Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2015
o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
Commission File Number: 000-52956
QUANTUM MATERIALS CORP.
(Exact name of Registrant as specified in its charter)
Nevada |
|
20-8195578 |
(State or other jurisdiction of incorporation) |
|
(IRS Employer Identification No.) |
3055 Hunter Road
San Marcos, TX 78666
(Address of principal executive offices)
214-701-8779
(Registrants telephone number)
Check whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the 12 preceding months (or such shorter period that the registrant was required to submit and post such file). Yes x No o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer o Accelerated Filer o Non-Accelerated Filer o Smaller Reporting Company x
As of February 8, 2016, there were 322,654,998 shares of common stock, $0.001 par value per share, outstanding.
Table of Contents
QUANTUM MATERIALS CORP.
CONSOLIDATED BALANCE SHEETS
|
|
December 31, |
|
June 30, |
|
|
|
2015 |
|
2015 |
|
|
|
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
309,209 |
|
$ |
673,839 |
|
Restricted cash |
|
|
|
65,330 |
|
Prepaid expenses and other current assets |
|
240,504 |
|
258,391 |
|
TOTAL CURRENT ASSETS |
|
549,713 |
|
997,560 |
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $105,615 and $63,615 |
|
777,687 |
|
776,039 |
|
|
|
|
|
|
|
LICENSES AND PATENTS, net of accumulated amortization of $55,981 and $36,707 |
|
136,762 |
|
156,036 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,464,162 |
|
$ |
1,929,635 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
542,046 |
|
$ |
364,797 |
|
Accrued salaries |
|
240,832 |
|
577,027 |
|
Deferred revenue |
|
225,000 |
|
|
|
TOTAL CURRENT LIABILITIES |
|
1,007,878 |
|
941,824 |
|
|
|
|
|
|
|
CONVERTIBLE DEBENTURE, net of current portion and unamortized discount |
|
344,062 |
|
258,838 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
1,351,940 |
|
1,200,662 |
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS EQUITY |
|
|
|
|
|
Common stock, $.001 par value, authorized 400,000,000 shares, 321,793,887 and 307,097,420 issued and outstanding at December 31, 2015 and June 30, 2015, respectively |
|
321,794 |
|
307,097 |
|
Additional paid-in capital |
|
26,854,336 |
|
24,099,177 |
|
Accumulated deficit |
|
(27,063,908 |
) |
(23,677,301 |
) |
TOTAL STOCKHOLDERS EQUITY |
|
112,222 |
|
728,973 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
|
$ |
1,464,162 |
|
$ |
1,929,635 |
|
The accompanying notes are an integral part of these consolidated financial statements.
2
Table of Contents
QUANTUM MATERIALS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2014 |
|
|
|
2014 |
|
|
|
2015 |
|
(Restated) |
|
2015 |
|
(Restated) |
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
2,410,431 |
|
$ |
1,312,418 |
|
$ |
3,308,325 |
|
$ |
1,743,550 |
|
Research and development |
|
55,724 |
|
16,271 |
|
146,055 |
|
47,662 |
|
TOTAL OPERATING EXPENSES |
|
2,466,155 |
|
1,328,689 |
|
3,454,380 |
|
1,791,212 |
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM OPERATIONS |
|
(2,466,155 |
) |
(1,328,689 |
) |
(3,454,380 |
) |
(1,791,212 |
) |
|
|
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE |
|
|
|
|
|
|
|
|
|
Change in fair value of derivative liabilities |
|
|
|
(1,307,790 |
) |
|
|
(1,871,337 |
) |
Gain on settlement |
|
|
|
(546,129 |
) |
(174,568 |
) |
(546,129 |
) |
Beneficial conversion expense |
|
|
|
58,333 |
|
|
|
230,309 |
|
Interest expense, net |
|
10,466 |
|
13,100 |
|
21,571 |
|
25,838 |
|
Accretion of debt discount |
|
43,037 |
|
206,462 |
|
85,224 |
|
218,410 |
|
TOTAL OTHER (INCOME) EXPENSE |
|
53,503 |
|
(1,576,024 |
) |
(67,773 |
) |
(1,942,909 |
) |
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME |
|
$ |
(2,519,658 |
) |
$ |
247,335 |
|
$ |
(3,386,607 |
) |
$ |
151,697 |
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.01 |
) |
$ |
0.00 |
|
$ |
(0.01 |
) |
$ |
0.00 |
|
Diluted |
|
$ |
(0.01 |
) |
$ |
0.00 |
|
$ |
(0.01 |
) |
$ |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
Basic |
|
318,834,426 |
|
268,188,500 |
|
313,323,370 |
|
262,898,920 |
|
Diluted |
|
318,834,426 |
|
329,666,907 |
|
313,323,370 |
|
327,687,853 |
|
The accompanying notes are an integral part of these consolidated financial statements.
3
Table of Contents
QUANTUM MATERIALS CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY
(Unaudited)
|
|
|
|
|
|
Additional |
|
|
|
Total |
|
|
|
Common Stock |
|
Paid-in |
|
Accumulated |
|
Stockholders |
|
|
|
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at June 30, 2015 |
|
307,097,420 |
|
$ |
307,097 |
|
$ |
24,099,177 |
|
$ |
(23,677,301 |
) |
$ |
728,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued for cash |
|
1,000,000 |
|
1,000 |
|
99,000 |
|
|
|
100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued for warrant and option exercises |
|
11,584,767 |
|
11,585 |
|
358,092 |
|
|
|
369,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued for services |
|
2,500,000 |
|
2,500 |
|
247,500 |
|
|
|
250,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cancellation of shares |
|
(638,300 |
) |
(638 |
) |
(252,930 |
) |
|
|
(253,568 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Stock warrants issued in exchange for accrued salaries |
|
|
|
|
|
821,979 |
|
|
|
821,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
250,000 |
|
250 |
|
1,481,518 |
|
|
|
1,481,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
(3,386,607 |
) |
(3,386,607 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Balances at December 31, 2015 |
|
321,793,887 |
|
$ |
321,794 |
|
$ |
26,854,336 |
|
$ |
(27,063,908 |
) |
$ |
112,222 |
|
The accompanying notes are an integral part of these consolidated financial statements.
4
Table of Contents
QUANTUM MATERIALS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
Six Months Ended |
|
|
|
December 31, |
|
|
|
|
|
2014 |
|
|
|
2015 |
|
(Restated) |
|
|
|
(unaudited) |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
Net (loss) income |
|
$ |
(3,386,607 |
) |
$ |
151,697 |
|
Adjustments to reconcile net (loss) income to net cash used in operating activities: |
|
|
|
|
|
Depreciation and amortization expense |
|
61,274 |
|
30,376 |
|
Stock-based compensation |
|
1,930,220 |
|
97,233 |
|
Stock issued for services |
|
88,715 |
|
|
|
Stock options issued for services |
|
|
|
467,616 |
|
Stock issued for interest |
|
|
|
21,806 |
|
Gain on settlement |
|
(174,568 |
) |
(546,129 |
) |
Beneficial conversion feature |
|
|
|
230,309 |
|
Change in fair value of derivative liability |
|
|
|
(1,871,337 |
) |
Accretion of debt discount |
|
85,224 |
|
218,410 |
|
Effects of changes in operating assets and liabilities: |
|
|
|
|
|
Prepaid expenses and other current assets |
|
179,172 |
|
|
|
Accounts payable and accrued expenses |
|
174,758 |
|
(46,978 |
) |
Accrued salaries |
|
|
|
36,271 |
|
Deferred revenue |
|
225,000 |
|
|
|
NET CASH USED IN OPERATING ACTIVITIES |
|
(816,812 |
) |
(1,210,726 |
) |
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
Purchase of property and equipment |
|
(43,648 |
) |
(52,541 |
) |
Purchase of license and patents |
|
|
|
(137,743 |
) |
Change in restricted cash investments |
|
65,330 |
|
64,865 |
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
|
21,682 |
|
(125,419 |
) |
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
Proceeds from issuance of common stock |
|
430,500 |
|
763,606 |
|
Proceeds from issuance of convertible debenture |
|
|
|
550,050 |
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
|
430,500 |
|
1,313,656 |
|
|
|
|
|
|
|
NET DECREASE IN CASH |
|
(364,630 |
) |
(22,489 |
) |
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, beginning of period |
|
673,839 |
|
120,501 |
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, end of period |
|
$ |
309,209 |
|
$ |
98,012 |
|
The accompanying notes are an integral part of these consolidated financial statements.
5
Table of Contents
QUANTUM MATERIALS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 BASIS OF PRESENTATION
General
The accompanying consolidated financial statements include the accounts of Quantum Materials Corp. and its wholly owned subsidiary, Solterra Renewable Technologies, Inc. (collectively referred to as the Company).
The consolidated financial statements of the Company as of and for the six months ended December 31, 2015 are unaudited and have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended June 30, 2015. The year-end balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. In the opinion of management, the accompanying unaudited financial information includes all adjustments necessary for a fair presentation of the interim financial information. Operating results for the interim periods are not necessarily indicative of the results of any subsequent periods. Certain information in the footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) has been condensed or omitted for the interim periods presented under the United States Securities and Exchange Commission (SEC) rules and regulations. As such, these interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Companys Annual Report on Form 10-K for the year ended June 30, 2015. Certain amounts in the prior year consolidated financial statements have been reclassified to conform to the classifications of the current year consolidated financial statements.
Nature of Operations
The Company is a nanotechnology company specializing in the design, development, production and supply of quantum dots, including tetrapod quantum dots, a high performance variant of quantum dots, and highly uniform nanoparticles, using its patented automated continuous flow production process. Quantum dots and nanoparticles are expected to be increasingly utilized in a range of applications in the life sciences, television and display, solid state lighting, solar energy, battery, security ink, and sensor sectors of the market. Key uncertainties and risks to the Company include, but are not limited to, if and how quickly various industries adopt and fully embrace quantum dot technology and technological changes, including those developed by our competitors, rendering our technology uncompetitive or obsolete.
Going Concern
The Company recorded losses from continuing operations in the current period presented and has a history of losses. The ability of the Company to continue as a going concern is dependent upon its ability to reverse negative operating trends, obtain revenues from operations, raise additional capital, and/or obtain debt financing.
In conjunction with anticipated revenue streams, management is currently negotiating equity financing, the proceeds from which would be used to settle outstanding debts, to finance operations, and for general corporate purposes. However, there can be no assurance that the Company will be able to raise capital, obtain debt financing, or improve operating results sufficiently to continue as a going concern.
The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern.
6
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Restatement of Unaudited Quarterly Financial Data
The Company identified certain errors in the Companys previously released financial information for the quarters ended December 31, 2014 and March 31, 2015. As a result of the identification of the issues, various accounting corrections to the previously reported financial information were recorded and reported on Form 10-K/A filed with the Securities and Exchange Commission on February 2, 2016.
NOTE 2 PROPERTY AND EQUIPMENT
Property and equipment consisted of the following:
|
|
December 31, |
|
June 30, |
|
|
|
2015 |
|
2015 |
|
|
|
(unaudited) |
|
|
|
Furniture and fixtures |
|
$ |
1,625 |
|
$ |
1,625 |
|
Computers and software |
|
11,447 |
|
11,447 |
|
Machinery and equipment |
|
870,230 |
|
826,582 |
|
|
|
883,302 |
|
839,654 |
|
Less: accumulated depreciation |
|
105,615 |
|
63,615 |
|
|
|
|
|
|
|
Total property and equipment, net |
|
$ |
777,687 |
|
$ |
776,039 |
|
Depreciation expense for the three months ended December 31, 2015 and 2014 was $21,591 and $8,354, respectively, and $42,000 and $15,693 for the six months ended December 31, 2015 and 2014, respectively.
NOTE 3 LICENSES AND PATENTS
Licenses and patents consisted of the following:
|
|
December 31, |
|
June 30, |
|
|
|
2015 |
|
2015 |
|
|
|
(unaudited) |
|
|
|
William Marsh Rice University |
|
$ |
40,000 |
|
$ |
40,000 |
|
University of Arizona |
|
15,000 |
|
15,000 |
|
Bayer acquired patents |
|
137,743 |
|
137,743 |
|
|
|
192,743 |
|
192,743 |
|
Less: accumulated amortization |
|
55,981 |
|
36,707 |
|
|
|
|
|
|
|
Total licenses and patents, net |
|
$ |
136,762 |
|
$ |
156,036 |
|
Amortization expense for the three months ended December 31, 2015 and 2014 was $9,637 and $9,637, respectively, and $19,274 and $14,683 for the six months ended December 31, 2015 and 2014, respectively.
NOTE 4 FAIR VALUE OF FINANCIAL INSTRUMENTS
The Company follows ASU 2011-04 Fair Value Measurement as it relates to financial assets and financial liabilities, which defines fair value, establishes a framework for measuring fair value under GAAP and expands
7
Table of Contents
disclosures about fair value measurements. The provisions of this standard apply to other accounting pronouncements that require or permit fair value measurements.
This guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Hierarchical levels, as defined in this guidance and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities are as follows:
Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 Inputs that are both significant to the fair value measurement and unobservable.
The reported fair values for financial instruments that use Level 2 and Level 3 inputs to determine fair value are based on a variety of factors and assumptions. Accordingly, certain fair values may not represent actual values of the financial instruments that could have been realized as of December 31, 2015 and June 30, 2015 or that will be realized in the future and do not include expenses that could be incurred in an actual sale or settlement.
The carrying amounts of cash and cash equivalents and accounts payable approximate their fair value due to the short maturity of those instruments.
Convertible Debentures
The Company measured the estimated fair value of the convertible debentures using significant other observable inputs, representative of a Level 2 fair value measurement, including the interest and conversion rates for the instruments. The following table sets forth the fair value of the Companys convertible debentures as of December 31, 2015 and June 30, 2015:
|
|
December 31, 2015 |
|
June 30, 2015 |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Carrying |
|
Fair |
|
Carrying |
|
Fair |
|
|
|
Amount |
|
Value |
|
Amount |
|
Value |
|
Convertible debentures issued September 18, 2014 |
|
$ |
25,050 |
|
$ |
25,050 |
|
$ |
25,050 |
|
$ |
31,730 |
|
Convertible debentures issued January 15, 2015 |
|
$ |
500,000 |
|
$ |
1,250,000 |
|
$ |
500,000 |
|
$ |
1,583,333 |
|
Derivative Liabilities
The Company has evaluated the application of ASC 815, Derivatives and Hedging, to the Convertible Debenture issued November 4, 2008. Based on the guidance in ASC 815, the Company concluded these instruments were required to be accounted for as derivatives as of July 1, 2009 due to the down round protection feature on the conversion price and the exercise price. The Company records the fair value of these derivatives on its consolidated balance sheets at fair value with changes in the values of these derivatives reflected in the consolidated statements of operations as Change in fair value of derivative liabilities. These derivative instruments are not designated as hedging instruments under ASC 815. At June 30, 2014, all of the Companys derivative liabilities were categorized as Level 3 fair value assets. During the three and six months ended December 31, 2014, the Company recognized a gain of $1,307,790 and $1,871,337, respectively, and is included in the statements of operations as change in fair value of derivative liabilities. Due to the conversion of the notes, at June 30, 2015 all of the Companys derivative liabilities have been realized.
8
Table of Contents
Level 3 Valuation Techniques
Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 financial liabilities consist of the derivative liabilities for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. At the date of the original transaction, the Company valued the convertible debenture that contains down round provisions using a lattice model, with the assistance of a valuation consultant, for which management understands the methodologies. This model incorporated transaction details such as the Companys stock price, contractual terms, maturity, risk free rates, as well as assumptions about future financings, volatility, and holder behavior. Using assumptions, consistent with the original valuation, the Company has subsequently used the Black-Scholes model for calculating the fair value.
The Company is not a party to any hedge arrangements, commodity swap agreements or any other derivative financial instruments other than described above.
NOTE 5 CONVERTIBLE DEBENTURES
The following table sets forth activity associated with the convertible debentures:
|
|
December 31, |
|
June 30, |
|
|
|
2015 |
|
2015 |
|
|
|
(unaudited) |
|
|
|
Convertible debentures issued November 4, 2008 |
|
$ |
|
|
$ |
500,000 |
|
Convertible debentures issued February 6, 2014 |
|
|
|
400,000 |
|
Convertible debentures issued September 18, 2014 |
|
25,050 |
|
500,050 |
|
Convertible debentures issued November 25, 2014 |
|
|
|
350,000 |
|
Convertible debentures issued January 15, 2015 |
|
500,000 |
|
500,000 |
|
|
|
525,050 |
|
2,250,050 |
|
Less: amount converted to shares |
|
|
|
1,725,000 |
|
Total convertible debentures outstanding |
|
525,050 |
|
525,050 |
|
Less: unamortized discount |
|
180,988 |
|
266,212 |
|
|
|
344,062 |
|
258,838 |
|
Less: current portion |
|
|
|
|
|
|
|
|
|
|
|
Total convertible debentures, net of current portion |
|
$ |
344,062 |
|
$ |
258,838 |
|
November 2008 Convertible Debenture
On November 4, 2008, the Company entered into a Securities Purchase Agreement, Debenture, Security Agreement, Subsidiary Guarantee Agreement, Registration Rights Agreement, Escrow Agreement, Stock Pledge Agreement and other related transactional documents (the Transaction Documents) to obtain $1,500,000 in gross proceeds from three non-affiliated parties (collectively hereinafter referred to as the Debenture Holders) in exchange for 3,525,000 restricted shares of common stock of the Company (the Restricted Shares) and Debentures in the principal amount aggregating $1,500,000. Each Debenture originally had a term of three years maturing on November 4, 2011 bearing interest at the rate of 8% per annum and is pre-payable by the Company at any time without penalty, subject to the Debenture Holders conversion rights. In 2011, the Company obtained a one year extension of the maturity date of the Debentures through November 4, 2014. In partial consideration of such a loan extension, the Company agreed to issue to the Debenture Holders warrants to purchase an aggregate of 2,000,000 shares of common stock exercisable at $0.10 per share. These Warrants contain cashless exercise provisions in the
9
Table of Contents
event that there is no current registration statement filed. The maturity date was extended to November 4, 2014 in June 2013 and the conversion price per share was lowered to $0.06 per share.
On June 30, 2014, $1,000,000 of the Debentures were converted into 16,666,667 common shares. The remaining $500,000 was converted at $0.06 per share into 8,333,333 of common shares at the due date November 4, 2014. The Company recorded the conversion at the fair market value of the shares at the date of conversion, off-set by the reduction of the derivative liability.
Interest expense for the three months ended December 31, 2015 and 2014 was $0 and $9,027, respectively, and $0 and $21,805 for the six months ended December 31, 2015 and 2014, respectively.
As of December 31 and June 30, 2015, $0 of principal was outstanding.
February 2014 Convertible Debenture
On February 6, 2014, the Company entered into a Securities Purchase Agreement, Debenture and Escrow Agreement to obtain $400,000 in gross proceeds from two non-affiliated parties (collectively hereinafter referred to as the Debenture Holders). The Debentures have a term of two years maturing on January 31, 2016 and bear interest at the rate of 8% per annum. The Debentures are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion at a conversion price of $0.04 per share at any date. The Debenture Holders received 5,000,000 common stock warrants exercisable at $0.06 per share through December 31, 2016. The debt is secured by a security interest in certain microreactor equipment. Pursuant to the Securities Purchase Agreement, the investor has certain preferential rights to fund a second microreactor at a cost of up to $650,000. Such rights were exercised as described under the January 2015 Convertible Debenture below.
In accounting for the above convertible debentures, the Company allocated the fair value of the warrants to the proceeds received in the amount of $95,603, recorded as debt discount.
In January 2015, the holders of the $400,000 convertible debenture converted into 10,000,000 shares of common stock. As of December 31 and June 30, 2015, $0 of principal was outstanding.
September 2014 Convertible Debenture
Between September 16, 2014 and October 28, 2014, the Company entered into Convertible Debenture Agreements to obtain a total of $500,050 in gross proceeds from five non-affiliated parties (collectively hereinafter referred to as the Debenture Holders). The Debentures have terms of five years maturing between September 16, 2019 and October 30, 2019. The Debentures bear interest at the rate of 6% per annum and are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion at a conversion price of $0.15 per share at any date, and will receive an equal number of warrants having a strike price of $0.30 per share and a term of five years.
