Intellect Neurosciences 10-Q 14 Nov 14 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Sep. 30, 2014	Nov. 11, 2014
Document Information [Line Items]	'	'
Entity Registrant Name	'Intellect Neurosciences, Inc.	'
Entity Central Index Key	'0001337905	'
Current Fiscal Year End Date	'--06-30	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'ILNS	'
Entity Common Stock, Shares Outstanding	'	623,512,076
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2015	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Jun. 30, 2014
Current assets:	'	'
Cash and cash equivalents	$401,296	$0
Total current assets	401,296	0
Security deposits	2,250	2,250
Total Assets	403,546	2,250
Current Liabilities:	'	'
Accounts payable and accrued expenses	2,678,378	2,682,272
Accrued interest - convertible promissory notes	1,278,814	1,047,383
Derivative instruments	1,612,929	7,209,188
Preferred stock liability	'	'
Preferred stock dividend payable	16,412,171	15,032,543
Convertible promissory notes - current, net of debt discount of $445,418 and $167,408, respectively	1,033,082	1,464,452
Total Current liabilities	23,015,374	27,435,838
Long Term Debt	'	'
Convertible promissory notes - long term, net of debt discount of $547,245 and $936,297, respectively	984,255	727,203
Total Liabilities	23,999,629	28,163,041
Capital deficiency:	'	'
Common stock, par value $0.001 per share, 2,000,000,000 shares authorized; 623,512,076 and 409,512,076 issued and outstanding at September 30, 2014, and June 30, 2013, respectively	623,512	409,512
Additional paid in capital	71,359,098	70,373,087
Accumulated Deficit	-95,578,803	-98,943,510
Total Capital Deficiency	-23,596,083	-28,160,791
Total Liabilities and Capital Deficiency	403,546	2,250
Series B Convertible Preferred Stock [Member]	'	'
Capital deficiency:	'	'
Convertible Preferred stock	75	75
Series C Convertible Preferred Stock [Member]	'	'
Capital deficiency:	'	'
Convertible Preferred stock	10	21
Series D Convertible Preferred Stock [Member]	'	'
Capital deficiency:	'	'
Convertible Preferred stock	3	3
Series E Convertible Preferred Stock [Member]	'	'
Capital deficiency:	'	'
Convertible Preferred stock	21	21
Series F Convertible Preferred Stock [Member]	'	'
Capital deficiency:	'	'
Convertible Preferred stock	$1	'

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets [Parenthetical] (USD $)	Sep. 30, 2014	Jun. 30, 2014
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	623,512,076	409,512,076
Common stock, shares outstanding	623,512,076	409,512,076
Convertible Notes Payable Current [Member]	'	'
Debt Instrument, Unamortized Discount	$445,418	$167,408
Convertible Notes Payable Noncurrent [Member]	'	'
Debt Instrument, Unamortized Discount	547,245	936,297
Series B Convertible Preferred Stock [Member]	'	'
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	459,309	459,309
Preferred stock, shares issued	75,751	75,751
Preferred Stock, Shares Outstanding	75,751	75,751
Preferred stock, liquidated (in dollars)	1,325,644	1,325,644
Series C Convertible Preferred Stock [Member]	'	'
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	25,000	25,000
Preferred stock, shares issued	10,327	20,977
Preferred Stock, Shares Outstanding	10,327	20,977
Preferred stock, liquidated (in dollars)	10,327,000	20,977,000
Series D Convertible Preferred Stock [Member]	'	'
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	25,000	25,000
Preferred stock, shares issued	2,533	2,533
Preferred Stock, Shares Outstanding	2,533	2,533
Preferred stock, liquidated (in dollars)	2,533,000	2,533,000
Series E Convertible Preferred Stock [Member]	'	'
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	25,000	25,000
Preferred stock, shares issued	20,805	20,805
Preferred Stock, Shares Outstanding	20,805	20,805
Preferred stock, liquidated (in dollars)	20,805,000	20,805,000
Series F Convertible Preferred Stock [Member]	'	'
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	25,000	'
Preferred stock, shares issued	1,200	1,200
Preferred Stock, Shares Outstanding	1,200	1,200
Preferred stock, liquidated (in dollars)	$1,200,000	$1,200,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'
License fees	$0	$0
Total revenue	0	0
Costs and Expenses:	'	'
Research and development	27,326	9,479
General and administrative	468,041	357,123
Total cost and expenses	495,367	366,602
Loss from operations	-495,367	-366,602
Other income/(expenses):	'	'
Interest expense, net	-1,726,795	-3,736,878
Changes in fair value of derivative instruments	5,596,259	6,461
Total other income/(expense):	3,869,464	-3,730,417
Net income/ (loss)	$3,374,097	($4,097,019)
Basic and diluted loss per share	$0.01	($0.02)
Weighted average number of shares outstanding:	'	'
Basic and diluted (in shares)	319,751,808	230,102,856

