Note 4 - Stockholders' Deficit |
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Stockholders' Equity Note Disclosure [Text Block] |
NOTE
4 -
STOCKHOLDERS’ DEFICIT Common stock During the nine months ended March 31, 2018, the Company completed the following common share transactions:
During the nine months ended March 31, 2018, the Company issued shares of common stock pursuant to debt agreements:
Preferred stock As of March 31, 2018 and June 30, 2017, there are no Stock options
and restricted shares
The Company is reviewing several alternatives to replace its 2001, 2003, and 2009 Stock Option Plans with a new omnibus stock option plan (the “New Plan”). In certain cases, the Company has made contractual commitments to provide shares or stock option grants in anticipation of putting in place the New Plan. The Company intends on obtaining the necessary approvals based on the attributes of the plan, and anticipates that this New Plan will be implemented prior to June 30, 2019.
In January 2001, the Company adopted the Integral Technologies, Inc. 2001 Stock Plan (the "2001 Plan"), a non-qualified stock option plan under which the Company may issue up to 2,500,000 stock options and bonuses of common stock of the Company to provide incentives to officers, directors, key employees and other persons who contribute to the success of the Company. This plan was amended during December 2001 to increase the number of common stock options that may be granted from 2,500,000 to 3,500,000 stock options. As of March 31, 2018, there were nil ( June 30, 2017 -
nil ) common stock options available under this plan.In April 2003, the Company adopted the Integral Technologies, Inc. 2003 Stock Plan (the "2003 Plan"), a non-qualified stock option plan under which the Company may issue up to 1,500,000 stock options. As of March 31, 2018, there were nil ( June 30, 2017 -
nil ) common stock options available under this plan.During the fiscal year ended June 30, 2010, the Company adopted the Integral Technologies, Inc. 2009 Stock Plan (the "2009 Plan"), a non-qualified stock option plan under which the Company may issue up to 4,000,000 common stock options. As of March 31, 2018, there were nil ( June 30, 2017 -
nil ) common stock options available under this plan.Stock option activity The following summarizes the options outstanding and exercisable:
The aggregate intrinsic value of options outstanding and exercisable as of March 31, 2018 was $nil ( June 30, 2017 -
$nil ), respectively. The aggregate intrinsic values exclude options having a negative aggregate intrinsic value due to awards with exercise prices greater than market value. The intrinsic value is the difference between the market value of the shares and the exercise price of the award.The weighted average remaining contractual lives for options outstanding and exercisable at March 31, 2018 and June 30, 2017 are 2.79 years and 3.54 years, respectively.During September 2017, the Company entered into debt forgiveness agreements to settle $561,737 in debt with related parties and consultants. In exchange the company agreed to issue 5,721,641 options at an exercise price of $0.05 for periods expiring between 3 and 5 years and will vest when the Company increases its authorized shares issuable. The fair value of the options was measured at $153,728 using the black-sholes option pricing model. The total amount of the debt less the fair value of the options has been recognized as a gain on settlement of liabilities.Stock purchase warrants The following summarizes information about the Company’s stock purchase warrants outstanding:
Share obligations
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