Eloxx Pharmaceuticals (ELOX) 10-Q 14 Nov 13 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Sep. 30, 2013	Oct. 31, 2013
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'SNTI	'
Entity Common Stock, Shares Outstanding	'	3,157,275
Entity Registrant Name	'SENESCO TECHNOLOGIES INC	'
Entity Central Index Key	'0001035354	'
Current Fiscal Year End Date	'--06-30	'
Entity Filer Category	'Smaller Reporting Company	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Jun. 30, 2013
CURRENT ASSETS:	'	'
Cash and cash equivalents	$789,176	$1,602,294
Prepaid research supplies and expenses	1,566,515	1,919,220
Total Current Assets	2,355,691	3,521,514
Equipment, furniture and fixtures, net	4,032	4,555
Intangible assets, net	3,450,009	3,566,497
Security deposit	5,171	5,171
TOTAL ASSETS	5,814,903	7,097,737
CURRENT LIABILITIES:	'	'
Accounts payable	1,003,824	637,320
Accrued expenses	406,779	387,540
Line of credit	2,187,082	2,187,082
Total Current Liabilities	3,597,685	3,211,942
Other liabilities	99,728	99,728
TOTAL LIABILITIES	3,697,413	3,311,670
COMMITMENTS	'	'
STOCKHOLDERS' EQUITY:	'	'
Common stock, $0.01 par value, authorized 500,000,000 shares, issued and outstanding 2,348,209 and 2,272,062, respectively	23,482	22,721
Capital in excess of par	78,325,793	78,189,173
Deficit accumulated during the development stage	-76,231,791	-74,425,835
Total Stockholders' Equity	2,117,490	3,786,067
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	5,814,903	7,097,737
Series A Preferred stock	'	'
Convertible preferred stock	'	'
Preferred stock	$6	$8

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Preferred stock, par value	$0.01	$0.01
Preferred stock, authorized	5,000,000	5,000,000
Common stock, par value	$0.01	$0.01
Common stock, authorized	500,000,000	500,000,000
Common stock, issued	2,348,209	2,272,062
Common stock, outstanding	2,348,209	2,272,062
Series A Preferred stock	'	'
Preferred stock, shares issued	10,297	10,297
Preferred stock, shares outstanding	580	800
Preferred stock, liquidation preference	$609,000	$820,000

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended		183 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Licensing Revenue	$100,000	$0	$1,890,000
Operating expenses:	'	'	'
General and administrative	940,449	732,720	35,054,750
Research and development	727,119	513,433	24,049,390
Write-off of patents abandoned	185,161	0	2,158,595
Total operating expenses	1,852,729	1,246,153	61,262,735
Loss from operations	-1,752,729	-1,246,153	-59,372,735
Other non-operating income (expense)	'	'	'
Grant income	0	0	244,479
Change in fair value of warrant liability	0	-20,148	8,701,721
Sale of state income tax loss - net	0	0	586,442
Other noncash (expense) income, net	0	0	205,390
Loss on settlement of warrant liabilities	0	-785,171	-1,724,546
Loss on extinguishment of debt	0	0	-361,877
Amortization of debt discount and financing costs	0	0	-11,227,870
Interest expense - convertible notes	0	0	-2,027,930
Interest (expense) income - net	-31,604	-33,982	133,297
Net loss	-1,784,333	-2,085,454	-64,843,629
Preferred dividends	-21,623	-624,169	-11,388,162
Loss applicable to common shares	-1,805,956	-2,709,623	-76,231,791
Other comprehensive loss	0	0	0
Comprehensive loss	($1,805,956)	($2,709,623)	($76,231,791)
Basic and diluted net loss per common share	($0.78)	($2.52)	'
Basic and diluted weighted-average number of common shares outstanding	2,307,926	1,074,493	'