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income/ (loss)	$3,374,097	($4,097,019)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Change in fair value of derivative instruments	-5,596,259	-6,461
Stock and warrant based compensation	0	150,000
Non-cash interest expense	1,727,352	3,736,878
Change in assets and liabilities	'	'
Prepaid expenses	'	'
Security deposits	0	'
Accounts payable and accrued expenses	-3,894	-35,750
Net cash used in operating activities	-498,704	-252,352
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from issuance of convertible notes	0	267,500
Proceeds from issuance of preferred stock	1,200,000	'
Repayments of convertible notes	-300,000	'
Net cash provided by financing activities	900,000	267,500
NET INCREASE (DECREASE) IN CASH	401,296	15,148
CASH - BEGINNING OF PERIOD	0	5,138
CASH - END OF PERIOD	401,296	20,286
SUPPLEMENTAL CASH FLOW INFORMATION:	'	'
Interest	0	0
Taxes	0	0
Non-cash financing activities	'	'
Conversion of convertible notes and interest to common stock	131,929	0
Debt discount recognized as derivative liability	$637,500	$267,500

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Business Description and Basis of Presentation [Text Block]	'
	Note 1. Basis of Presentation
	The accompanying unaudited consolidated condensed financial statements presented herein have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and note disclosures required by accounting principles generally accepted in the United States. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014 filed with the Securities and Exchange Commission (the “SEC”) on October 14, 2014. In the opinion of management, this interim information includes all material adjustments, which are of a normal and recurring nature, necessary for fair presentation.
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to change include assumptions used in determining the fair value of securities owned or issued and non-readily marketable securities.
	The results of operations for the three months ended September 30, 2014, are not necessarily indicative of the results to be expected for the entire year or for any other period.

