Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 9-May-14 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'FLUX | ' |
Entity Common Stock, Shares Outstanding | ' | 81,174,113 |
Entity Registrant Name | 'Flux Power Holdings, Inc. | ' |
Entity Central Index Key | '0001083743 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Current assets: | ' | ' |
Cash | $673,000 | $20,000 |
Accounts receivable, net | 57,000 | 13,000 |
Inventories, net | 199,000 | 160,000 |
Prepaid advisory fees, current portion | 395,000 | 1,616,000 |
Other current assets | 43,000 | 35,000 |
Total current assets | 1,367,000 | 1,844,000 |
Property, plant and equipment, net | 87,000 | 132,000 |
Total assets | 1,454,000 | 1,976,000 |
Current liabilities: | ' | ' |
Accounts payable | 265,000 | 370,000 |
Accrued expenses | 214,000 | 211,000 |
Accrued interest | 277,000 | 135,000 |
Customer deposits | 22,000 | 5,000 |
Customer deposits - related party | 136,000 | 138,000 |
Warrant derivative liability | 808,000 | 143,000 |
Stockholder notes payable and line of credit, current portion | 0 | 1,250,000 |
Total current liabilities | 1,722,000 | 2,252,000 |
Long term liabilities: | ' | ' |
Stockholder notes payable and line of credit, net of current portion | 2,586,000 | 1,218,000 |
Total liabilities | 4,308,000 | 3,470,000 |
Commitments and contingencies (Note 5) | ' | ' |
STOCKHOLDERS' DEFICIT | ' | ' |
Preferred stock, $0.001 par value: authorized 5,000,000 shares, none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value: authorized 145,000,000 shares, 80,825,577 and 47,255,576 shares issued and outstanding as of March 31, 2014 and June 30, 2013, respectively | 81,000 | 47,000 |
Additional paid-in capital | 4,449,000 | 2,436,000 |
Accumulated deficit | -7,384,000 | -3,977,000 |
Total stockholders 'deficit | -2,854,000 | -1,494,000 |
Total liabilities and stockholders' deficit | $1,454,000 | $1,976,000 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 145,000,000 | 145,000,000 |
Common stock, issued | 80,825,577 | 47,255,576 |
Common stock, outstanding | 80,825,577 | 47,255,576 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |||||
Net revenue | $94,000 | [1] | $108,000 | [1] | $157,000 | [1] | $700,000 | [1] |
Cost of sales | 48,000 | 128,000 | 88,000 | 631,000 | ||||
Gross profit (loss) | 46,000 | -20,000 | 69,000 | 69,000 | ||||
Operating expenses: | ' | ' | ' | ' | ||||
Selling and administrative expenses | 476,000 | 574,000 | 1,089,000 | 1,975,000 | ||||
Amortization of prepaid advisory fees | 427,000 | 445,000 | 1,252,000 | 1,275,000 | ||||
Research and development | 139,000 | 280,000 | 369,000 | 806,000 | ||||
Total operating expenses | 1,042,000 | 1,299,000 | 2,710,000 | 4,056,000 | ||||
Operating loss | -996,000 | -1,319,000 | -2,641,000 | -3,987,000 | ||||
Other income (expense): | ' | ' | ' | ' | ||||
Change in fair value of derivative liabilities | -650,000 | 254,000 | -567,000 | 3,826,000 | ||||
Interest expense, net | -41,000 | -33,000 | -141,000 | -70,000 | ||||
Other expense | -58,000 | 0 | -58,000 | 0 | ||||
Net loss | ($1,745,000) | ($1,098,000) | ($3,407,000) | ($231,000) | ||||
Net loss per share - basic and diluted | ($0.03) | ($0.02) | ($0.06) | ($0.01) | ||||
Weighted average number of common shares outstanding - basic and diluted | 62,455,354 | 47,003,583 | 52,482,656 | 46,345,053 | ||||
[1] | Includes sales to related parties of approximately $0 and $31,000 for the three months ended March 31, 2014 and 2013, respectively, and approximately $3,000 and $62,000 for the nine months ended March 31, 2014 and 2013, respectively. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Related Parties Amount in Cost of Sales | $0 | $31,000 | $3,000 | $62,000 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($3,407,000) | ($231,000) |
Adjustments to reconcile net loss income to net cash used in operating activities: | ' | ' |
Depreciation | 45,000 | 32,000 |
Amortization of prepaid advisory fees | 1,252,000 | 1,274,000 |
Change in fair value of warrant liability | 567,000 | -3,826,000 |
Stock-based compensation | 194,000 | 67,000 |
Stock issuance for services | 125,000 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -44,000 | 43,000 |
Inventories | -39,000 | 481,000 |
Other current assets | -39,000 | -15,000 |
Accounts payable | -105,000 | -67,000 |
Accrued expenses | 3,000 | -155,000 |
Accrued interest | 142,000 | 71,000 |
Customer deposits | 17,000 | 4,000 |
Customer deposits from related party | -2,000 | -62,000 |
Deferred revenue | 0 | -480,000 |
Net cash used in operating activities | -1,291,000 | -2,864,000 |
Cash flows from investing activities: | ' | ' |
Purchases of equipment | 0 | -41,000 |
Net cash used in investing activities | 0 | -41,000 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common shares from the exercise of employee stock options | 0 | 22,000 |
Proceeds from the sale of common stock and warrants, net of offering costs paid | 1,276,000 | 981,000 |
Proceeds from stockholder notes payable and line of credit | 668,000 | 1,135,000 |
Net cash provided by financing activities | 1,944,000 | 2,138,000 |
Net increase (decrease) in cash | 653,000 | -767,000 |
Cash, beginning of period | 20,000 | 812,000 |
Cash, end of period | 673,000 | 45,000 |
Supplemental disclosures of non-cash Investing and Financing Activities:: | ' | ' |
Conversion of debt to equity | 550,000 | 0 |
Issuance of warrants classified as derivative liabilities | 0 | 931,000 |
Cash paid during the year for: | ' | ' |
Income taxes | $0 | $2,000 |
BASIS_OF_PRESENTATION_AND_NATU
BASIS OF PRESENTATION AND NATURE OF BUSINESS | 9 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION AND NATURE OF BUSINESS | ' |
NOTE 1 – BASIS OF PRESENTATION AND NATURE OF BUSINESS | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) applicable to interim reports and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013 filed with the SEC. In the opinion of management, the accompanying condensed consolidated interim financial statements include all adjustments, necessary in order to make the financial statements not misleading. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or any other future period. Certain notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Company’s Annual Report on Form 10-K have been omitted. The accompanying condensed consolidated balance sheet at June 30, 2013 has been derived from the audited balance sheet at June 30, 2013 contained in such Form 10-K. | |
The accompanying condensed consolidated financial statements of the Company have been prepared on a going-concern basis. See Note 2 for discussion of liquidity and going concern matters. | |
Nature of Business | |
Flux Power Holdings, Inc. (“Flux”) conducts operations through its wholly owned subsidiary, Flux Power, Inc., a California corporation (“Flux Power”) | |
The Company develops and sells rechargeable advanced energy storage systems. The Company has structured its business around its core technology, “The Battery Management System” (“BMS”). The Company’s BMS provides three critical functions to their battery systems: cell balancing, monitoring, and error reporting. Using its proprietary management technology, the Company is able to offer complete integrated energy storage solutions or custom modular standalone systems to their clients. The Company has also developed a suite of complementary technologies and products that accompany their core products. Sales during the three and nine months ended March 31, 2014 and 2013 were primarily to customers located throughout the United States. | |
All dollar amounts herein are in U.S. dollars unless otherwise stated. | |
LIQUIDITY_AND_GOING_CONCERN
LIQUIDITY AND GOING CONCERN | 9 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
LIQUIDITY AND GOING CONCERN | ' |
NOTE 2 – LIQUIDITY AND GOING CONCERN | |
The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred an accumulated deficit of $7,384,000 through March 31, 2014, and had limited cash or other working capital as of March 31, 2014. To date, the Company’s revenues and operating cash flows have not been sufficient to sustain its operations. | |
From January to March 2014, we conducted a Private Placement Offering of Units (“Offering”). The Units were offered only to accredited investors and the purchase price of each Unit was $60,000, with each Unit consisting of 1,000,000 shares of common stock and 500,000 warrants. The warrants are exercisable for 5 years and each warrant entitles the holder to purchase one share of common stock at an exercise price of $0.20 per share. On March 12, 2014, the Company completed the Offering by selling an aggregate of 32.4 Units to 41 accredited investors for a total of $1,944,000, which consisted of cash proceeds totaling approximately $1,394,000 and the conversion of previously outstanding debt totaling $550,000 (see Note 6). In connection with this offering, the Company issued 32,400,000 shares of common stock and warrants to purchase up to 16,200,000 shares of common stock. | |
Security Research Associates, Inc., (“SRA”), served as Company’s placement agent in connection with the Offering and received $107,460 in cash and reimbursement for related expenses of approximately $10,000 and issued a warrant to purchase 1,791,000 shares of common stock at an exercise price of $0.06 for its services as Company’s private placement agent in the Offering (see Note 6). | |
Although the Company was able to convert $550,000 of debt to equity and raise additional cash in connection with its recent Offering, the Company’s ability to continue as a going concern is dependent on obtaining additional financing sufficient to sustain operations until positive cash flow from operations and profitability can be achieved. As of March 31, 2014, the Company has $673,000 in cash and a total of $664,000 was available under existing credit facilities. The Company’s primary operating strategy to generate revenue is by increasing sales of lithium battery packs for use on lift equipment, enabled by increasing the Company’s distribution network of battery distributors and equipment dealerships. Management plans to continue to seek additional equity financing to generate the capital required to fund its current operations and future planned growth. In addition, the Company is pursuing other investment structures that management believes may generate the necessary funding for the Company. Although management believes that the additional required funding will be obtained, there is no guarantee the Company will be able to obtain the additional required funds on a timely basis or that funds will be available on terms acceptable to the Company. If such funds are not available when required, management will be required to curtail its investments in additional sales and marketing and product development resources, and capital expenditures, which may have a material adverse effect on the Company’s future cash flows and results of operations, and its ability to continue operating as a going concern. The accompanying financial statements do not include any adjustments that would be necessary should the Company be unable to continue as a going concern and, therefore, be required to liquidate its assets and discharge its liabilities in other than the normal course of business and at amounts that may differ from those reflected in the accompanying condensed consolidated financial statements. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
A summary of the Company’s significant accounting policies consistently applied in the preparation of the accompanying condensed consolidated financial statements follows: | |
Principles of Consolidation | |
The condensed consolidated financial statements include the Flux Power Holdings, Inc. and its wholly-owned subsidiary Flux Power Inc. after elimination of all intercompany accounts and transactions. | |
Subsequent Events | |
Management has evaluated events subsequent to March 31, 2014, through the date of this filing with the Securities and Exchange Commission for transactions and other events that may require adjustment of and/or disclosure in such financial statements. | |
Reclassifications | |
Certain prior year amounts have been reclassified to conform to the current year presentation for comparative purposes. | |
Use of Estimates in Financial Statement Preparation | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, as well as certain financial statement disclosures. Significant estimates include valuation allowances relating to accounts receivable, inventory, and deferred tax assets, and valuations of derivative liabilities and equity instruments. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from these estimates. | |