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (USD $)	Total	Preferred stock	Common Stock	Capital in Excess of Par Value	Deficit accumulated during the development stage
Beginning Balance at Jun. 30, 2013	$3,786,067	$8	$22,721	$78,189,173	($74,425,835)
Beginning Balance (in shares) at Jun. 30, 2013	'	800	2,272,062	'	'
Stock-based compensation	124,466	0	0	124,466	0
Exercise of warrants (in shares)	'	0	290	'	'
Exercise of warrants	290	0	3	287	0
Preferred stock converted into common stock (in shares)	'	-220	73,333	'	'
Preferred stock converted into common stock	0	-2	733	-731	0
Issuance of common stock in lieu of cash payment for dividends (in shares)	'	0	2,524	'	'
Issuance of common stock in lieu of cash payment for dividends	0	0	25	12,598	-12,623
Dividends accrued and upaid at September 30, 2013	-9,000	0	0	0	-9,000
Net loss	-1,784,333	0	0	0	-1,784,333
Ending Balance at Sep. 30, 2013	$2,117,490	$6	$23,482	$78,325,793	($76,231,791)
Ending Balance (in shares) at Sep. 30, 2013	'	580	2,348,209	'	'

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended		183 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Cash flows from operating activities:	'	'	'
Net loss	($1,784,333)	($2,085,454)	($64,843,629)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Noncash capital contribution	0	0	85,179
Noncash conversion of accrued expenses into equity	0	0	131,250
Noncash income related to change in fair value of warrant liability	0	20,148	-9,022,980
Noncash charge for change in warrant terms	0	0	115,869
Issuance of common stock and warrants for interest	0	0	2,003,386
Issuance of common stock for services	0	0	53,800
Stock-based compensation expense	124,466	153,562	12,955,112
Depreciation and amortization	74,793	63,572	1,468,727
Write-off of intangibles	185,161	0	2,158,595
Amortization of convertible note discount	0	0	10,000,000
Amortization of deferred financing costs	0	0	1,227,869
Loss on settlement of warrant liabilities	'	785,171	1,724,546
Loss on extinguishment of debt	0	0	361,877
(Increase) decrease in operating assets:	'	'	'
Prepaid expenses and other current assets	352,705	88,881	-1,566,515
Security deposit	0	0	-5,171
Increase (decrease) in operating liabilities:	'	'	'
Accounts payable	366,504	337,653	1,003,824
Accrued expenses	10,239	13	552,780
Net cash used in operating activities	-670,465	-636,454	-41,595,481
Cash flows from investing activities:	'	'	'
Patent costs	-142,943	-145,717	-6,895,416
Purchase of equipment, furniture and fixtures	0	-1,281	-185,947
Net cash used in investing activities	-142,943	-146,998	-7,081,363
Cash flows from financing activities:	'	'	'
Proceeds from grant	0	0	99,728
Proceeds (repayments) from line of credit	0	0	2,187,082
Proceeds from issuance of preferred stock and warrants, net	0	0	10,754,841
Redemption of convertible notes and warrants	0	0	-2,160,986
Deferred financing costs	0	0	-651,781
Proceeds from issuance of common stock and warrants, net and exercise of warrants and options	290	94,183	29,372,136
Net cash provided by financing activities	290	94,183	49,466,020
Net (decrease) increase in cash and cash equivalents	-813,118	-689,269	604,015
Cash and cash equivalents at beginning of period	1,602,294	2,001,325	0
Cash and cash equivalents at end of period	789,176	1,312,056	789,176
Supplemental disclosure of non-cash transactions:	'	'	'
Conversion of preferred stock into common stock	73,331	137,810	495,253
Warrants issued for financing costs	0	0	690,984
Dividends accrued on preferred stock	9,000	-64,722	143,474
Supplemental disclosure of cash flow information:	'	'	'
Cash paid for interest	32,197	34,990	526,334
Bridge notes	'	'	'
Cash flows from financing activities:	'	'	'
Proceeds from issuance of notes	0	0	525,000
Supplemental disclosure of non-cash transactions:	'	'	'
Conversion of notes payable into common stock	0	0	534,316
Convertible notes	'	'	'
Cash flows from financing activities:	'	'	'
Proceeds from issuance of notes	0	0	9,340,000
Supplemental disclosure of non-cash transactions:	'	'	'
Conversion of notes payable into common stock	0	0	10,000,000
Preferred stock	'	'	'
Supplemental disclosure of non-cash transactions:	'	'	'
Allocation of Proceeds to warrants and beneficial conversion feature	0	0	8,526,135
Convertible Debt	'	'	'
Supplemental disclosure of non-cash transactions:	'	'	'
Allocation of Proceeds to warrants and beneficial conversion feature	0	0	9,340,000
Interest expense	'	'	'
Supplemental disclosure of non-cash transactions:	'	'	'
Issuance of common stock	0	0	2,003,386
Preferred stock dividends	'	'	'
Supplemental disclosure of non-cash transactions:	'	'	'
Issuance of common stock	12,623	448,000	4,225,887
Accounts payable	'	'	'
Supplemental disclosure of non-cash transactions:	'	'	'
Issuance of common stock	$0	$0	$175,000