Business_Description_and_Going

Business Description and Going Concern	3 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation Of Financial Statements [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	2. Business Description and Going Concern
	Intellect Neurosciences, Inc., a Delaware corporation, (“Intellect”, “our”, “us”, “we” or the “Company” refer to Intellect Neurosciences, Inc. and its subsidiary) is a biopharmaceutical company, which together with its subsidiary, Intellect Neurosciences, USA, Inc. (“Intellect USA”), is engaged in the discovery and development of disease-modifying therapeutic agents for the treatment and prevention of neurodegenerative conditions, collectively known as proteinopathies, which include Alzheimer’s (“AD”), Parkinson’s and Huntington disease. Since our inception in 2005, we have devoted substantially all of our efforts and resources to research and development activities and advancing our patent estate. We operate under a single segment. We have had no product sales from inception through September 30, 2014 but we have received $10,516,667 in license fees from inception through September 30, 2014.
	Our core business strategy is to build a portfolio of compounds with the potential to treat or prevent neurodegenerative diseases, develop each to pre-determined milestones, and license them to pharmaceutical companies for advanced development and commercialization. To supplement our own work, we intend to license promising novel technologies and early stage compounds from academia and other biotechnology companies. We intend to obtain revenues from licensing fees, milestone payments, development fees, royalties and/or sales related to the use of our drug candidates or intellectual property for specific therapeutic indications or applications.
	As of September 30, 2014, we had no self-developed or licensed products approved for sale by the U.S. Food and Drug Administration (“FDA”). There can be no assurance that our research and development efforts will be successful, that any products developed by any of our licensees will obtain necessary government regulatory approval or that any approved products will be commercially viable. In addition, we operate in an environment of rapid change in technology and are dependent upon the continued services of our current employees, consultants and subcontractors.
	Since our inception in 2005, we have generated losses from operations and we anticipate that we will continue to generate significant losses from operations for the foreseeable future. We have limited capital resources and operations since inception have been funded with the proceeds from equity and debt financings and license fee arrangements. As of September 30, 2014, we had approximately $400,000 of cash and cash equivalents. We anticipate that our existing capital resources will enable us to continue operations for the next six months. If we fail to raise additional capital or obtain substantial cash inflows from existing or potential partners within the next few months, we may be forced to cease operations. We cannot assure you that financing will be available in a timely manner, on favorable terms or at all.
	These consolidated financial statements are presented on the basis that we will continue as a going concern. The going concern concept contemplates the realization of assets and satisfaction of liabilities in the normal course of business. No adjustment has been made to the carrying amount and classification of our assets and the carrying amount of our liabilities based on the going concern uncertainty.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	3. Summary of Significant Accounting Policies
	Principles of Consolidation. The consolidated financial statements include the accounts of our wholly owned subsidiary, Intellect USA.
	Use of Estimates. The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States involves the use of estimates and assumptions that affect the recorded amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates include the fair value of derivative instruments, including stock options and warrants to purchase our common stock, recognition of clinical trial costs, certain consulting expenses and deferred taxes. Actual results may differ substantially from these estimates.
	Revenue Recognition. We recognize revenue in accordance with authoritative accounting guidance, which provides that non-refundable upfront and research and development milestone payments and payments for services are recognized as revenue as the related services are performed over the term of the collaboration.
	Convertible Instruments. We evaluate and account for conversion options embedded in convertible instruments in accordance with ASC 815 “Derivatives and Hedging Activities”. Applicable GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.
	We account for convertible instruments (when we have determined that the embedded conversion options should not be bifurcated from their host instruments) as follows: We record when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. We also record when necessary, deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the preferred shares.
	Common Stock Purchase Warrants.  We classify as equity any contracts that require physical settlement or net-share settlement or provide us a choice of net-cash settlement or settlement in our own shares (physical settlement or net-share settlement) provided that such contracts are indexed to our own stock as defined in ASC 815-40 ("Contracts in Entity's Own Equity"). We classify as assets or liabilities any contracts that require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside our control) or give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). We assess classification of our common stock purchase warrants and other free standing derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required.
	Preferred Stock. We apply the guidance enumerated in ASC 480 “Distinguishing Liabilities from Equity” when determining the classification and measurement of preferred stock. Preferred shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. We classify conditionally redeemable preferred shares (if any), which includes preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control, as temporary equity. At all other times, we classified our preferred shares in stockholders’ equity.
	Derivative Instruments. Our derivative financial instruments consist of embedded derivatives related to the convertible debt, warrants and beneficial conversion features embedded within our convertible debt.  The accounting treatment of derivative financial instruments requires that we record the derivatives and related warrants at their fair values as of the inception date of the debt agreements and at fair value as of each subsequent balance sheet date.  Any change in fair value was recorded as non-operating, non-cash income or expense at each balance sheet date.  If the fair value of the derivatives was higher at the subsequent balance sheet date, we recorded a non-operating, non-cash charge.  If the fair value of the derivatives was lower at the subsequent balance sheet date, we recorded non-operating, non-cash income.
	During the three month period ended September 30, 2014, we recognized other income of $5,596,259 relating to recording the derivative liabilities at fair value.  At September 30, 2014 and June 30, 2014, there were approximately $1.6 million and $7.2 million of derivative liabilities outstanding, respectively.
	Our derivative instruments were valued using the Black-Scholes option pricing model, using the following assumptions during the quarter ended September 30, 2014:
	Estimated dividends	None
	Expected volatility	188	%
	Risk-free interest rate	1.73	%
	Expected term (years)	1.0 - 5.0 years