Cash and Cash Equivalents | |
As of March 31, 2014, cash totaled approximately $673,000 and consists of funds held in a non-interest bearing bank deposit account. The Company considers all liquid short-term investments with maturities of less than three months when acquired to be cash equivalents. The Company had no cash equivalents at March 31, 2014 and June 30, 2013. | |
Fair Values of Financial Instruments | |
The carrying amount of our accounts payable and accounts receivable approximates their estimated fair values due to the short-term maturities of those financial instruments. The carrying amount of notes payable and line of credit approximates their fair value as the interest approximates current market interest rates for the similar instruments. Derivative liabilities recorded in connection with warrants are reported at their estimated fair value, with changes in fair value being reported in results of operations (see Note 7). Except for derivative liabilities referenced above, the Company does not have any other assets or liabilities that are measured at fair value on a recurring basis. | |
Accounts Receivable and Customer Deposits | |
Accounts receivable are carried at their estimated collectible amounts. The Company may require advance deposits from its customers prior to shipment of the ordered products. The Company has not experienced collection issues related to its accounts receivable, and has not recorded an allowance for doubtful accounts during the three and nine months ended March 31, 2014 and 2013. | |
Inventories | |
Inventories consist primarily of battery management systems and the related components, and are stated at the lower of cost (first-in, first-out) or market. The Company evaluates inventories to determine if write-downs are necessary due to obsolescence or if the inventory levels are in excess of anticipated demand at market value based on consideration of historical sales and product development plans. The Company did not record an adjustment related to obsolete inventory during the three and nine months ended March 31, 2014 and 2013. | |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation and amortization are provided using the straight-line method over the estimated useful lives, of the related assets ranging from three to ten years, or, in the case of leasehold improvements, over the lesser of the useful life of the related asset or the lease term. | |
Stock-based Compensation | |
Pursuant to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718-10, Stock Compensation, which establishes accounting for equity instruments exchanged for employee service, we utilize the Black-Scholes option-pricing model to estimate the fair value of employee stock option awards at the date of grant. This model, which requires the input of highly subjective assumptions, includes expected volatility and expected life of the options. Changes in these inputs and assumptions can materially affect the measure of estimated fair value of our share-based compensation. These assumptions are subjective and generally require significant analysis and judgment to develop. When estimating fair value, some of the assumptions will be based on, or determined from, external data and other assumptions may be derived from our historical experience with stock-based payment arrangements. The appropriate weight to place on historical experience is a matter of judgment, based on relevant facts and circumstances. In accordance with this guidance, the estimated grant-date fair value of options expected to vest is recognized as compensation expense on a pro-rata basis over the vesting period of the options. | |
Common stock or equity instruments such as warrants issued for services to non-employees are valued at their estimated fair value at the measurement date (the date when a firm commitment for performance of the services is reached, typically the date of issuance, or when performance is complete). | |
Revenue Recognition | |
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, price is fixed or determinable, and collectability of the selling price is reasonably assured. Delivery occurs when risk of loss is passed to the customer, as specified by the terms of the applicable customer agreements. When a right of return exists, contractually or implied, the Company recognizes revenue on the sell-through method. Under this method, revenue is not recognized upon delivery of the inventory components. Instead, the Company record deferred revenue upon delivery and recognizes revenue when the inventory components are sold through to the end user. During the three and nine months ended March 31, 2014, and 2013, the Company did not record any deferred revenue. | |
Product Warranties | |
The Company evaluates its exposure to product warranty obligations based on historical experience. Our products are warrantied for five years unless modified by a separate agreement. As of March 31, 2014, the Company carries a warranty liability of approximately $11,000, which is included in accrued expenses on the Company’s consolidated balance sheet. | |
Shipping and Handling Costs | |
The Company records shipping and handling costs charged to customers as revenue and shipping and handling costs to operating expense as incurred. | |
Impairment of Long-lived Assets | |
In accordance with authoritative guidance for the impairment or disposal of long-lived assets, if indicators of impairment exist, the Company assesses the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through the undiscounted future operating cash flows. If impairment is indicated, the Company measures the amount of such impairment by comparing the carrying value of the asset to the present value of the expected future cash flows associated with the use of the asset. The Company believes that no impairment indicators are present as of March 31, 2014. | |
Research and Development | |
The Company is actively engaged in new product development efforts. Research and development cost relating to possible future products are expensed as incurred. | |
Income Taxes | |
The Company follows FASB ASC Topic No, 740, Income Taxes. Deferred tax assets or liabilities are recorded to reflect the future tax consequences of temporary differences between the financial reporting basis of assets and liabilities and their tax basis at each year-end. These amounts are adjusted, as appropriate, to reflect enacted changes in tax rates expected to be in effect when the temporary differences reverse. | |
The Company records deferred tax assets and liabilities based on the differences between the financial statement and tax bases of assets and liabilities and on operating loss carry forwards using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. | |
We also follow the provisions of FASB ASC Topic No.740 relating to uncertain tax provisions and have analyzed filing positions in all of the federal and state jurisdictions where the Company is required to file income tax returns, as well as all open tax years in these jurisdictions. Based on our analysis, no unrecognized tax benefits have been identified as of March 31, 2014, or June 30, 2013, and accordingly, no additional tax liabilities have been recorded. The Company’s net operating losses could be subject to annual limitations under IRC section 382 due to previous or future ownership changes. | |
Net Income (Loss) Per Common Share | |
The Company calculates basic income (loss) per common share by dividing net earnings or loss by the weighted average number of common shares outstanding during the periods. Diluted earnings (loss) per common share include the impact from all dilutive potential common shares relating to outstanding convertible securities. | |
For the three and nine months ended March 31, 2014, basic and diluted weighted-average common shares outstanding were 62,455,354 and 52,482,656, respectively. The Company incurred a net loss for the three and nine months ended March 31, 2014, and therefore, basic and diluted loss per share for those periods are the same because the inclusion of potential common equivalent shares were excluded from diluted weighted-average common shares outstanding during the period, as the inclusion of such shares would be anti-dilutive. As of March 31, 2014, there were 2,090,555 potentially dilutive common shares outstanding, which include common shares underlying outstanding stock options that were excluded from diluted weighted-average common shares outstanding. | |
For the three and nine months ended March 31, 2013, basic and diluted weighted-average common shares outstanding were 47,003,583 and 46,345,053, respectively. The Company incurred a net loss for the three and nine months ended March 31, 2013, and therefore, basic and diluted loss per share for those periods are the same because the inclusion of potential common equivalent shares were excluded from diluted weighted-average common shares outstanding during the period, as the inclusion of such shares would be anti-dilutive. As of March 31, 2013, there were 3,734,023 potentially dilutive common shares outstanding, which include common shares underlying outstanding stock options that were excluded from diluted weighted-average common shares outstanding. | |
Derivative Financial Instruments | |
The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risk. | |
We evaluate free-standing derivative instruments (or embedded derivatives) to properly classify such instruments within equity or as liabilities in our financial statements. The classification of a derivative instrument is reassessed at each reporting date. If the classification changes because of events during a reporting period, the instrument is reclassified as of the date of the event that caused the reclassification. There is no limit on the number of times a contract may be reclassified. | |
Instruments classified as derivative liabilities are recorded initially at their estimated fair value and are re-measured each reporting period (or upon reclassification). The change in fair value is recorded on our condensed consolidated statements of operations in other (income) expense (see Note 7). | |
New Accounting Standards | |
The Company reviews new accounting standards as issued. There have been no recently issued accounting standards, or changes in accounting standards, that have had, or are expected to have, a material impact on our condensed consolidated financial statements. | |
STOCKHOLDER_NOTES_PAYABLE_AND_
STOCKHOLDER NOTES PAYABLE AND LINE OF CREDIT | 9 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
STOCKHOLDER NOTES PAYABLE AND LINE OF CREDIT | ' |
NOTE 4 - STOCKHOLDER NOTES PAYABLE AND LINE OF CREDIT | |
In October 2011, we entered into a revolving promissory note agreement (“Revolving Note”) for $1,000,000 with Esenjay Investments, LLC (“Esenjay”), which is one of our major stockholders who beneficially own approximately 42.6 % of our common stock. Mr. Michael Johnson is a current member of our board of directors and is the director and sole shareholder of Esenjay. The Revolving Note had an interest rate of 8 % per annum, and an original maturity date of September 30, 2013, as amended, and is secured by substantially all of the assets of the Company. As of September 30, 2013, the balance outstanding payable on the note was $1,000,000. On October 16, 2013, we entered into the Second Amendment to the Secondary Revolving Promissory Note for Operating Capital (the “Amendment”) pursuant to which the Revolving Note was amended to: (i) extend the maturity date from September 30, 2013, to December 31, 2015; (ii) change the interest rate on the outstanding principal amount as of October 16, 2013, and forward to 6 % per annum, and (iii) grant the holder of the Revolving Note the option to convert any or all of the amount outstanding under the Revolving Note, as amended, into shares of our common stock at a conversion price of $ 0.30 per share until December 31, 2015. | |