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	Note 1 - Basis of Presentation:
	The financial statements included herein have been prepared by Senesco Technologies, Inc. (the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations.  These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013, as amended.
	The Company’s board of directors authorized a 1:100 reverse stock split on September 30, 2013, to take effect on October 21, 2013.  All share and related option and warrant information presented in these financial statements and accompanying footnotes have been retroactively adjusted to reflect the reduced number of shares resulting from this action.
	In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting solely of those which are of a normal recurring nature, necessary to present fairly its financial position as of September 30, 2013 and the results of its operations and cash flows for the three months ended September 30, 2013 and 2012.
	Interim results are not necessarily indicative of results for the full fiscal year.

Liquidity

Liquidity	3 Months Ended
	Sep. 30, 2013
Liquidity [Abstract]	'
Liquidity	'
	Note 2 – Liquidity:
	As shown in the accompanying condensed consolidated financial statements, the Company has a history of losses with a deficit accumulated during the development stage from July 1, 1998 (inception) through September 30, 2013 of $76,231,791.  Additionally, the Company has generated minimal revenues by licensing its technology for certain crops to companies willing to share in its development costs.  In addition, the Company’s technology may not be ready for commercialization for several years. The Company expects to continue to incur losses for the next several years because it anticipates that its expenditures on research and development and administrative activities will significantly exceed its revenues during that period. The Company cannot predict when, if ever, it will become profitable.
	As of September 30, 2013, the Company had cash and cash equivalents in the amount of $789,176, which consisted of checking accounts and money market funds.  In October 2013, the Company received net proceeds of approximately $1,505,000 from the placement of the Company’s common stock, par value $0.01 per share (the “Common Stock”).  The Company estimates that its cash and cash equivalents as of September 30, 2013 and the net proceeds of the placement of Common Stock in October 2013 will cover its expenses through March 2014.  In order to provide the Company with the cash resources necessary to fund operations through at least September 30, 2014, the Company will continue its efforts to raise additional capital through a private or public placement in the near future.  To that goal, the Company effected a 1:100 reverse stock split and the Company has filed a preliminary S-1 registration statement in October 2013.
	The Company will need additional capital and plans to raise additional capital through the placement of debt instruments, equity instruments or both.  However, the Company may not be able to obtain adequate funds for its operations when needed or on acceptable terms.  If the Company is unable to raise additional funds, it will need to do one or more of the following:
		·	delay, scale-back or eliminate some or all of its research and product development programs;
		·	license third parties to develop and commercialize products or technologies that it would otherwise seek to develop and commercialize itself;
		·	seek strategic alliances or business combinations;
		·	attempt to sell the Company;
		·	cease operations; or
		·	declare bankruptcy.