In accounting for the above convertible debentures, the Company allocated the fair value of the warrants to the proceeds received in the amount of $203,074, recorded as debt discount. The debt discount is amortized using the effective interest rate method over the life of the loan, five years. The Company recognized accretion of debt discount expense for the three months ended December 31, 2015 and 2014 of $0 and $191,126, respectively, and $0 and $203,074 for the six months ended December 31, 2015 and 2014, respectively. The Company recognized a beneficial conversion expense for the three months ended December 31, 2015 and 2014 of $0 and $58,333, respectively, and $0 and $230,309 for the six months ended December 31, 2015 and 2014, respectively. Interest expense for the three months ended December 31, 2015 and 2014 was $384 and $4,073, respectively, and $768 and $4,073 for the six months ended December 31, 2015 and 2014, respectively.
In October 2014, $350,000 of the Debentures were converted into 2,333,333 shares of common stock and an equal number of warrants and in December 2014, $125,000 of the Debentures were converted into 833,334 shares of common stock and an equal number of warrants. As of December 31 and June 30, 2015, $25,050 of principal was outstanding.
10
Table of Contents
November 2014 Convertible Debenture
On November 25, 2014, the Company entered into a Convertible Debenture Agreement which would allow the Company to borrow up to a total of $500,000 in gross proceeds from a non-affiliated party. The Debenture has a term of five years maturing on November 25, 2019 and bears interest at the rate of 6% per annum and is pre-payable by the Company at any time without penalty. The debenture holder funded five times between December 2014 and April 2015 for total proceeds to the Company of $350,000. The first three fundings of $50,000 each have the right of conversion at a conversion price of $0.15 per share at any date, and will receive an equal number of warrants having a strike price of $0.30 per share and a term of two years. The fourth funding of $50,000 has the right of conversion at a conversion price of $0.12 per share at any date, and will receive an equal number of warrants having a strike price of $0.24 per share and a term of two years. The fifth funding of $150,000 has the right of conversion at a conversion price of $0.10 per share at any date, and will receive an equal number of warrants having a strike price of $0.20 per share and a term of two years. In January 2015 $100,000 was converted into 666,667 of common stock and in April 2015 $250,000 was converted into 2,250,000 of common stock.
As of December 31 and June 30, 2015, $0 of principal was outstanding.
On September 18, 2015, the Company notified the debenture holder that per the terms of the debenture, the debenture was deemed cancelled.
January 2015 Convertible Debenture
On January 15, 2015, the Company entered into Convertible Debenture Agreements to obtain $500,000 in gross proceeds from two non-affiliated parties (collectively hereinafter referred to as the Debenture Holders). The Debentures have a term of two years maturing on January 15, 2017 and bear interest at the rate of 8% per annum. The debentures are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion at a conversion price of $0.06 per share at any date. The Debenture Holders received 6,250,000 common stock warrants exercisable at $0.06 per share through January 15, 2017. The debt is secured by a security interest in certain microreactor equipment. The Agreement also provides for the investors to have the right to appoint one member to the Companys Board of Directors in the event that any one of the aforementioned debentures are converted into common stock of the Company.
In accounting for the convertible debentures, the Company allocated the fair value of the warrants to the proceeds received in the amount of $348,105, recorded as debt discount and is amortized using the effective interest rate method over the life of the loan, two years. The Company recognized accretion of debt discount expense for the three months ended December 31, 2015 and 2014 of $43,037 and $0, respectively, and $85,224 and $0 for the six months ended December 31, 2015 and 2014, respectively. Interest expense for the three months ended December 31, 2015 and 2014 was $10,082 and $0, respectively, and $20,164 and $0 for the six months ended December 31, 2015 and 2014, respectively.
NOTE 6 DEFERRED REVENUE
During the six months ended December 31, 2015, the Company recorded $225,000 of deferred revenue. This represents full payment pursuant to the previously announced funded product development agreement with Nitto Denko Corporation (the Agreement). The Agreement does not require specific deliverables by the Company, however it does place certain restrictions on the Companys ability to communicate with a limited number of specifically named businesses during the four month term of the agreement. Management does not believe that the restrictions have a material negative affect on the Companys business prospects. All $225,000 of deferred revenue will be earned and recognized in the quarter ended March, 31, 2016.
11
Table of Contents
NOTE 7 EQUITY TRANSACTIONS
Common Stock
During the six months ended December 31, 2015, the Company issued 1,000,000 shares of common stock for cash proceeds of $100,000. Additionally, investors exercised options and warrants to purchase 11,584,767 shares of common stock for cash proceeds of $330,500 and forgiveness of a liability of $39,177. Included were cashless exercises of 3,325,000 options and 6,802,634 warrants that resulted in the issuance of 2,146,629 and 3,381,154 shares of common stock, respectively.
During the six months ended December 31, 2015, the Company granted 2,400,000 shares of common stock to consultants at the fair market value of $240,000. This was recognized as a prepaid asset and will be amortized to expense over the life of the agreement. Additionally, the Company granted 100,000 shares of common stock to consultants at the fair market value of $10,000 and was recognized as general and administrative expense.
During the six months ended December 31, 2015, the Company cancelled 638,300 shares of common stock. See Note 13.
Stock Warrants
A summary of activity of the Companys stock warrants for the six months ended December 31, 2015 is presented below:
|
|
|
|
|
|
Weighted |
|
|
|
|
|
Weighted |
|
|
|
Average |
|
Weighted |
|
|
|
Average |
|
|
|
Remaining |
|
Average |
|
|
|
Exercise |
|
Number of |
|
Contractual |
|
Grant Date |
|
|
|
Price |
|
Warrants |
|
Term in Years |
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2015 |
|
$ |
0.09 |
|
48,284,833 |
|
|
|
$ |
0.13 |
|
Expired |
|
0.07 |
|
(6,895,833 |
) |
|
|
0.08 |
|
Granted |
|
0.06 |
|
8,465,175 |
|
|
|
0.14 |
|
Exercised |
|
0.07 |
|
(12,859,618 |
) |
|
|
0.09 |
|
Cancelled |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2015 |
|
$ |
0.09 |
|
36,994,557 |
|
1.45 |
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
Vested and exercisable as of December 31, 2015 |
|
$ |
0.09 |
|
36,994,557 |
|
1.45 |
|
$ |
0.15 |
|
During the six months ended December 31, 2015, 6,802,634 warrants were exercised in cashless transactions that resulted in the issuance of 3,381,154 shares of common stock.
In November 2015, certain officers and employees converted accrued salaries of $409,667 into 6,827,778 warrants to purchase the Companys common stock. The warrants are exercisable at $0.06 per share for a period of two years. The fair value of the stock warrants at the time of conversion was $821,979. The variance of $412,312 was recognized as stock-based compensation in general and administrative expense.
Outstanding warrants at December 31, 2015 expire during the period January 2016 to November 2019 and have exercise prices ranging from $0.04 to $0.30.
NOTE 8 STOCK-BASED COMPENSATION
The Company follows ASC 718 Compensation Stock Compensation for share-based payments which requires all stock-based payments, including stock options, to be recognized as an operating expense over the vesting period, based on their grant date fair values.
12
Table of Contents
In October 2009 the Board of Directors authorized the approval of a stock option plan covering 7,500,000 shares of common stock, which was increased to 10,000,000 shares in December 2009 and approved by stockholders in January 2010. The Plan provides for the direct issuance of common stock and the grant of incentive and non-incentive stock options. As of December 31, 2015, 9,200,000 options have been granted, with terms ranging from five to ten years, and 250,000 have been cancelled.
In January 2013 the Board of Directors authorized the approval of a stock option plan covering 20,000,000 shares of common stock, which was increased to 60,000,000 shares in March 2013 and approved by stockholders in March 2013. The Plan provides for the direct issuance of common stock and the grant of incentive and non-incentive stock options. As of December 31, 2015, 62,703,473 options have been granted, with terms ranging from five to ten years, 3,325,000 have been exercised and 12,703,225 have been cancelled.
In March 2012 3,500,000 stock options, with a term of five years, were granted outside of the 2009 and 2013 stock option plans. In May, September and October 2015, 2,000,000, 1,000,000 and 500,000 stock options, respectively, with terms of ten years, were granted outside of the 2009 and 2013 stock option plans.
Incentive Stock Options: The Company estimates the fair value of each stock option on the date of grant using the Black-Scholes-Merton valuation model. The volatility is based on expected volatility over the expected life of sixty months. Compensation cost is recognized based on awards that are ultimately expected to vest, therefore, the Company has reduced the cost for estimated forfeitures based on historical forfeiture rates. As the Company has not historically declared dividends, the dividend yield used in the calculation is zero. Actual value realized, if any, is dependent on the future performance of the Companys common stock and overall stock market conditions. There is no assurance the value realized by an optionee will be at or near the value estimated by the Black-Scholes-Merton model.
The Company did not grant any stock options during the six months ended December 31, 2014. The following assumptions were used for the six months ended December 31, 2015:
|
|
Six Months Ended |
|
|
|
December 31, 2015 |
|
|
|
|
|
Expected volatility |
|
147.62 |
% |
Expected dividend yield |
|
|
|
Risk-free interest rates |
|
1.49 |
% |
Expected term (in years) |
|
5.0 |
|
The computation of expected volatility during the six months ended December 31, 2015 was based on the historical volatility. Historical volatility was calculated from historical data for the time approximately equal to the expected term of the option award starting from the grant date. The risk-free interest rate assumption is based upon the U.S. Treasury yield curve in effect at the time of grant for the period corresponding with the expected life of the option.
A summary of the activity of the Companys stock options for the six months ended December 31, 2015 is presented below:
13
Table of Contents
|
|
|
|
|
|
Weighted |
|
Weighted |
|
|
|
|
|
Weighted |
|
|
|
Average |
|
Average |
|
|
|
|
|
Average |
|
Number of |
|
Remaining |
|
Optioned |
|
Aggregate |
|
|
|
Exercise |
|
Optioned |
|
Contractual |
|
Grant Date |
|
Intrinsic |
|
|
|
Price |
|
Shares |
|
Term in Years |
|
Fair Value |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2015 |
|
0.07 |
|
67,737,748 |
|
|
|
0.10 |
|
$ |
8,357,574 |
|
Expired |
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
0.17 |
|
3,500,000 |
|
|
|
0.15 |
|
|
|
Exercised |
|
0.06 |
|
(3,325,000 |
) |
|
|
0.06 |
|
|
|
Cancelled |
|
0.09 |
|
(5,287,500 |
) |
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2015 |
|
$ |
0.07 |
|
62,625,248 |
|
4.90 |
|
$ |
0.11 |
|
$ |
5,011,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and exercisable as of December 31, 2015 |
|
$ |
0.06 |
|
57,125,248 |
|
4.04 |
|
$ |
0.10 |
|
$ |
4,981,606 |
|
Outstanding options at December 31, 2015 expire during the period March 2017 to November 2025 and have exercise prices ranging from $0.03 to $0.17.
Compensation expense associated with stock options for the three months ended December 31, 2015 and 2014 was $1,162,431 and $0, respectively, and $1,340,905 and $0 for the six months ended December 31, 2015 and 2014, respectively, and was included in general and administrative expenses in the consolidated statements of operations. At December 31, 2015, the Company had 5,500,000 shares of nonvested stock option awards. The total cost of nonvested stock option awards which the Company had not yet recognized was $613,800 at December 31, 2015. Such amounts are expected to be recognized over a period of 2.75 years.
Restricted Stock: To encourage retention and performance, the Company granted certain employees restricted shares of common stock with a fair value per share determined in accordance with conventional valuation techniques, including but not limited to, arms length transactions, net book value or multiples of comparable company earnings before interest, taxes, depreciation and amortization, as applicable. Generally, the stock vests over a 3 year period. A summary of the activity of the Companys restricted stock awards for the six months ended December 31, 2015 is presented below:
|
|
Number of |
|
Weighted |
|
|
|
Nonvested |
|
Average |
|
|
|
Restricted |
|
Grant Date |
|
|
|
Share Awards |
|
Fair Value |
|
|
|
|
|
|
|
Nonvested restricted shares outstanding at June 30, 2015 |
|
1,500,000 |
|
$ |
0.42 |
|
Granted |
|
250,000 |
|
0.14 |
|
Vested |
|
(750,000 |
) |
0.33 |
|
Forfeited |
|
|
|
|
|
|
|
|
|
|
|
Nonvested restricted shares outstanding at December 31, 2015 |
|
1,000,000 |
|
$ |
0.42 |
|
Compensation expense associated with restricted stock for the three months ended December 31, 2015 and 2014 was $87,932 and $97,233, respectively, and $140,863 and $97,233 for the six months ended December 31, 2015 and 2014, respectively, and was included in general and administrative expenses in the consolidated statements of operations. The total cost of nonvested stock awards which the Company had not yet recognized was $322,767 at December 31, 2015. This amount is expected to be recognized over a period of two years.
14
Table of Contents
Agreements with Officers and Employees: In September 2015, the Companys officers and certain employees owning options to purchase 57,979,414 shares of the Companys common stock entered into an agreement with the Company that such persons cannot exercise their options and the Company does not have to reserve for the issuance of shares of common stock underlying their options until the earlier of August 1, 2016 or the Company having unreserved shares sufficient for all outstanding options to be exercised. This could happen through an increase in authorized common shares, the cancellation of outstanding convertible notes or warrants, or a shareholder approved reverse stock split. Subsequent to this agreement, one of the Companys officers returned 4,300,000 options to the Company making a total of 53,679,414 options currently subject to the agreement.
NOTE 9 LOSS PER SHARE
The Company follows ASC 260, Earnings Per Share, for share-based payments that are considered to be participating securities within the definition provided by the standard. All share-based payment awards that contained non-forfeitable rights to dividends, whether paid or unpaid, were designated as participating securities and included in the computation of earnings per share (EPS).
The following table sets forth the computation of basic and diluted loss per share:
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2014 |
|
|
|
2014 |
|
|
|
2015 |
|
(Restated) |
|
2015 |
|
(Restated) |
|
|
|
(unaudited) |
|
(unaudited) |
|
Net (loss) income |
|
$ |
(2,519,658 |
) |
$ |
247,335 |
|
$ |
(3,386,607 |
) |
$ |
151,697 |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
318,834,426 |
|
268,188,500 |
|
313,323,370 |
|
262,898,920 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
Shares issuable from the assumed conversion of stock options |
|
|
|
37,036,008 |
|
|
|
38,827,612 |
|
Shares issuable from the assumed conversion of stock warrants |
|
|
|
24,442,399 |
|
|
|
25,961,321 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
318,834,426 |
|
329,666,907 |
|
313,323,370 |
|
327,687,853 |
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) income per share |
|
$ |
(0.01 |
) |
$ |
0.00 |
|
$ |
(0.01 |
) |
$ |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) income per share |
|
$ |
(0.01 |
) |
$ |
0.00 |
|
$ |
(0.01 |
) |
$ |
0.00 |
|
For the three and six months ended December 31, 2015, 36,994,557 stock warrants were excluded from diluted earnings per share because the are considered anti-dilutive.
For the three and six months ended December 31, 2015, 62,625,248 stock options were excluded from diluted earnings per share because the are considered anti-dilutive.
NOTE 10 - COMMITMENTS AND CONTINGENCIES
Agreement with Rice University
On August 20, 2008, Solterra entered into a License Agreement with Rice University (the Solterra Rice License Agreement). In August 2013, Solterra entered into an amended License Agreement and Quantum Materials Corp. (QMC) entered into a new License Agreement with Rice (QMC Rice License Agreement, and together with the Solterra Rice License Agreement, the Rice License Agreements).
The initial agreement between each of QMC and Solterra with Rice requires the payment of certain patent fees to Rice and for QMC and Solterra to acquire additional funding and to meet certain milestones by specific dates. QMC, Solterra and Rice recently established new milestones for QMC and Solterra to achieve in the months and years ahead pursuant to the respective Rice License Agreements, the failure of which could lead to the termination of such Rice License Agreements. Pursuant to the Solterra Rice License Agreement, Rice is entitled to receive, during the
15
Table of Contents
term, certain royalties of adjusted gross sales (as defined therein) ranging from 2% to 4% for photovoltaic cells and 7.5% of adjusted gross sales for QDs sold in electronic and medical applications. Additionally, minimum royalties payable under the Solterra Rice License Agreement include $100,000 due January 1, 2016, $356,250 due January 1, 2017, $1,453,500 due January 1, 2018, $3,153,600 due January 1, 2019 and each January 1 of every year thereafter, subject to adjustments for changes in the consumer pricing index. The Company is negotiating with Rice University to extend the due date of the $100,000 minimum royalty payment due January 1, 2016. Pursuant to the QMC Rice License Agreement, Rice is entitled to receive, during the term, a royalty of 7.5% of adjusted gross sales for QDs sold in electronic and medical applications. Additionally, minimum royalties payable under the QMC Rice License Agreement include $29,450 paid January 1, 2015, $117,000 due January 1, 2016, $292,500 due January 1, 2017, $585,000 due January 1, 2018 and each January 1 of every year thereafter, subject to adjustments for changes in the consumer pricing index. The Company is negotiating with Rice University to extend the due date of the $117,000 minimum royalty payment due January 1, 2016. The respective terms of the Rice License Agreements are to expire on the expiration date of Rices rights in its intellectual property and the Licensees rights are worldwide. The Rice License Agreements require the payment of a success fee of $700,000 to Rice in the event a Liquidity Event (as define therein) such as the sale of a majority of QMCs or Solterras shares in a merger or consolidation with another entity or in the case of a sale, lease, transfer or other disposition of all or substantially all of the Companys assets. The respective Rice License Agreements, as amended, provide for termination of each agreement in certain circumstances, including the event that the Company or Solterra is determined to be insolvent (as defined therein).
Agreement with University of Arizona
Solterra has entered into an exclusive Patent License Agreement with the University of Arizona (UA) on March 21, 2006. Pursuant to UA License Agreement, as amended, Solterra is obligated to pay minimum annual royalties of $50,000 by December 31, 2015, $125,000 by June 30, 2016 and $200,000 on each June 30th thereafter, subject to adjustments for increases in the consumer price index. The Company is negotiating with UA to extend the due date of the $50,000 minimum royalty payment that was due December 31, 2015. Royalties based on net sales are 2% of net sales of licensed products for non-display electronic component applications and 2.5% of net sales of licensed products for printed electronic displays. The UA License Agreement may be terminated by UA in the event that Solterra is in breach of any provision of the agreement and said breach continues for 60 days after receiving written notice. The UA License Agreement will also automatically terminate if Solterra becomes insolvent or unable to pay its debts as they become due.
Agreement with Texas State University
The Company entered into a Service Agreement with Texas State University (TSU) by which the Company occupies certain office and lab space at TSUs STAR Park (Science Technology and Advanced Research) Facility. The agreement is month-to-month and can be terminated with 30-days written notice of either party.
NOTE 11 INCOME TAX
The Company follows ASC 740 Income Taxes regarding the accounting for deferred tax assets and liabilities. Under the asset and liability method required by this guidance, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset will be reduced by a valuation allowance when, based on the Companys estimates, it is more likely than not that a portion of those assets will not be realized in a future period.
The Company assesses the likelihood that deferred tax assets will be recovered from the existing deferred tax liabilities or future taxable income. To the extent the Company believes that recovery will not meet the more likely than not threshold, it establishes a valuation allowance. The Company has recorded valuation allowances in the U.S. for its net deferred tax assets since management believes it is more likely than not that these assets will not be realized because future taxable income necessary to utilize these losses cannot be established or projected.
16
Table of Contents
The effective income tax rate for the three and six months ended December 31, 2015 and 2014 was 0%. The Companys effective income tax rate differs from the federal statutory rate primarily due to non-deductible expenses and valuation allowances. As a result of stock compensation expense incurred during the six months ended December 31, 2015, the Company has increased deferred tax assets by $626,000 with a corresponding increase to the valuation allowance of $626,000 as of December 31, 2015.