On January 13, 2014, we accepted a subscription agreement from Esenjay pursuant to which we sold Esenjay 10 Units for an aggregate purchase price of $600,000, or $60,000 per Unit, of which (i) $200,000 was paid in cash, and (ii) $400,000 was a conversion of $400,000 of principal amount outstanding under the Esenjay Secondary Revolving Promissory Note for Operating Capital dated October 1, 2011 for $1,000,000, as amended Each Unit consisted of 1,000,000 shares of our common stock and 500,000 warrants. In connection with Esenjay’s purchase of the Units, we issued 10,000,000 shares of our common stock and warrants to purchase up to 5,000,000 shares of our common stock, at an exercise price of $0.20 per share until January 13, 2019. | |
On March 12, 2014, we accepted a subscription agreement from Esenjay pursuant to which we sold Esenjay 2.5 Units for an aggregate purchase price of $150,000, or $60,000 per Unit, which was a conversion of $150,000 of principal amount outstanding under the Esenjay Secondary Revolving Promissory Note for Operating Capital dated October 1, 2011 for $1,000,000, as amended (see Note 4). Each Unit consisted of 1,000,000 shares of our common stock and 500,000 warrants. In connection with Esenjay’s purchase of the Units, we issued 2,500,000 shares of our common stock and warrants to purchase up to 1,250,000 shares of our common stock, at an exercise price of $0.20 per share until March 12, 2019. | |
As of March 31, 2014, the remaining principal balance on the Esenjay Secondary Revolving Promissory Note for Operating Capital was $450,000. | |
On March 7, 2012, we entered into an additional note payable agreement with Esenjay for $250,000 (“Bridge Note”). The Bridge Note had an original maturity date of March 7, 2014, and bore interest at the rate of 8% per annum. As of September 30, 2013, the balance outstanding payable on the Bridge Note was $250,000 and there were no further funds available under the Bridge Note. On October 16, 2013, we entered into the First Amendment to the Bridge Loan Promissory Note (the “Amendment”) pursuant to which the Bridge Note was amended to: (i) extend the maturity date from March 7, 2014, to December 31, 2015; (ii) change the interest rate on the outstanding principal amount as of October 16, 2013, and forward to 6 % per annum; and (iii) grant the holder of the Bridge Note the option to convert any or all of the amount outstanding under the Bridge Note, as amended, into shares of our common stock at a conversion price of $0.30 per share until December 31, 2015. | |
As of March 31, 2014, the remaining principal balance on the Bridge Note $250,000. | |
On September 24, 2012, we entered into a Line of Credit agreement with Esenjay for $1,500,000 (“Line of Credit”). Borrowings under the Line of Credit are secured by our assets and bore interest at the rate of 8 % per annum, with all unpaid principal and accrued interest due and payable on September 24, 2014. On October 16, 2013, we entered into the First Amendment to the Line of Credit (the “Amendment”) pursuant to which the Line of Credit was amended to: (i) extend the maturity date from September 24, 2014, to December 31, 2015; (ii) change the interest rate on the outstanding principal amount as of October 16, 2013, and forward to 6 % per annum; (iii) increase the line of credit to $2,000,000; and (iv) grant holder the option to convert up to $400,000 of the outstanding amount under the Line of Credit into shares of our common stock at a conversion price of $0.06 per share until December 31, 2013, and the option to convert any or all of the remaining amount outstanding under the Line of Credit into shares of our common stock at a conversion price of $ 0.30 per share until December 31, 2015. | |
As of March 31, 2014, the balance outstanding under the Line of Credit was $1,886,000 and as of March 31, 2014, a total of $664,000 was available under credit lines with Esenjay. Subsequent to March 31, 2014, no additional draws have been made. | |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 5 – COMMITMENTS AND CONTINGENCIES | |
From time to time, we may be involved in litigation relating to claims arising out of our operations. As of March 31, 2014, we are not a party to any legal proceedings that are expected, individually or in the aggregate, to have a material adverse effect on our business, financial condition or operating results. | |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
STOCKHOLDERS' EQUITY | ' | |||||||||||||
NOTE 6 - STOCKHOLDERS’ EQUITY | ||||||||||||||
At March 31, 2014, the Company had 145,000,000 shares of common stock, par value of $ 0.001 authorized for issuance, of which 80,825,577 shares were issued and outstanding. | ||||||||||||||
In addition, at March 31, 2014, the Company is authorized to issue up to 5,000,000 shares of preferred stock, par value of $0.001, in one or more classes or series within a class pursuant to our Articles of Incorporation. There are currently no shares of preferred stock issued and outstanding. | ||||||||||||||
Holders of common stock are entitled to receive dividends, when, as, and if declared by the Board of Directors, out of any assets legally available to the Company. Dividends are declared and paid in an equal per-share amount on the outstanding shares of each series of common stock. To date the Board of Directors has neither declared nor paid common stock dividends to shareholders. | ||||||||||||||
Common Stock and Warrants | ||||||||||||||
Private Placement Offering of Units - 2014 | ||||||||||||||
As of March 31, 2014, the remaining principal balance on the Esenjay Secondary Revolving Promissory Note for Operating Capital was $450,000 subsequent to the conversion of $550,000. | ||||||||||||||
From January to March 2014, the Company conducted a Private Placement Offering of Units (“Offering”). The Units were offered only to accredited investors and the purchase price of each Unit was $60,000, with each Unit consisting of 1,000,000 shares of common stock and 500,000 warrants. The warrants are exercisable for 5 years and each warrant entitles the holder to purchase one share of common stock at an exercise price of $0.20 per share. On March 12, 2014, the Company completed the Offering by selling an aggregate of 32.4 Units to 41 accredited investors resulting in the conversion of debt to equity in the amount of $550,000 and cash proceeds of approximately $1,394,000, and issuance of 32,400,000 shares of common stock and warrants to purchase up to 16,200,000 shares of common stock. The Offering was conducted in three tranches. On January 13, 2014, we completed our first tranche of the Offering by selling 10 Units to Esenjay for an aggregate purchase price of $600,000, of which (i) $200,000 was paid in cash, and (ii) $400,000 was a conversion of $400,000 of principal amount outstanding under the Esenjay Secondary Revolving Promissory Note for Operating Capital dated October 1, 2011 for $1,000,000, as amended (see Note 4). In connection with Esenjay’s purchase of the Units, we issued 10,000,000 shares of our common stock and warrants to purchase up to 5,000,000 shares of our common stock. On February 14, 2014, we completed our second tranche of the Offering by selling 2.8 Units to five accredited investors for an aggregate purchase price of $168,000, all of which were paid in cash. In connection with the closing of the second tranche, we issued a total of 2,800,000 shares of our common stock and warrants to purchase up to 1,400,000 shares of our common stock. We issued a total of 2,800,000 shares of our common stock and warrants to purchase up to 1,400,000 shares of our common stock. On March 12, 2014, we completed the final tranche of the Offering by closing on the sale of 19.6 Units to 41 accredited investors for total purchase price of $1,176,000, pursuant to which we issued 19,600,000 shares of common stock and warrants to purchase up to 9,800,000 shares of common stock. Esenjay participated in the final tranche by purchasing a total of 2.5 Units for an aggregate purchase price of $150,000, of which the $150,000 was a conversion of principal amount outstanding under the Esenjay Secondary Revolving Promissory Note for Operating Capital dated October 1, 2011 for $1,000,000, as amended (see Note 4). | ||||||||||||||
Security Research Associates Inc. (“SRA”) of San Francisco served as Company’s placement agent in connection with the Offering. On March 13, 2014, the board of directors (“Board”) increased the size of the Board to five (5) and appointed Timothy Collins as director and executive chairman of the Board. Mr. Collins is the Chief Executive Office, President, Director and shareholder of SRA. The Company engaged SRA for services rendered in conjunction with this Offering and paid cash compensation in the amount of 9% of the gross proceeds raised and a warrant to purchase the number of shares of common stock equal to 9% of the aggregate gross proceeds from the Offering received by the Company from all investors placed by SRA divided by $0.06 per share. The Company paid SRA $107,460 and issued a warrant to purchase 1,791,000 shares of our common stock at an exercise price of $0.06 for its services as the Company’s private placement agent in the Offering. | ||||||||||||||
In connection with the Offering, the Company inadvertently in error issued duplicate stock certificates representing an aggregate of 2,800,000 shares of common stock of the Company. As a result, there was an additional 2,800,000 shares of common stock issued and outstanding on the records of the Company’s transfer agent as of March 31, 2014.The Company is in the process of correcting this error. The number of shares of common stock issued and outstanding reflected in the financial statements and these notes exclude 2,8;00,000 shares of common stock which were inadvertently issued in error. | ||||||||||||||
The securities offered and sold in the Offering have not been registered under the Securities Act of 1933, as amended (“Securities Act”). The Securities were offered and sold to accredited investors in reliance upon exemptions from registration pursuant to Rule 506 promulgated thereunder. | ||||||||||||||
Private Placements - 2012 | ||||||||||||||
In July, August, and October 2012, the Company issued an aggregated of 2,353,093 shares of common stock and 507,019 five (5) year warrants to purchase shares of our common stock at an exercise price of $0.41 per share, resulting in aggregate proceeds of approximately $980,000, pursuant to private placement transactions. | ||||||||||||||
Repricing of Warrants. The Offering (see above) included warrants issued at a price of $0.20, which triggered an anti-dilution protection for Company’s warrant holders issued under our 2012 Private Placements that were issued for an offering price of our common stock at $0.41. As a result, the Board of Directors gave approval to amend the exercise price of 2,907,347 common share purchase warrants issued by way of our completed 2012 Private Placements, which included the July, August and October 2012 closings of 507,019, our June 2012 closing of 562,551 and the Baytree advisory agreement of 1,837,777. The exercise price of the 2,907,347 common share purchase warrants was reduced to $0.27 from $0.41 per warrant share and applies to all warrants issued in our 2012 Private Placements. On April 2, 2014, the Company provided notice of adjustment to the Warrant Holders in accordance with the applicable section of the warrant certificate. The remaining terms, including expiration dates, of all warrants remain unchanged. The modified exercise price of the warrants to $0.27 resulted in a repricing modification charge of $98,000 that was recorded as an off-set to additional paid-in capital. | ||||||||||||||
The common stock purchased in the above referenced private placements and the common stock issuable upon exercise of warrants have piggyback registration rights. The securities offered and sold in the private placement have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. | ||||||||||||||
Advisory Agreements | ||||||||||||||
Baytree Capital - Related Party. On June 14, 2012, the Company entered into an Advisory Agreement (“Advisory Agreement”) with Baytree Capital, a significant shareholder of the Company, pursuant to which Baytree Capital agreed to provide business and advisory services for 24 months in exchange for 100,000 restricted shares of our newly issued common stock at the commencement of each six (6) month period in return for its services, and a warrant to purchase 1,837,777 restricted shares of our common stock for a period of five ( 5 ) years at an exercise price of $0.41 per share (“Advisory Agreement Warrants”), also see above (Private Placements – 2012) regarding repricing of warrants. In connection with this agreement, the estimated fair value of the warrants issued in the approximate amount of $3,258,000 was recorded as prepaid advisory fees, which is expected to be amortized on a pro-rata basis over the term of the agreement. During each of the nine months ended March 31, 2014, and 2013, we recorded expense of approximately $1,222,000 as a result of the prepaid advisory fees amortization. As of March 31, 2014, the total remaining balance of the prepaid advisory fees was approximately $339,000. | ||||||||||||||