Intangible_Assets

Intangible Assets	3 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Intangible Assets	'
	Note 3 – Intangible Assets:
	The Company conducts research and development activities, the cost of which is expensed as incurred, in order to generate patents that can be licensed to third parties in exchange for license fees and royalties.  Because the patents are the basis of the Company’s future revenue, the patent costs are capitalized.   The capitalized patent costs represent the outside legal fees incurred by the Company to submit and undertake all necessary efforts to have such patent applications issued as patents.  The Company incurred $142,943 and $145,717 of such costs for the three months ended September 30, 2013 and 2012, respectively.
	The length of time that it takes for an initial patent application to be approved is generally between four to six years.  However, due to the unique nature of each patent application, the actual length of time may vary.  If a patent application is denied, the associated cost of that application would be written off.  However, the Company has not had any patent applications denied as of September 30, 2013.  Additionally, should a patent application become impaired during the application process, the Company would write down or write off the associated cost of that patent application.
	Issued patents and agricultural patent applications pending are being amortized over a period of 17 years from inception, the expected economic life of the patent.  During the three months ended September 30, 2013 and 2012, the Company recorded amortization expense in the amount of $74,270 and $62,925, respectively.
	The Company assesses the impairment in value of intangible assets whenever events or circumstances indicate that their carrying value may not be recoverable.  Factors the Company considers important which could trigger an impairment review include the following:
		•	significant negative industry trends;
		•	significant underutilization of the assets;
		•	significant changes in how the Company uses the assets or its plans for their use; and
		•	changes in technology and the appearance of competing technology.
	If a triggering event occurs and the Company's review determines that the future discounted cash flows related to the groups, including these assets, will not be sufficient to recover their carrying value, the Company will reduce the carrying values of these assets down to its estimate of fair value and continue amortizing them over their remaining useful lives.  During the quarter ended September 30, 2013, in order to reduce its cost of patent prosecution and maintenance, the Company reviewed its patent portfolio and identified several patents and patent applications that it believed it no longer needed to maintain without having a material impact on the patent portfolio.  Accordingly, during the quarter ended September 30, 2013, the Company wrote off patent costs in the net amount of $185,161.

Loss_Per_Share

Loss Per Share	3 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Loss Per Share	'
	Note 4 - Loss Per Share:
	Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of the Company’s Common Stock assumed to be outstanding during the period of computation.  Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional shares of Common Stock that would have been outstanding if the potential shares of Common Stock had been issued and if the additional shares of Common Stock were dilutive.
	For all periods presented, basic and diluted loss per share are the same, as any additional Common Stock equivalents would be anti-dilutive. Potentially dilutive shares of Common Stock have been excluded from the calculation of the weighted average number of dilutive shares of Common Stock as follows:
		September 30,
		2013		2012
	Common stock to be issued upon conversion of		193,333		38,269
	convertible preferred stock
	Outstanding warrants		282,866		400,968
	Outstanding options		277,240		156,477
	Total potentially dilutive shares of common stock		753,440		595,715

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Compensation	'
	Note 5 – Stock-Based Compensation:
	The terms and vesting schedules for share-based awards vary by type of grant and the employment status of the grantee.  Generally, the awards vest based upon time-based conditions or achievement of specified goals and milestones.
	On September 13, 2013, the Company issued 46,780 options that are subject to vesting first based upon specified goals and milestones and then based upon time-based conditions.  On the issuance date, such options had an aggregate Black-Scholes value of $201,154.  As of September 30, 2013, the Company reviewed the specified goals and milestones on an employee by employee basis.  Based upon the review, the Company has estimated that it was probable that, on average, the employees would achieve 41% of the target goals.   As a result, the Company is recognizing 41% of the aggregate fair value of the options ratably over the time-based vesting period.
	Also, on September 13, 2013, the Company issued an additional 26,500 options that are subject to time-based conditions only.  On the issuance date, such options had an aggregate Black-Scholes value of $108,650.
	There were no options granted during the three month period ended September 30, 2012.
	The fair value of each stock option granted or vesting has been determined using the Black-Scholes model.  The material factors incorporated in the Black-Scholes model in estimating the value of the options include the following:
	Three Months Ended September 30,
		2013			2012
	Risk-free interest rate (1)		1.65-1.96%			None
	Expected volatility		99%			None
	Dividend yield		None			None
	Expected life (2)		5.5-10.0			None
		-1	Represents the interest rate on a U.S. Treasury security with a maturity date corresponding to that of the option term.
		-2	Expected life for time based stock options was estimated using the “simplified” method, as allowed under the provisions of the Securities and Exchange Commission Staff Accounting Bulletin No.110. Expected life for performance based stock options was the actual term of the option.
	In August 2013, the Company’s compensation committee determined that the performance metrics for the options granted in November 2012 had not been fully met and 75% of those options were forfeited.  As a result of the options being forfeited, stock based compensation was reduced by $9,100 during the three month period ended September 30, 2013.  The remaining retained options will continue to vest pursuant to the vesting schedule.
	The economic values of the options will depend on the future price of the Company's Common Stock, which cannot be forecast with reasonable accuracy.
	Stock option activity under the Company’s 2008 Plan and 1998 Plan for the three months ended September, 2013 is summarized as follows:
						Weighted
			Aggregate			Average		Exercise Price
			Number			Exercise Price		Range
	Outstanding, July 1, 2013			231,748		$	35	$	4.30 – 345.00
	Granted			73,280			5.4		5.4
	Exercised			-			-		-
	Forfeited			-27,788			16.5		16.5
	Expired			-			-		-
	Outstanding, September 30, 2013			277,240		$	29.3	$	4.30 - 345.00
	Options exercisable at September 30, 2013			185,031		$	38.37
	Options exercisable and expected to become exercisable at September 30, 2013			262,795
	Weighted average fair value of options granted during the three months ended September 30, 2013		$	4.23
	As of September 30, 2013, the aggregate intrinsic value of stock options outstanding was $0, with a weighted-average remaining term of 7.9 years.  The aggregate intrinsic value of stock options exercisable at that same date was $0, with a weighted-average remaining term of 7.1 years.  As of September 30, 2013, the Company has 811shares available for future stock option grants.
	Stock-based compensation expense for the three months ended September 30, 2013 and September 30, 2012 amounted to $124,466 and $153,562, respectively.
	As of September 30, 2013, total stock-based compensation expense not yet recognized related to stock option grants amounted to approximately $762,000 , which will be recognized over the next 47.5 months.