NOTE 12 SUPPLEMENTAL CASH FLOW INFORMATION
The following is supplemental cash flow information:
|
|
Six Months Ended |
|
|
|
December 31, |
|
|
|
|
|
2014 |
|
|
|
2015 |
|
(Restated) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
20,055 |
|
$ |
4,073 |
|
|
|
|
|
|
|
Cash paid for income taxes |
|
$ |
|
|
$ |
|
|
The following is supplemental disclosure of non-cash investing and financing activities:
|
|
Six Months Ended |
|
|
|
December 31, |
|
|
|
|
|
2014 |
|
|
|
2015 |
|
(Restated) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Conversion of debentures into shares of common stock |
|
$ |
|
|
$ |
975,000 |
|
|
|
|
|
|
|
Allocated value of warrants issued with convertible debentures |
|
$ |
|
|
$ |
203,074 |
|
|
|
|
|
|
|
Stock warrants issued for conversion of accrued salaries |
|
$ |
409,667 |
|
$ |
|
|
|
|
|
|
|
|
Prepaid expense paid in shares of common stock |
|
$ |
161,285 |
|
$ |
300,000 |
|
NOTE 13 TRANSACTIONS WITH AFFILIATED PARTY
During the six months ended December 31, 2015, the Companys former CFO surrendered 638,300 shares of common stock and options to purchase an additional 987,500 shares in exchange for the cancellation of indebtedness to the Company aggregating $79,000. As a result of this surrender, the Company recorded a gain of $174,568 which is presented in the consolidated statements of operations as Gain on Settlement.
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NOTE 14 - SUBSEQUENT EVENTS
The Company evaluates events and transactions that occur after the balance sheet date but before the consolidated financial statements are issued. The Company evaluated such events and transactions through the date the consolidated financial statements were filed electronically with the Securities and Exchange Commission.
Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
This Form 10-Q contains forward-looking statements relating to us which represent our current expectations or beliefs, including statements concerning our operations, performance, financial condition and growth. For this purpose, any statement contained in this report that are not statements of historical fact are forward-looking statements. Without limiting the generality of the foregoing, words such as may, anticipation, intend, could, estimate, or continue or the negative or other comparable terminology are intended to identify forward-looking statements.
Statements contained herein that are not historical facts are forward-looking statements as that term is defined by the Private Securities Litigation Reform Act of 1995. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and those actual results may differ materially from those in the forward-looking statements. Such risks and uncertainties include, without limitation: well-established competitors who have substantially greater financial resources and longer operating histories, regulatory delays or denials, ability to compete as a start-up company in a highly competitive market, and access to sources of capital.
The following discussion should be read in conjunction with the Companys risk factors, consolidated financial statements and notes thereto included elsewhere in this Form 10-Q and our Form 10-K filed October 14, 2015 for the fiscal year ended June 30, 2015. Except for the historical information contained herein, the discussion in this Form 10-Q contains certain forward looking statements that involve risks and uncertainties, such as statements of the Companys plans, objectives, expectations and intentions. The cautionary statements made in this Form 10-Q should be read as being applicable to all related forward-looking statements wherever they appear herein. The Companys actual results could differ materially from those discussed here.
The financial information furnished herein has not been audited by an independent accountant; however, in the opinion of management, all adjustments (only consisting of normal recurring accruals) necessary for a fair presentation of the results of operations for the period ended December 31, 2015 have been included.
Business Overview
Quantum Materials Corp. (OTCQB:QTMM) (QMC) is a nanotechnology company specializing in the design, development, production and supply of nanomaterials, including quantum dots (QDs), tetrapod quantum dots (TQDs), and other nanoparticles for a range of applications in televisions, displays and other optoelectronics, photovoltaics, solid state lighting, life sciences, security ink, battery, and sensor sectors of the market. Solterra Renewable Technologies, Inc. is a wholly-owned operating subsidiary of QMC that is focused on the photovoltaic (solar cell) market (Solterra).
QDs are nanoscale semiconductor crystals typically between 10 and 100 atoms in diameter. Approximately 10,000 would fit across the diameter of a human hair. Their small size makes it possible for them to exhibit certain quantum mechanical properties. QDs emit either photons or electrons when excited. In the case of photons, the wavelength (color) of light emitted varies depending on the size of the quantum dot. As such, the photonic emissions can be tuned by the creation of QDs of different sizes. Their unique properties as highly efficient, next generation semiconductors have led to the use of QDs in a range of electronic and other applications in the biomedical, display, and lighting industries. QDs also have applications in solar cells, where their characteristics enable conversion of light energy into electricity with the potential for significantly higher efficiencies and lower costs than existing technologies, thereby creating the opportunity for a step change in the solar energy industry through the use of QDs in printed photovoltaic cells.
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QDs were first discovered in the early 1980s and the industry has developed to the point where QDs are now being used in an increasing range of applications, including the television and display industries, the light emitting diode (LED) lighting (also known as solid-state lighting) industry, and the biomedical industry. LG, Samsung, and other companies, have recently launched new televisions using QDs to enhance the picture color quality and power efficiency. A number of major lighting companies are developing product applications using QDs to create a more natural light for LEDs. The biomedical industry is using QDs in diagnostic and therapeutic applications; and such applications are being developed to print highly efficient photovoltaic solar cells in mass quantities at a low cost.
A key challenge for the quantum dot industry has been and may continue to be its ability to scale up production volumes sufficiently to meet growing demand for QDs while maintaining product quality and consistency and reducing the overall costs of supply to stimulate new applications. QDs remain an extremely expensive commodity. A number of recent market research reports have forecasted rapid growth in the QD market including Quantum Dot Market by Product (Display, Medical Devices, Batteries, Solar Cells, Sensors, and Others), Material, Application (Healthcare, Consumer, Defense, and Industry), and Geography - Forecast up to 2020 published by MarketsandMarkets in January 2015 which states The quantum dot market is estimated to reach $4,704.86 million by 2020, at a CAGR of 63.61% from 2014 to 2020. Also published in January 2015, Touch Display Research forecasts that the quantum dot display and lighting component market will surpass $2 billion by 2016 and reach $10.6 billion by 2025.
The Company recently acquired several patents and patent applications in five diverse sets of patent families from Bayer Technology Services GmbH, the global technological backbone and major innovation driver for Bayer AG of Leverkusen, Germany (the Bayer Patents). The Bayer Patents acquired provide broad intellectual property protection for advances the Company has achieved in economical high-volume QD manufacturing. In addition, the Bayer Patents cover volume production technology for heavy metal-free QDs and nanoparticles; increasing quantum yields; heavy metal-free QDs; and hybrid organic quantum dot solar cell (QDSC) production as well as a surface modification process for increased efficiency of high performance solar cells and printed electronics.
In addition to the Bayer Patents, the Company has a worldwide exclusive license from William Marsh Rice University (Rice) to a patented chemical process that permits it to produce high performance TQDs using a lower cost and environmentally friendly solvent for greater manufacturing flexibility. The Company has developed proprietary equipment that allows it to mass produce consistent quantities of QDs and TQDs in a continuous process at lower capital costs than other existing processes. It also has the exclusive license to a patented screen printing technique for manufacture of OLEDs. The Company believes that these intellectual properties and proprietary technologies position the Company to become a leader in the overall nanomaterials and quantum dot industry, and a preferred supplier of high performance QDs and TQDs to an expanding range of applications.
Plan of Operation
The Company currently operates from a leased facility, the Wet Lab, in San Marcos, Texas at the Star Park Technology Center, an extension of Texas State University. This location provides the Company with convenient access to university faculty and specialized laboratory facilities that can support joint research and development efforts with Texas State University. Located 30 miles south of Austin, Texas, this location is also in close proximity to a number of leading companies in the electronics, lighting, solar, and life sciences markets.
The Company has established commercial-scale continuous manufacturing equipment at the Wet Lab and now has the capacity to produce more than two metric tons (2,000kg) per year of nanomaterials for supply to its customers. Management believes that the production capacity of the Wet Lab is similar to, or greater than its largest competitors operating factories which are much larger and require significantly larger capital expenditures. This efficiency is the direct result of the Companys patented continuous flow process and proprietary manufacturing equipment. While the Company plans to work extensively with its current provider of equipment, the Company owns all rights to the designs and intellectual property resulting from the development project, and could contract with one or more other competent suppliers of equipment, if necessary.
Revenues in the Companys fiscal 2016 are expected to be modest initially and will be dependent upon the Company generating purchase orders from potential customers currently under non-disclosure agreements (NDAs) and evaluating the Companys technology. As part of this strategy, the Company has engaged in discussions with
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numerous target customers and has signed a number of NDAs and sample supply agreements (Sample Agreements) to increase the probability of receiving firm orders from one or more of these entities.
The Companys marketing strategy is to engage in joint ventures or other strategic arrangements with manufacturers, distributors, and others to jointly develop applications using its patented continuous production process. Such joint collaborations will involve the Company working closely with its industry counterparts to optimize the performance of the Companys materials in each application or device and to use the results from product development and testing to further enhance product specifications. As of December 31, 2015, the Company has entered into a joint development agreement with a major display panel manufacturer and a funded product development agreement with a leading global optical film manufacturer, Nitto Denko Corporation; however, the Company has not entered into any formal commercial supply agreements, joint ventures, or licensing agreements.
These collaborations will support the Companys internal research and development activities which will continue to be a primary part of the Companys business. The principal revenue streams for the Company are expected to be from (i) sales of QDs and other nanomaterials, (ii) royalties from sales of products and components by third parties incorporating the Companys products, (iii) milestone payments under joint development arrangements with product developers and manufacturers, and (iv) sublicensing fees where the Company engages in sublicensing arrangements for its technology.
The Companys ongoing research and development functions are considered key to maintaining and enhancing its competitive position in the growing nanomaterials and quantum dot market. Nanomaterials and quantum dot technology continue to evolve, with new discoveries and refinements being made on an ongoing basis. The Company intends to be at the forefront of technological development, and will focus a significant part of its efforts on this, as it has done historically. Continuing R&D activities at the Wet Lab and the Companys collaboration with Texas State University, Rice University, University of Arizona, and the numerous other research centers and departments with which the Company has relationships will be important aspects of the Companys strategy.
Solterra plans to utilize QMCs patented low-cost, high-volume quantum dot production combined with TQD technology licensed from Rice to commercialize quantum dot solar cells at a fraction of the cost of current silicon based solar cells.
The business of the Company is subject to various types of government regulations, including restrictions on the chemical composition of nanomaterials used in life sciences and other sensitive applications, and regulation of hazardous materials used in or produced by the manufacture or use of QDs. Management believes that the patented (owned and licensed) processes and proprietary manufacturing equipment employed allow the Company to comply with current regulations by producing nanomaterials and by using environmentally friendly solvents, which are nevertheless contained and recycled in the production process. However, new regulations or requirements may develop that could adversely affect the Company or its products in the future.
Liquidity and Capital Resources
At December 31, 2015 we had a working capital deficit of $458,165, with total current assets and liabilities of $549,713 and $1,007,878, respectively. Included in the liabilities is $240,832 that is owed to our officers, directors and employees for services rendered and accrued through December 31, 2015. Also included in the liabilities is $225,000 of deferred revenue associated with a funded product development agreement with a leading global optical film manufacturer, Nitto Denko Corporation. As a result, we have relied on financing through the issuance of common stock and convertible debentures as well as advances from a director and shareholder and employees wages being partially or fully accrued but not paid.
As of December 31, 2015, we have cash and cash equivalent assets of $309,209 and continue to incur losses in operations. Over the past five years we have relied on sales of common stock to support operations and on various universities performing work and providing U.S. licensing rights under business agreements in which we have at times been in arrears in payments as well as employees and consultants agreeing to defer payment of wages and fees owed to them and/or converting such wages and fees into securities of the Company. Management believes it will be necessary for the Company to rely on external financing to supplement working capital in order to meet the
20
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Companys liquidity needs in fiscal year 2016; the success of securing such financing on terms acceptable to the Company cannot be assured. If we are unable to achieve the financing necessary to continue our plan of operations, our stockholders may lose their entire investment in the Company.
The following table summarizes the net cash provided by (used in) operating, investing and financing activities for the periods indicated:
|
|
December 31, |
|
|
|
|
|
2014 |
|
|
|
2015 |
|
(Restated) |
|
|
|
|
|
|
|
Operating activities |
|
$ |
(816,812 |
) |
$ |
(1,210,726 |
) |
Investing activities |
|
$ |
21,682 |
|
$ |
(125,419 |
) |
Financing activities |
|
$ |
430,500 |
|
$ |
1,313,656 |
|
Operating Activities. Net cash used in operating activities was $816,812 for the six months ended December 31, 2015 compared to $1,210,726 for the same period of 2014, a decrease of $393,914. The decrease was primarily driven by increases in accounts payable and accrued expenses and deferred revenue.
Investing Activities. Net cash provided by investing activities was $21,682 for the six months ended December 31, 2015 compared to net cash used in investing activities of $125,419 for the same period of 2014, a net increase in cash of $147,101. During the six months ended December 31, 2014, we purchased certain patents from Bayer AG for $137,743. There were no such purchases during the six months ended December 31, 2015.
Financing Activities. Net cash provided by financing activities was $430,500 for the six months ended December 31, 2015 compared to $1,313,656 for the same period of 2014, a decrease of $883,156. The decrease is due fewer sales of common stock and no proceeds from convertible debentures.
These consolidated financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes we will be able to meet our obligations and continue our operations for the next fiscal year. Realization values may be substantially different from carrying values as shown and these consolidated financial statements do not give effect to adjustments that would be necessary to reflect the carrying value and classification of assets and liabilities should we be unable to continue as a going concern. At December 31, 2015, we have not yet achieved profitable operations, have a working capital deficit of $458,165 and expect to incur further losses in the development of the business, all of which casts substantial doubt about our ability to continue as a going concern.
Our ability to continue as a going concern is dependent upon our ability to generate future profitable operations and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. We continue to explore available financing options, including, without limitation, the sale of equity, debt borrowing and/or the receipt of product licensing fees and royalties. We can provide no assurances that future financing, if needed, will be obtained on terms satisfactory to us, if at all. In this respect, see Note 1 in our notes to the consolidated financial statements for additional information as to the possibility that we may not be able to continue as a going concern.
Results of Operations
Three Months Ended December 31, 2015 Compared to Three Months Ended December 31, 2014
General and administrative expenses
During the three months ended December 31, 2015 the Company incurred $2,410,431 of general and administrative expenses, an increase of $1,098,013 from the $1,312,418 recorded for the three months ended December 31, 2014. The increase in general and administrative expenses was primarily due to an increase in stock-based compensation of $1,601,582, offset by decreases in compensation of $154,708, legal and audit fees of $238,883, and
21
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other professional fees of $111,169. The increase in stock-based compensation is primarily due to i) the immediate vesting of 10,000,000 stock options held by the CFO due to a revised employment agreement executed during the three months ended December 31, 2015 and ii) the fair value of stock warrants granted upon conversion of salaries during the three months ended December 31, 2015.
Included in general and administrative expenses for the three months ended December 31, 2015 was compensation of $220,143, legal and audit of $134,765, other professional fees of $201,120, travel expense of $23,047, corporate expense of $101,313 and stock-based compensation of $1,698,815. Included in general and administrative expenses for the three months ended December 31, 2014 was compensation of $374,851, legal and audit of $373,648, other professional fees of $312,289, travel expense of $47,506 and corporate expense of $88,897 and stock-based compensation of $97,233.
Research and development expenses
During the three months ended December 31, 2015 the Company incurred $55,724 of research and development expenses, an increase of $39,453 from the $16,271 recorded for the three months ended December 31, 2014. The primary reason for the increase is costs associated with a sponsored research agreement the Company has in place with Texas State University.
Change in fair value of derivative liabilities
This amount relates to the change in value of the derivative liabilities. The change recorded in the three months ended December 31, 2014 was a decrease of $1,307,790, decreasing the fair value of embedded conversion feature liability from $1,871,337 at June 30, 2014 to $0 at December 31, 2014. There was no change recorded during the three months ended December 31, 2015 due to the conversion of the debenture during the year ended June 30, 2015, resulting in the derivative liability being written down to $0.
Gain on settlement
The gain on settlement of $546,129 recorded during the three months ended December 31, 2014 relates to the settlement reached with a former employee in December 2014.
Beneficial conversion feature on convertible debenture
The beneficial conversion expense for the three months ended December 31, 2015 was $0 compared to $58,333 during the three months ended December 31, 2014. During the three months ended December 31, 2015 the Company did not enter into any convertible debenture agreements, whereas in the three months ended December 31, 2014, the company entered into convertible debenture agreements that contained beneficial conversion features. See Note 5.
Interest expense
Interest expense recorded for the three months ended December 31, 2015 was $10,466 compared to $13,100 in the three months ended December 31, 2014.
Interest expense recorded in the three months ended December 31, 2015 relates to the 8% interest associated with the $500,000 convertible debentures issued in January 2015 and the 6% interest associated with the $25,050 convertible debenture issued in September 2014.
According to the provisions of the Convertible Debenture agreements, the Company may elect to issue shares of the Companys common stock to pay accrued interest on the debentures. In the three months ended December 31, 2015 and 2014, the Company issued zero and 40,483 shares of common stock, respectively, to pay $0 and $9,028 of accrued interest payable, respectively.
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Accretion of debt discount
During the three months ended December 31, 2015 the Company recorded $43,037 of accretion of debt discount expense, a decrease of $163,425 from the $206,462 recorded for the three months ended December 31, 2014. The decrease is related to the write-off of the debt discount upon conversion of the September 2014 convertible debentures during the three months ended December 31, 2014.
The following table sets forth our consolidated results of operations for the periods indicated:
|
|
Three Months Ended |
|
|
|
December 31, |
|
|
|
|
|
2014 |
|
|
|
2015 |
|
(Restated) |
|
Statement of Operations Information: |
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
2,410,431 |
|
$ |
1,312,418 |
|
Research and development |
|
55,724 |
|
16,271 |
|
Change in fair value of derivative liabilities |
|
|
|
(1,307,790 |
) |
Other (income) expense, net (1) |
|
|
|
(487,796 |
) |
Interest expense, net |
|
10,466 |
|
13,100 |
|
Accretion of debt discount |
|
43,037 |
|
206,462 |
|
|
|
|
|
|
|
|
|
(1) Includes gain on settlement and beneficial conversion expense
Six Months Ended December 31, 2015 Compared to Six Months Ended December 31, 2014
General and administrative expenses
During the six months ended December 31, 2015 the Company incurred $3,308,325 of general and administrative expenses, an increase of $1,564,775 from the $1,743,550 recorded for the six months ended December 31, 2014. The increase in general and administrative expenses was primarily due to an increase in stock-based compensation of $1,832,987, offset by decreases in compensation of $121,433 and legal and audit fees of $129,915. The increase in stock-based compensation is primarily due to i) the immediate vesting of 10,000,000 stock options held by the CFO due to a revised employment agreement executed during the six months ended December 31, 2015 and ii) the fair value of stock warrants granted upon conversion of salaries during the three months ended December 31, 2015.
Included in general and administrative expenses for the six months ended December 31, 2015 was compensation of $482,792, legal and audit of $269,771, other professional fees of $329,121, travel expense of $48,888, corporate expense of $186,259 and stock based compensation of $1,930,220. Included in general and administrative expenses for the six months ended December 31, 2014 was compensation of $604,225, legal and audit of $399,686, other professional fees of $345,639, travel expense of $90,384, corporate expense of $176,006 and stock based compensation of $97,233.
Research and development expenses
During the six months ended December 31, 2015 the Company incurred $146,055 of research and development expenses, an increase of $98,393 from the $47,662 recorded for the six months ended December 31, 2014. The primary reason for the increase are costs associated with a sponsored research agreement the Company has in place with Texas State University.
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Change in fair value of derivative liabilities
This amount relates to the change in value of the derivative liabilities. The change recorded in the six months ended December 31, 2014 was a decrease of $1,871,337, decreasing the fair value of embedded conversion feature liability from $1,871,337 at June 30, 2014 to $0 at December 31, 2014. There was no change recorded during the six months ended December 31, 2015 due to the conversion of the debenture during the year ended June 30, 2015, resulting in the derivative liability being written down to $0.
Gain on settlement
During the six months ended December 31, 2015, the Companys former CFO surrendered 638,300 shares of common stock and options to purchase an additional 987,500 shares in exchange for the cancellation of indebtedness to the Company aggregating $79,000. As a result of this surrender, the Company recorded a gain on settlement of $174,568.