On December 14, 2013, the commencement of the fourth and final six-month period, the Company accrued for the fourth installment of the shares for services valued at $0.05 per share, the price per share of the Company’s common stock on December 14, 2013, for the total of the $5,000 due to Baytree Capital. The Company also recorded $5,000 of prepaid advisory fees to be amortized over six months. On January 21, 2014, we issued Baytree Capital 100,000 restricted shares of our newly issued common stock at $0.07 per share. The expense recognized during the period ended March 31, 2014, was immaterial. | ||||||||||||||
Caro Capital, LLC. On April 4, 2013, the Company entered into an Advisory Agreement (“Agreement”) with Caro Capital, LLC (“Caro Capital”), pursuant to which Caro Capital agreed to provide business and advisory services, management consulting, shareholder information, and public relations for six (6) months in exchange for 500,000 restricted shares of our newly issued common stock. Upon execution of the Agreement, Caro Capital was issued 100,000 shares of restricted stock per the contract terms, which were valued at $44,000 based on the closing price of our common stock on the issuance date. The contract calls for subsequent issuance of 100,000 shares at 30-day increments to the first tranche. Per the terms of the Agreement, Caro Capital is entitled to the second and third tranche issuance of 100,000 shares of restricted stock each. | ||||||||||||||
The second tranche shares were valued at $ 0.50 per share, based on the price per share of the Company’s common stock on May 4, 2013, when the second tranche shares were due to be issued, for the total of $50,000. The costs associated with the 100,000 shares to be issued of approximately $50,000 were recorded as consulting expense during the fourth quarter ended June 30, 2013. On August 13, 2013, the Company issued 100,000 restricted shares of our newly issued common stock at $0.08 per share. | ||||||||||||||
The third tranche shares were valued at $ 0.32 per share, based on the price per share of the Company’s common stock on June 4, 2013, when the third tranche shares were due to be issued, for the total of $32,000. The costs associated with the 100,000 shares to be issued of approximately $32,000 were recorded as consulting expense during the fourth quarter ended June 30, 2013. | ||||||||||||||
On June 3, 2013, the Company terminated the Agreement with Caro Capital effective July 3, 2013. The liability for the third tranche shares of $32,000 is included in accrued expenses at March 31, 2014. | ||||||||||||||
Catalyst Global LLC. On October 14, 2013, the Company entered into a contract with Catalyst Global LLC (“CGL”), pursuant to which CGL agreed to provide investor relations services for 12 months in exchange for monthly fees of $2,000 per month and 450,000 shares of restricted common stock issued as follows: 180,000 shares upon signing and the balance vesting pro rata upon each of the three-, six-, and nine-month anniversaries of the contract. The initial tranche was valued at $0.05 per share at $9,000 when issued on November 8, 2013. During nine months ended March 31, 2014, we recorded expense of approximately $4,000. As of March 31, 2014, the total remaining balance of the prepaid investor relation services is approximately $5,000, and is included in other current assets and will be amortized over the 12 months. | ||||||||||||||
On March 19, 2014, the Company issued the second tranche shares valued at $ 0.38 per share, based on the price per share of the Company’s common stock. The costs associated with the 90,000 shares issued of $34,200 and will be amortized over the 12 months. During nine months ended March 31, 2014, we recorded expense of approximately $1,000. As of March 31, 2014, the total remaining balance of the prepaid investor relation services is approximately $33,000, and is included in other current assets and will be amortized over the 12 months. | ||||||||||||||
Security Research Associates, Inc. On June 26, 2013, the Company entered into an agreement with Security Research Associates, Inc., (“SRA”), pursuant to which SRA agreed to provide business and advisory services. SRA served as our placement agent in connection with the Company’s 2014 Private Placement Offering (“Offering”) and was paid cash compensation in the amount of 9% of the gross proceeds raised and a warrant to purchase the number of shares of our common stock equal to 9% of the aggregate gross proceeds from the Offering received by the Company from all investors (excluding Esenjay) placed by SRA divided by $0.06 per share. SRA was paid $107,460 in cash and reimbursement for related expenses of approximately $10,000 and issued a warrant to purchase 1,791,000 shares of our common stock at an exercise price of $0.06 for its services as our private placement agent in the Offering. In connection with this agreement, the estimated fair value of the warrants issued in the approximate amount of $107,460 (1,791,000 warrants at $0.06) and related expenses of approximately $10,000 was recorded as an offset to equity related to expense associated with the Offering. | ||||||||||||||
Institutional Analyst Holdings, Inc. On December 18, 2013, the Company entered into a contract with Institutional Analyst Holdings, Inc. (“IA”), pursuant to which IA agreed to provide investor relations and report writing services for six months in exchange for an initial payment of $2,500 and 400,000 restricted shares of the Company’s common stock upon execution of the contract. An additional 400,000 restricted shares of the Company’s common stock would be issued 60 days from the date of the contract. The initial tranche was valued at $0.06 per share at $24,000 when issued on December 18, 2013. On February 18, 2014, an agreement was reached between the Company and Institutional Analyst Holdings to convert the remaining compensation to 400,000 non-qualified stock options at an exercise price of $0.06. These 400,000 options were issued on February 18, 2014, with fully vesting at June 18, 2014. During nine months ended March 31, 2014, we recorded expense of approximately $15,000. As of March 31, 2014, the total remaining balance of the prepaid investor relation services is approximately $9,000, and is included in other current assets and will be amortized over the 6 months. | ||||||||||||||
Warrant Activity | ||||||||||||||
Warrant activity during the nine months ended March 31, 2014, and related balances outstanding as of such dates are reflected below: | ||||||||||||||
Number | Weighted | Remaining | ||||||||||||
Average | Contract | |||||||||||||
Exercise | Term (# | |||||||||||||
Price Per | years) | |||||||||||||
Share | ||||||||||||||
Shares purchasable under outstanding warrants at June 30, 2013, repriced | 2,907,347 | $ | 0.27 | 3.21 | ||||||||||
Stock purchase warrants issued | 17,991,000 | 0.19 | 5 | |||||||||||
Stock purchase warrants exercised | — | — | ||||||||||||
Shares purchasable under outstanding warrants at March 31, 2014 | 20,898,347 | $ | 0.2 | 3.21 - 5.0 | ||||||||||
Warrant activity during the nine months ended March 31, 2013, and related balances outstanding as of such dates are reflected below: | ||||||||||||||
Number | Weighted | Remaining | ||||||||||||
Average | Contract | |||||||||||||
Exercise | Term (# | |||||||||||||
Price Per | years) | |||||||||||||
Share | ||||||||||||||
Shares purchasable under outstanding warrants at June 30, 2012 | 2,400,328 | $ | 0.41 | |||||||||||
Stock purchase warrants issued | 507,019 | 0.41 | ||||||||||||
Stock purchase warrants exercised | — | — | ||||||||||||
Shares purchasable under outstanding warrants at March 31, 2013 | 2,907,347 | $ | 0.41 | 4.59 – 4.21 | ||||||||||
Stock-based Compensation | ||||||||||||||
During the nine months ended March 31, 2014, the Company granted 5,310,973 non-qualified stock options of the Company’s common stock. The Company has not registered the shares of common stock underlying stock options outstanding as of March 31, 2014. | ||||||||||||||
Activity in stock options during the nine months ended March 31, 2014, and related balances outstanding as of that date are reflected below: | ||||||||||||||
Number of | Weighted | Weighted | ||||||||||||
Shares | Average | Average | ||||||||||||
Exercise Price | Remaining | |||||||||||||
Per Share | Contract | |||||||||||||
Term (# years) | ||||||||||||||
Outstanding at June 30, 2013 | 2,527,389 | $ | 0.15 | 5.85 | ||||||||||
Granted | 5,310,973 | |||||||||||||
Exercised | — | |||||||||||||
Forfeited and cancelled | -792,836 | |||||||||||||
Outstanding at March 31, 2014 | 7,045,526 | $ | 0.18 | 8.57 | ||||||||||
Exercisable at March 31, 2014 | 3,317,097 | $ | 0.14 | 8.02 | ||||||||||
Activity in stock options during the nine months ended March 31, 2013, and related balances outstanding as of that date are reflected below: | ||||||||||||||
Number of | Weighted | Weighted | ||||||||||||
Shares | Average | Average | ||||||||||||
Exercise Price | Remaining | |||||||||||||
Per Share | Contract | |||||||||||||
Term (# years) | ||||||||||||||
Outstanding at June 30, 2012 | 4,536,949 | $ | 0.17 | 7.61 | ||||||||||
Granted | — | |||||||||||||
Exercised | -549,552 | |||||||||||||
Forfeited and cancelled | -1,430,050 | |||||||||||||
Outstanding at March 31, 2013 | 2,557,347 | $ | 0.15 | 7.19 | ||||||||||
Exercisable at March 31, 2013 | 1,843,217 | $ | 0.21 | 6.56 | ||||||||||
Stock-based compensation expense recognized in our condensed consolidated statements of operations for the nine months ended March 31, 2014, and 2013, includes compensation expense for stock-based options and awards granted based on the grant date fair value. For options and awards granted, expenses are amortized under the straight-line method over the expected vesting period. Stock-based compensation expense recognized in the condensed consolidated statements of operations has been reduced for estimated forfeitures of options that are subject to vesting. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods based on changes in the estimated forfeiture rate. During the first quarter of fiscal 2014 the Company revised its forfeiture rate based on prior year actual forfeitures. The change in forfeiture rate from 5% to 13% resulted in a reduction of approximately $21,000 to previously recognized stock based compensation expense. | ||||||||||||||
Based on the closing price of our stock at March 31, 2014 of $0.39, the intrinsic value of the exercisable options at March 31, 2014, was approximately $844,000. | ||||||||||||||
We allocated stock-based compensation expense included in the condensed consolidated statements of operations for employee option grants and non-employee option grants as follows: | ||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||
March 31, | March 31, | March 31, | March 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Research and development | $ | 4,000 | $ | 3,000 | $ | 7,000 | $ | 10,000 | ||||||
General and administration | 129,000 | 26,000 | 186,000 | 57,000 | ||||||||||
Total stock-based compensation expense | $ | 133,000 | $ | 29,000 | $ | 193,000 | $ | 67,000 | ||||||
The Company uses the Black-Scholes valuation model to calculate the fair value of stock options. The fair value of stock options was measured at the grant date using the assumptions (annualized percentages) in the table below: | ||||||||||||||
Nine months ended March 31, | 2014 | 2013 | ||||||||||||
Expected volatility | 218% | 100% | ||||||||||||
Risk free interest rate | 0.7% to 1.7% | 0.8% to 3.0% | ||||||||||||
Forfeiture rate | 13% | 5% | ||||||||||||
Dividend yield | 0% | 0% | ||||||||||||
Expected term | 3-5 years | 5-10 years | ||||||||||||
The remaining amount of unrecognized stock-based compensation expense at March 31, 2014, is approximately $780,000, which is expected to be recognized over the weighted average period of 8.02 years. | ||||||||||||||
WARRANT_DERIVATIVE_LIABILITY
WARRANT DERIVATIVE LIABILITY | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Derivative Liabilities [Abstract] | ' | ||||||||||||