Line_of_Credit

Line of Credit	3 Months Ended
	Sep. 30, 2013
Line Of Credit [Abstract]	'
Line of Credit	'
	Note 6 –Line of Credit:
	On February 17, 2010, the Company entered into a credit agreement with JMP Securities LLC. The agreement provides the Company with, subject to certain restrictions, including the existence of suitable collateral, up to a $3.0 million line of credit upon which the Company may draw at any time (the “Line of Credit”).  In April 2011, we were required to enter into a new demand note with the clearing agent for JMP Securities in connection with the Line of Credit.
	Any draws upon the Line of Credit accrue at an annual interest rate of (i) the broker rate in effect at the interest date (which was 3.75% at September 30, 2013), plus (ii) 2.0% and are due on demand. There are no other conditions or fees associated with the Line of Credit. The Line of Credit is not secured by any assets of the Company, but it is secured by certain assets of a member of the Company’s Board of Directors, Harlan W. Waksal, M.D., which assets are currently held by JMP Securities. The principal balance outstanding as of September 30, 2013 and June 30, 2013 was $2,187,082.
	Total interest expense recorded under the Line of Credit for the three months ended September 30, 2013 and 2012 amounted to $32,197 and $34,990, respectively.

Income_Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Note 7 – Income Taxes:
	No provision for income taxes has been made for the three months ended September 30, 2013 and 2012 given the Company’s losses in 2013 and 2012 and available net operating loss carryforwards.  A benefit has not been recorded as the realization of the net operating losses is not assured and the timing in which the Company can utilize its net operating loss carryforwards in any year or in total may be limited by provisions of the Internal Revenue Code regarding changes in ownership of corporations.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	Note 8 - Fair Value Measurements:
	The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2013 and June 30, 2013:
		Carrying		Fair Value Measurement at September 30, 2013
		Value		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	789,176	$	789,176	$	-	$	-
		Carrying		Fair Value Measurement at June 30, 2013
		Value		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	1,602,294	$	1,602,294	$	-	$	-

Warrant_Liabilities

Warrant Liabilities	3 Months Ended
	Sep. 30, 2013
Stock Warrants [Abstract]	'
Warrant Liabilities	'
	Note 9 – Warrant Liabilities:
	At September 30, 2013 and June 30, 2013, there were an aggregate of 87,672 warrants included in the fair value of the warrant liabilities.  However, the value of the warrants outstanding at September 30, 2013 and June 30, 2013 was de minimis.

Convertible_Preferred_Stock

Convertible Preferred Stock	3 Months Ended
	Sep. 30, 2013
Preferred Stock [Abstract]	'
Convertible Preferred Stock	'
	Note 10 –Convertible Preferred Stock
	During the three months ended September 30, 2013, 220 shares of Convertible Preferred Stock were converted into 73,333 shares of Common Stock.  During the three months ended September 30, 2013, the Company issued an additional 2,524 shares of Common Stock for the payment of dividends in the amount of $12,623.  Total dividends payable on the outstanding 580 shares of Convertible Preferred Stock at September 30, 2013 amounted to $29,000.
	As a result of the issuance of Common Stock on October 2, 2013, the conversion rate on the Convertible Preferred Stock was adjusted from $3.00 to $2.50.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Sep. 30, 2013
Accounting Changes and Error Corrections [Abstract]	'
Recent Accounting Pronouncements	'
	Note 11 – Recent Accounting Pronouncements
	In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11, “Incomes Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This update addresses the diversity in practice regarding financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires an unrecognized tax benefit, or a portion thereof, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent the deferred tax asset is not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position; the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with the deferred tax asset. The amendments in this standard are effective for reporting periods beginning after December 15, 2013, with early adoption permitted. We do not believe the adoption of this standard will have a material impact on our financial position, results of operations or cash flows.

Subsequent_Event

Subsequent Event	3 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	Note 12 – Subsequent Event
	On October 2, 2013, the Company completed a Common Stock offering for $1,725,000 in gross proceeds, before deducting estimated offering expenses, in a registered direct offering of 690,000 shares of the Company’s Common Stock.  Each Share was sold at a price of $2.50 per share.  The Shares were sold pursuant to the Registration Statement in the form of a unit, at $5.00 per unit, with each unit consisting of 2 shares of Common Stock.
	The net offering proceeds to the Company from the sale of the Common Stock, after deducting the estimated offering expenses payable by the Company of approximately $220,000 were approximately $1,505,000.  The net proceeds of the offering will be used for working capital, research and development and general corporate purposes.

Loss_Per_Share_Tables

Loss Per Share (Tables)	3 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Weighted Average of Dilutive Shares of Common Stock	'
	Potentially dilutive shares of Common Stock have been excluded from the calculation of the weighted average number of dilutive shares of Common Stock as follows:
		September 30,
		2013		2012
	Common stock to be issued upon conversion of		193,333		38,269
	convertible preferred stock
	Outstanding warrants		282,866		400,968
	Outstanding options		277,240		156,477
	Total potentially dilutive shares of common stock		753,440		595,715

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Material Factors Incorporated in Black Scholes Model in Estimating Value of Options and Warrants	'
	The material factors incorporated in the Black-Scholes model in estimating the value of the options include the following:
	Three Months Ended September 30,
		2013			2012
	Risk-free interest rate (1)		1.65-1.96%			None
	Expected volatility		99%			None
	Dividend yield		None			None
	Expected life (2)		5.5-10.0			None
		-1	Represents the interest rate on a U.S. Treasury security with a maturity date corresponding to that of the option term.
		-2	Expected life for time based stock options was estimated using the “simplified” method, as allowed under the provisions of the Securities and Exchange Commission Staff Accounting Bulletin No.110. Expected life for performance based stock options was the actual term of the option.
Stock Option Activity	'
	Stock option activity under the Company’s 2008 Plan and 1998 Plan for the three months ended September, 2013 is summarized as follows:
						Weighted
			Aggregate			Average		Exercise Price
			Number			Exercise Price		Range
	Outstanding, July 1, 2013			231,748		$	35	$	4.30 – 345.00
	Granted			73,280			5.4		5.4
	Exercised			-			-		-
	Forfeited			-27,788			16.5		16.5
	Expired			-			-		-
	Outstanding, September 30, 2013			277,240		$	29.3	$	4.30 - 345.00
	Options exercisable at September 30, 2013			185,031		$	38.37
	Options exercisable and expected to become exercisable at September 30, 2013			262,795
	Weighted average fair value of options granted during the three months ended September 30, 2013		$	4.23

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Assets and Liabilities Carried at Fair Value Measured on Recurring Basis	'
	The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2013 and June 30, 2013:
		Carrying		Fair Value Measurement at September 30, 2013
		Value		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	789,176	$	789,176	$	-	$	-
		Carrying		Fair Value Measurement at June 30, 2013
		Value		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	1,602,294	$	1,602,294	$	-	$	-

Liquidity_Additional_Informati

Liquidity - Additional Information (Detail) (USD $)	1 Months Ended
	Oct. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2012	Jun. 30, 2012	Jun. 30, 1998
Stockholders Equity Note [Line Items]	'	'	'	'	'	'
Deficit accumulated during the development stage	'	$76,231,791	$74,425,835	'	'	'
Cash and cash equivalents	'	789,176	1,602,294	1,312,056	2,001,325	0
Proceeds from issuance of common stock	$1,505,000	'	'	'	'	'
Common stock, par value	'	$0.01	$0.01	'	'	'

Intangible_Assets_Additional_I

Intangible Assets - Additional Information (Detail) (USD $)	3 Months Ended		183 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Finite-Lived Intangible Assets [Line Items]	'	'	'
Payments to acquire intangible assets	$142,943	$145,717	$6,895,416
Issued patents and agricultural patent applications pending amortization period	'17 years	'	'
Amortization of intangible assets	74,270	62,925	'
Impairment of intangible assets, finite-lived	$185,161	$0	$2,158,595

Calculation_of_Weighted_Averag

Calculation of Weighted Average Number of Dilutive Shares of Common Stock (Detail)	Sep. 30, 2013	Sep. 30, 2012
Summary Of Significant Accounting Policies [Line Items]	'	'
Common stock to be issued upon conversion of convertible preferred stock	193,333	38,269
Outstanding warrants	282,866	400,968
Outstanding options	277,240	156,477
Total potentially dilutive shares of Common Stock	753,440	595,715

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended		183 Months Ended
	Sep. 13, 2013	Aug. 31, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'
Stock option outstanding intrinsic value	'	'	$0	'	$0
Option outstanding weighted average remaining term	'	'	'7 years 10 months 24 days	'	'
Exercisable aggregate intrinsic value	'	'	0	'	0
Weighted average option exercisable remaining life	'	'	'7 years 1 month 6 days	'	'
Shares available for future stock option grant	'	'	811	'	811
Stock based compensation expense related to stock options, not yet recognized, period of recognition	'	'	'47 years 6 months	'	'
Options issued	46,780	'	'	'	'
Aggregate Black-Scholes value	201,154	'	'	'	'
Probability to achieve employee target goals	'	'	41.00%	'	'
Stock based compensation	'	'	124,466	153,562	12,955,112
Unrecognized compensation expense	'	'	762,000	'	'
Issuance of additional options	26,500	'	'	'	'
Options aggregated during period	108,650	'	'	'	'
Share based compensation arrangement by share based payment award options forfeited percentage	'	75.00%	'	'	'
Increase (Decrease) in other operating liabilities total	'	'	$9,100	'	'

BlackScholes_OptionPricing_Mod

Black-Scholes Option-Pricing Model Assumptions used to Estimate Fair Value of Each Warrant and Option Grant (Detail)	3 Months Ended
	Sep. 30, 2013		Sep. 30, 2012
Summary Of Significant Accounting Policies [Line Items]	'		'
Risk-free interest rate, minimum	1.65%	[1]	'
Risk-free interest rate, maximum	1.96%	[1]	'
Risk-free interest rate	'		0.00%	[1]
Expected volatility	99.00%		0.00%
Dividend yield	0.00%		0.00%
Expected life	'		'0 years	[2]
Maximum [Member]	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Expected life	'10 years	[2]	'
Minimum [Member]	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Expected life	'5 years 6 months	[2]	'
[1]	Represents the interest rate on a U.S. Treasury security with a maturity date corresponding to that of the option term.
[2]	Expected life for time based stock options was estimated using the bsimplifiedb method, as allowed under the provisions of the Securities and Exchange Commission Staff Accounting Bulletin No.110. Expected life for performance based stock options was the actual term of the option.

Stock_Option_Activity_Detail

Stock Option Activity (Detail) (USD $)	3 Months Ended
	Sep. 30, 2013
Aggregate Number of Stock Option	'
Beginning Balance	231,748
Granted	73,280
Exercised	0
Forfeited	-27,788
Expired	0
Ending Balance	277,240
Options exercisable at end of Period	185,031
Options Exercisable and expected to be exercisable at end of period	262,795
Weigthed average fair value of options granted during the year	$4.23
Weighted Average Exercise Price	'
Beginning Balance	$35
Granted	$5.40
Exercised	$0
Forfeited	$16.50
Expired	$0
Ending Balance	$29.30
Options exercisable at end of Period	$38.37
Exercise Price Range	'
Beginning Balance	$4.30
Granted	$5.40
Exercised	$0
Forfeited	$16.50
Expired	$0
Ending Balance	$4.30
Exercise Price Range	'
Beginning Balance	$345
Ending Balance	$345

Line_of_Credit_Additional_Info

Line of Credit - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended
	Feb. 17, 2010	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Line of Credit Facility [Line Items]	'	'	'	'
Line of credit facility, maximum borrowing capacity	$3,000,000	'	'	'
Line of credit facility, interest rate	3.75%	'	'	'
Line of credit facility, spread over base rate	2.00%	'	'	'
Line of credit facility, interest rate description	'Line of Credit accrue at an annual interest rate of (i) the broker rate in effect at the interest date (which was 3.75% at September 30, 2013), plus (ii) 2.0% and are due on demand. There are no other conditions or fees associated with the Line of Credit.	'	'	'
Line of credit, outstanding amount	'	2,187,082	'	2,187,082
Interest expense under Line of Credit	'	$32,197	$34,990	'

Assets_and_Liabilities_at_Fair

Assets and Liabilities at Fair Value Measured on Recurring Basis (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents	$789,176	$1,602,294
Level 1 | Fair Value Measurements Recurring Basis	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents, Fair Value	789,176	1,602,294
Level 2 | Fair Value Measurements Recurring Basis	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents, Fair Value	0	0
Level 3 | Fair Value Measurements Recurring Basis	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents, Fair Value	$0	$0

Warrant_Liabilities_Additional

Warrant Liabilities - Additional Information (Detail) (Fair value - warrant liability)	Sep. 30, 2013	Jun. 30, 2013
Fair value - warrant liability	'	'
Class of Warrant or Right [Line Items]	'	'
Aggregate warrant included in fair value of warrant liability, shares	87,672	87,672

Convertible_Preferred_Stock_Ad

Convertible Preferred Stock - Additional Information (Detail) (USD $)	3 Months Ended		183 Months Ended	3 Months Ended		0 Months Ended		3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Oct. 02, 2013	Oct. 02, 2013	Sep. 30, 2013	Sep. 30, 2013
				Preferred stock	Convertible Preferred Stock	Convertible Preferred Stock	Convertible Preferred Stock	Common Stock	Common Stock Including Additional Paid in Capital
						Maximum	Minimum
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'
Common stock issued at conversion of preferred stock, shares	'	'	'	-220	220	'	'	73,333	'
Issuance of common stock in lieu of cash payment for dividends, shares	'	'	'	'	'	'	'	2,524	'
Issuance of common stock in lieu of cash payment for dividends	'	'	'	'	'	'	'	'	$12,623
Preferred stock, shares outstanding	'	'	'	'	580	'	'	'	'
Dividends accrued on preferred stock	$9,000	($64,722)	$143,474	'	$29,000	'	'	'	'
Adjusted conversion price range	'	'	'	'	'	3	2.5	'	'

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (Subsequent Event, USD $)	0 Months Ended
	Oct. 02, 2013
Subsequent Event	'
Subsequent Event [Line Items]	'
Stock issued during period, value, other	$1,725,000
Stock issued during period, shares, other	690,000
Sale of Stock, Price Per Share	$2.50
Sale of stock price per unit	$5
Number of shares per unit	2
Payments for offering cost	220,000
Sale of stock, consideration received on transaction	$1,505,000