The gain on settlement of $546,129 recorded during the six months ended December 31, 2014 relates to the settlement reached with a former employee in December 2014.
Beneficial conversion feature on convertible debenture
The beneficial conversion expense for the six months ended December 31, 2015 was $0 compared to $230,309 during the six months ended December 31, 2014. During the six months ended December 31, 2015 the Company did not enter into any convertible debenture agreements, whereas in the six months ended December 31, 2014, the company entered into convertible debenture agreements that contained beneficial conversion features. See Note 5.
Interest expense
Interest expense recorded for the six months ended December 31, 2015 was $21,571 compared to $25,838 in the six months ended December 31, 2014.
Interest expense recorded in the six months ended December 31, 2015 relates to the 8% interest associated with the $500,000 convertible debentures issued in January 2015 and the 6% interest associated with the $25,050 convertible debenture issued in September 2014.
According to the provisions of the Convertible Debenture agreements, the Company may elect to issue shares of the Companys common stock to pay accrued interest on the debentures. In the six months ended December 31, 2015 and 2014, the Company issued zero and 92,637 shares of common stock, respectively, to pay $0 and $21,806 of accrued interest payable, respectively.
Accretion of debt discount
During the six months ended December 31, 2015 the Company recorded $85,224 of accretion of debt discount expense, a decrease of $133,186 from the $218,410 recorded for the six months ended December 31, 2014. The decrease is related to the write-off of the debt discount upon conversion of the September 2014 convertible debentures during the six months ended December 31, 2014.
The following table sets forth our consolidated results of operations for the periods indicated:
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|
|
Six Months Ended |
|
|
|
December 31, |
|
|
|
|
|
2014 |
|
|
|
2015 |
|
(Restated) |
|
Statement of Operations Information: |
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
3,308,325 |
|
$ |
1,743,550 |
|
Research and development |
|
146,055 |
|
47,662 |
|
Change in fair value of derivative liabilities |
|
|
|
(1,871,337 |
) |
Other (income) expense, net (1) |
|
(174,568 |
) |
(315,820 |
) |
Interest expense, net |
|
21,571 |
|
25,838 |
|
Accretion of debt discount |
|
85,224 |
|
218,410 |
|
|
|
|
|
|
|
|
|
(1) Includes gain on settlement and beneficial conversion expense
Off-balance sheet arrangements
We have no off-balance sheet arrangements including arrangements that would affect our liquidity, capital resources, market risk support and credit risk support or other benefits.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
Item 4. Controls and Procedures
The Company maintains disclosure controls and procedures designed to provide reasonable assurance that material information required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SECs rules and forms, and that the information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. We performed an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on their evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures are not effective at December 31, 2015.
We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.
Changes in Internal Control over Financial Reporting
During the six month ended December 31, 2015, management has taken steps to remedy the significant deficiency disclosed in our Form 10-K for the year ended June 30, 2015 which includes risk assessment, internal control, and
25
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documenting financial processes. Management will continue a systematic process to document the existing financial processes, risk assessment and internal controls. In addition, resources permitting, we also plan to recruit additional experienced professionals to further augment and upgrade our accounting and finance staff and have identified several candidates.
PART II OTHER INFORMATION
Item 1. Legal Proceedings
The Company is not subject to any material legal proceedings.
Item 1A. Risk Factors
As a Smaller Reporting Company as defined Rule 12b-2 of the Exchange Act and in item 10(f)(1) of Regulation S-K, we are electing scaled disclosure reporting obligations and therefore are not required to provide the information requested by this Item 1A.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
From July 1, 2015 to December 31, 2015, we had the following sales of unregistered common stock.
|
|
|
|
|
|
Consideration Received and Description of Underwriting or |
|
|
|
|
|
|
|
|
|
|
Other Discounts to Market Price or Convertible Security |
|
|
|
If Option, Warrant or Convertible Security, |
Date of Sale |
|
Title of Security |
|
Number Sold |
|
Afforded to Purchases |
|
Exemption from Registration Claimed |
|
Terms of Exercise or Conversion |
|
|
|
|
|
|
|
|
|
|
|
September 2015 |
|
Common Stock Warrants |
|
694,444 |
|
Issuance of stock warrants |
|
Section 4(2); and/or Rule 506 |
|
Warrants exercisable at $0.04 to $0.10 per share through January 9, 2018 |
August 2015 |
|
Common Stock |
|
1,050,000 |
|
Shares issued for warrants exercised; $63,000 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
August 2015 |
|
Common Stock |
|
183,010 |
|
Shares issued for warrants in cashless exercise; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
September 2015 |
|
Common Stock |
|
250,001 |
|
Shares issued for warrants exercised; $15,000 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
September 2015 |
|
Common Stock |
|
2,400,000 |
|
Shares issued for services; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
September 2015 |
|
Common Stock |
|
2,146,629 |
|
Shares issued for options in cashless exercise; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
September 2015 |
|
Common Stock Options |
|
1,000,000 |
|
Issuance of stock options |
|
Section 4(2); and/or Rule 506 |
|
Options exercisable at $0.17 per share through September 22, 2025 |
October 2015 |
|
Common Stock |
|
2,458,333 |
|
Shares issued for warrants exercised; $165,000 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
October 2015 |
|
Common Stock |
|
1,999,503 |
|
Shares issued for warrants in cashless exercise; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
October 2015 |
|
Common Stock |
|
1,000,000 |
|
$ 100,000 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
October 2015 |
|
Common Stock Options |
|
500,000 |
|
Issuance of stock options |
|
Section 4(2); and/or Rule 506 |
|
Options exercisable at $0.17 per share through October 14, 2025 |
October 2015 |
|
Common Stock Warrants |
|
7,770,731 |
|
Issuance of stock warrants |
|
Section 4(2); and/or Rule 506 |
|
Warrants exercisable at $0.04 to $0.06 per share through October 30, 2017 |
November 2015 |
|
Common Stock |
|
1,721,005 |
|
Shares issued for warrants in cashless exercise; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
November 2015 |
|
Common Stock |
|
100,000 |
|
Shares issued for warrants exercised; $5,000 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
November 2015 |
|
Common Stock |
|
350,000 |
|
Shares issued for services; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
November 2015 |
|
Common Stock Options |
|
2,000,000 |
|
Issuance of stock options |
|
Section 4(2); and/or Rule 506 |
|
Options exercisable at $0.17 per share through November 13, 2025 |
December 2015 |
|
Common Stock |
|
1,676,286 |
|
Shares issued for warrants exercised; $82,500 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
From July 1, 2014 to December 31, 2014, we had the following sales of unregistered common stock.
26
Table of Contents
|
|
|
|
|
|
Consideration Received and Description of Underwriting or |
|
|
|
|
|
|
|
|
|
|
Other Discounts to Market Price or Convertible Security |
|
|
|
If Option, Warrant or Convertible Security, |
Date of Sale |
|
Title of Security |
|
Number Sold |
|
Afforded to Purchases |
|
Exemption from Registration Claimed |
|
Terms of Exercise or Conversion |
|
|
|
|
|
|
|
|
|
|
|
July 2014 |
|
Common Stock |
|
766,667 |
|
Shares issued for warrants exercised; $46,000 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
August 2014 |
|
Common Stock |
|
582,034 |
|
$ 119,070 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
August 2014 |
|
Common Stock |
|
100,000 |
|
Shares issued for warrants exercised; $8,000 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
September 2014 |
|
Common Stock |
|
2,511,811 |
|
$ 355,375 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
September 2014 |
|
Common Stock |
|
1,387,500 |
|
Shares issued for warrants exercised; $82,625 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
September 2014 |
|
Common Stock |
|
52,154 |
|
Shares issued in exchange for $12,778 of interest; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
October 2014 |
|
Common Stock |
|
1,999,333 |
|
Shares issued upon conversion of $299,900 of debentures; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
October 2014 |
|
Common Stock Warrant |
|
1,999,333 |
|
Warrants issued upon conversion of $299,900 of debentures; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Warrants exercisable at $0.30 per share through October 31, 2019 |
October 2014 |
|
Common Stock |
|
3,830,077 |
|
Shares issued for services; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
October 2014 |
|
Common Stock |
|
208,333 |
|
Shares issued for warrants exercised; $10,000 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
October 2014 |
|
Common Stock Warrant |
|
500,000 |
|
Warrants issued in connection with subscription agreement |
|
Section 4(2); and/or Rule 506 |
|
Warrants exercisable at $0.05 per share through May 15, 2016 |
October 2014 |
|
Common Stock Warrant |
|
1,300,000 |
|
Warrants issued in connection with subscription agreement |
|
Section 4(2); and/or Rule 506 |
|
Warrants exercisable at $0.05 per share through May 15, 2016 |
October 2014 |
|
Common Stock Warrant |
|
115,000 |
|
Warrants issued in connection with subscription agreement |
|
Section 4(2); and/or Rule 506 |
|
Warrants exercisable at $0.07 per share through May 31, 2016 |
November 2014 |
|
Common Stock |
|
334,000 |
|
Shares issued upon conversion of $50,100 of debentures; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
November 2014 |
|
Common Stock Warrant |
|
334,000 |
|
Warrants issued upon conversion of $50,100 of debentures; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Warrants exercisable at $0.30 per share through November 4, 2019 |
November 2014 |
|
Common Stock |
|
366,667 |
|
Shares issued for warrants exercised; $23,000 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
November 2014 |
|
Common Stock |
|
40,483 |
|
Shares issued in exchange for $9,028 of interest; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
November 2014 |
|
Common Stock |
|
8,333,333 |
|
Shares issued upon conversion of $500,000 of debentures; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
December 2014 |
|
Common Stock |
|
833,334 |
|
Shares issued upon conversion of $125,000 of debentures; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
December 2014 |
|
Common Stock Warrant |
|
833,334 |
|
Warrants issued upon conversion of $125,000 of debentures; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Warrants exercisable at $0.30 per share through November 5, 2019 |
December 2014 |
|
Common Stock |
|
283,334 |
|
Shares issued for warrants exercised; $21,000 cash received; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
December 2014 |
|
Common Stock |
|
591,667 |
|
Shares issued for warrants in cashless exercise; no commissions paid |
|
Section 4(2); and/or Rule 506 |
|
Not applicable |
December 2014 |
|
Common Stock Warrant |
|
400,000 |
|
Warrants issued in connection with subscription agreement |
|
Section 4(2); and/or Rule 506 |
|
Warrants exercisable at $0.10 per share through December 15, 2016 |
Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
Item 6. Exhibits (items indicated by an (*) are filed herewith)
The following exhibits are all previously filed in connection with our Form 8-K filed November 10, 2008, unless otherwise noted.
2.1 |
|
Agreement and Plan of Merger and Reorganization, dated as of October 15, 2008, by and among Quantum Materials Corp., Solterra Renewable Technologies, Inc., the shareholders of Solterra and Greg Chapman, as Indemnitor. |
27
Table of Contents
3.1 |
|
Articles of Incorporation. (Incorporated by reference to Form SB-2 Registration Statement filed October 5, 2007) |
|
|
|
3.2 |
|
2010 Amendment to Articles of Incorporation incorporated by reference to the Form 10K for the fiscal year ended June 30, 2014 |
|
|
|
3.3 |
|
2013 Amendment to Articles of Incorporation incorporated by reference to the Form 10K for the fiscal year ended June 30, 2014 |
|
|
|
3.4 |
|
By-Laws. (Incorporated by reference to Form SB-2 Registration Statement filed October 5, 2007) |
|
|
|
4.1 |
|
Form of Securities Purchase Agreement dated as of November 4, 2008. |
|
|
|
4.2 |
|
Form of Security Agreement dated November 4, 2008. |
|
|
|
4.3 |
|
Form of Subsidiary Guarantee dated November 4, 2008. |
|
|
|
4.4 |
|
Form of Stock Pledge Agreement dated November 4, 2008. |
|
|
|
4.5 |
|
Form of Debenture MKM Opportunity Master Fund, Ltd. |
|
|
|
4.6 |
|
Form of Debenture. MKM SP1, LLC |
|
|
|
4.7 |
|
Form of Debenture Steven Posner Irrevocable Trust u/t/a Dated 06/17/65. |
|
|
|
4.8 |
|
Form of Escrow Agreement |
|
|
|
4.9 |
|
Form of Amended Waiver and Consent. |
|
|
|
4.10 |
|
Form of Registration Rights Agreement. |
|
|
|
4.11 |
|
Standstill Agreement dated June 1, 2009. (Incorporated by reference to Form 8-K filed June 9, 2009) |
|
|
|
4.12 |
|
Amended Standstill Agreement dated June 1, 2009. (Incorporated by reference to Form 10-K filed for the year ended June 30, 2009.) |
|
|
|
4.13 |
|
Extension of Standstill Agreement dated October 29, 2009. (Incorporated by reference to Form 10-K filed for the year ended June 30, 2009.) |
10.1 |
|
License Agreement by and between William Marsh Rice University and Solterra Renewable Technologies, Inc. dated August 20, 2008. |
|
|
|
10.2 |
|
Letter dated October 2, 2008 from Rice University amending the License Agreement contained in Exhibit 10.1 |
|
|
|
10.3 |
|
Agreement with Arizona State University executed by ASU on October 8, 2008 and executed by Solterra on September 18, 2008. |
28
Table of Contents
10.4 |
|
Letters dated November 5, 2009 and November 5, 2009 amending Rice University Agreement. (Incorporated by reference to Form 10-K filed for the year ended June 30, 2009.) |
|
|
|
10.5 |
|
Consulting Agreement between Steven Posner, Oceanus Capital and The issuer. (Incorporated by reference to Form 10-K filed for the year ended June 30, 2009.) |
|
|
|
10.6 |
|
Consulting Agreement between Sound Capital Inc. and the issuer dated November 12, 2009 (Incorporated by reference to the Registrants Form 10-Q for the quarter ended September 30, 2009) |
|
|
|
10.7 |
|
License Agreement between The University of Arizona and the issuer dated July 2009. (Incorporated by reference to the Registrants Form 10-Q for the quarter ended September 30, 2009). |
|
|
|
10.8 |
|
Letter dated December 16, 2010 from Rice University amending the License Agreement contained in Exhibit 10.1 (Incorporated by reference to the Registrants Form 10-K for its fiscal year ended June 30, 2010.) |
|
|
|
10.9 |
|
Amendment to Exclusive Patent License Agreement between University of Arizona and Solterra Renewable Technologies (i.e. amendment to exhibit 10.7). (Incorporated by reference to the Registrants Form 10-K for its fiscal year ended June 30, 2010 filed on February 14, 2011.) |
|
|
|
10.10 |
|
Amended License Agreement by and between William Marsh Rice University and Solterra Renewable Technologies, Inc. (Incorporated by reference to Form 8-K dated September 19, 2013) |
|
|
|
10.11 |
|
License Agreement by and between William Marsh Rice University and Quantum Materials Corp. (Incorporated by reference to Form 8-K dated September 19, 2013) |
|
|
|
10.12 |
|
Second Amendment to Issuers Agreement with University of Arizona. (Incorporated by reference to Form 10-K for the fiscal year ended June 30, 2012) |
|
|
|
10.13 |
|
Employment Agreement Stephen Squires. (Incorporated by reference to Form 8-K filed January 23, 2013) |
|
|
|
10.14 |
|
Employment Agreement David Doderer (Incorporated by reference to Form 8-K filed January 23, 2013) |
|
|
|
10.15 |
|
Employment Agreement Craig Lindberg (Incorporated by reference to Form 8-K filed June 17, 2015) |
|
|
|
10.16 |
|
Agreement with Christopher Benjamin, former officer/director (Incorporated by reference to Form 10-Q for the quarter ended September 30, 2015) |
|
|
|
21.1 |
|
Subsidiaries of Registrant listing state of incorporation (Incorporated by reference to Form 10-K for fiscal year ended June 30, 2011) |
|
|
|
31(a) |
|
Rule 13a-14(a) Certification Principal Executive Officer * |
|
|
|
31(b) |
|
Rule 13a-14(a) Certification Principal Financial Officer * |
|
|
|
32(a) |
|
Section 1350 Certification Principal Executive Officer * |
|
|
|
32(b) |
|
Section 1350 Certification Principal Financial Officer * |
29
Table of Contents
99.1 |
|
2009 Employee Benefit and Consulting Services Compensation Plan (Incorporated by reference to the Registrants Form 10-K for its fiscal year ended June 30, 2014 filed on September 29, 2014.) |
|
|
|
99.2 |
|
2013 Employee Benefit and Consulting Services Compensation Plan (Incorporated by reference to the Registrants Form 10-K for its fiscal year ended June 30, 2014 filed on September 29, 2014.) |
|
|
|
101.INS |
|
XBRL Instance Document * |
|
|
|
101.SCH |
|
Document, XBRL Taxonomy Extension * |
|
|
|
101.CAL |
|
Calculation Linkbase, XBRL Taxonomy Extension Definition * |
|
|
|
101.DEF |
|
Linkbase, XBRL Taxonomy Extension Labels * |
|
|
|
101.LAB |
|
Linkbase, XBRL Taxonomy Extension * |
|
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|
101.PRE |
|
Presentation Linkbase * |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
QUANTUM MATERIALS CORP. |
|
|
Date: February 16, 2016 |
|
/s/ Stephen Squires |
|
|
Stephen Squires, |
|
|
Principal Executive Officer |
|
|
|
|
|
|
Date: February 16, 2016 |
|
/s/ Craig Lindberg |
|
|
Craig Lindberg, |
|
|
Principal Financial Officer |
30
EXHIBIT 31(a)
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
I, Stephen Squires, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Quantum Materials Corp.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer (if any) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
February 16, 2016 |
/s/ STEPHEN SQUIRES |
|
Stephen Squires, Principal Executive Officer |
EXHIBIT 31(b)
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
I, Craig Lindberg, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Quantum Materials Corp.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer (if any) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
February 16, 2016 |
/s/ CRAIG LINDBERG |
|
Craig Lindberg, Principal Financial Officer |
EXHIBIT 32(a)
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18U.S.C. SECTION 1350
In connection with the Quarterly Report of Quantum Materials Corp., (the Company) on Form 10-Q for the period ending December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Stephen Squires, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
By: |
/s/ STEPHEN SQUIRES |
|
|
Stephen Squires |
|
|
Principal Executive Officer |
|
|
February 16, 2016 |
EXHIBIT 32(b)
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18U.S.C. SECTION 1350
In connection with the Quarterly Report of Quantum Materials Corp. (the Company) on Form 10-Q for the period ending December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Craig Lindberg, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
By: |
/s/ CRAIG LINDBERG |
|
|
Craig Lindberg, |
|
|
Principal Financial Officer |
|
|
February 16, 2016 |
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v3.3.1.900
CONSOLIDATED BALANCE SHEETS - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 309,209
|
$ 673,839
|
Restricted cash |
|
65,330
|
Prepaid expenses and other current assets |
240,504
|
258,391
|
TOTAL CURRENT ASSETS |
549,713
|
997,560
|
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $105,615 and $63,615 |
777,687
|
776,039
|
LICENSES AND PATENTS, net of accumulated amortization of $55,981 and $36,707 |
136,762
|
156,036
|
TOTAL ASSETS |
1,464,162
|
1,929,635
|
CURRENT LIABILITIES |
|
|
Accounts payable and accrued expenses |
542,046
|
364,797
|
Accrued salaries |
240,832
|
577,027
|
Deferred revenue |
225,000
|
|
TOTAL CURRENT LIABILITIES |
1,007,878
|
941,824
|
CONVERTIBLE DEBENTURE, net of current portion and unamortized discount |
344,062
|
258,838
|
TOTAL LIABILITIES |
$ 1,351,940
|
$ 1,200,662
|
COMMITMENTS AND CONTINGENCIES |
|
|
STOCKHOLDERS' EQUITY |
|
|
Common stock, $.001 par value, authorized 400,000,000 shares, 321,793,887 and 307,097,420 issued and outstanding at December 31, 2015 and June 30, 2015, respectively |
$ 321,794
|
$ 307,097
|
Additional paid-in capital |
26,854,336
|
24,099,177
|
Accumulated deficit |
(27,063,908)
|
(23,677,301)
|
TOTAL STOCKHOLDERS' EQUITY |
112,222
|
728,973
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 1,464,162
|
$ 1,929,635
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, and other accrued expenses, excluding salaries.