Notes_Payable

Notes Payable	3 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	4. Notes Payable
	The following table presents the components of Convertible Notes Payable at September 30, 2014 and June 30, 2013:
		September 30, 2014		June 30, 2014
	Convertible Notes issued during fiscal year ended June 30, 2010	$	-	$	80,000
	Convertible Notes issued during fiscal year ended June 30, 2011		880,000		1,100,000
	Convertible Notes issued during fiscal year ended June 30, 2012		451,500		451,500
	Convertible Notes issued during fiscal year ended June 30, 2013		1,136,000		1,136,000
	Convertible Notes issued during fiscal year ended June 30, 2014		527,500		527,500
	Convertible Notes issued during quarter ended September 30, 2014		15,000
	Balance at End of Period	$	3,010,000	$	3,295,000
	Less debt discount:		992,663		1,103,345
	Convertible Notes Payable, Net	$	2,017,337	$	2,191,655
	Classified as follows on the accompanying consolidated balance sheets:
	Current portion of Convertible Notes Payable	$	1,033,082	$	1,464,452
	Long term portion of Convertible Notes Payable		984,255		727,203
		$	2,017,337	$	2,191,655
	The conversion price of all the foregoing promissory notes is $0.005, but for two (2) of the holders holding an aggregate of $4,417,802 of Promissory Notes, the conversion price is equal to $0.00032 per share of Common Stock and $0.00055 per share of Common Stock. All of the notes carry interest at 14% annually and mature three years from the issue date.
	Convertible Notes Payable are payable as follows:
	Fiscal year ended June 30, 2015	$	1,331,500
	Fiscal year ended June 30, 2016		1,136,000
	Fiscal year ended June 30, 2017		527,500
	Fiscal year ended June 30, 2018		15,000
	Total	$	3,010,000