WARRANT DERIVATIVE LIABILITY | ' | ||||||||||||
NOTE 7 – Warrant Derivative Liability | |||||||||||||
At March 31, 2014, there were 2,907,347 outstanding warrants classified as derivative liabilities due to adjustment in exercise price as a result of an anti-dilution provision included in the underlying warrant agreements. | |||||||||||||
Repricing of Warrants | |||||||||||||
On March 13, 2014, our Board of Directors approved to amend the exercise price of 2,907,347 common share purchase warrants issued in connection with the completed 2012 Private Placements. As a result of a certain anti-dilution provision in the outstanding warrants, the exercise price of the 2,907,347 common share purchase warrants were reduced to $0.27 from $0.41 per warrant share and applies to all warrants issued in our 2012 Private Placements. The remaining terms, including expiration dates, of all warrants remain unchanged. The modified exercise price of the warrants to $0.27 resulted in a repricing modification charge of $98,000. | |||||||||||||
Warrants classified as derivative liabilities are recorded at their estimated fair values at the issuance date and are revalued at each subsequent reporting date. Warrants were determined to have an estimated fair value per share and aggregate value as of March 31, 2014, and in aggregate value as of June 30, 2013 as follows: | |||||||||||||
Issued Warrants | Estimated Fair | Estimated Total | Estimated Total | ||||||||||
Value Per Share | Fair Value in | Fair Value in | |||||||||||
as of March 31, | Aggregate $ as | Aggregate $ as | |||||||||||
2014 | of March 31, | of June 30, | |||||||||||
2014 | 2013 | ||||||||||||
June 2012 Warrants | 562,551 | $ | 0.28 | $ | 156,000 | $ | 27,000 | ||||||
July 2012 Warrants | 338,013 | 0.28 | 94,000 | 17,000 | |||||||||
August 2012 Warrants | 120,719 | 0.28 | 34,000 | 6,000 | |||||||||
October 2012 Warrants | 48,287 | 0.28 | 14,000 | 3,000 | |||||||||
Advisory Agreement Warrants | 1,837,777 | 0.28 | 510,000 | 90,000 | |||||||||
2,907,347 | $ | 808,000 | $ | 143,000 | |||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||
NOTE 8 – FAIR VALUE MEASUREMENTS | ||||||||||||||
We follow FASB ASC Topic No. 820, Fair Value Measurements and Disclosures (“ASC 820”) in connection with financial assets and liabilities measured at fair value on a recurring basis subsequent to initial recognition. | ||||||||||||||
ASC 820 requires that assets and liabilities carried at fair value will be classified and disclosed in one of the following categories: | ||||||||||||||
Level 1: Quoted market prices in active markets for identical assets and liabilities. | ||||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | ||||||||||||||
The hierarchy noted above requires us to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value. | ||||||||||||||
The fair value of our recorded derivative liabilities is determined based on unobservable inputs that are not corroborated by market data, which is a (Level 3) classification. We record derivative liabilities on our balance sheets at fair value with changes in fair value recorded in our condensed consolidated statements of operations. | ||||||||||||||
Following is a summary as of the reporting date of the fair values and applicable level within the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||
At March 31, 2014: | Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||
for Identical | Inputs | |||||||||||||
Assets | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||
Description: | ||||||||||||||
Warrant derivative liabilities | $ | - | $ | - | $ | 808,000 | ||||||||
At June 30, 2013: | Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||
for Identical | Inputs | |||||||||||||
Assets | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||
Description: | ||||||||||||||
Warrant derivative liabilities | $ | - | $ | - | $ | 143,000 | ||||||||
The table below sets forth a summary of changes in the fair value of our (Level 3) financial instruments for the nine months ended March 31, 2014: | ||||||||||||||
Balance at | Estimated fair | Change in estimated | Balance at | |||||||||||
June 30, | value of new | fair value | March 31, | |||||||||||
2013 | derivative | recognized in results | 2014 | |||||||||||
liabilities | of operations | |||||||||||||
Warrant derivative liabilities | $ | 143,000 | $ | - | $ | 665,000 | $ | 808,000 | ||||||
The following table summarizes, as of March 31, 2014, the warrant activity subject to Level 3 inputs, which are measured on a recurring basis: | ||||||||||||||
Fair value measurements of warrants using significant unobservable inputs (Level 3) | ||||||||||||||
Balance at June 30, 2013 | $ | 143,000 | ||||||||||||
Change in fair value of warrant liability | 567,000 | |||||||||||||
Warrant repricing modification charge | 98,000 | |||||||||||||
Balance at March 31, 2014 | $ | 808,000 | ||||||||||||
OTHER_RELATED_PARTY_TRANSACTIO
OTHER RELATED PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 9 – OTHER RELATED PARTY TRANSACTIONS | |
Sublease Agreement | |
Effective July 1, 2013, the Company relocated its principal office and manufacturing to Vista, California. The Company entered into a month-to-month sub-lease agreement for shared space with Epic Boats, a related party, with monthly payments of approximately $4,950. On December 1, 2013, the monthly payment increased to $7,920 due to Flux Power acquiring more facility square footage from Epic Boats. On March 1, 2014, the sub-lease agreement was terminated due to the majority of Epic Boats facility usage vacated; concurrently Epic Boat’s underlying lease with the property owner was cancelled and replaced by a lease with Flux Power as lessee. On March 1, 2014, Flux Power as the sub-lesser entered into a new sublease agreement with Epic Boats as the sub-lessee, whereas Epic Boats agrees to pay Flux Power 10% of facility costs through June 30, 2014, with March as a transition month requiring 20% of facility costs. | |
Epic Boats Inventory Deposit | |
As of March 31, 2014, the Company maintains a prepaid deposit from Epic Boats in the amount of $136,000. The deposit is related to anticipate sales of batteries from the Company to Epic Boats that have yet to be delivered. | |
CONCENTRATIONS
CONCENTRATIONS | 3 Months Ended |
Mar. 31, 2014 | |
Risks and Uncertainties [Abstract] | ' |
CONCENTRATIONS | ' |
NOTE 10 – CONCENTRATIONS | |
Credit Risk | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company maintains cash balances at a financial institution in San Diego, California. The Company’s cash balance at this institution is secured by the Federal Deposit Insurance Corporation up to $250,000. As of March 31, 2014, cash totaled approximately $673,000, which consists of funds held in a non-interest bearing bank deposit account. The Company has not experienced any losses in such accounts. Management believes that the Company is not exposed to any significant credit risk with respect to its cash. | |
Customer Concentrations | |
During the three and nine months ended March 31, 2014, the Company had four customers that represented more than 10% of its revenues on an individual basis and approximately 76% and 64%, respectively, in the aggregate. | |
During the three and nine months ended March 31, 2013, the Company had four and one major customer that represented more than 10% of its revenues on an individual basis and approximately 82% and 69%, in the aggregate. | |
Suppliers/Vendor Concentrations | |
We obtain components and supplies included in our products from a small group of suppliers. During the three and nine months ended March 31, 2014, we had four suppliers, who accounted for more than 10% of our total inventory purchases on an individual basis and approximately 79% and 62%, respectively, in the aggregate. | |
During the three and nine months ended March 31, 2013, we did not have a major supplier that accounted for more than 10% of our total purchases on an individual basis. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The condensed consolidated financial statements include the Flux Power Holdings, Inc. and its wholly-owned subsidiary Flux Power Inc. after elimination of all intercompany accounts and transactions. | |
Subsequent Events | ' |
Subsequent Events | |
Management has evaluated events subsequent to March 31, 2014, through the date of this filing with the Securities and Exchange Commission for transactions and other events that may require adjustment of and/or disclosure in such financial statements. | |
Reclassifications | ' |
Reclassifications | |
Certain prior year amounts have been reclassified to conform to the current year presentation for comparative purposes. | |
Use of Estimates in Financial Statement Preparation | ' |
Use of Estimates in Financial Statement Preparation | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, as well as certain financial statement disclosures. Significant estimates include valuation allowances relating to accounts receivable, inventory, and deferred tax assets, and valuations of derivative liabilities and equity instruments. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from these estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
As of March 31, 2014, cash totaled approximately $673,000 and consists of funds held in a non-interest bearing bank deposit account. The Company considers all liquid short-term investments with maturities of less than three months when acquired to be cash equivalents. The Company had no cash equivalents at March 31, 2014 and June 30, 2013. | |
Fair Values of Financial Instruments | ' |
Fair Values of Financial Instruments | |
The carrying amount of our accounts payable and accounts receivable approximates their estimated fair values due to the short-term maturities of those financial instruments. The carrying amount of notes payable and line of credit approximates their fair value as the interest approximates current market interest rates for the similar instruments. Derivative liabilities recorded in connection with warrants are reported at their estimated fair value, with changes in fair value being reported in results of operations (see Note 7). Except for derivative liabilities referenced above, the Company does not have any other assets or liabilities that are measured at fair value on a recurring basis. | |
Accounts Receivable and Customer Deposits | ' |
Accounts Receivable and Customer Deposits | |
Accounts receivable are carried at their estimated collectible amounts. The Company may require advance deposits from its customers prior to shipment of the ordered products. The Company has not experienced collection issues related to its accounts receivable, and has not recorded an allowance for doubtful accounts during the three and nine months ended March 31, 2014 and 2013. | |
Inventories | ' |
Inventories | |
Inventories consist primarily of battery management systems and the related components, and are stated at the lower of cost (first-in, first-out) or market. The Company evaluates inventories to determine if write-downs are necessary due to obsolescence or if the inventory levels are in excess of anticipated demand at market value based on consideration of historical sales and product development plans. The Company did not record an adjustment related to obsolete inventory during the three and nine months ended March 31, 2014 and 2013. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation and amortization are provided using the straight-line method over the estimated useful lives, of the related assets ranging from three to ten years, or, in the case of leasehold improvements, over the lesser of the useful life of the related asset or the lease term. | |
Stock-based Compensation | ' |
Stock-based Compensation | |
Pursuant to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718-10, Stock Compensation, which establishes accounting for equity instruments exchanged for employee service, we utilize the Black-Scholes option-pricing model to estimate the fair value of employee stock option awards at the date of grant. This model, which requires the input of highly subjective assumptions, includes expected volatility and expected life of the options. Changes in these inputs and assumptions can materially affect the measure of estimated fair value of our share-based compensation. These assumptions are subjective and generally require significant analysis and judgment to develop. When estimating fair value, some of the assumptions will be based on, or determined from, external data and other assumptions may be derived from our historical experience with stock-based payment arrangements. The appropriate weight to place on historical experience is a matter of judgment, based on relevant facts and circumstances. In accordance with this guidance, the estimated grant-date fair value of options expected to vest is recognized as compensation expense on a pro-rata basis over the vesting period of the options. | |