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v3.3.1.900
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
CONSOLIDATED BALANCE SHEETS |
|
|
Accumulated depreciation of property and equipment |
$ 105,615
|
$ 63,615
|
Accumulated amortization of licenses and patents |
$ 55,981
|
$ 36,707
|
Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized (in shares) |
400,000,000
|
400,000,000
|
Common stock, shares, issued (in shares) |
321,793,887
|
307,097,420
|
Common stock, shares, outstanding (in shares) |
321,793,887
|
307,097,420
|
X |
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v3.3.1.900
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
OPERATING EXPENSES |
|
|
|
|
General and administrative |
$ 2,410,431
|
$ 1,312,418
|
$ 3,308,325
|
$ 1,743,550
|
Research and development |
55,724
|
16,271
|
146,055
|
47,662
|
TOTAL OPERATING EXPENSES |
2,466,155
|
1,328,689
|
3,454,380
|
1,791,212
|
LOSS FROM OPERATIONS |
(2,466,155)
|
(1,328,689)
|
(3,454,380)
|
(1,791,212)
|
OTHER (INCOME) EXPENSE |
|
|
|
|
Change in fair value of derivative liabilities |
|
(1,307,790)
|
|
(1,871,337)
|
Gain on settlement |
|
(546,129)
|
(174,568)
|
(546,129)
|
Beneficial conversion feature |
|
58,333
|
|
230,309
|
Interest expense, net |
10,466
|
13,100
|
21,571
|
25,838
|
Accretion of debt discount |
43,037
|
206,462
|
85,224
|
218,410
|
TOTAL OTHER (INCOME) EXPENSE |
53,503
|
(1,576,024)
|
(67,773)
|
(1,942,909)
|
NET (LOSS) INCOME |
$ (2,519,658)
|
$ 247,335
|
$ (3,386,607)
|
$ 151,697
|
(LOSS) INCOME PER COMMON SHARE |
|
|
|
|
Basic (in dollars per share) |
$ (0.01)
|
$ 0.00
|
$ (0.01)
|
$ 0.00
|
Diluted (in dollars per share) |
$ (0.01)
|
$ 0.00
|
$ (0.01)
|
$ 0.00
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
Basic (in shares) |
318,834,426
|
268,188,500
|
313,323,370
|
262,898,920
|
Diluted (in shares) |
318,834,426
|
329,666,907
|
313,323,370
|
327,687,853
|
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v3.3.1.900
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 6 months ended Dec. 31, 2015 - USD ($)
|
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total |
Balances at Jun. 30, 2015 |
$ 307,097
|
$ 24,099,177
|
$ (23,677,301)
|
$ 728,973
|
Balances (in shares) at Jun. 30, 2015 |
307,097,420
|
|
|
|
Increase (decrease) in Stockholders' Equity (Deficit) |
|
|
|
|
Common stock issued for cash |
$ 1,000
|
99,000
|
|
100,000
|
Common stock issued for cash (in shares) |
1,000,000
|
|
|
|
Common stock issued for warrant and option exercises |
$ 11,585
|
358,092
|
|
369,677
|
Common stock issued for warrant and option exercises (in shares) |
11,584,767
|
|
|
|
Common stock issued for services |
$ 2,500
|
247,500
|
|
250,000
|
Common stock issued for services (in shares) |
2,500,000
|
|
|
|
Cancellation of shares |
$ (638)
|
(252,930)
|
|
(253,568)
|
Cancellation of shares (in shares) |
(638,300)
|
|
|
|
Stock warrants issued in exchange for accrued salaries |
|
821,979
|
|
821,979
|
Stock-based compensation |
$ 250
|
1,481,518
|
|
1,481,768
|
Stock-based compensation (in shares) |
250,000
|
|
|
|
Net loss |
|
|
(3,386,607)
|
(3,386,607)
|
Balances at Dec. 31, 2015 |
$ 321,794
|
$ 26,854,336
|
$ (27,063,908)
|
$ 112,222
|
Balances (in shares) at Dec. 31, 2015 |
321,793,887
|
|
|
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v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net (loss) income |
$ (3,386,607)
|
$ 151,697
|
Adjustments to reconcile net (loss) income to net cash used in operating activities: |
|
|
Depreciation and amortization expense |
61,274
|
30,376
|
Stock-based compensation |
1,930,220
|
97,233
|
Stock issued for services |
88,715
|
|
Stock options issued for services |
|
467,616
|
Stock issued for interest |
|
21,806
|
Gain on settlement |
(174,568)
|
(546,129)
|
Beneficial conversion feature |
|
230,309
|
Change in fair value of derivative liability |
|
(1,871,337)
|
Accretion of debt discount |
85,224
|
218,410
|
Effects of changes in operating assets and liabilities: |
|
|
Prepaid expenses and other current assets |
179,172
|
|
Accounts payable and accrued expenses |
174,758
|
(46,978)
|
Accrued salaries |
|
36,271
|
Deferred revenue |
225,000
|
|
NET CASH USED IN OPERATING ACTIVITIES |
(816,812)
|
(1,210,726)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Purchase of property and equipment |
(43,648)
|
(52,541)
|
Purchase of license and patents |
|
(137,743)
|
Change in restricted cash investments |
65,330
|
64,865
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
21,682
|
(125,419)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from issuance of common stock |
430,500
|
763,606
|
Proceeds from issuance of convertible debenture |
|
550,050
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
430,500
|
1,313,656
|
NET (DECREASE) INCREASE IN CASH |
(364,630)
|
(22,489)
|
CASH AND CASH EQUIVALENTS, beginning of period |
673,839
|
120,501
|
CASH AND CASH EQUIVALENTS, end of period |
$ 309,209
|
$ 98,012
|
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v3.3.1.900
BASIS OF PRESENTATION
|
6 Months Ended |
Dec. 31, 2015 |
BASIS OF PRESENTATION |
|
BASIS OF PRESENTATION |
NOTE 1 — BASIS OF PRESENTATION
General
The accompanying consolidated financial statements include the accounts of Quantum Materials Corp. and its wholly owned subsidiary, Solterra Renewable Technologies, Inc. (collectively referred to as the “Company”).
The consolidated financial statements of the Company as of and for the six months ended December 31, 2015 are unaudited and have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended June 30, 2015. The year-end balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. In the opinion of management, the accompanying unaudited financial information includes all adjustments necessary for a fair presentation of the interim financial information. Operating results for the interim periods are not necessarily indicative of the results of any subsequent periods. Certain information in the footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) has been condensed or omitted for the interim periods presented under the United States Securities and Exchange Commission (“SEC”) rules and regulations. As such, these interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended June 30, 2015. Certain amounts in the prior year consolidated financial statements have been reclassified to conform to the classifications of the current year consolidated financial statements.
Nature of Operations
The Company is a nanotechnology company specializing in the design, development, production and supply of quantum dots, including tetrapod quantum dots, a high performance variant of quantum dots, and highly uniform nanoparticles, using its patented automated continuous flow production process. Quantum dots and nanoparticles are expected to be increasingly utilized in a range of applications in the life sciences, television and display, solid state lighting, solar energy, battery, security ink, and sensor sectors of the market. Key uncertainties and risks to the Company include, but are not limited to, if and how quickly various industries adopt and fully embrace quantum dot technology and technological changes, including those developed by our competitors, rendering our technology uncompetitive or obsolete.
Going Concern
The Company recorded losses from continuing operations in the current period presented and has a history of losses. The ability of the Company to continue as a going concern is dependent upon its ability to reverse negative operating trends, obtain revenues from operations, raise additional capital, and/or obtain debt financing.
In conjunction with anticipated revenue streams, management is currently negotiating equity financing, the proceeds from which would be used to settle outstanding debts, to finance operations, and for general corporate purposes. However, there can be no assurance that the Company will be able to raise capital, obtain debt financing, or improve operating results sufficiently to continue as a going concern.
The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern.
Restatement of Unaudited Quarterly Financial Data
The Company identified certain errors in the Company’s previously released financial information for the quarters ended December 31, 2014 and March 31, 2015. As a result of the identification of the issues, various accounting corrections to the previously reported financial information were recorded and reported on Form 10-K/A filed with the Securities and Exchange Commission on February 2, 2016.
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v3.3.1.900
PROPERTY AND EQUIPMENT
|
6 Months Ended |
Dec. 31, 2015 |
PROPERTY AND EQUIPMENT |
|
PROPERTY AND EQUIPMENT |
NOTE 2 — PROPERTY AND EQUIPMENT
Property and equipment consisted of the following:
|
|
December 31,
|
|
June 30,
|
|
|
|
2015
|
|
2015
|
|
|
|
(unaudited)
|
|
|
|
Furniture and fixtures
|
|
$
|
1,625
|
|
$
|
1,625
|
|
Computers and software
|
|
11,447
|
|
11,447
|
|
Machinery and equipment
|
|
870,230
|
|
826,582
|
|
|
|
|
|
|
|
|
|
883,302
|
|
839,654
|
|
Less: accumulated depreciation
|
|
105,615
|
|
63,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property and equipment, net
|
|
$
|
777,687
|
|
$
|
776,039
|
|
|
|
|
|
|
|
|
|
Depreciation expense for the three months ended December 31, 2015 and 2014 was $21,591 and $8,354, respectively, and $42,000 and $15,693 for the six months ended December 31, 2015 and 2014, respectively.
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v3.3.1.900
LICENSES AND PATENTS
|
6 Months Ended |
Dec. 31, 2015 |
LICENSES AND PATENTS |
|
LICENSES AND PATENTS |
NOTE 3 — LICENSES AND PATENTS
Licenses and patents consisted of the following:
|
|
December 31,
|
|
June 30,
|
|
|
|
2015
|
|
2015
|
|
|
|
(unaudited)
|
|
|
|
William Marsh Rice University
|
|
$
|
40,000
|
|
$
|
40,000
|
|
University of Arizona
|
|
15,000
|
|
15,000
|
|
Bayer acquired patents
|
|
137,743
|
|
137,743
|
|
|
|
|
|
|
|
|
|
192,743
|
|
192,743
|
|
Less: accumulated amortization
|
|
55,981
|
|
36,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total licenses and patents, net
|
|
$
|
136,762
|
|
$
|
156,036
|
|
|
|
|
|
|
|
|
|
Amortization expense for the three months ended December 31, 2015 and 2014 was $9,637 and $9,637, respectively, and $19,274 and $14,683 for the six months ended December 31, 2015 and 2014, respectively.
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v3.3.1.900
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
6 Months Ended |
Dec. 31, 2015 |
FAIR VALUE OF FINANCIAL INSTRUMENTS |
|
FAIR VALUE OF FINANCIAL INSTRUMENTS |
NOTE 4 — FAIR VALUE OF FINANCIAL INSTRUMENTS
The Company follows ASU 2011-04 “Fair Value Measurement” as it relates to financial assets and financial liabilities, which defines fair value, establishes a framework for measuring fair value under GAAP and expands disclosures about fair value measurements. The provisions of this standard apply to other accounting pronouncements that require or permit fair value measurements.
This guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Hierarchical levels, as defined in this guidance and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities are as follows:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 — Inputs that are both significant to the fair value measurement and unobservable.
The reported fair values for financial instruments that use Level 2 and Level 3 inputs to determine fair value are based on a variety of factors and assumptions. Accordingly, certain fair values may not represent actual values of the financial instruments that could have been realized as of December 31, 2015 and June 30, 2015 or that will be realized in the future and do not include expenses that could be incurred in an actual sale or settlement.
The carrying amounts of cash and cash equivalents and accounts payable approximate their fair value due to the short maturity of those instruments.
Convertible Debentures
The Company measured the estimated fair value of the convertible debentures using significant other observable inputs, representative of a Level 2 fair value measurement, including the interest and conversion rates for the instruments. The following table sets forth the fair value of the Company’s convertible debentures as of December 31, 2015 and June 30, 2015:
|
|
December 31, 2015
|
|
June 30, 2015
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
|
|
|
Amount
|
|
Value
|
|
Amount
|
|
Value
|
|
Convertible debentures issued September 18, 2014
|
|
$
|
25,050
|
|
$
|
25,050
|
|
$
|
25,050
|
|
$
|
31,730
|
|
Convertible debentures issued January 15, 2015
|
|
$
|
500,000
|
|
$
|
1,250,000
|
|
$
|
500,000
|
|
$
|
1,583,333
|
|
Derivative Liabilities
The Company has evaluated the application of ASC 815, “Derivatives and Hedging”, to the Convertible Debenture issued November 4, 2008. Based on the guidance in ASC 815, the Company concluded these instruments were required to be accounted for as derivatives as of July 1, 2009 due to the down round protection feature on the conversion price and the exercise price. The Company records the fair value of these derivatives on its consolidated balance sheets at fair value with changes in the values of these derivatives reflected in the consolidated statements of operations as “Change in fair value of derivative liabilities.” These derivative instruments are not designated as hedging instruments under ASC 815. At June 30, 2014, all of the Company’s derivative liabilities were categorized as Level 3 fair value assets. During the three and six months ended December 31, 2014, the Company recognized a gain of $1,307,790 and $1,871,337, respectively, and is included in the statements of operations as change in fair value of derivative liabilities. Due to the conversion of the notes, at June 30, 2015 all of the Company’s derivative liabilities have been realized.
Level 3 Valuation Techniques
Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 financial liabilities consist of the derivative liabilities for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. At the date of the original transaction, the Company valued the convertible debenture that contains down round provisions using a lattice model, with the assistance of a valuation consultant, for which management understands the methodologies. This model incorporated transaction details such as the Company’s stock price, contractual terms, maturity, risk free rates, as well as assumptions about future financings, volatility, and holder behavior. Using assumptions, consistent with the original valuation, the Company has subsequently used the Black-Scholes model for calculating the fair value.
The Company is not a party to any hedge arrangements, commodity swap agreements or any other derivative financial instruments other than described above.
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v3.3.1.900
CONVERTIBLE DEBENTURES
|
6 Months Ended |
Dec. 31, 2015 |
CONVERTIBLE DEBENTURES. |
|
CONVERTIBLE DEBENTURES |
NOTE 5 — CONVERTIBLE DEBENTURES
The following table sets forth activity associated with the convertible debentures:
|
|
December 31,
|
|
June 30,
|
|
|
|
2015
|
|
2015
|
|
|
|
(unaudited)
|
|
|
|
Convertible debentures issued November 4, 2008
|
|
$
|
—
|
|
$
|
500,000
|
|
Convertible debentures issued February 6, 2014
|
|
—
|
|
400,000
|
|
Convertible debentures issued September 18, 2014
|
|
25,050
|
|
500,050
|
|
Convertible debentures issued November 25, 2014
|
|
—
|
|
350,000
|
|
Convertible debentures issued January 15, 2015
|
|
500,000
|
|
500,000
|
|
|
|
|
|
|
|
|
|
525,050
|
|
2,250,050
|
|
Less: amount converted to shares
|
|
—
|
|
1,725,000
|
|
|
|
|
|
|
|
Total convertible debentures outstanding
|
|
525,050
|
|
525,050
|
|
Less: unamortized discount
|
|
180,988
|
|
266,212
|
|
|
|
|
|
|
|
|
|
344,062
|
|
258,838
|
|
Less: current portion
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total convertible debentures, net of current portion
|
|
$
|
344,062
|
|
$
|
258,838
|
|
|
|
|
|
|
|
|
|
November 2008 Convertible Debenture
On November 4, 2008, the Company entered into a Securities Purchase Agreement, Debenture, Security Agreement, Subsidiary Guarantee Agreement, Registration Rights Agreement, Escrow Agreement, Stock Pledge Agreement and other related transactional documents (the “Transaction Documents”) to obtain $1,500,000 in gross proceeds from three non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”) in exchange for 3,525,000 restricted shares of common stock of the Company (the “Restricted Shares”) and Debentures in the principal amount aggregating $1,500,000. Each Debenture originally had a term of three years maturing on November 4, 2011 bearing interest at the rate of 8% per annum and is pre-payable by the Company at any time without penalty, subject to the Debenture Holders’ conversion rights. In 2011, the Company obtained a one year extension of the maturity date of the Debentures through November 4, 2014. In partial consideration of such a loan extension, the Company agreed to issue to the Debenture Holders warrants to purchase an aggregate of 2,000,000 shares of common stock exercisable at $0.10 per share. These Warrants contain cashless exercise provisions in the event that there is no current registration statement filed. The maturity date was extended to November 4, 2014 in June 2013 and the conversion price per share was lowered to $0.06 per share.
On June 30, 2014, $1,000,000 of the Debentures were converted into 16,666,667 common shares. The remaining $500,000 was converted at $0.06 per share into 8,333,333 of common shares at the due date November 4, 2014. The Company recorded the conversion at the fair market value of the shares at the date of conversion, off-set by the reduction of the derivative liability.
Interest expense for the three months ended December 31, 2015 and 2014 was $0 and $9,027, respectively, and $0 and $21,805 for the six months ended December 31, 2015 and 2014, respectively.
As of December 31 and June 30, 2015, $0 of principal was outstanding.
February 2014 Convertible Debenture
On February 6, 2014, the Company entered into a Securities Purchase Agreement, Debenture and Escrow Agreement to obtain $400,000 in gross proceeds from two non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). The Debentures have a term of two years maturing on January 31, 2016 and bear interest at the rate of 8% per annum. The Debentures are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion at a conversion price of $0.04 per share at any date. The Debenture Holders received 5,000,000 common stock warrants exercisable at $0.06 per share through December 31, 2016. The debt is secured by a security interest in certain microreactor equipment. Pursuant to the Securities Purchase Agreement, the investor has certain preferential rights to fund a second microreactor at a cost of up to $650,000. Such rights were exercised as described under the January 2015 Convertible Debenture below.
In accounting for the above convertible debentures, the Company allocated the fair value of the warrants to the proceeds received in the amount of $95,603, recorded as debt discount.
In January 2015, the holders of the $400,000 convertible debenture converted into 10,000,000 shares of common stock. As of December 31 and June 30, 2015, $0 of principal was outstanding.
September 2014 Convertible Debenture
Between September 16, 2014 and October 28, 2014, the Company entered into Convertible Debenture Agreements to obtain a total of $500,050 in gross proceeds from five non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). The Debentures have terms of five years maturing between September 16, 2019 and October 30, 2019. The Debentures bear interest at the rate of 6% per annum and are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion at a conversion price of $0.15 per share at any date, and will receive an equal number of warrants having a strike price of $0.30 per share and a term of five years.
In accounting for the above convertible debentures, the Company allocated the fair value of the warrants to the proceeds received in the amount of $203,074, recorded as debt discount. The debt discount is amortized using the effective interest rate method over the life of the loan, five years. The Company recognized accretion of debt discount expense for the three months ended December 31, 2015 and 2014 of $0 and $191,126, respectively, and $0 and $203,074 for the six months ended December 31, 2015 and 2014, respectively. The Company recognized a beneficial conversion expense for the three months ended December 31, 2015 and 2014 of $0 and $58,333, respectively, and $0 and $230,309 for the six months ended December 31, 2015 and 2014, respectively. Interest expense for the three months ended December 31, 2015 and 2014 was $384 and $4,073, respectively, and $768 and $4,073 for the six months ended December 31, 2015 and 2014, respectively.
In October 2014, $350,000 of the Debentures were converted into 2,333,333 shares of common stock and an equal number of warrants and in December 2014, $125,000 of the Debentures were converted into 833,334 shares of common stock and an equal number of warrants. As of December 31 and June 30, 2015, $25,050 of principal was outstanding.
November 2014 Convertible Debenture
On November 25, 2014, the Company entered into a Convertible Debenture Agreement which would allow the Company to borrow up to a total of $500,000 in gross proceeds from a non-affiliated party. The Debenture has a term of five years maturing on November 25, 2019 and bears interest at the rate of 6% per annum and is pre-payable by the Company at any time without penalty. The debenture holder funded five times between December 2014 and April 2015 for total proceeds to the Company of $350,000. The first three fundings of $50,000 each have the right of conversion at a conversion price of $0.15 per share at any date, and will receive an equal number of warrants having a strike price of $0.30 per share and a term of two years. The fourth funding of $50,000 has the right of conversion at a conversion price of $0.12 per share at any date, and will receive an equal number of warrants having a strike price of $0.24 per share and a term of two years. The fifth funding of $150,000 has the right of conversion at a conversion price of $0.10 per share at any date, and will receive an equal number of warrants having a strike price of $0.20 per share and a term of two years. In January 2015 $100,000 was converted into 666,667 of common stock and in April 2015 $250,000 was converted into 2,250,000 of common stock.
