note Two [Member] | Vista Capital Investments, LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Face value of convertible debentures | 89,250 | ||||||||||||||
Debt instrument accrued interest | 5,858 | ||||||||||||||
Debt instrument premium amount | 4,892 | ||||||||||||||
Debt instrument convertible amount | $ 78,500 |
CONVERTIBLE DEBENTURES, Assumpt
CONVERTIBLE DEBENTURES, Assumptions Used To Determine Fair Value Of Derivative Liabilities (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Financial Liability at Inception [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Dividend yield | ||
Estimated forfeitures | ||
Derivative Financial Liability at Inception [Member] | Minimum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Share price (in dollars per share) | $ 0.16 | |
Conversion price (in dollars per share) | $ 0.11 | |
Expected life | 9 months 11 days | |
Interest rate | 0.42% | |
Volatility | 76.39% | |
Derivative Financial Liability at Inception [Member] | Maximum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Share price (in dollars per share) | $ 0.50 | |
Conversion price (in dollars per share) | $ 0.37 | |
Expected life | 2 years | |
Interest rate | 0.63% | |
Volatility | 101.50% | |
Derivative Financial Liability at Balance Sheet Date [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Share price (in dollars per share) | $ 0.16 | $ 0.64 |
Conversion price (in dollars per share) | $ 0.11 | $ 0.39 |
Expected life | 3 months 7 days | |
Interest rate | 0.58% | |
Volatility | 65.73% | |
Dividend yield | ||
Estimated forfeitures | ||
Derivative Financial Liability at Balance Sheet Date [Member] | Minimum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Expected life | 10 months 6 days | |
Interest rate | 0.45% | |
Volatility | 91.50% | |
Derivative Financial Liability at Balance Sheet Date [Member] | Maximum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Expected life | 1 year 3 months | |
Interest rate | 0.50% | |
Volatility | 122.29% | |
Derivative Financial Instruments, Warrant Liability [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Share price (in dollars per share) | $ 0.16 | |
Conversion price (in dollars per share) | $ 0.0915 | |
Expected life | 1 year 10 months 6 days | |
Interest rate | 0.58% | |
Volatility | 92.00% | |
Dividend yield | ||
Estimated forfeitures |
LOAN PAYABLE (Details)
LOAN PAYABLE (Details) - Loans Payable [Member] - USD ($) | Aug. 22, 2016 | Aug. 08, 2016 | Jul. 29, 2016 | Jul. 18, 2016 | Jul. 05, 2016 | May 09, 2016 | Mar. 30, 2016 | Mar. 08, 2016 | Jan. 02, 2016 | Jun. 30, 2016 | Jun. 30, 2015 |
Debt Instrument [Line Items] | |||||||||||
Prepaid insurance | $ 45,609 | $ 45,351 | |||||||||
Repayment of debt | $ 146,000 | ||||||||||
New Financing Arrangement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable face amount | $ 73,176 | ||||||||||
Interest rate | 3.189% | ||||||||||
Monthly payment settle amount | $ 8,131 | ||||||||||
Loan outstanding balance | 32,522 | $ 32,335 | |||||||||
Short Term Loan Agreement Maturity on July 1, 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable face amount | $ 110,000 | ||||||||||
Interest rate | 5.00% | ||||||||||
Loan outstanding balance | $ 115,500 | ||||||||||
Interest expense on debt | $ 5,500 | ||||||||||
Interest percentage on unpaid principal and interest on loan default | 130.00% | ||||||||||
Debt conversion price percentage on market price | 65.00% | ||||||||||
Number of trading days | 15 days | ||||||||||
Short term debt conversion limit percentage | 4.99% | ||||||||||
Market capitalization | $ 2,500,000 | ||||||||||
Increase in short term debt conversion limit percentage | 9.99% | ||||||||||
Short Term Loan Agreement Maturity on July 2, 2016 [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of debt | $ 35,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 5,500 | ||||||
Short Term Loan Agreement Maturity on May 8, 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable face amount | $ 120,000 | ||||||||||
Maturity date | May 8, 2016 | ||||||||||
Legal fees | $ 6,000 | ||||||||||
Original issue discount fees | $ 20,000 | ||||||||||
Short Term Loan Agreement Maturity on April 4, 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable face amount | $ 10,000 | ||||||||||
Interest expense on debt | $ 500 | ||||||||||
Maturity date | Apr. 4, 2016 |
EXTINGUISHMENT OF DEBT (Details
EXTINGUISHMENT OF DEBT (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Extinguishment of Debt [Line Items] | ||
Common stock, shares issued (in shares) | 950,000 | |
Gain on extinguishment of liabilities | $ 149,194 | $ (6,577) |
Consultant [Member] | ||
Extinguishment of Debt [Line Items] | ||
Accounts payable amount | $ 25,000 | |
Common stock, shares issued (in shares) | 54,347 | |
Debt conversion price option (in dollars per share) | $ 0.46 | |
Legal Fees [Member] | ||
Extinguishment of Debt [Line Items] | ||
Unpaid fees | $ 200,000 | |
Repayment of debt | 100,000 | |
Deposit in advance of services | 50,000 | |
Gain on extinguishment of liabilities | $ 0 | $ 100,000 |
DEFERRED REVENUE (Details)
DEFERRED REVENUE (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Deferred Revenue Arrangement [Line Items] | ||||
Other income | $ 6,680 | $ 257 | ||
Current | 50,000 | 50,000 | ||
Non-current | 320,833 | 370,833 | ||
Deferred revenue | 370,833 | $ 420,833 | $ 250,000 | |
License [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Period of license agreement | 10 years | |||
Number of business days when license fees to be paid | 15 days | |||
Maximum term for payment of license fees | 1 year | |||
Other income | $ 50,000 | $ 29,167 |