Common stock or equity instruments such as warrants issued for services to non-employees are valued at their estimated fair value at the measurement date (the date when a firm commitment for performance of the services is reached, typically the date of issuance, or when performance is complete). | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, price is fixed or determinable, and collectability of the selling price is reasonably assured. Delivery occurs when risk of loss is passed to the customer, as specified by the terms of the applicable customer agreements. When a right of return exists, contractually or implied, the Company recognizes revenue on the sell-through method. Under this method, revenue is not recognized upon delivery of the inventory components. Instead, the Company record deferred revenue upon delivery and recognizes revenue when the inventory components are sold through to the end user. During the three and nine months ended March 31, 2014, and 2013, the Company did not record any deferred revenue. | |
Product Warranties | ' |
Product Warranties | |
The Company evaluates its exposure to product warranty obligations based on historical experience. Our products are warrantied for five years unless modified by a separate agreement. As of March 31, 2014, the Company carries a warranty liability of approximately $11,000, which is included in accrued expenses on the Company’s consolidated balance sheet. | |
Shipping and Handling Costs | ' |
Shipping and Handling Costs | |
The Company records shipping and handling costs charged to customers as revenue and shipping and handling costs to operating expense as incurred. | |
Impairment of Long-lived Assets | ' |
Impairment of Long-lived Assets | |
In accordance with authoritative guidance for the impairment or disposal of long-lived assets, if indicators of impairment exist, the Company assesses the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through the undiscounted future operating cash flows. If impairment is indicated, the Company measures the amount of such impairment by comparing the carrying value of the asset to the present value of the expected future cash flows associated with the use of the asset. The Company believes that no impairment indicators are present as of March 31, 2014. | |
Research and Development | ' |
Research and Development | |
The Company is actively engaged in new product development efforts. Research and development cost relating to possible future products are expensed as incurred. | |
Income Taxes | ' |
Income Taxes | |
The Company follows FASB ASC Topic No, 740, Income Taxes. Deferred tax assets or liabilities are recorded to reflect the future tax consequences of temporary differences between the financial reporting basis of assets and liabilities and their tax basis at each year-end. These amounts are adjusted, as appropriate, to reflect enacted changes in tax rates expected to be in effect when the temporary differences reverse. | |
The Company records deferred tax assets and liabilities based on the differences between the financial statement and tax bases of assets and liabilities and on operating loss carry forwards using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. | |
We also follow the provisions of FASB ASC Topic No.740 relating to uncertain tax provisions and have analyzed filing positions in all of the federal and state jurisdictions where the Company is required to file income tax returns, as well as all open tax years in these jurisdictions. Based on our analysis, no unrecognized tax benefits have been identified as of March 31, 2014, or June 30, 2013, and accordingly, no additional tax liabilities have been recorded. The Company’s net operating losses could be subject to annual limitations under IRC section 382 due to previous or future ownership changes. | |
Net Income (Loss) Per Common Share | ' |
Net Income (Loss) Per Common Share | |
The Company calculates basic income (loss) per common share by dividing net earnings or loss by the weighted average number of common shares outstanding during the periods. Diluted earnings (loss) per common share include the impact from all dilutive potential common shares relating to outstanding convertible securities. | |
For the three and nine months ended March 31, 2014, basic and diluted weighted-average common shares outstanding were 62,455,354 and 52,482,656, respectively. The Company incurred a net loss for the three and nine months ended March 31, 2014, and therefore, basic and diluted loss per share for those periods are the same because the inclusion of potential common equivalent shares were excluded from diluted weighted-average common shares outstanding during the period, as the inclusion of such shares would be anti-dilutive. As of March 31, 2014, there were 2,090,555 potentially dilutive common shares outstanding, which include common shares underlying outstanding stock options that were excluded from diluted weighted-average common shares outstanding. | |
For the three and nine months ended March 31, 2013, basic and diluted weighted-average common shares outstanding were 47,003,583 and 46,345,053, respectively. The Company incurred a net loss for the three and nine months ended March 31, 2013, and therefore, basic and diluted loss per share for those periods are the same because the inclusion of potential common equivalent shares were excluded from diluted weighted-average common shares outstanding during the period, as the inclusion of such shares would be anti-dilutive. As of March 31, 2013, there were 3,734,023 potentially dilutive common shares outstanding, which include common shares underlying outstanding stock options that were excluded from diluted weighted-average common shares outstanding. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risk. | |
We evaluate free-standing derivative instruments (or embedded derivatives) to properly classify such instruments within equity or as liabilities in our financial statements. The classification of a derivative instrument is reassessed at each reporting date. If the classification changes because of events during a reporting period, the instrument is reclassified as of the date of the event that caused the reclassification. There is no limit on the number of times a contract may be reclassified. | |
Instruments classified as derivative liabilities are recorded initially at their estimated fair value and are re-measured each reporting period (or upon reclassification). The change in fair value is recorded on our condensed consolidated statements of operations in other (income) expense (see Note 7). | |
New Accounting Standards | ' |
New Accounting Standards | |
The Company reviews new accounting standards as issued. There have been no recently issued accounting standards, or changes in accounting standards, that have had, or are expected to have, a material impact on our condensed consolidated financial statements. | |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
Warrant Activity and Related Balances Outstanding | ' | |||||||||||||
Warrant activity during the nine months ended March 31, 2014, and related balances outstanding as of such dates are reflected below: | ||||||||||||||
Number | Weighted | Remaining | ||||||||||||
Average | Contract | |||||||||||||
Exercise | Term (# | |||||||||||||
Price Per | years) | |||||||||||||
Share | ||||||||||||||
Shares purchasable under outstanding warrants at June 30, 2013, repriced | 2,907,347 | $ | 0.27 | 3.21 | ||||||||||
Stock purchase warrants issued | 17,991,000 | 0.19 | 5 | |||||||||||
Stock purchase warrants exercised | — | — | ||||||||||||
Shares purchasable under outstanding warrants at March 31, 2014 | 20,898,347 | $ | 0.2 | 3.21 - 5.0 | ||||||||||
Warrant activity during the nine months ended March 31, 2013, and related balances outstanding as of such dates are reflected below: | ||||||||||||||
Number | Weighted | Remaining | ||||||||||||
Average | Contract | |||||||||||||
Exercise | Term (# | |||||||||||||
Price Per | years) | |||||||||||||
Share | ||||||||||||||
Shares purchasable under outstanding warrants at June 30, 2012 | 2,400,328 | $ | 0.41 | |||||||||||
Stock purchase warrants issued | 507,019 | 0.41 | ||||||||||||
Stock purchase warrants exercised | — | — | ||||||||||||
Shares purchasable under outstanding warrants at March 31, 2013 | 2,907,347 | $ | 0.41 | 4.59 – 4.21 | ||||||||||
Stock Options Activity | ' | |||||||||||||
Activity in stock options during the nine months ended March 31, 2014, and related balances outstanding as of that date are reflected below: | ||||||||||||||
Number of | Weighted | Weighted | ||||||||||||
Shares | Average | Average | ||||||||||||
Exercise Price | Remaining | |||||||||||||
Per Share | Contract | |||||||||||||
Term (# years) | ||||||||||||||
Outstanding at June 30, 2013 | 2,527,389 | $ | 0.15 | 5.85 | ||||||||||
Granted | 5,310,973 | |||||||||||||
Exercised | — | |||||||||||||
Forfeited and cancelled | -792,836 | |||||||||||||
Outstanding at March 31, 2014 | 7,045,526 | $ | 0.18 | 8.57 | ||||||||||
Exercisable at March 31, 2014 | 3,317,097 | $ | 0.14 | 8.02 | ||||||||||
Activity in stock options during the nine months ended March 31, 2013, and related balances outstanding as of that date are reflected below: | ||||||||||||||
Number of | Weighted | Weighted | ||||||||||||
Shares | Average | Average | ||||||||||||
Exercise Price | Remaining | |||||||||||||
Per Share | Contract | |||||||||||||
Term (# years) | ||||||||||||||
Outstanding at June 30, 2012 | 4,536,949 | $ | 0.17 | 7.61 | ||||||||||
Granted | — | |||||||||||||
Exercised | -549,552 | |||||||||||||
Forfeited and cancelled | -1,430,050 | |||||||||||||
Outstanding at March 31, 2013 | 2,557,347 | $ | 0.15 | 7.19 | ||||||||||
Exercisable at March 31, 2013 | 1,843,217 | $ | 0.21 | 6.56 | ||||||||||
Employee Option Grants and Non-employee Option Grants | ' | |||||||||||||
We allocated stock-based compensation expense included in the condensed consolidated statements of operations for employee option grants and non-employee option grants as follows: | ||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||
March 31, | March 31, | March 31, | March 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Research and development | $ | 4,000 | $ | 3,000 | $ | 7,000 | $ | 10,000 | ||||||
General and administration | 129,000 | 26,000 | 186,000 | 57,000 | ||||||||||
Total stock-based compensation expense | $ | 133,000 | $ | 29,000 | $ | 193,000 | $ | 67,000 | ||||||
Stock Options Valuation Assumptions | ' | |||||||||||||
The Company uses the Black-Scholes valuation model to calculate the fair value of stock options. The fair value of stock options was measured at the grant date using the assumptions (annualized percentages) in the table below: | ||||||||||||||
Nine months ended March 31, | 2014 | 2013 | ||||||||||||
Expected volatility | 218% | 100% | ||||||||||||
Risk free interest rate | 0.7% to 1.7% | 0.8% to 3.0% | ||||||||||||
Forfeiture rate | 13% | 5% | ||||||||||||
Dividend yield | 0% | 0% | ||||||||||||
Expected term | 3-5 years | 5-10 years | ||||||||||||
WARRANT_DERIVATIVE_LIABILITY_T
WARRANT DERIVATIVE LIABILITY (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Derivative Liabilities [Abstract] | ' | ||||||||||||
Fair Value Measurements, Nonrecurring | ' | ||||||||||||
Warrants were determined to have an estimated fair value per share and aggregate value as of March 31, 2014, and in aggregate value as of June 30, 2013 as follows: | |||||||||||||
Issued Warrants | Estimated Fair | Estimated Total | Estimated Total | ||||||||||
Value Per Share | Fair Value in | Fair Value in | |||||||||||
as of March 31, | Aggregate $ as | Aggregate $ as | |||||||||||
2014 | of March 31, | of June 30, | |||||||||||
2014 | 2013 | ||||||||||||
June 2012 Warrants | 562,551 | $ | 0.28 | $ | 156,000 | $ | 27,000 | ||||||
July 2012 Warrants | 338,013 | 0.28 | 94,000 | 17,000 | |||||||||
August 2012 Warrants | 120,719 | 0.28 | 34,000 | 6,000 | |||||||||
October 2012 Warrants | 48,287 | 0.28 | 14,000 | 3,000 | |||||||||
Advisory Agreement Warrants | 1,837,777 | 0.28 | 510,000 | 90,000 | |||||||||
2,907,347 | $ | 808,000 | $ | 143,000 | |||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||
Following is a summary as of the reporting date of the fair values and applicable level within the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||
At March 31, 2014: | Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||
for Identical | Inputs | |||||||||||||
Assets | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||
Description: | ||||||||||||||
Warrant derivative liabilities | $ | - | $ | - | $ | 808,000 | ||||||||
At June 30, 2013: | Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||
for Identical | Inputs | |||||||||||||
Assets | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||
Description: | ||||||||||||||
Warrant derivative liabilities | $ | - | $ | - | $ | 143,000 | ||||||||
Fair Value Measurements | ' | |||||||||||||
The table below sets forth a summary of changes in the fair value of our (Level 3) financial instruments for the nine months ended March 31, 2014: | ||||||||||||||
Balance at | Estimated fair | Change in estimated | Balance at | |||||||||||
June 30, | value of new | fair value | March 31, | |||||||||||
2013 | derivative | recognized in results | 2014 | |||||||||||
liabilities | of operations | |||||||||||||
Warrant derivative liabilities | $ | 143,000 | $ | - | $ | 665,000 | $ | 808,000 | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||
The following table summarizes, as of March 31, 2014, the warrant activity subject to Level 3 inputs, which are measured on a recurring basis: | ||||||||||||||
Fair value measurements of warrants using significant unobservable inputs (Level 3) | ||||||||||||||
Balance at June 30, 2013 | $ | 143,000 | ||||||||||||
Change in fair value of warrant liability | 567,000 | |||||||||||||
Warrant repricing modification charge | 98,000 | |||||||||||||
Balance at March 31, 2014 | $ | 808,000 | ||||||||||||
Liquidity_And_Going_Concern_Ad
Liquidity And Going Concern - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Oct. 30, 2012 | Oct. 31, 2011 | Oct. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 13, 2014 | Jan. 13, 2014 | Mar. 19, 2014 | Feb. 14, 2014 | Feb. 14, 2014 | Mar. 12, 2014 | Mar. 12, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Common Stock [Member] | Esenjay Secondary Revolving Promissory Note [Member] | Esenjay Secondary Revolving Promissory Note [Member] | First Tranche [Member] | First Tranche [Member] | Second Tranche [Member] | Second Tranche [Member] | Second Tranche [Member] | Final Tranche [Member] | Final Tranche [Member] | Private Placement Offering [Member] | 2014 Private Placement (Member) | Security Research Associates Inc [Member] | Esenjay Investments, LLC [Member] | |||||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||||||||||||||
Accumulated deficit | ($7,384,000) | ($3,977,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | 1,000,000 | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | 550,000 | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | 2,353,093 | ' | ' | ' | 10,000,000 | 90,000 | ' | 2,800,000 | ' | 32,400,000 | ' | ' | ' | ' |
Warrants Issued To Purchase Of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,791,000 | ' |
Warrants Exercisable Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Placement Agent Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,460 | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.06 | ' | 0.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' |
Purchase Price Of Each Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000 | ' | ' |
Number Of Common Stock Issued For Each Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Number Of Warrants Issued For Each Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' |
Units Issued During Period Number | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | 2.8 | ' | 32.4 | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | 550,000 | 550,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Issuance Of Units | ' | ' | ' | ' | ' | 673,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | 1,394,000 | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | 1,400,000 | ' | 16,200,000 | ' | ' | ' | ' | ' |
Units Issued Aggregate Purchase Price | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | 168,000 | ' | 1,944,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 664,000 |
Reimbursement For Related Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000 | ' |
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | |
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $673,000 | $45,000 | $673,000 | $45,000 | $20,000 | $812,000 |
Product warranty liability | $11,000 | ' | $11,000 | ' | ' | ' |
Anti-dilutive options and warrants | 2,090,555 | ' | ' | 3,734,023 | ' | ' |
Weighted average number of common shares outstanding - basic and diluted | 62,455,354 | 47,003,583 | 52,482,656 | 46,345,053 | ' | ' |
Weighted Average Number of Shares Outstanding, Basic, Total | ' | 47,003,583 | ' | 46,345,053 | ' | ' |
Product Warranty Period | '5 years | ' | ' | ' | ' | ' |
Recovered_Sheet2
Stockholder Notes Payable And Line Of Credit - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Oct. 30, 2012 | Sep. 24, 2012 | Oct. 31, 2011 | Mar. 31, 2014 | Oct. 16, 2013 | Oct. 16, 2013 | Oct. 16, 2013 | Sep. 30, 2013 | Oct. 31, 2011 | Oct. 16, 2013 | Oct. 16, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 07, 2012 | Oct. 16, 2013 | Oct. 16, 2013 | Mar. 12, 2014 | Jan. 13, 2014 | Mar. 31, 2014 | Oct. 31, 2011 | Mar. 12, 2014 | Jan. 13, 2014 | Mar. 12, 2014 | Jan. 13, 2014 | Oct. 31, 2011 |
Esenjay Secondary Revolving Promissory Note [Member] | First Amendment [Member] | First Amendment [Member] | First Amendment [Member] | Revolving promissory note | Revolving promissory note | Revolving promissory note | Revolving promissory note | Bridge Note [Member] | Bridge Note [Member] | Bridge Note [Member] | Bridge Note [Member] | Bridge Note [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | ||||||
Until December31, 2013 | Until December31, 2015 | Second Amendment [Member] | Second Amendment [Member] | First Amendment [Member] | First Amendment [Member] | Unit [Member] | Unit [Member] | Secondary Revolving promissory note [Member] | Secondary Revolving promissory note [Member] | Major Stockholder [Member] | |||||||||||||||||
Until December31, 2015 | Until December31, 2015 | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, principal amount | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | $250,000 | ' | $250,000 | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.60% |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 6.00% | ' | ' | ' | 8.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.30 | ' | ' | ' | ' | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Payable, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | 1,500,000 | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 1,886,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | 8.00% | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Conversion Maximum Amount | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Convertible Conversion Price | ' | ' | ' | ' | ' | ' | ' | $0.06 | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 664,000 | ' | ' | ' | ' | ' | ' |
Units Issued During Period Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' |
Unit Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000 | $60,000 | ' | ' | ' | ' | ' | ' | ' |
Units Issued During Period Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | 10 | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Issuance Of Units | ' | ' | ' | ' | ' | 673,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Decrease, Forgiveness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | 400,000 | ' |
Common Stock, Shares, Outstanding | 80,825,577 | 47,255,576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 10,000,000 | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | ' | ' | ' | 500,000 | 5,000,000 | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.06 | ' | 0.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' | 0.2 | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | 250,000 | ' | 250,000 | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | $450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant_Activity_and_Related_B
Warrant Activity and Related Balances Outstanding (Detail) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Number | ' | ' |
Shares purchasable under outstanding warrants | 2,907,347 | 2,400,328 |
Stock purchase warrants issued | 17,991,000 | 507,019 |
Stock purchase warrants exercised | 0 | 0 |
Shares purchasable under outstanding warrants | 20,898,347 | 2,907,347 |
Weighted Average Exercise Price Per Share | ' | ' |
Shares purchasable under outstanding warrants at June 30, 2013, repriced | 0.27 | 0.41 |
Stock purchase warrants issued | 0.19 | 0.41 |
Stock purchase warrants exercised | 0 | 0 |
Shares purchasable under outstanding warrants at March 31, 2014 | 0.2 | 0.41 |
Weighted Average Remaining Contract Term | '3 years 2 months 16 days | ' |
Class Of Warrant Or Right Exercised Stock Purchase Warrants Issued Weighted Average Remaining Contract Term Of Warrants Or Rights | '5 years | ' |
Maximum [Member] | ' | ' |
Weighted Average Exercise Price Per Share | ' | ' |
Weighted Average Remaining Contract Term | '5 years | '4 years 7 months 2 days |
Minimum [Member] | ' | ' |
Weighted Average Exercise Price Per Share | ' | ' |
Weighted Average Remaining Contract Term | '3 years 2 months 16 days | '4 years 2 months 16 days |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | |
Number of Shares | ' | ' | ' | ' |
Outstanding Begining | 2,527,389 | 4,536,949 | 4,536,949 | ' |
Granted | 5,310,973 | 0 | ' | ' |
Exercised | 0 | -549,552 | ' | ' |
Forfeited and cancelled | -792,836 | -1,430,050 | ' | ' |
Outstanding Ending | 7,045,526 | 2,557,347 | 2,527,389 | 4,536,949 |
Exercisable | 3,317,097 | 1,843,217 | ' | ' |
Weighted Average Exercise Price Per Share | ' | ' | ' | ' |
Outstanding Begining | $0.15 | $0.17 | $0.17 | ' |
Outstanding Ending | $0.18 | $0.15 | $0.15 | $0.17 |
Exercisable | $0.14 | $0.21 | ' | ' |
Weighted Average Remaining Contract Term (in years) | ' | ' | ' | ' |
Outstanding | '8 years 6 months 25 days | '7 years 2 months 8 days | '5 years 10 months 6 days | '7 years 7 months 10 days |
Exercisable | '8 years 7 days | '6 years 6 months 22 days | ' | ' |
Employee_Option_Grants_and_Non
Employee Option Grants and Non-employee Option Grants (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Total stock-based compensation expense | $133,000 | $29,000 | $193,000 | $67,000 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Total stock-based compensation expense | 4,000 | 3,000 | 7,000 | 10,000 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Total stock-based compensation expense | $129,000 | $26,000 | $186,000 | $57,000 |
Assumptions_Used_to_Measure_Fa
Assumptions Used to Measure Fair Value of Stock Options (Detail) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' |
Expected volatility | 218.00% | 100.00% |
Risk free interest rate, minimum | 0.70% | 0.80% |
Risk free interest rate, maximum | 1.70% | 3.00% |
Forfeiture rate | 13.00% | 5.00% |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' |
Expected term | '3 years | '5 years |
Maximum [Member] | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' |
Expected term | '5 years | '10 years |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 4 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 4 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||
Oct. 30, 2012 | Oct. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 14, 2012 | Oct. 31, 2011 | Jan. 26, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 13, 2014 | Mar. 13, 2014 | Mar. 13, 2014 | Mar. 13, 2014 | Mar. 31, 2014 | Mar. 13, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 19, 2014 | Feb. 14, 2014 | Aug. 31, 2013 | Jun. 30, 2013 | Apr. 04, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 04, 2013 | Apr. 04, 2013 | Jun. 30, 2013 | Jan. 13, 2014 | Mar. 12, 2014 | Jun. 14, 2012 | Mar. 31, 2014 | Oct. 31, 2012 | Mar. 31, 2014 | Feb. 14, 2014 | Jan. 13, 2014 | Mar. 12, 2014 | Jun. 14, 2012 | Jan. 21, 2014 | Dec. 14, 2013 | Apr. 04, 2013 | Mar. 31, 2014 | Oct. 14, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 08, 2013 | Dec. 18, 2013 | Mar. 31, 2014 | Dec. 18, 2013 | Mar. 31, 2014 | Feb. 18, 2014 | Jun. 14, 2012 | Jun. 14, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 12, 2014 | Jan. 13, 2014 | Oct. 31, 2011 | Mar. 12, 2014 | Mar. 12, 2014 | Jan. 13, 2014 | Jun. 26, 2013 | |
Security Research Associates, Inc [Member] | Security Research Associates, Inc [Member] | Esenjay Secondary Revolving Promissory Note [Member] | Esenjay Secondary Revolving Promissory Note [Member] | 2014 Private Placement [Member] | 2014 Private Placement [Member] | July, August And October October 2012 Closing [Member] | Baytree advisory agreement [Member] | June 2012 Closing [Member] | 2012 Private Placement [Member] | 2012 Private Placement [Member] | 2012 Private Placement [Member] | Maximum [Member] | Minimum [Member] | Second Tranche [Member] | Second Tranche [Member] | Second Tranche [Member] | Second Tranche [Member] | Third Tranche [Member] | Third Tranche [Member] | Third Tranche [Member] | Third Tranche [Member] | Second And Third Tranche [Member] | Second And Third Tranche [Member] | First Tranche [Member] | Final Tranche [Member] | Baytree Capital [Member] | Baytree Capital [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Baytree [Member] | Baytree [Member] | Baytree [Member] | Caro Capital LLC [Member] | Caro Capital LLC [Member] | Catalyst Global LLC [Member] | Catalyst Global LLC [Member] | Catalyst Global LLC [Member] | Catalyst Global LLC [Member] | Institutional Analyst Holdings Inc [Member] | Institutional Analyst Holdings Inc [Member] | Institutional Analyst Holdings Inc [Member] | Options [Member] | Non Qualified Stock Options [Member] | Advisory Agreement [Member] | Advisory Agreement [Member] | Unit [Member] | Unit [Member] | Shares Issued In Error [Member] | Each Unit [Member] | Each Unit [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | Esenjay Investments LLC [Member] | Security Research Associates Inc [Member] | |||||||||
Second Tranche [Member] | First Tranche [Member] | Final Tranche [Member] | Second Tranche [Member] | First Tranche [Member] | First Tranche [Member] | Institutional Analyst Holdings Inc [Member] | Restricted Stock | 2014 Private Placement [Member] | Common Stock [Member] | 2014 Private Placement [Member] | Common Stock [Member] | Final Tranche [Member] | Unit [Member] | Unit [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 Private Placement [Member] | 2014 Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, authorized | ' | ' | 145,000,000 | ' | 145,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, authorized | ' | ' | 5,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant to purchase restricted shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,837,777 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant term | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock initial exercise price | 0.41 | ' | 0.06 | ' | ' | ' | ' | ' | ' | 0.06 | ' | ' | 0.2 | 0.41 | ' | ' | ' | ' | 0.41 | 0.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.41 | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' | 0.2 | 0.06 |
Shares of common stock outstanding under the option plan | ' | ' | 7,045,526 | 2,557,347 | 2,527,389 | 4,536,949 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,310,973 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid Advisory Fees | ' | ' | ' | ' | ' | ' | $3,258,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $339,000 | ' | ' | ' | ' | ' | ' | ' | $5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prepaid advisory fees | ' | ' | 1,252,000 | 1,274,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity | ' | 980,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Value | ' | ' | 81,000 | ' | 47,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock Per Contract Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance Of Restricted Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 450,000 | ' | ' | 180,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance Of Restricted Stock Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.08 | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 | ' | ' | $0.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance Of Restricted Shares Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000 | ' | ' | 24,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable options intrinsic value | ' | ' | 844,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | $0.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation | ' | ' | 194,000 | 67,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Weighted average Amortization Period | ' | ' | '8 years 7 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consulting Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 780,000 | 32,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued | 507,019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Shares Issued | ' | ' | 80,825,577 | ' | 47,255,576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Shares Outstanding | ' | ' | 80,825,577 | ' | 47,255,576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | 1,000,000 | 10,000,000 | ' |
Advisory Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Liabilities Current | ' | ' | 214,000 | ' | 211,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Issuance Of Restricted Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' |
Units Issued During Period Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 32.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | 10 | ' | 2.5 | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,000 | 550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' |
Proceeds From Issuance Of Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 673,000 | ' | 1,394,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 2,353,093 | ' | 2,800,000 | 10,000,000 | 32,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,200,000 | 32,400,000 | ' | ' | 1,000,000 | 2,500,000 | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,791,000 | ' | ' | ' | ' | 507,019 | 1,837,777 | 562,551 | ' | 2,907,347 | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 16,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 1,250,000 | ' | ' | ' | 500,000 | 5,000,000 | 1,791,000 |
Investor Relation Services Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | 1,000 | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investor Relation Services Prepaid Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 33,000 | ' | ' | 9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.06 |
Payments of Stock Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advisory Services Cash Compensation Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% |
Class Of Warrant Or Right Issued Or Issuable Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% |
Payment For Advisory Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,460 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,460 |
Warrants Not Settleable In Cash, Fair Value Disclosure | ' | ' | 808,000 | ' | 143,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,460 |
Conversion Of Compensation Into Stock Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000 | 450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price Of Each Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Common Stock Issued For Each Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Warrants Issued For Each Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Units Issued Aggregate Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 168,000 | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 1,944,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' |
Class Of Warrants Or Rights Repricing Modification Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursement For Related Expenses | ' | ' | ' | ' | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Per_Share_and_Aggre
Fair Value Per Share and Aggregate (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Issued Warrants | 20,898,347 | 2,907,347 | 2,907,347 | 2,400,328 |
Estimated Total Fair Value in Aggregate | $808,000 | $143,000 | ' | ' |
June 2012 Warrants [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Issued Warrants | 562,551 | ' | ' | ' |
Estimated Fair Value Per Share | $0.28 | ' | ' | ' |
Estimated Total Fair Value in Aggregate | 156,000 | 27,000 | ' | ' |
July 2012 Warrants [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Issued Warrants | 338,013 | ' | ' | ' |
Estimated Fair Value Per Share | $0.28 | ' | ' | ' |
Estimated Total Fair Value in Aggregate | 94,000 | 17,000 | ' | ' |
August 2012 Warrants [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Issued Warrants | 120,719 | ' | ' | ' |
Estimated Fair Value Per Share | $0.28 | ' | ' | ' |
Estimated Total Fair Value in Aggregate | 34,000 | 6,000 | ' | ' |
October 2012 Warrants [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Issued Warrants | 48,287 | ' | ' | ' |
Estimated Fair Value Per Share | $0.28 | ' | ' | ' |
Estimated Total Fair Value in Aggregate | 14,000 | 3,000 | ' | ' |
Advisory Agreement Warrants [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Issued Warrants | 1,837,777 | ' | ' | ' |
Estimated Fair Value Per Share | $0.28 | ' | ' | ' |
Estimated Total Fair Value in Aggregate | $510,000 | $90,000 | ' | ' |
Warrant_Derivative_Liability_A
Warrant Derivative Liability - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Oct. 30, 2012 | Mar. 13, 2014 | Mar. 13, 2014 | Mar. 13, 2014 |
Two Thousand and Twelve Private Placement [Member] | Two Thousand and Twelve Private Placement [Member] | Two Thousand and Twelve Private Placement [Member] | |||
Maximum [Member] | Minimum [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | 2,907,347 | ' | ' |
Class Of Warrants Or Rights Repricing Modification Charges | ' | ' | $98,000 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.06 | 0.41 | ' | 0.41 | 0.27 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Detail) (Warrant Derivative Liaibilites [Member], USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Fair Value Measurements [Line Items] | ' | ' |
Warrant derivative liabilities | $808,000 | $143,000 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Warrant derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Warrant derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Warrant derivative liabilities | $808,000 | $143,000 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Detail 1) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Warrant Derivative Liaibilites [Member] | ' | ' |
Warrant derivative liabilities | $808,000 | $143,000 |
Estimated Fair Value Of New Derivative Liabilities [Member] | ' | ' |
Warrant derivative liabilities | 0 | ' |
Change In Estimated Fair Value Recognized In Results Of Operations [Member] | Warrant Derivative Liaibilites [Member] | ' | ' |
Warrant derivative liabilities | 665,000 | ' |
Fair Value Inputs Level 3 [Member] | Warrant Derivative Liaibilites [Member] | ' | ' |
Warrant derivative liabilities | $808,000 | $143,000 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Detail 2) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Balance at the begining | $143,000 |
Change in fair value of warrant liability | 567,000 |
Warrant repricing modification charge | 98,000 |
Balance at the End | $808,000 |
Recovered_Sheet3
Other Related Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Epic Boats Llc [Member] | Louisiana [Member] | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Operating Leases, Rent Expense, Sublease Rentals | ' | ' | $4,950 | ' |
Prepaid deposit | ' | ' | 136,000 | ' |
Increase Decrease Operating Loss Monthly Rental Expense | ' | ' | ' | $7,920 |
Percentage Of Facility Cost | 10.00% | 20.00% | ' | ' |
Concentrations_Additional_Info
Concentrations - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Cash, FDIC Insured Amount | 673,000 | ' | 673,000 | ' |
Concentration Risk, Percentage | ' | 10.00% | ' | 10.00% |
Credit Risk [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Cash, FDIC Insured Amount | 250,000 | ' | 250,000 | ' |
Four Major Suppliers [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | 10.00% | ' | ' | ' |
Three Suppliers [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Percentage Of Purchases From Major Suppliers | 79.00% | ' | ' | ' |
Four Suppliers [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Percentage Of Purchases From Major Suppliers | ' | ' | 62.00% | ' |
Customer [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | 76.00% | 82.00% | 64.00% | 69.00% |
One Major Customer [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | 10.00% | ' | 10.00% |