As of December 31 and June 30, 2015, $0 of principal was outstanding.
On September 18, 2015, the Company notified the debenture holder that per the terms of the debenture, the debenture was deemed cancelled.
January 2015 Convertible Debenture
On January 15, 2015, the Company entered into Convertible Debenture Agreements to obtain $500,000 in gross proceeds from two non-affiliated parties (collectively hereinafter referred to as the “Debenture Holders”). The Debentures have a term of two years maturing on January 15, 2017 and bear interest at the rate of 8% per annum. The debentures are pre-payable by the Company at any time without penalty. The Debenture Holders have the right of conversion at a conversion price of $0.06 per share at any date. The Debenture Holders received 6,250,000 common stock warrants exercisable at $0.06 per share through January 15, 2017. The debt is secured by a security interest in certain microreactor equipment. The Agreement also provides for the investors to have the right to appoint one member to the Company’s Board of Directors in the event that any one of the aforementioned debentures are converted into common stock of the Company.
In accounting for the convertible debentures, the Company allocated the fair value of the warrants to the proceeds received in the amount of $348,105, recorded as debt discount and is amortized using the effective interest rate method over the life of the loan, two years. The Company recognized accretion of debt discount expense for the three months ended December 31, 2015 and 2014 of $43,037 and $0, respectively, and $85,224 and $0 for the six months ended December 31, 2015 and 2014, respectively. Interest expense for the three months ended December 31, 2015 and 2014 was $10,082 and $0, respectively, and $20,164 and $0 for the six months ended December 31, 2015 and 2014, respectively.
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v3.3.1.900
DEFERRED REVENUE
|
6 Months Ended |
Dec. 31, 2015 |
DEFERRED REVENUE |
|
DEFERRED REVENUE |
NOTE 6 — DEFERRED REVENUE
During the six months ended December 31, 2015, the Company recorded $225,000 of deferred revenue. This represents full payment pursuant to the previously announced funded product development agreement with Nitto Denko Corporation (the “Agreement”). The Agreement does not require specific deliverables by the Company, however it does place certain restrictions on the Company’s ability to communicate with a limited number of specifically named businesses during the four month term of the agreement. Management does not believe that the restrictions have a material negative affect on the Company’s business prospects. All $225,000 of deferred revenue will be earned and recognized in the quarter ended March, 31, 2016.
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- DefinitionThe entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.
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v3.3.1.900
EQUITY TRANSACTIONS
|
6 Months Ended |
Dec. 31, 2015 |
EQUITY TRANSACTIONS |
|
EQUITY TRANSACTIONS |
NOTE 7 — EQUITY TRANSACTIONS
Common Stock
During the six months ended December 31, 2015, the Company issued 1,000,000 shares of common stock for cash proceeds of $100,000. Additionally, investors exercised options and warrants to purchase 11,584,767 shares of common stock for cash proceeds of $330,500 and forgiveness of a liability of $39,177. Included were cashless exercises of 3,325,000 options and 6,802,634 warrants that resulted in the issuance of 2,146,629 and 3,381,154 shares of common stock, respectively.
During the six months ended December 31, 2015, the Company granted 2,400,000 shares of common stock to consultants at the fair market value of $240,000. This was recognized as a prepaid asset and will be amortized to expense over the life of the agreement. Additionally, the Company granted 100,000 shares of common stock to consultants at the fair market value of $10,000 and was recognized as general and administrative expense.
During the six months ended December 31, 2015, the Company cancelled 638,300 shares of common stock. See Note 13.
Stock Warrants
A summary of activity of the Company’s stock warrants for the six months ended December 31, 2015 is presented below:
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
Weighted
|
|
|
|
Average
|
|
Weighted
|
|
|
|
Average
|
|
|
|
Remaining
|
|
Average
|
|
|
|
Exercise
|
|
Number of
|
|
Contractual
|
|
Grant Date
|
|
|
|
Price
|
|
Warrants
|
|
Term in Years
|
|
Fair Value
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2015
|
|
$
|
0.09
|
|
48,284,833
|
|
|
|
$
|
0.13
|
|
Expired
|
|
0.07
|
|
(6,895,833
|
)
|
|
|
0.08
|
|
Granted
|
|
0.06
|
|
8,465,175
|
|
|
|
0.14
|
|
Exercised
|
|
0.07
|
|
(12,859,618
|
)
|
|
|
0.09
|
|
Cancelled
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2015
|
|
$
|
0.09
|
|
36,994,557
|
|
1.45
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and exercisable as of December 31, 2015
|
|
$
|
0.09
|
|
36,994,557
|
|
1.45
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the six months ended December 31, 2015, 6,802,634 warrants were exercised in cashless transactions that resulted in the issuance of 3,381,154 shares of common stock.
In November 2015, certain officers and employees converted accrued salaries of $409,667 into 6,827,778 warrants to purchase the Company’s common stock. The warrants are exercisable at $0.06 per share for a period of two years. The fair value of the stock warrants at the time of conversion was $821,979. The variance of $412,312 was recognized as stock-based compensation in general and administrative expense.
Outstanding warrants at December 31, 2015 expire during the period January 2016 to November 2019 and have exercise prices ranging from $0.04 to $0.30.
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v3.3.1.900
STOCK-BASED COMPENSATION
|
6 Months Ended |
Dec. 31, 2015 |
STOCK-BASED COMPENSATION |
|
STOCK-BASED COMPENSATION. |
NOTE 8 — STOCK-BASED COMPENSATION
The Company follows ASC 718 “Compensation — Stock Compensation” for share-based payments which requires all stock-based payments, including stock options, to be recognized as an operating expense over the vesting period, based on their grant date fair values.
In October 2009 the Board of Directors authorized the approval of a stock option plan covering 7,500,000 shares of common stock, which was increased to 10,000,000 shares in December 2009 and approved by stockholders in January 2010. The Plan provides for the direct issuance of common stock and the grant of incentive and non-incentive stock options. As of December 31, 2015, 9,200,000 options have been granted, with terms ranging from five to ten years, and 250,000 have been cancelled.
In January 2013 the Board of Directors authorized the approval of a stock option plan covering 20,000,000 shares of common stock, which was increased to 60,000,000 shares in March 2013 and approved by stockholders in March 2013. The Plan provides for the direct issuance of common stock and the grant of incentive and non-incentive stock options. As of December 31, 2015, 62,703,473 options have been granted, with terms ranging from five to ten years, 3,325,000 have been exercised and 12,703,225 have been cancelled.
In March 2012 3,500,000 stock options, with a term of five years, were granted outside of the 2009 and 2013 stock option plans. In May, September and October 2015, 2,000,000, 1,000,000 and 500,000 stock options, respectively, with terms of ten years, were granted outside of the 2009 and 2013 stock option plans.
Incentive Stock Options: The Company estimates the fair value of each stock option on the date of grant using the Black-Scholes-Merton valuation model. The volatility is based on expected volatility over the expected life of sixty months. Compensation cost is recognized based on awards that are ultimately expected to vest, therefore, the Company has reduced the cost for estimated forfeitures based on historical forfeiture rates. As the Company has not historically declared dividends, the dividend yield used in the calculation is zero. Actual value realized, if any, is dependent on the future performance of the Company’s common stock and overall stock market conditions. There is no assurance the value realized by an optionee will be at or near the value estimated by the Black-Scholes-Merton model.
The Company did not grant any stock options during the six months ended December 31, 2014. The following assumptions were used for the six months ended December 31, 2015:
|
|
Six Months Ended
|
|
|
|
December 31, 2015
|
|
|
|
|
|
Expected volatility
|
|
147.62
|
%
|
Expected dividend yield
|
|
—
|
|
Risk-free interest rates
|
|
1.49
|
%
|
Expected term (in years)
|
|
5.0
|
|
The computation of expected volatility during the six months ended December 31, 2015 was based on the historical volatility. Historical volatility was calculated from historical data for the time approximately equal to the expected term of the option award starting from the grant date. The risk-free interest rate assumption is based upon the U.S. Treasury yield curve in effect at the time of grant for the period corresponding with the expected life of the option.
A summary of the activity of the Company’s stock options for the six months ended December 31, 2015 is presented below:
|
|
|
|
|
|
Weighted
|
|
Weighted
|
|
|
|
|
|
Weighted
|
|
|
|
Average
|
|
Average
|
|
|
|
|
|
Average
|
|
Number of
|
|
Remaining
|
|
Optioned
|
|
Aggregate
|
|
|
|
Exercise
|
|
Optioned
|
|
Contractual
|
|
Grant Date
|
|
Intrinsic
|
|
|
|
Price
|
|
Shares
|
|
Term in Years
|
|
Fair Value
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2015
|
|
0.07
|
|
67,737,748
|
|
|
|
0.10
|
|
$
|
8,357,574
|
|
Expired
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
Granted
|
|
0.17
|
|
3,500,000
|
|
|
|
0.15
|
|
|
|
Exercised
|
|
0.06
|
|
(3,325,000
|
)
|
|
|
0.06
|
|
|
|
Cancelled
|
|
0.09
|
|
(5,287,500
|
)
|
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2015
|
|
$
|
0.07
|
|
62,625,248
|
|
4.90
|
|
$
|
0.11
|
|
$
|
5,011,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and exercisable as of December 31, 2015
|
|
$
|
0.06
|
|
57,125,248
|
|
4.04
|
|
$
|
0.10
|
|
$
|
4,981,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding options at December 31, 2015 expire during the period March 2017 to November 2025 and have exercise prices ranging from $0.03 to $0.17.
Compensation expense associated with stock options for the three months ended December 31, 2015 and 2014 was $1,162,431 and $0, respectively, and $1,340,905 and $0 for the six months ended December 31, 2015 and 2014, respectively, and was included in general and administrative expenses in the consolidated statements of operations. At December 31, 2015, the Company had 5,500,000 shares of nonvested stock option awards. The total cost of nonvested stock option awards which the Company had not yet recognized was $613,800 at December 31, 2015. Such amounts are expected to be recognized over a period of 2.75 years.
Restricted Stock: To encourage retention and performance, the Company granted certain employees restricted shares of common stock with a fair value per share determined in accordance with conventional valuation techniques, including but not limited to, arm’s length transactions, net book value or multiples of comparable company earnings before interest, taxes, depreciation and amortization, as applicable. Generally, the stock vests over a 3 year period. A summary of the activity of the Company’s restricted stock awards for the six months ended December 31, 2015 is presented below:
|
|
Number of
|
|
Weighted
|
|
|
|
Nonvested
|
|
Average
|
|
|
|
Restricted
|
|
Grant Date
|
|
|
|
Share Awards
|
|
Fair Value
|
|
|
|
|
|
|
|
Nonvested restricted shares outstanding at June 30, 2015
|
|
1,500,000
|
|
$
|
0.42
|
|
Granted
|
|
250,000
|
|
0.14
|
|
Vested
|
|
(750,000
|
)
|
0.33
|
|
Forfeited
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested restricted shares outstanding at December 31, 2015
|
|
1,000,000
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
Compensation expense associated with restricted stock for the three months ended December 31, 2015 and 2014 was $87,932 and $97,233, respectively, and $140,863 and $97,233 for the six months ended December 31, 2015 and 2014, respectively, and was included in general and administrative expenses in the consolidated statements of operations. The total cost of nonvested stock awards which the Company had not yet recognized was $322,767 at December 31, 2015. This amount is expected to be recognized over a period of two years.
Agreements with Officers and Employees: In September 2015, the Company’s officers and certain employees owning options to purchase 57,979,414 shares of the Company’s common stock entered into an agreement with the Company that such persons cannot exercise their options and the Company does not have to reserve for the issuance of shares of common stock underlying their options until the earlier of August 1, 2016 or the Company having unreserved shares sufficient for all outstanding options to be exercised. This could happen through an increase in authorized common shares, the cancellation of outstanding convertible notes or warrants, or a shareholder approved reverse stock split. Subsequent to this agreement, one of the Company’s officers returned 4,300,000 options to the Company making a total of 53,679,414 options currently subject to the agreement.
|
X |
- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
LOSS PER SHARE
|
6 Months Ended |
Dec. 31, 2015 |
LOSS PER SHARE |
|
LOSS PER SHARE |
NOTE 9 — LOSS PER SHARE
The Company follows ASC 260, “Earnings Per Share”, for share-based payments that are considered to be participating securities within the definition provided by the standard. All share-based payment awards that contained non-forfeitable rights to dividends, whether paid or unpaid, were designated as participating securities and included in the computation of earnings per share (“EPS”).
The following table sets forth the computation of basic and diluted loss per share:
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
2014
|
|
|
|
2014
|
|
|
|
2015
|
|
(Restated)
|
|
2015
|
|
(Restated)
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
Net (loss) income
|
|
$
|
(2,519,658
|
)
|
$
|
247,335
|
|
$
|
(3,386,607
|
)
|
$
|
151,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
318,834,426
|
|
268,188,500
|
|
313,323,370
|
|
262,898,920
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
Shares issuable from the assumed conversion of stock options
|
|
—
|
|
37,036,008
|
|
—
|
|
38,827,612
|
|
Shares issuable from the assumed conversion of stock warrants
|
|
—
|
|
24,442,399
|
|
—
|
|
25,961,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
318,834,426
|
|
329,666,907
|
|
313,323,370
|
|
327,687,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) income per share
|
|
$
|
(0.01
|
)
|
$
|
0.00
|
|
$
|
(0.01
|
)
|
$
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) income per share
|
|
$
|
(0.01
|
)
|
$
|
0.00
|
|
$
|
(0.01
|
)
|
$
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three and six months ended December 31, 2015, 36,994,557 stock warrants were excluded from diluted earnings per share because the are considered anti-dilutive.
For the three and six months ended December 31, 2015, 62,625,248 stock options were excluded from diluted earnings per share because the are considered anti-dilutive.
|
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- DefinitionThe entire disclosure for earnings per share.
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v3.3.1.900
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Dec. 31, 2015 |
COMMITMENTS AND CONTINGENCIES. |
|
COMMITMENTS AND CONTINGENCIES |
NOTE 10 - COMMITMENTS AND CONTINGENCIES
Agreement with Rice University
On August 20, 2008, Solterra entered into a License Agreement with Rice University (the “Solterra Rice License Agreement”). In August 2013, Solterra entered into an amended License Agreement and Quantum Materials Corp. (“QMC”) entered into a new License Agreement with Rice (“QMC Rice License Agreement”, and together with the Solterra Rice License Agreement, the “Rice License Agreements”).
The initial agreement between each of QMC and Solterra with Rice requires the payment of certain patent fees to Rice and for QMC and Solterra to acquire additional funding and to meet certain milestones by specific dates. QMC, Solterra and Rice recently established new milestones for QMC and Solterra to achieve in the months and years ahead pursuant to the respective Rice License Agreements, the failure of which could lead to the termination of such Rice License Agreements. Pursuant to the Solterra Rice License Agreement, Rice is entitled to receive, during the term, certain royalties of adjusted gross sales (as defined therein) ranging from 2% to 4% for photovoltaic cells and 7.5% of adjusted gross sales for QDs sold in electronic and medical applications. Additionally, minimum royalties payable under the Solterra Rice License Agreement include $100,000 due January 1, 2016, $356,250 due January 1, 2017, $1,453,500 due January 1, 2018, $3,153,600 due January 1, 2019 and each January 1 of every year thereafter, subject to adjustments for changes in the consumer pricing index. The Company is negotiating with Rice University to extend the due date of the $100,000 minimum royalty payment due January 1, 2016. Pursuant to the QMC Rice License Agreement, Rice is entitled to receive, during the term, a royalty of 7.5% of adjusted gross sales for QDs sold in electronic and medical applications. Additionally, minimum royalties payable under the QMC Rice License Agreement include $29,450 paid January 1, 2015, $117,000 due January 1, 2016, $292,500 due January 1, 2017, $585,000 due January 1, 2018 and each January 1 of every year thereafter, subject to adjustments for changes in the consumer pricing index. The Company is negotiating with Rice University to extend the due date of the $117,000 minimum royalty payment due January 1, 2016. The respective terms of the Rice License Agreements are to expire on the expiration date of Rice’s rights in its intellectual property and the Licensee’s rights are worldwide. The Rice License Agreements require the payment of a success fee of $700,000 to Rice in the event a Liquidity Event (as define therein) such as the sale of a majority of QMC’s or Solterra’s shares in a merger or consolidation with another entity or in the case of a sale, lease, transfer or other disposition of all or substantially all of the Company’s assets. The respective Rice License Agreements, as amended, provide for termination of each agreement in certain circumstances, including the event that the Company or Solterra is determined to be insolvent (as defined therein).
Agreement with University of Arizona
Solterra has entered into an exclusive Patent License Agreement with the University of Arizona (“UA”) on March 21, 2006. Pursuant to UA License Agreement, as amended, Solterra is obligated to pay minimum annual royalties of $50,000 by December 31, 2015, $125,000 by June 30, 2016 and $200,000 on each June 30th thereafter, subject to adjustments for increases in the consumer price index. The Company is negotiating with UA to extend the due date of the $50,000 minimum royalty payment that was due December 31, 2015. Royalties based on net sales are 2% of net sales of licensed products for non-display electronic component applications and 2.5% of net sales of licensed products for printed electronic displays. The UA License Agreement may be terminated by UA in the event that Solterra is in breach of any provision of the agreement and said breach continues for 60 days after receiving written notice. The UA License Agreement will also automatically terminate if Solterra becomes insolvent or unable to pay its debts as they become due.
Agreement with Texas State University
The Company entered into a Service Agreement with Texas State University (“TSU”) by which the Company occupies certain office and lab space at TSU’s STAR Park (Science Technology and Advanced Research) Facility. The agreement is month-to-month and can be terminated with 30-days written notice of either party.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
INCOME TAX
|
6 Months Ended |
Dec. 31, 2015 |
INCOME TAX |
|
INCOME TAX |
NOTE 11 — INCOME TAX
The Company follows ASC 740 “Income Taxes” regarding the accounting for deferred tax assets and liabilities. Under the asset and liability method required by this guidance, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset will be reduced by a valuation allowance when, based on the Company’s estimates, it is more likely than not that a portion of those assets will not be realized in a future period.
The Company assesses the likelihood that deferred tax assets will be recovered from the existing deferred tax liabilities or future taxable income. To the extent the Company believes that recovery will not meet the more likely than not threshold, it establishes a valuation allowance. The Company has recorded valuation allowances in the U.S. for its net deferred tax assets since management believes it is more likely than not that these assets will not be realized because future taxable income necessary to utilize these losses cannot be established or projected.