LEASE AGREEMENTS (Details)
LEASE AGREEMENTS (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Future Minimum Lease Payments [Abstract] | ||
2,017 | $ 30,000 | |
2,018 | 30,000 | |
Total | 60,000 | |
Rent expense | $ 76,542 | $ 48,212 |
Expiration date | Jun. 30, 2018 | |
Monthly payments | $ 2,500 |
COMMITMENTS (Details)
COMMITMENTS (Details) - USD ($) | Aug. 19, 2013 | Jun. 30, 2016 | Jun. 30, 2015 |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Issued (in shares) | 0 | ||
Number of shares vested (in shares) | 50,000 | ||
Share-based compensation expense | $ 179,583 | ||
Monthly issuance of share for consulting services (in shares) | 6,000 | ||
Contract One [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Term of agreement | 3 years | ||
Annual salary | $ 150,000 | ||
Issued (in shares) | 202,500 | ||
Common stock vesting percentage on grant date and each anniversary thereafter | 25.00% | ||
Number of shares vested (in shares) | 607,500 | 405,000 | |
Contract One [Member] | Common Stock [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Issued (in shares) | 810,000 | ||
Contract Two [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Term of agreement | 3 years | ||
Annual salary | $ 100,000 | ||
Issued (in shares) | 135,000 | ||
Common stock vesting percentage on grant date and each anniversary thereafter | 25.00% | ||
Number of shares vested (in shares) | 405,000 | 270,000 | |
Contract Two [Member] | Common Stock [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Issued (in shares) | 540,000 | ||
Contract Three [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Term of agreement | 3 years | ||
Annual salary | $ 200,000 | ||
Issued (in shares) | 500,000 | ||
Common stock vesting percentage on grant date and each anniversary thereafter | 33.00% | ||
Number of shares vested (in shares) | 500,000 | ||
Contract Three [Member] | Common Stock [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Issued (in shares) | 500,000 | ||
Contract Four [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Term of agreement | 3 years | ||
Annual salary | $ 170,000 | ||
Issued (in shares) | 100,000 | ||
Common stock vesting percentage on grant date and each anniversary thereafter | 33.00% | ||
Number of shares vested (in shares) | 100,000 | ||
Contract Four [Member] | Common Stock [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Issued (in shares) | 100,000 | ||
Contract Five [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Monthly issuance of share for consulting services (in shares) | 6,000 | ||
Contract Five [Member] | Maximum [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Monthly consulting fees | $ 12,500 | ||
Contract Five [Member] | Minimum [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Monthly consulting fees | $ 5,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Jan. 11, 2017USD ($)$ / sharesshares | Sep. 21, 2016USD ($)shares | Sep. 02, 2016USD ($)shares | Aug. 22, 2016USD ($)$ / sharesshares | Jul. 27, 2016USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Jan. 11, 2017USD ($)$ / shares | Jun. 30, 2016USD ($)Share$ / sharesshares | Jun. 30, 2015USD ($)shares | Nov. 29, 2016shares |
Subsequent Event [Line Items] | ||||||||||
Shares issued (in shares) | 15,463,881 | |||||||||
Proceeds from convertible debentures | $ | $ 1,863,950 | $ 245,000 | ||||||||
Shares issued on conversion of debt (in shares) | 950,000 | |||||||||
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | ||||||||
Private Placement [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Proceeds from private placement | $ | $ 28,000 | |||||||||
Shares issued (in shares) | 56,000 | |||||||||
Number of units consisted of each common share | Share | 1 | |||||||||
Sale of stock price (in dollars per share) | $ / shares | $ 0.50 | |||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued on conversion of debt (in shares) | 1,035,864 | |||||||||
Face value of convertible debentures | $ | $ 69,649 | |||||||||
Common stock, shares authorized (in shares) | 250,000,000 | |||||||||
Subsequent Event [Member] | Promissory Notes [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Proceeds from convertible debentures | $ | $ 80,000 | |||||||||
Promissory note agreement fee, net | $ | 8,000 | |||||||||
Gross proceeds from promissory note agreement | $ | $ 88,000 | |||||||||
One-time interest charge | 10.00% | |||||||||
Common shares issuable (in shares) | 100,000 | |||||||||
Number of days to issue common shares from start of note | 14 days | |||||||||
Increase in percentage due to non-payment of debt | 140.00% | |||||||||
Subsequent Event [Member] | Private Placement [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Proceeds from private placement | $ | $ 23,800 | $ 94,000 | $ 226,355 | $ 210,000 | ||||||
Shares issued (in shares) | 340,000 | 817,391 | 1,968,304 | 3,000,000 | ||||||
Sale of stock price (in dollars per share) | $ / shares | $ 0.07 | $ 0.115 | $ 0.115 | $ 0.07 | $ 0.07 | |||||
Warrants exercised (in shares) | 85,000 | 204,348 | 492,076 | 750,000 | ||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.20 | $ 0.30 | $ 0.30 | $ 0.20 | $ 0.20 | |||||
Proceeds from convertible debentures | $ | $ 554,155 | |||||||||
Subsequent Event [Member] | Common Stock [Member] | Private Placement [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Sale of stock price (in dollars per share) | $ / shares | $ 0.001 | |||||||||
Subsequent Event [Member] | Warrant [Member] | Private Placement [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Sale of stock price (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |