Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Dec. 31, 2013 | Jan. 31, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'SNTI | ' |
Entity Common Stock, Shares Outstanding | ' | 5,042,275 |
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 $) | Dec. 31, 2013 | Jun. 30, 2013 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $6,121,895 | $1,602,294 |
Prepaid research supplies and expenses | 1,488,465 | 1,919,220 |
Total Current Assets | 7,610,360 | 3,521,514 |
Equipment, furniture and fixtures, net | 3,512 | 4,555 |
Intangible assets, net | 3,482,388 | 3,566,497 |
Security deposit | 5,171 | 5,171 |
TOTAL ASSETS | 11,101,431 | 7,097,737 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 477,628 | 637,320 |
Accrued expenses | 616,903 | 387,540 |
Line of credit | 2,187,082 | 2,187,082 |
Total Current Liabilities | 3,281,613 | 3,211,942 |
Other liabilities | 99,728 | 99,728 |
TOTAL LIABILITIES | 3,381,341 | 3,311,670 |
COMMITMENTS | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock, $0.01 par value, authorized 500,000,000 shares, issued and outstanding4,957,275 and 2,272,062, respectively | 49,573 | 22,721 |
Capital in excess of par | 85,542,557 | 78,189,173 |
Deficit accumulated during the development stage | -77,872,046 | -74,425,835 |
Total Stockholders' Equity | 7,720,090 | 3,786,067 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 11,101,431 | 7,097,737 |
Series A Preferred stock | ' | ' |
Convertible preferred stock | ' | ' |
Preferred stock | $6 | $8 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 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 | 4,957,275 | 2,272,062 |
Common stock, outstanding | 4,957,275 | 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 | $594,500 | $820,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 6 Months Ended | 186 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Licensing Revenue | $0 | $0 | $100,000 | $0 | $1,890,000 |
Operating expenses: | ' | ' | ' | ' | ' |
General and administrative | 941,784 | 708,968 | 1,882,233 | 1,441,688 | 35,996,534 |
Research and development | 647,123 | 591,079 | 1,374,242 | 1,104,512 | 24,696,513 |
Write-off of patents abandoned | 0 | 0 | 185,161 | 0 | 2,158,595 |
Total operating expenses | 1,588,907 | 1,300,047 | 3,441,636 | 2,546,200 | 62,851,642 |
Loss from operations | -1,588,907 | -1,300,047 | -3,341,636 | -2,546,200 | -60,961,642 |
Other non-operating income (expense) | ' | ' | ' | ' | ' |
Grant income | 0 | 0 | 0 | 0 | 244,479 |
Change in fair value of warrant liability | 0 | 64,440 | 0 | 44,292 | 8,701,721 |
Sale of state income tax loss - net | 0 | 0 | 0 | 0 | 586,442 |
Other noncash (expense) income, net | 0 | 0 | 0 | 0 | 205,390 |
Loss on settlement of warrant liabilities | 0 | 0 | 0 | -785,171 | -1,724,546 |
Loss on extinguishment of debt | ' | ' | 0 | 0 | -361,877 |
Amortization of debt discount and financing costs | 0 | 0 | 0 | 0 | -11,227,870 |
Interest expense - convertible notes | 0 | 0 | 0 | 0 | -2,027,930 |
Interest (expense) income - net | -30,731 | -34,278 | -62,335 | -68,260 | 102,566 |
Net loss | -1,619,638 | -1,269,885 | -3,403,971 | -3,355,339 | -66,463,267 |
Preferred dividends | -20,617 | -23,986 | -42,240 | -648,155 | -11,408,779 |
Loss applicable to common shares | -1,640,255 | -1,293,871 | -3,446,211 | -4,003,494 | -77,872,046 |
Other comprehensive loss | 0 | 0 | 0 | 0 | 0 |
Comprehensive loss | ($1,640,255) | ($1,293,871) | ($3,446,211) | ($4,003,494) | ($77,872,046) |
Basic and diluted net loss per common share | ($0.48) | ($1.11) | ($1.20) | ($3.57) | ' |
Basic and diluted weighted-average number of common shares outstanding | 3,443,109 | 1,169,753 | 2,875,517 | 1,122,123 | ' |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Dividend Payment | 2-Oct-13 | 16-Dec-13 | Preferred stock | Preferred stock | Preferred stock | Preferred stock | Common Stock | Common Stock | Common Stock | Common Stock | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Deficit accumulated during the development stage | Deficit accumulated during the development stage | Deficit accumulated during the development stage | Deficit accumulated during the development stage |
Dividend Payment | 2-Oct-13 | 16-Dec-13 | Dividend Payment | 2-Oct-13 | 16-Dec-13 | Dividend Payment | 2-Oct-13 | 16-Dec-13 | Dividend Payment | 2-Oct-13 | 16-Dec-13 | |||||||||
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 12,940 | 690,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | ' | 20,000 | 1,725,000 | ' | ' | 0 | 0 | ' | ' | 129 | 6,900 | ' | ' | 47,611 | 1,718,100 | ' | ' | -27,740 | 0 | ' |
Commissions and other fees related to the issuance of common stock | ' | ' | -164,230 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | -164,230 | ' | ' | ' | 0 | ' |
Issuance of common stock and warrants (in shares) | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock and warrants | ' | ' | ' | 5,400,000 | ' | ' | ' | 0 | ' | ' | ' | 18,000 | ' | ' | ' | 5,382,000 | ' | ' | ' | 0 |
Commissions and other fees related to the issuance of common stock and warrants | ' | ' | ' | -95,520 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | -95,520 | ' | ' | ' | 0 |
Issuance of common stock in lieu of cash payment for services (in shares) | ' | ' | ' | ' | 0 | ' | ' | ' | 108,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in lieu of cash payment for services | 365,488 | ' | ' | ' | 0 | ' | ' | ' | 1,088 | ' | ' | ' | 364,400 | ' | ' | ' | 0 | ' | ' | ' |
Stock-based compensation | 101,769 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 101,769 | ' | ' | ' | 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 | ' | ' | ' |
Cash paid for fractional shares due to reverse split (in shares) | ' | ' | ' | ' | 0 | ' | ' | ' | -100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for fractional shares due to reverse split | -303 | ' | ' | ' | 0 | ' | ' | ' | -1 | ' | ' | ' | -302 | ' | ' | ' | 0 | ' | ' | ' |
Dividends accrued and upaid at December 31, 2013 | -14,500 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | -14,500 | ' | ' | ' |
Net loss | -3,403,971 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | -3,403,971 | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $7,720,090 | ' | ' | ' | $6 | ' | ' | ' | $49,573 | ' | ' | ' | $85,542,557 | ' | ' | ' | ($77,872,046) | ' | ' | ' |
Ending Balance (in shares) at Dec. 31, 2013 | ' | ' | ' | ' | 580 | ' | ' | ' | 4,957,275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 6 Months Ended |
Dec. 31, 2013 | |
2-Oct-13 | ' |
Issuance of common stock, price per share | $2.50 |
Issuance of common stock, date | 2-Oct-13 |
16-Dec-13 | ' |
Issuance of common stock and warrants price per share | $3 |
Issuance of common stock, date | 16-Dec-13 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | 186 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($3,403,971) | ($3,355,339) | ($66,463,267) |
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 | -44,292 | -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 | 467,257 | 350,129 | 13,297,903 |
Depreciation and amortization | 153,223 | 130,420 | 1,547,157 |
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 | 430,755 | 252,976 | -1,488,465 |
Security deposit | 0 | 0 | -5,171 |
Increase (decrease) in operating liabilities: | ' | ' | ' |
Accounts payable | -159,692 | 491,115 | 477,628 |
Accrued expenses | 234,863 | 187,951 | 777,404 |
Net cash used in operating activities | -2,092,404 | -1,201,869 | -43,017,420 |
Cash flows from investing activities: | ' | ' | ' |
Patent costs | -253,232 | -252,233 | -7,005,705 |
Purchase of equipment, furniture and fixtures | 0 | -1,281 | -185,947 |
Net cash used in investing activities | -253,232 | -253,514 | -7,191,652 |
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 | 6,865,237 | 94,183 | 36,237,083 |
Net cash provided by financing activities | 6,865,237 | 94,183 | 56,330,967 |
Net (decrease) increase in cash and cash equivalents | 4,519,601 | -1,361,200 | 6,121,895 |
Cash and cash equivalents at beginning of period | 1,602,294 | 2,001,325 | 0 |
Cash and cash equivalents at end of period | 6,121,895 | 640,125 | 6,121,895 |
Supplemental disclosure of non-cash transactions: | ' | ' | ' |
Conversion of preferred stock into common stock | 731 | 1,378 | 4,953 |
Warrants issued for financing costs | 0 | 0 | 690,984 |
Dividends accrued on preferred stock | -14,500 | -89,598 | -14,500 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest | 64,351 | 69,776 | 558,488 |
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 | 47,739 | 496,862 | 4,261,003 |
Accounts payable | ' | ' | ' |
Supplemental disclosure of non-cash transactions: | ' | ' | ' |