The effective income tax rate for the three and six months ended December 31, 2015 and 2014 was 0%. The Company’s effective income tax rate differs from the federal statutory rate primarily due to non-deductible expenses and valuation allowances. As a result of stock compensation expense incurred during the six months ended December 31, 2015, the Company has increased deferred tax assets by $626,000 with a corresponding increase to the valuation allowance of $626,000 as of December 31, 2015.
|
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
SUPPLEMENTAL CASH FLOW INFORMATION
|
6 Months Ended |
Dec. 31, 2015 |
SUPPLEMENTAL CASH FLOW INFORMATION |
|
SUPPLEMENTAL CASH FLOW INFORMATION. |
NOTE 12 — SUPPLEMENTAL CASH FLOW INFORMATION
The following is supplemental cash flow information:
|
|
Six Months Ended
|
|
|
|
December 31,
|
|
|
|
|
|
2014
|
|
|
|
2015
|
|
(Restated)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
20,055
|
|
$
|
4,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for income taxes
|
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
The following is supplemental disclosure of non-cash investing and financing activities:
|
|
Six Months Ended
|
|
|
|
December 31,
|
|
|
|
|
|
2014
|
|
|
|
2015
|
|
(Restated)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Conversion of debentures into shares of common stock
|
|
$
|
—
|
|
$
|
975,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated value of warrants issued with convertible debentures
|
|
$
|
—
|
|
$
|
203,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock warrants issued for conversion of accrued salaries
|
|
$
|
409,667
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expense paid in shares of common stock
|
|
$
|
161,285
|
|
$
|
300,000
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.3.1.900
TRANSACTIONS WITH AFFILIATED PARTY
|
6 Months Ended |
Dec. 31, 2015 |
TRANSACTIONS WITH AFFILIATED PARTY |
|
TRANSACTIONS WITH AFFILIATED PARTY |
NOTE 13 — TRANSACTIONS WITH AFFILIATED PARTY
During the six months ended December 31, 2015, the Company’s former CFO surrendered 638,300 shares of common stock and options to purchase an additional 987,500 shares in exchange for the cancellation of indebtedness to the Company aggregating $79,000. As a result of this surrender, the Company recorded a gain of $174,568 which is presented in the consolidated statements of operations as Gain on Settlement.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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SUBSEQUENT EVENTS
|
6 Months Ended |
Dec. 31, 2015 |
SUBSEQUENT EVENTS |
|
SUBSEQUENT EVENTS |
NOTE 14 - SUBSEQUENT EVENTS
The Company evaluates events and transactions that occur after the balance sheet date but before the consolidated financial statements are issued. The Company evaluated such events and transactions through the date the consolidated financial statements were filed electronically with the Securities and Exchange Commission.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
PROPERTY AND EQUIPMENT (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
PROPERTY AND EQUIPMENT |
|
Schedule of property and equipment |
|
|
December 31,
|
|
June 30,
|
|
|
|
2015
|
|
2015
|
|
|
|
(unaudited)
|
|
|
|
Furniture and fixtures
|
|
$
|
1,625
|
|
$
|
1,625
|
|
Computers and software
|
|
11,447
|
|
11,447
|
|
Machinery and equipment
|
|
870,230
|
|
826,582
|
|
|
|
|
|
|
|
|
|
883,302
|
|
839,654
|
|
Less: accumulated depreciation
|
|
105,615
|
|
63,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property and equipment, net
|
|
$
|
777,687
|
|
$
|
776,039
|
|
|
|
|
|
|
|
|
|
|
X |
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- DefinitionTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
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v3.3.1.900
LICENSES AND PATENTS (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
LICENSES AND PATENTS |
|
Schedule of licenses and patents |
|
|
December 31,
|
|
June 30,
|
|
|
|
2015
|
|
2015
|
|
|
|
(unaudited)
|
|
|
|
William Marsh Rice University
|
|
$
|
40,000
|
|
$
|
40,000
|
|
University of Arizona
|
|
15,000
|
|
15,000
|
|
Bayer acquired patents
|
|
137,743
|
|
137,743
|
|
|
|
|
|
|
|
|
|
192,743
|
|
192,743
|
|
Less: accumulated amortization
|
|
55,981
|
|
36,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total licenses and patents, net
|
|
$
|
136,762
|
|
$
|
156,036
|
|
|
|
|
|
|
|
|
|
|
X |
- References
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v3.3.1.900
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
FAIR VALUE OF FINANCIAL INSTRUMENTS |
|
Schedule of fair value of convertible debentures |
|
|
December 31, 2015
|
|
June 30, 2015
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
|
|
|
Amount
|
|
Value
|
|
Amount
|
|
Value
|
|
Convertible debentures issued September 18, 2014
|
|
$
|
25,050
|
|
$
|
25,050
|
|
$
|
25,050
|
|
$
|
31,730
|
|
Convertible debentures issued January 15, 2015
|
|
$
|
500,000
|
|
$
|
1,250,000
|
|
$
|
500,000
|
|
$
|
1,583,333
|
|
|
X |
- References
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v3.3.1.900
CONVERTIBLE DEBENTURES (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
CONVERTIBLE DEBENTURES. |
|
Schedule of convertible debentures |
|
|
December 31,
|
|
June 30,
|
|
|
|
2015
|
|
2015
|
|
|
|
(unaudited)
|
|
|
|
Convertible debentures issued November 4, 2008
|
|
$
|
—
|
|
$
|
500,000
|
|
Convertible debentures issued February 6, 2014
|
|
—
|
|
400,000
|
|
Convertible debentures issued September 18, 2014
|
|
25,050
|
|
500,050
|
|
Convertible debentures issued November 25, 2014
|
|
—
|
|
350,000
|
|
Convertible debentures issued January 15, 2015
|
|
500,000
|
|
500,000
|
|
|
|
|
|
|
|
|
|
525,050
|
|
2,250,050
|
|
Less: amount converted to shares
|
|
—
|
|
1,725,000
|
|
|
|
|
|
|
|
Total convertible debentures outstanding
|
|
525,050
|
|
525,050
|
|
Less: unamortized discount
|
|
180,988
|
|
266,212
|
|
|
|
|
|
|
|
|
|
344,062
|
|
258,838
|
|
Less: current portion
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total convertible debentures, net of current portion
|
|
$
|
344,062
|
|
$
|
258,838
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components.
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v3.3.1.900
EQUITY TRANSACTIONS (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
EQUITY TRANSACTIONS |
|
Summary of activity of the Company's stock warrants |
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
Weighted
|
|
|
|
Average
|
|
Weighted
|
|
|
|
Average
|
|
|
|
Remaining
|
|
Average
|
|
|
|
Exercise
|
|
Number of
|
|
Contractual
|
|
Grant Date
|
|
|
|
Price
|
|
Warrants
|
|
Term in Years
|
|
Fair Value
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2015
|
|
$
|
0.09
|
|
48,284,833
|
|
|
|
$
|
0.13
|
|
Expired
|
|
0.07
|
|
(6,895,833
|
)
|
|
|
0.08
|
|
Granted
|
|
0.06
|
|
8,465,175
|
|
|
|
0.14
|
|
Exercised
|
|
0.07
|
|
(12,859,618
|
)
|
|
|
0.09
|
|
Cancelled
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2015
|
|
$
|
0.09
|
|
36,994,557
|
|
1.45
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and exercisable as of December 31, 2015
|
|
$
|
0.09
|
|
36,994,557
|
|
1.45
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.3.1.900
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
STOCK-BASED COMPENSATION |
|
Schedule of valuation assumptions used to estimate fair value of stock options |
|
|
Six Months Ended
|
|
|
|
December 31, 2015
|
|
|
|
|
|
Expected volatility
|
|
147.62
|
%
|
Expected dividend yield
|
|
—
|
|
Risk-free interest rates
|
|
1.49
|
%
|
Expected term (in years)
|
|
5.0
|
|
|
Summary of award activity under stock option plans |
|
|
|
|
|
|
Weighted
|
|
Weighted
|
|
|
|
|
|
Weighted
|
|
|
|
Average
|
|
Average
|
|
|
|
|
|
Average
|
|
Number of
|
|
Remaining
|
|
Optioned
|
|
Aggregate
|
|
|
|
Exercise
|
|
Optioned
|
|
Contractual
|
|
Grant Date
|
|
Intrinsic
|
|
|
|
Price
|
|
Shares
|
|
Term in Years
|
|
Fair Value
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2015
|
|
0.07
|
|
67,737,748
|
|
|
|
0.10
|
|
$
|
8,357,574
|
|
Expired
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
Granted
|
|
0.17
|
|
3,500,000
|
|
|
|
0.15
|
|
|
|
Exercised
|
|
0.06
|
|
(3,325,000
|
)
|
|
|
0.06
|
|
|
|
Cancelled
|
|
0.09
|
|
(5,287,500
|
)
|
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2015
|
|
$
|
0.07
|
|
62,625,248
|
|
4.90
|
|
$
|
0.11
|
|
$
|
5,011,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and exercisable as of December 31, 2015
|
|
$
|
0.06
|
|
57,125,248
|
|
4.04
|
|
$
|
0.10
|
|
$
|
4,981,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of award activity under restricted stock plans |
|
|
Number of
|
|
Weighted
|
|
|
|
Nonvested
|
|
Average
|
|
|
|
Restricted
|
|
Grant Date
|
|
|
|
Share Awards
|
|
Fair Value
|
|
|
|
|
|
|
|
Nonvested restricted shares outstanding at June 30, 2015
|
|
1,500,000
|
|
$
|
0.42
|
|
Granted
|
|
250,000
|
|
0.14
|
|
Vested
|
|
(750,000
|
)
|
0.33
|
|
Forfeited
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested restricted shares outstanding at December 31, 2015
|
|
1,000,000
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.
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v3.3.1.900
LOSS PER SHARE (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
LOSS PER SHARE |
|
Schedule of computation of basic and diluted loss per share |
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
2014
|
|
|
|
2014
|
|
|
|
2015
|
|
(Restated)
|
|
2015
|
|
(Restated)
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
Net (loss) income
|
|
$
|
(2,519,658
|
)
|
$
|
247,335
|
|
$
|
(3,386,607
|
)
|
$
|
151,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
318,834,426
|
|
268,188,500
|
|
313,323,370
|
|
262,898,920
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
Shares issuable from the assumed conversion of stock options
|
|
—
|
|
37,036,008
|
|
—
|
|
38,827,612
|
|
Shares issuable from the assumed conversion of stock warrants
|
|
—
|
|
24,442,399
|
|
—
|
|
25,961,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
318,834,426
|
|
329,666,907
|
|
313,323,370
|
|
327,687,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) income per share
|
|
$
|
(0.01
|
)
|
$
|
0.00
|
|
$
|
(0.01
|
)
|
$
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) income per share
|
|
$
|
(0.01
|
)
|
$
|
0.00
|
|
$
|
(0.01
|
)
|
$
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.3.1.900
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
SUPPLEMENTAL CASH FLOW INFORMATION |
|
Schedule of supplemental cash flow information |
The following is supplemental cash flow information:
|
|
Six Months Ended
|
|
|
|
December 31,
|
|
|
|
|
|
2014
|
|
|
|
2015
|
|
(Restated)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
20,055
|
|
$
|
4,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for income taxes
|
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
The following is supplemental disclosure of non-cash investing and financing activities:
|
|
Six Months Ended
|
|
|
|
December 31,
|
|
|
|
|
|
2014
|
|
|
|
2015
|
|
(Restated)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Conversion of debentures into shares of common stock
|
|
$
|
—
|
|
$
|
975,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated value of warrants issued with convertible debentures
|
|
$
|
—
|
|
$
|
203,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock warrants issued for conversion of accrued salaries
|
|
$
|
409,667
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expense paid in shares of common stock
|
|
$
|
161,285
|
|
$
|
300,000
|
|
|
|
|
|
|
|
|
|
|
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v3.3.1.900
PROPERTY AND EQUIPMENT (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Furniture and Equipment |
|
|
|
|
|
Total |
$ 883,302
|
|
$ 883,302
|
|
$ 839,654
|
Less: accumulated depreciation |
105,615
|
|
105,615
|
|
63,615
|
Total property and equipment, net |
777,687
|
|
777,687
|
|
776,039
|
Depreciation expense |
21,591
|
$ 8,354
|
42,000
|
$ 15,693
|
|
Furniture and fixtures |
|
|
|
|
|
Furniture and Equipment |
|
|
|
|
|
Total |
1,625
|
|
1,625
|
|
1,625
|
Computers and software |
|
|
|
|
|
Furniture and Equipment |
|
|
|
|
|
Total |
11,447
|
|
11,447
|
|
11,447
|
Machinery and equipment |
|
|
|
|
|
Furniture and Equipment |
|
|
|
|
|
Total |
$ 870,230
|
|
$ 870,230
|
|
$ 826,582
|
X |
- DefinitionCumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land or leased assets).
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v3.3.1.900
LICENSES AND PATENTS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
LICENSES AND PATENTS |
|
|
|
|
|
Licenses and patents, gross |
$ 192,743
|
|
$ 192,743
|
|
$ 192,743
|
Less: accumulated amortization |
(55,981)
|
|
(55,981)
|
|
(36,707)
|
Total licenses and patents, net |
136,762
|
|
136,762
|
|
156,036
|
Amortization expense |
9,637
|
$ 9,637
|
19,274
|
$ 14,683
|
|
Licensing Agreements | William Marsh Rice University |
|
|
|
|
|
LICENSES AND PATENTS |
|
|
|
|
|
Licenses and patents, gross |
40,000
|
|
40,000
|
|
40,000
|
Licensing Agreements | University Of Arizona |
|
|
|
|
|
LICENSES AND PATENTS |
|
|
|
|
|
Licenses and patents, gross |
15,000
|
|
15,000
|
|
15,000
|
Patents | Bayer |
|
|
|
|
|
LICENSES AND PATENTS |
|
|
|
|
|
Licenses and patents, gross |
$ 137,743
|
|
$ 137,743
|
|
$ 137,743
|
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v3.3.1.900
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
Dec. 31, 2014 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation |
|
|
|
|
Change in fair value of derivative liabilities |
$ 1,307,790
|
$ 1,871,337
|
|
|
Convertible debentures issued September 18, 2014 | Level 2 | Carrying Value |
|
|
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation |
|
|
|
|
Convertible debentures |
|
|
$ 25,050
|
$ 25,050
|
Convertible debentures issued September 18, 2014 | Level 2 | Fair Value |
|
|
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation |
|
|
|
|
Convertible debentures |
|
|
25,050
|
31,730
|
Convertible debentures issued January 15, 2015 | Level 2 | Carrying Value |
|
|
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation |
|
|
|
|
Convertible debentures |
|
|
500,000
|
500,000
|
Convertible debentures issued January 15, 2015 | Level 2 | Fair Value |
|
|
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation |
|
|
|
|
Convertible debentures |
|
|
$ 1,250,000
|
$ 1,583,333
|
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v3.3.1.900
CONVERTIBLE DEBENTURES (Details) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Feb. 06, 2014 |
Nov. 04, 2008 |
Convertible debentures |
|
|
|
|
Convertible debenture |
$ 525,050
|
$ 2,250,050
|
|
|
Less: amount converted to shares |
|
1,725,000
|
|
|
Total convertible debentures outstanding |
525,050
|
525,050
|
|
|
Less: unamortized discount |
180,988
|
266,212
|
|
|
Total convertible debt |
344,062
|
258,838
|
|
|
Total convertible debentures, net of current portion |
344,062
|
258,838
|
|
|
Convertible debentures issued November 4, 2008 |
|
|
|
|
Convertible debentures |
|
|
|
|
Convertible debenture |
|
500,000
|
|
$ 1,500,000
|
Total convertible debt |
0
|
0
|
|
|
Convertible debentures issued February 6, 2014 |
|
|
|
|
Convertible debentures |
|
|
|
|
Convertible debenture |
|
400,000
|
$ 400,000
|
|
Total convertible debt |
0
|
0
|
|
|
Convertible debentures issued September 18, 2014 |
|
|
|
|
Convertible debentures |
|
|
|
|
Convertible debenture |
25,050
|
500,050
|
|
|
Total convertible debt |
25,050
|
25,050
|
|
|
Convertible debentures issued November 25, 2014 |
|
|
|
|
Convertible debentures |
|
|
|
|
Convertible debenture |
|
350,000
|
|
|
Total convertible debt |
0
|
0
|
|
|
Convertible debentures issued January 15, 2015 |
|
|
|
|
Convertible debentures |
|
|
|
|
Convertible debenture |
$ 500,000
|
$ 500,000
|
|
|
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v3.3.1.900
CONVERTIBLE DEBENTURES (Details 2)
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
Jan. 15, 2015
USD ($)
item
director
$ / shares
shares
|
Nov. 25, 2014
USD ($)
|
Nov. 04, 2014
USD ($)
$ / shares
shares
|
Feb. 06, 2014
USD ($)
Lender
$ / shares
shares
|
Nov. 04, 2008
USD ($)
Lender
|
Apr. 30, 2015
USD ($)
shares
|
Jan. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
shares
|
Oct. 31, 2014
USD ($)
shares
|
Oct. 28, 2014
USD ($)
Lender
$ / shares
|
Jun. 30, 2014
USD ($)
shares
|
Dec. 31, 2015
USD ($)
$ / shares
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2015
USD ($)
$ / shares
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2011
$ / shares
shares
|
Jun. 30, 2015
USD ($)
item
|
Jun. 30, 2013
$ / shares
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of convertible debenture |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 550,050
|
|
|
|
Debt instrument principal amount |
|
|
|
|
|
|
|
|
|
|
|
$ 525,050
|
|
$ 525,050
|
|
|
$ 2,250,050
|
|
Debenture conversion amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
975,000
|
|
|
|
Convertible debt |
|
|
|
|
|
|
|
|
|
|
|
344,062
|
|
344,062
|
|
|
258,838
|
|
Beneficial conversion feature |
|
|
|
|
|
|
|
|
|
|
|
|
$ 58,333
|
|
230,309
|
|
|
|
Accretion of debt discount |
|
|
|
|
|
|
|
|
|
|
|
43,037
|
206,462
|
85,224
|
218,410
|
|
|
|
January 2015 Convertible Debenture Warrant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
10,082
|
0
|
20,164
|
0
|
|
|
|
Accretion of debt discount |
|
|
|
|
|
|
|
|
|
|
|
43,037
|
0
|
85,224
|
0
|
|
|
|
Convertible debentures issued November 4, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of convertible debenture |
|
|
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument principal amount |
|
|
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
500,000
|
|
Number of non-affiliated parties | Lender |
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued in exchange for debentures |
|
|
|
|
$ 3,525,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt term |
|
|
|
|
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate (as a percent) |
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual extension periods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 year
|
|
|
Debenture, conversion price | $ / shares |
|
|
$ 0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.06
|
Debenture conversion amount |
|
|
$ 500,000
|
|
|
|
|
|
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
Shares issued for conversion of debentures | shares |
|
|
8,333,333
|
|
|
|
|
|
|
|
16,666,667
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
|
|
|
|
|
|
0
|
|
0
|
|
|
0
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
0
|
9,027
|
0
|
21,805
|
|
|
|
Convertible debentures issued November 4, 2008 | November 2008 Convertible Debenture Extension Warrant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate number of warrants issued | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000,000
|
|
|
Exercise price of warrants (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
Convertible debentures issued February 6, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument principal amount |
|
|
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
400,000
|
|
Number of non-affiliated parties | Lender |
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt term |
|
|
|
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate (as a percent) |
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture, conversion price | $ / shares |
|
|
|
$ 0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture conversion amount |
|
|
|
|
|
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for conversion of debentures | shares |
|
|
|
|
|
|
10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
|
|
|
|
|
|
0
|
|
0
|
|
|
0
|
|
Debt instrument, preferential right to fund |
|
|
|
$ 650,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated value of warrants related to debenture |
|
|
|
$ 95,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures issued February 6, 2014 | February 2014 Convertible Debenture Warrant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate number of warrants issued | shares |
|
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price of warrants (in dollars per share) | $ / shares |
|
|
|
$ 0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures issued September 18, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of convertible debenture |
|
|
|
|
|
|
|
|
|
$ 500,050
|
|
|
|
|
|
|
|
|
Debt instrument principal amount |
|
|
|
|
|
|
|
|
|
|
|
25,050
|
|
25,050
|
|
|
500,050
|
|
Number of non-affiliated parties | Lender |
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
Debt term |
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
Interest rate (as a percent) |
|
|
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
|
Debenture, conversion price | $ / shares |
|
|
|
|
|
|
|
|
|
$ 0.15
|
|
|
|
|
|
|
|
|
Debenture conversion amount |
|
|
|
|
|
|
|
$ 125,000
|
$ 350,000
|
|
|
|
|
|
|
|
|
|
Shares issued for conversion of debentures | shares |
|
|
|
|
|
|
|
833,334
|
2,333,333
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
|
|
|
|
|
|
25,050
|
|
25,050
|
|
|
25,050
|
|
Allocated value of warrants related to debenture |
|
|
|
|
|
|
|
|
|
$ 203,074
|
|
|
|
|
|
|
|
|
Beneficial conversion feature |
|
|
|
|
|
|
|
|
|
|
|
0
|
58,333
|
0
|
230,309
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
384
|
4,073
|
768
|
4,073
|
|
|
|
Accretion of debt discount |
|
|
|
|
|
|
|
|
|
|
|
0
|
$ 191,126
|
0
|
$ 203,074
|
|
|
|
Convertible debentures issued September 18, 2014 | September 2014 Convertible Debenture Warrant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price of warrants (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
$ 0.30
|
|
|
|
|
|
|
|
|
Warrant term |
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
Convertible debentures issued November 25, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Authorized borrowing |
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
350,000
|
|
Debt term |
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate (as a percent) |
|
6.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture conversion amount |
|
|
|
|
|
$ 250,000
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
Shares issued for conversion of debentures | shares |
|
|
|
|
|
2,250,000
|
666,667
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
$ 0
|
|
|
$ 0
|
|
Number of fundings | item |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
Convertible debentures issued November 25, 2014 | November 2014 Convertible Debenture Warrant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price of warrants (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 0.30
|
|
$ 0.30
|
|
|
|
|
Warrant term |
|
|
|
|
|
|
|
|
|
|
|
|
|
2 years
|
|
|
|
|
November 2014 Convertible Debt, First Three Fundings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
Debenture, conversion price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 0.15
|
|
$ 0.15
|
|
|
|
|
November 2014 Convertible Debt, Fourth Funding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument principal amount |
|
|
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
$ 50,000
|
|
|
|
|
Debenture, conversion price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 0.12
|
|
$ 0.12
|
|
|
|
|
November 2014 Convertible Debt, Fourth Funding | November 2014 Convertible Debenture Warrant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price of warrants (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 0.24
|
|
$ 0.24
|
|
|
|
|
Warrant term |
|
|
|
|
|
|
|
|
|
|
|
|
|
2 years
|
|
|
|
|
November 2014 Convertible Debt, Fifth Funding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument principal amount |
|
|
|
|
|
|
|
|
|
|
|
$ 150,000
|
|
$ 150,000
|
|
|
|
|
Debenture, conversion price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
$ 0.10
|
|
|
|
|
November 2014 Convertible Debt, Fifth Funding | November 2014 Convertible Debenture Warrant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price of warrants (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 0.20
|
|
$ 0.20
|
|
|
|
|
Warrant term |
|
|
|
|
|
|
|
|
|
|
|
|
|
2 years
|
|
|
|
|
Convertible debentures issued January 15, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of convertible debenture |
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument principal amount |
|
|
|
|
|
|
|
|
|
|
|
$ 500,000
|
|
$ 500,000
|
|
|
$ 500,000
|
|
Number of non-affiliated parties | item |
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt term |
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate (as a percent) |
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture, conversion price | $ / shares |
$ 0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated value of warrants related to debenture |
$ 348,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of members that may be appointed by holder | director |
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures issued January 15, 2015 | January 2015 Convertible Debenture Warrant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate number of warrants issued | shares |
6,250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price of warrants (in dollars per share) | $ / shares |
$ 0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.3.1.900
EQUITY TRANSACTIONS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2015 |
Proceeds from issuance of common stock |
|
$ 100,000
|
Proceeds from exercise of options and warrants |
|
330,500
|
Forgiveness of a liability |
|
$ 39,177
|
Number of options exercised in noncash transaction (in shares) |
|
3,325,000
|
Number of warrants exercised in noncash transaction (in shares) |
|
6,802,634
|
Number of shares of stock issued for warrants exercised in noncash transaction (in shares) |
|
3,381,154
|
Common stock issued for services |
|
$ 250,000
|
Consultant |
|
|
Common stock issued for services |
$ 10,000
|
$ 240,000
|
Common Stock |
|
|
Common shares issued in exchange for cash (in shares) |
|
1,000,000
|
Stock issued for exercise of options and warrants (in shares) |
|
11,584,767
|
Number of warrants exercised in noncash transaction (in shares) |
|
6,802,634
|
Number of shares issued upon exercise of options in noncash transactions (in shares) |
|
2,146,629
|
Number of shares of stock issued for warrants exercised in noncash transaction (in shares) |
|
3,381,154
|
Common stock issued for services (in shares) |
|
2,500,000
|
Common stock issued for services |
|
$ 2,500
|
Number of shares of common stock surrendered by related party |
|
638,300
|
Common Stock | Consultant |
|
|
Common stock issued for services (in shares) |
100,000
|
2,400,000
|
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v3.3.1.900
EQUITY TRANSACTIONS (Details 2) - USD ($)
|
1 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Sep. 30, 2015 |
May. 31, 2015 |
Mar. 31, 2012 |
Dec. 31, 2015 |
Weighted Average Exercise Price |
|
|
|
|
|
Beginning balance (in dollars per share) |
|
|
|
|
$ 0.09
|
Expired (in dollars per share) |
|
|
|
|
0.07
|
Granted (in dollars per share) |
|
|
|
|
0.06
|
Exercised (in dollars per share) |
|
|
|
|
0.07
|
Ending balance (in dollars per share) |
|
|
|
|
0.09
|
Weighted average exercise price of warrants exercisable (in dollars per share) |
|
|
|
|
$ 0.09
|
Number of Warrants |
|
|
|
|
|
Beginning balance (in shares) |
|
|
|
|
48,284,833
|
Expired (in shares) |
|
|
|
|
(6,895,833)
|
Granted (in shares) |
|
|
|
|
8,465,175
|
Exercised (in shares) |
|
|
|
|
(12,859,618)
|
Ending balance (in shares) |
|
|
|
|
36,994,557
|
Exercisable (in shares) |
|
|
|
|
36,994,557
|
Weighted Average Remaining Contractual Term in Years |
|
|
|
|
|
Weighted average remaining contractual term of warrants outstanding (in years) |
|
|
|
|
1 year 5 months 12 days
|
Weighted average remaining contractual term of warrants exercisable (in years) |
|
|
|
|
1 year 5 months 12 days
|
Weighted Average Grant Date Fair Value |
|
|
|
|
|
Beginning balance (in dollars per share) |
|
|
|
|
$ 0.13
|
Expired (in dollars per share) |
|
|
|
|
0.08
|
Granted (in dollars per share) |
|
|
|
|
0.14
|
Exercised (in dollars per share) |
|
|
|
|
0.09
|
Ending balance (in dollars per share) |
|
|
|
|
0.15
|
Weighted average grant date fair value of warrants exercisable (in dollars per share) |
|
|
|
|
$ 0.15
|
Number of warrants exercised in noncash transaction (in shares) |
|
|
|
|
6,802,634
|
Number of shares of stock issued for warrants exercised in noncash transaction (in shares) |
|
|
|
|
3,381,154
|
Fair value of warrants |
$ 821,979
|
|
|
|
|
Variance recognized due to issue of warrants |
412,312
|
|
|
|
|
Stock Options |
|
|
|
|
|
Weighted Average Grant Date Fair Value |
|
|
|
|
|
Price at which options are exercisable (in dollars per share) |
|
|
|
|
$ 0.06
|
Term (in years) |
|
10 years
|
10 years
|
5 years
|
|
Common Stock |
|
|
|
|
|
Weighted Average Grant Date Fair Value |
|
|
|
|
|
Number of warrants exercised in noncash transaction (in shares) |
|
|
|
|
6,802,634
|
Number of shares of stock issued for warrants exercised in noncash transaction (in shares) |
|
|
|
|
3,381,154
|
Conversion of accrued salaries and wages |
|
|
|
|
|
Weighted Average Grant Date Fair Value |
|
|
|
|
|
Accrued salaries and wages converted into common stock and stock options |
$ 409,667
|
|
|
|
|
Price at which options are exercisable (in dollars per share) |
$ 0.06
|
|
|
|
|
Conversion of accrued salaries and wages | Stock Options |
|
|
|
|
|
Weighted Average Grant Date Fair Value |
|
|
|
|
|
Term (in years) |
2 years
|
|
|
|
|
Conversion of accrued salaries and wages | Common Stock |
|
|
|
|
|
Weighted Average Grant Date Fair Value |
|
|
|
|
|
Common stock issued in exchange for accrued salaries (in shares) |
6,827,778
|
|
|
|
|
Minimum |
|
|
|
|
|
Weighted Average Grant Date Fair Value |
|
|
|
|
|
Exercise price of warrants (in dollars per share) |
|
|
|
|
$ 0.04
|
Maximum |
|
|
|
|
|
Weighted Average Grant Date Fair Value |
|
|
|
|
|
Exercise price of warrants (in dollars per share) |
|
|
|
|
$ 0.30
|
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v3.3.1.900
STOCK-BASED COMPENSATION (Details)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
|
|
Oct. 31, 2015
shares
|
Sep. 30, 2015
shares
|
May. 31, 2015
shares
|
Mar. 31, 2012
shares
|
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2015
USD ($)
item
$ / shares
shares
|
Dec. 31, 2014
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2013
shares
|
Jan. 31, 2013
shares
|
Jan. 31, 2010
shares
|
Oct. 31, 2009
shares
|
Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Term (in years) |
|
10 years
|
10 years
|
5 years
|
|
|
|
|
|
|
|
|
|
Assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected volatility (as a percent) |
|
|
|
|
|
|
147.62%
|
|
|
|
|
|
|
Expected dividend yield (as a percent) |
|
|
|
|
|
|
0.00%
|
|
|
|
|
|
|
Risk-free interest rates (as a percent) |
|
|
|
|
|
|
1.49%
|
|
|
|
|
|
|
Expected term (in years) |
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
Weighted Average Exercise Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance (in dollars per share) | $ / shares |
|
|
|
|
|
|
$ 0.07
|
|
|
|
|
|
|
Granted (in dollars per share) | $ / shares |
|
|
|
|
|
|
0.17
|
|
|
|
|
|
|
Exercised (in dollars per share) | $ / shares |
|
|
|
|
|
|
0.06
|
|
|
|
|
|
|
Cancelled (in dollars per share) | $ / shares |
|
|
|
|
|
|
0.09
|
|
|
|
|
|
|
Balance (in dollars per share) | $ / shares |
|
|
|
|
$ 0.07
|
|
0.07
|
|
|
|
|
|
|
Vested and exercisable (in dollars per share) | $ / shares |
|
|
|
|
$ 0.06
|
|
$ 0.06
|
|
|
|
|
|
|
Number of Optioned Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance (in shares) |
|
|
|
|
|
|
67,737,748
|
|
|
|
|
|
|
Granted (in shares) |
500,000
|
1,000,000
|
2,000,000
|
3,500,000
|
|
|
3,500,000
|
|
|
|
|
|
|
Exercised (in shares) |
|
|
|
|
|
|
(3,325,000)
|
|
|
|
|
|
|
Cancelled (in shares) |
|
|
|
|
|
|
(5,287,500)
|
|
|
|
|
|
|
Balance (in shares) |
|
|
|
|
62,625,248
|
|
62,625,248
|
|
|
|
|
|
|
Vested and exercisable (in shares) |
|
|
|
|
57,125,248
|
|
57,125,248
|
|
|
|
|
|
|
Weighted Average Remaining Contractual Term in Years |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance (in years) |
|
|
|
|
|
|
4 years 10 months 24 days
|
|
|
|
|
|
|
Vested and exercisable (in years) |
|
|
|
|
|
|
4 years 15 days
|
|
|
|
|
|
|
Weighted Average Optioned Grant Date Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance (in dollar per share) | $ / shares |
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
Granted (in dollars per share) | $ / shares |
|
|
|
|
|
|
0.15
|
|
|
|
|
|
|
Exercised (in dollars per share) | $ / shares |
|
|
|
|
|
|
0.06
|
|
|
|
|
|
|
Cancelled (in dollars per share) | $ / shares |
|
|
|
|
|
|
0.16
|
|
|
|
|
|
|
Balance (in dollar per share) | $ / shares |
|
|
|
|
$ 0.11
|
|
0.11
|
|
|
|
|
|
|
Vested and exercisable (in dollars per share) | $ / shares |
|
|
|
|
$ 0.10
|
|
$ 0.10
|
|
|
|
|
|
|
Aggregate Intrinsic Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate intrinsic value | $ |
|
|
|
|
$ 5,011,606
|
|
$ 5,011,606
|
|
$ 8,357,574
|
|
|
|
|
Vested and exercisable | $ |
|
|
|
|
4,981,606
|
|
4,981,606
|
|
|
|
|
|
|
Additional Disclosure |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation expense | $ |
|
|
|
|
$ 1,162,431
|
$ 0
|
$ 1,340,905
|
$ 0
|
|
|
|
|
|
Nonvested stock option awards (in shares) |
|
|
|
|
5,500,000
|
|
5,500,000
|
|
|
|
|
|
|
Cost of nonvested stock option awards not yet recognized | $ |
|
|
|
|
$ 613,800
|
|
$ 613,800
|
|
|
|
|
|
|
Period of nonvested stock option awards not yet recognized for recognition |
|
|
|
|
|
|
2 years 9 months
|
|
|
|
|
|
|
Stock Options | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Disclosure |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price (in dollars per shares) | $ / shares |
|
|
|
|
$ 0.03
|
|
$ 0.03
|
|
|
|
|
|
|
Stock Options | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Disclosure |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price (in dollars per shares) | $ / shares |
|
|
|
|
$ 0.17
|
|
$ 0.17
|
|
|
|
|
|
|
Restricted Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Disclosure |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation expense | $ |
|
|
|
|
$ 87,932
|
$ 97,233
|
$ 140,863
|
$ 97,233
|
|
|
|
|
|
Cost of nonvested stock option awards not yet recognized | $ |
|
|
|
|
$ 322,767
|
|
$ 322,767
|
|
|
|
|
|
|
Period of nonvested stock option awards not yet recognized for recognition |
|
|
|
|
|
|
2 years
|
|
|
|
|
|
|
Vesting period |
|
|
|
|
|
|
3 years
|
|
|
|
|
|
|
Number of Nonvested Restricted Shares Awards |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested Restricted Shares Outstanding (in shares) |
|
|
|
|
|
|
1,500,000
|
|
|
|
|
|
|
Granted (in shares) |
|
|
|
|
|
|
250,000
|
|
|
|
|
|
|
Vested (in shares) |
|
|
|
|
|
|
(750,000)
|
|
|
|
|
|
|
Nonvested Restricted Shares Outstanding (in shares) |
|
|
|
|
1,000,000
|
|
1,000,000
|
|
|
|
|
|
|
Weighted Average Grant Date Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested Restricted Shares Outstanding (in dollars per share) | $ / shares |
|
|
|
|
|
|
$ 0.42
|
|
|
|
|
|
|
Granted (in dollars per share) | $ / shares |
|
|
|
|
|
|
0.14
|
|
|
|
|
|
|
Vested (in dollars per share) | $ / shares |
|
|
|
|
|
|
0.33
|
|
|
|
|
|
|
Nonvested Restricted Shares Outstanding (in dollars per share) | $ / shares |
|
|
|
|
$ 0.42
|
|
$ 0.42
|
|
|
|
|
|
|
Stock option plan authorized in 2009 | Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock authorized (in shares) |
|
|
|
|
|
|
|
|
|
|
|
10,000,000
|
7,500,000
|
Options granted (in shares) |
|
|
|
|
9,200,000
|
|
9,200,000
|
|
|
|
|
|
|
Options cancelled (in shares) |
|
|
|
|
250,000
|
|
250,000
|
|
|
|
|
|
|
Stock option plan authorized in 2009 | Stock Options | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Term (in years) |
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
Stock option plan authorized in 2009 | Stock Options | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Term (in years) |
|
|
|
|
|
|
10 years
|
|
|
|
|
|
|
Stock option plan authorized in 2013 | Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock authorized (in shares) |
|
|
|
|
|
|
|
|
|
60,000,000
|
20,000,000
|
|
|
Options granted (in shares) |
|
|
|
|
62,703,473
|
|
62,703,473
|
|
|
|
|
|
|
Options exercised (in shares) |
|
|
|
|
3,325,000
|
|
3,325,000
|
|
|
|
|
|
|
Options cancelled (in shares) |
|
|
|
|
12,703,225
|
|
12,703,225
|
|
|
|
|
|
|
Stock option plan authorized in 2013 | Stock Options | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Term (in years) |
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
Stock option plan authorized in 2013 | Stock Options | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Term (in years) |
|
|
|
|
|
|
10 years
|
|
|
|
|
|
|
Officers and employees | Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Options cancelled (in shares) |
|
|
|
|
4,300,000
|
|
4,300,000
|
|
|
|
|
|
|
Weighted Average Grant Date Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares restricted for exercise under stock option plan and no common stock reserved |
|
57,979,414
|
|
|
53,679,414
|
|
53,679,414
|
|
|
|
|
|
|
Number of officers returning options to the company | item |
|
|
|
|
|
|
1
|
|
|
|
|
|
|
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v3.3.1.900
LOSS PER SHARE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
LOSS PER SHARE |
|
|
|
|
Net (loss) income |
$ (2,519,658)
|
$ 247,335
|
$ (3,386,607)
|
$ 151,697
|
Basic |
|
|
|
|
Weighted average common shares outstanding |
318,834,426
|
268,188,500
|
313,323,370
|
262,898,920
|
Diluted |
|
|
|
|
Shares issuable from the assumed conversion of stock options |
|
37,036,008
|
|
38,827,612
|
Shares issuable from the assumed conversion of stock warrants |
|
24,442,399
|
|
25,961,321
|
Total |
318,834,426
|
329,666,907
|
313,323,370
|
327,687,853
|
Basic (loss) income per share (in dollars per share) |
$ (0.01)
|
$ 0.00
|
$ (0.01)
|
$ 0.00
|
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$ (0.01)
|
$ 0.00
|
$ (0.01)
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$ 0.00
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LOSS PER SHARE (Details 2) - shares
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2015 |
Warrants |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Common stock excluded from diluted EPS |
36,994,557
|
36,994,557
|
Stock Options |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Common stock excluded from diluted EPS |
62,625,248
|
62,625,248
|
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v3.3.1.900
COMMITMENTS AND CONTINGENCIES (Details) - William Marsh Rice University - USD ($)
|
1 Months Ended |
6 Months Ended |
Jan. 31, 2015 |
Dec. 31, 2015 |
Licensing Agreements |
|
|
Collaborative arrangements |
|
|
Payment of success fee, in case of liquidity event |
|
$ 700,000
|
Licensing Agreements Entered Into During August 2008 | Solterra Renewable Technologies Inc. |
|
|
Collaborative arrangements |
|
|
Royalties payable due in first installment period |
|
100,000
|
Royalties payable due in second installment period |
|
356,250
|
Royalties payable due in third installment period |
|
1,453,500
|
Royalties, future minimum payments due on each January 1st thereafter |
|
$ 3,153,600
|
Licensing Agreements Entered Into During August 2008 | Solterra Renewable Technologies Inc. | Photovoltaic cells | Minimum |
|
|
Collaborative arrangements |
|
|
Percentage of adjusted gross sales |
|
2.00%
|
Licensing Agreements Entered Into During August 2008 | Solterra Renewable Technologies Inc. | Photovoltaic cells | Maximum |
|
|
Collaborative arrangements |
|
|
Percentage of adjusted gross sales |
|
4.00%
|
Licensing Agreements Entered Into During August 2008 | Solterra Renewable Technologies Inc. | Quantum dots |
|
|
Collaborative arrangements |
|
|
Percentage of adjusted gross sales |
|
7.50%
|
Licensing Agreements Entered Into During August 2013 |
|
|
Collaborative arrangements |
|
|
Royalties paid |
$ 29,450
|
|
Royalties payable due in first installment period |
|
$ 117,000
|
Royalties payable due in second installment period |
|
292,500
|
Royalties, future minimum payments due on each January 1st thereafter |
|
$ 585,000
|
Licensing Agreements Entered Into During August 2013 | Quantum dots |
|
|
Collaborative arrangements |
|
|
Percentage of adjusted gross sales |
|
7.50%
|
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v3.3.1.900
TRANSACTIONS WITH AFFILIATED PARTY (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Transactions with affiliated party |
|
|
|
Gain on settlement |
$ 546,129
|
$ 174,568
|
$ 546,129
|
Former CFO | Cancellation of related party indebtedness |
|
|
|
Transactions with affiliated party |
|
|
|
Number of shares of common stock surrendered by related party |
|
638,300
|
|
Number of common stock options surrendered by related party |
|
987,500
|
|
Cancellation of indebtedness of related party |
|
$ 79,000
|
|
Gain on settlement |
|
$ 174,568
|
|