Issuance of common stock | $0 | $0 | $175,000 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 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 December 31, 2013 and the results of its operations for the three months and six months ended December 31, 2013 and cash flows for the six months ended December 31, 2013. | |
Interim results are not necessarily indicative of results for the full fiscal year. | |
Liquidity
Liquidity | 6 Months Ended | ||
Dec. 31, 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 December 31, 2013 of $77,872,046. 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 December 31, 2013, the Company had cash and cash equivalents in the amount of $6,121,895, which consisted of checking accounts and money market funds. The Company estimates that its cash and cash equivalents as of December 31, 2013 will cover its expenses through at least December 31, 2014. | |||
The Company will need additional capital to expand its research program and plans to raise additional capital through the exercise of outstanding warrants, placement of debt instruments, equity instruments or any combination thereof. 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 | 6 Months Ended |
Dec. 31, 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 $110,289 and $106,516 of such costs for the three months ended December 31, 2013 and 2012, respectively. The Company incurred $253,232 and $252,233 of such costs for the six months ended December 31, 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 December 31, 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 December 31, 2013 and 2012, the Company recorded amortization expense in the amount of $77,910 and $66,203, respectively. During the six months ended December 31, 2013 and 2012, the Company recorded amortization expense in the amount of $152,180 and $129,128, 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 six months ended December 31, 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 six months ended December 31, 2013, the Company wrote off patent costs in the net amount of $185,161. | |
Loss_Per_Share
Loss Per Share | 6 Months Ended | |||||
Dec. 31, 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: | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Common stock to be issued upon conversion | 232,000 | 38,269 | ||||
of convertible preferred stock | ||||||
Outstanding warrants | 5,682,661 | 318,973 | ||||
Outstanding options | 275,319 | 211,740 | ||||
Total potentially dilutive shares of common | 6,189,980 | 568,982 | ||||
stock | ||||||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||
Dec. 31, 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. | |||||||||||
During the six months ended December 31, 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 December 31, 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 62% of the target goals. As a result, the Company is recognizing 62% of the aggregate fair value of the options ratably over the time-based vesting period. | |||||||||||
Also, during the six months ended December 31, 2013, the Company issued an additional 27,300 options that are subject to time-based conditions only. On the issuance date, such options had an aggregate Black-Scholes value of $111,210. | |||||||||||
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 | Six Months | ||||||||||
Ended December 31, 2013 | |||||||||||
Risk-free interest rate (1) | 1.75-2.66 | % | 1.65-2.66 | % | |||||||
Expected volatility | 99 | % | 99 | % | |||||||
Dividend yield | None | None | |||||||||
Expected life (2) | 6.25-10.0 | 5.5-10.0 | |||||||||
-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. | ||||||||||
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 six months ended December 31, 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 | 74,080 | 5.39 | 4.00 - 5.40 | ||||||||
Exercised | - | - | - | ||||||||
Forfeited | -27,788 | 16.5 | 16.5 | ||||||||
Expired | -2,721 | 255.88 | 66.00 - 315.00 | ||||||||
Outstanding, December 31, 2013 | 275,319 | $ | 26.98 | $ 4.30 - 345.00 | |||||||
Options exercisable at December 31, 2013 | 196,822 | $ | 33.97 | ||||||||
Options exercisable and expected to become exercisable at December 31, 2013 | 262,795 | ||||||||||
Weighted average fair value of options granted during the three months ended December 31, 2013 | $ | 4.22 | |||||||||
As of December 31, 2013, the aggregate intrinsic value of stock options outstanding was $73,848, with a weighted-average remaining term of 7.7 years. The aggregate intrinsic value of stock options exercisable at that same date was $35,957, with a weighted-average remaining term of 7.1 years. As of December 31, 2013, the Company has 657 shares available for future stock option grants. | |||||||||||
Stock-based compensation expense for the three months ended December 31, 2013 and December 31, 2012 amounted to $342,791 and $196,567, respectively. | |||||||||||
Stock-based compensation expense for the six months ended December 31, 2013 and December 31, 2013 amounted to $467,257 and $350,129, respectively. | |||||||||||
As of December 31, 2013, total stock-based compensation expense not yet recognized related to stock option grants amounted to approximately $691,000 , which will be recognized over the next 45 months. | |||||||||||
Line_of_Credit
Line of Credit | 6 Months Ended |
Dec. 31, 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 December 31, 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 December 31, 2013 and June 30, 2013 was $2,187,082. | |
Total interest expense recorded under the Line of Credit for the three months ended December 31, 2013 and 2012 amounted to $32,153 and $34,786, respectively. | |
Total interest expense recorded under the Line of Credit for the six months ended December 31, 2013 and 2012 amounted to $64,350 and $69,776, respectively. | |
Income_Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 7 – Income Taxes: | |
No provision for income taxes has been made for the three months and six months ended December 31, 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 | 6 Months Ended | |||||||||||||
Dec. 31, 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 December 31, 2013 and June 30, 2013: | ||||||||||||||
Carrying | Fair Value Measurement at December 31, 2013 | |||||||||||||
Value | Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 6,121,895 | $ | 6,121,895 | $ | - | $ | - | ||||||
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 | $ | - | $ | - | ||||||
Convertible_Preferred_Stock
Convertible Preferred Stock | 6 Months Ended |
Dec. 31, 2013 | |
Preferred Stock [Abstract] | ' |
Convertible Preferred Stock | ' |
Note 9 –Convertible Preferred Stock | |
During the six months ended December 31, 2013, 220 shares of Convertible Preferred Stock were converted into 73,333 shares of Common Stock. During the six months ended December 31, 2013, the Company issued an additional 12,941 shares of Common Stock for the payment of dividends in the amount of $42,239. Total dividends payable on the outstanding 580 shares of Convertible Preferred Stock at December 31, 2013 amounted to $14,500. | |
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. | |
Equity_Placements
Equity Placements | 6 Months Ended |
Dec. 31, 2013 | |
Equity Placement [Abstract] | ' |
Equity Placements | ' |
Note 10 – Equity Placements | |
2-Oct-13 | |
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 offering expenses payable by the Company of $164,230, were $1,560,770. The net proceeds of the offering will be used for working capital, research and development and general corporate purposes. | |
16-Dec-13 | |
On December 16, 2013, the Company completed a Common Stock and Warrant offering for $5,400,000 in gross proceeds, before deducting estimated offering expenses, in a registered direct offering of 180,000 units consisting of ten shares of common stock, par value $0.01 per share, of the Company’s Common Stock, six month warrants to purchase ten shares of Common Stock at an exercise price of $3 per share, six month warrants to purchase ten shares of Common Stock at an exercise price of $4 per share, and three year warrants to purchase ten shares of Common Stock at an exercise price of $4 per share. | |
The net offering proceeds to the Company from the sale of the units, after deducting the estimated offering expenses payable by the Company of approximately $95,000, are expected to be approximately $5,305,000. The net proceeds of the offering will be used for working capital, research and development and general corporate purposes. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 11 – Recent Accounting Pronouncements | |
We reviewed recently issued accounting pronouncements and plan to adopt those that are applicable to us. We do not expect the adoption of these pronouncements to have a material impact on our financial position, results of operations or cash flows. | |
Loss_Per_Share_Tables
Loss Per Share (Tables) | 6 Months Ended | |||||
Dec. 31, 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: | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Common stock to be issued upon conversion | 232,000 | 38,269 | ||||
of convertible preferred stock | ||||||
Outstanding warrants | 5,682,661 | 318,973 | ||||
Outstanding options | 275,319 | 211,740 | ||||
Total potentially dilutive shares of common | 6,189,980 | 568,982 | ||||
stock | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||
Dec. 31, 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 | Six Months | ||||||||||
Ended December 31, 2013 | |||||||||||
Risk-free interest rate (1) | 1.75-2.66 | % | 1.65-2.66 | % | |||||||
Expected volatility | 99 | % | 99 | % | |||||||
Dividend yield | None | None | |||||||||
Expected life (2) | 6.25-10.0 | 5.5-10.0 | |||||||||
-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 six months ended December 31, 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 | 74,080 | 5.39 | 4.00 - 5.40 | ||||||||
Exercised | - | - | - | ||||||||
Forfeited | -27,788 | 16.5 | 16.5 | ||||||||
Expired | -2,721 | 255.88 | 66.00 - 315.00 | ||||||||
Outstanding, December 31, 2013 | 275,319 | $ | 26.98 | $ 4.30 - 345.00 | |||||||
Options exercisable at December 31, 2013 | 196,822 | $ | 33.97 | ||||||||
Options exercisable and expected to become exercisable at December 31, 2013 | 262,795 | ||||||||||
Weighted average fair value of options granted during the three months ended December 31, 2013 | $ | 4.22 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||
Dec. 31, 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 December 31, 2013 and June 30, 2013: | ||||||||||||||
Carrying | Fair Value Measurement at December 31, 2013 | |||||||||||||
Value | Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 6,121,895 | $ | 6,121,895 | $ | - | $ | - | ||||||
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 $) | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Jun. 30, 1998 |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' |
Deficit accumulated during the development stage | $77,872,046 | $74,425,835 | ' | ' | ' |
Cash and cash equivalents | $6,121,895 | $1,602,294 | $640,125 | $2,001,325 | $0 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 186 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Payments to acquire intangible assets | $110,289 | $106,516 | $253,232 | $252,233 | $7,005,705 |
Issued patents and agricultural patent applications pending amortization period | ' | ' | '17 years | ' | ' |
Amortization of intangible assets | 77,910 | 66,203 | 152,180 | 129,128 | ' |
Impairment of intangible assets, finite-lived | $0 | $0 | $185,161 | $0 | $2,158,595 |
Calculation_of_Weighted_Averag
Calculation of Weighted Average Number of Dilutive Shares of Common Stock (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Common stock to be issued upon conversion of convertible preferred stock | 232,000 | 38,269 |
Outstanding warrants | 5,682,661 | 318,973 |
Outstanding options | 275,319 | 211,740 |
Total potentially dilutive shares of common stock | 6,189,980 | 568,982 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 186 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Options issued | ' | ' | 46,780 | ' | ' |
Aggregate Black-Scholes value | ' | ' | $201,154 | ' | ' |
Probability to achieve employee target goals | ' | ' | 62.00% | ' | ' |
Issuance of additional options | 27,300 | ' | 27,300 | ' | 27,300 |
Options aggregated during period | ' | ' | 111,210 | ' | ' |
Stock option outstanding intrinsic value | 73,848 | ' | 73,848 | ' | 73,848 |
Option outstanding weighted average remaining term | ' | ' | '7 years 8 months 12 days | ' | ' |
Exercisable aggregate intrinsic value | 35,957 | ' | 35,957 | ' | 35,957 |
Weighted average option exercisable remaining life | ' | ' | '7 years 1 month 6 days | ' | ' |
Shares available for future stock option grant | 657 | ' | 657 | ' | 657 |
Stock based compensation | 342,791 | 196,567 | 467,257 | 350,129 | 13,297,903 |
Unrecognized compensation expense | ' | ' | $691,000 | ' | ' |
Stock based compensation expense related to stock options, not yet recognized, period of recognition | ' | ' | '45 months | ' | ' |
BlackScholes_OptionPricing_Mod
Black-Scholes Option-Pricing Model Assumptions used to Estimate Fair Value of Each Warrant and Option Grant (Detail) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ||
Risk-free interest rate, minimum | 1.75% | [1] | 1.65% | [1] |
Risk-free interest rate, maximum | 2.66% | [1] | 2.66% | [1] |
Expected volatility | 99.00% | 99.00% | ||
Dividend yield | 0.00% | 0.00% | ||
Maximum | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ||
Expected life | '10 years | [2] | '10 years | [2] |
Minimum | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ||
Expected life | '6 years 3 months | [2] | '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 $) | 6 Months Ended |
Dec. 31, 2013 | |
Aggregate Number of Stock Option | ' |
Beginning Balance | 231,748 |
Granted | 74,080 |
Exercised | 0 |
Forfeited | -27,788 |
Expired | -2,721 |
Ending Balance | 275,319 |
Options exercisable at end of Period | 196,822 |
Options Exercisable and expected to be exercisable at end of period | 262,795 |
Weigthed average fair value of options granted during the year | $4.22 |
Weighted Average Exercise Price | ' |
Beginning Balance | $35 |
Granted | $5.39 |
Exercised | $0 |
Forfeited | $16.50 |
Expired | $255.88 |
Ending Balance | $26.98 |
Options exercisable at end of Period | $33.97 |
Exercise Price Range | ' |
Beginning Balance | $4.30 |
Exercised | $0 |
Forfeited | $16.50 |
Ending Balance | $4.30 |
Exercise Price Range | ' |
Beginning Balance | $345 |
Ending Balance | $345 |
Maximum [Member] | ' |
Exercise Price Range | ' |
Granted | $5.40 |
Expired | $315 |
Minimum [Member] | ' |
Exercise Price Range | ' |
Granted | $4 |
Expired | $66 |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 17, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 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 December 31, 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 | ' | 2,187,082 |
Interest expense under Line of Credit | ' | $32,153 | $34,786 | $64,350 | $69,776 | ' |
Assets_and_Liabilities_at_Fair
Assets and Liabilities at Fair Value Measured on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | $6,121,895 | $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 | 6,121,895 | 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 |
Convertible_Preferred_Stock_Ad
Convertible Preferred Stock - Additional Information (Detail) (USD $) | 6 Months Ended | 186 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Convertible Preferred Stock | Convertible Preferred Stock | Convertible Preferred Stock | Common Stock | Common Stock Including Additional Paid in Capital | Series A Preferred stock | ||||
Maximum | Minimum | ||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued at conversion of preferred stock, shares | ' | ' | ' | 220 | ' | ' | 73,333 | ' | ' |
Issuance of common stock in lieu of cash payment for dividends, shares | ' | ' | ' | ' | ' | ' | 12,941 | ' | ' |
Issuance of common stock in lieu of cash payment for dividends | ' | ' | ' | ' | ' | ' | ' | $42,239 | ' |
Preferred stock, shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 580 |
Dividends accrued on preferred stock | ($14,500) | ($89,598) | ($14,500) | $14,500 | ' | ' | ' | ' | ' |
Adjusted conversion price range | ' | ' | ' | ' | 3 | 2.5 | ' | ' | ' |
Equity_Placements_Additional_I
Equity Placements - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Oct. 02, 2013 | Dec. 16, 2013 |
Six Month Warrant One | Six Month Warrant Two | Three Year Warrant | Equity Placements | Equity Placements | |||
Equity Placement [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Other | ' | ' | ' | ' | ' | $1,725,000 | ' |
Stock Issued During Period, Shares, Other | ' | ' | ' | ' | ' | 690,000 | 180,000 |
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 | ' | ' | ' | ' | ' | 164,230 | 95,000 |
Sale of Stock, Consideration Received on Transaction | ' | ' | ' | ' | ' | 1,560,770 | 5,305,000 |
Issuance Of Common Stock And Warrants Value | ' | ' | ' | ' | ' | ' | $5,400,000 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ' | ' | ' | ' | $0.01 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | 3 | 4 | 4 | ' | ' |