Convertible_Preferred_Stock_an

Convertible Preferred Stock and Derivative Liability	3 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Preferred Stock [Text Block]	'
	5. Convertible Preferred Stock and Derivative Liability
	Series B Convertible Preferred Stock
	The Series B Convertible Preferred Stock carries a cumulative dividend of 6% per annum and a stated value of $17.50 per share. Each share is convertible into 11.67 common shares based on the current conversion price of $1.50.
	Series C Convertible Preferred Stock
	The Series C Convertible Preferred Stock carries a cumulative dividend of 14% per annum and a stated value of $1,000 per share. Each share is convertible into 200,000 common shares based on the current conversion price of $0.005. During the periods ended September 30, 2014 and June 30, 2014, and 1,045 and 543 shares, respectively were converted into 209,000 and 54,214,500 common shares, respectively.
	Series D Convertible Preferred Shares
	The Series D Convertible Preferred Stock carries a cumulative dividend of 8% per annum and a stated value of $1,000 per share. Each share is convertible into 200,000 common shares based on the current conversion price of $0.005. During the periods ended September 30, 2014 and June 30, 2014 zero and 841 shares, respectively were converted into zero and 84,098,622 common shares, respectively.
	Series E Convertible Preferred Shares
	The Series E Convertible Preferred Stock carries a cumulative dividend of 8% per annum and a stated value of $1,000 per share. Each share is convertible into 100,000 common shares based on the current conversion price of $0.01.
	Series F Convertible Preferred Shares
	On July 25, 2014, we entered into a stock purchase agreement with certain accredited investors whereby we issued 1,200 shares of Series F Convertible Preferred Stock and warrants to purchase 2.4 billion shares of common stock (the “Financing”).
	Each share of Series F Preferred Stock has a stated value and liquidation preference of $1,000, and accrues a dividend of 8% of the Stated Value per annum, and is convertible at any time into 1,000,000 common shares. The Series F Preferred holders vote together with holders of Common Stock on an as converted basis. The Warrants are exercisable for a period of five (5) years from the date of issuance and are exercisable into shares of Common Stock at an exercise price of $0.001 per share.
	In connection with the Financing, the Company filed a (i) Certificate of Amendment to the Certificate of Designations, Preferences and Rights of Series B Convertible Preferred Stock, (ii) Certificate of Amendment to the Certificate of Designations, Preferences and Rights of Series C Convertible Preferred Stock, (iii) Certificate of Amendment to the Certificate of Designations, Preferences and Rights of Series D Convertible Preferred Stock and (iv) Certificate of Amendment to the Certificate of Designations, Preferences and Rights of Series E Convertible Preferred Stock.
	In connection with the Financing, the Company and a majority of each Series B, Series C, Series D and Series E Preferred Stock, by written consent, agreed to the amendment of each respective series as follows:
		⋅	Series B Preferred Stock ⋅ Eliminate the ratchet provision for subsequent issuances of securities.
		⋅	Series C Preferred Stock ⋅ The conversion price per share of Common Stock will be $0.005; and eliminate the ratchet provision for subsequent issuances of securities.
		⋅	Series D Preferred Stock ⋅ The conversion price per share of Common Stock will be $0.005; and eliminate the ratchet provision for subsequent issuances of securities.
		⋅	Series E Preferred Stock ⋅ Eliminate the ratchet provision for subsequent issuances of securities.
		⋅	Series B, Series C, Series D and Series E Preferred Stock ⋅ Waive the covenant of the Company to refrain from issuing any shares of capital stock senior to or on parity with each series of preferred stock, and to reserve and keep available unissued shares of Common Stock for the purpose of effecting the conversion of the shares of each series of preferred stock for a period of six (6) months from the Closing Date.
	In connection with the Financing, pursuant to consents and waivers obtained from holders of the Company’s outstanding convertible promissory notes (the “Promissory Notes”) their respective Promissory Notes were amended as follows, effective upon the issuance of one or more shares of Series F Preferred Stock: (i) eliminate the ratchet provision for subsequent issuances of securities going forward, (ii) waive the covenant of the Company to reserve and keep available unissued shares of Common Stock for the purpose of effecting the conversion of the Promissory Notes and (iii) provide that the conversion price will be $0.005, but for two of the holders holding an aggregate of $845,000 principal amount of Promissory Notes, the conversion price will be equal to $0.00032 per share of Common Stock and $0.00055 per share of Common Stock.
	In connection with the Financing, the holders of the Company’s outstanding warrants, exclusive of the Warrants issued as part of the Financing, agreed as follows, effective upon the issuance of one or more Series F Preferred Stock: (i) eliminate the ratchet provision for subsequent issuances of securities going forward, (ii) waive the covenant of the Company to reserve and keep available unissued shares of Common Stock for the purpose of effecting the conversion of the Warrants for a period of six (6) months from the Closing Date and (iii) provide that the exercise price of the Warrants be the effective price per share, upon cashless exercise, shall be 50% of the fair market value of the Common Stock on the date of exercise.
	In connection with the Financing, the Company repaid $300,000 of principal on outstanding promissory notes of a certain investor and purchased from such investor convertible preferred stock, and dividends accrued thereon, having an aggregate stated value of $16,750,000 for the total consideration of $100.
	Based on authoritative guidance, the entire proceeds from the Financing were credited to preferred stock and additional paid in capital.

Outstanding_Warrants_and_Warra

Outstanding Warrants and Warrant Liability	3 Months Ended
	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	6. Outstanding Warrants and Warrant Liability
	The following table presents the number of Warrants outstanding at the periods ended September 30, 2014 and June 30, 2014. All Warrants have a 5 year term and are exercisable at September 30, 2014. All Warrants other than the Series F Warrants have an exercise price of $0.01 per common share. The Series F Warrants have an exercise price of $0.001 per common share.
	Warrants outstanding at June 30, 2014	366,750,000
	Issued	2,400,000,000
	Exercised	-
	Expired	-
	Warrants outstanding at September 30, 2014	2,766,750,000

Capital_Deficiency

Capital Deficiency	3 Months Ended
	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Equity Method Investments Disclosure [Text Block]	'
	7. Capital Deficiency
	Common stock
	In July 2014, we issued 50 million shares of our common stock to holders of Series C Convertible Preferred Stock upon their exercise of the conversion feature contained in those securities.
	In August 2014, we issued 99 million shares of our common stock to holders of Series C Convertible Preferred Stock upon their exercise of the conversion feature contained in those securities.
	In September 2014, we issued 65 million shares of our common stock to holders of Series C Convertible Preferred Stock upon their exercise of the conversion feature contained in those securities.

Income_Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	8. Income Taxes
	No provision for income taxes has been recorded due to the utilization of net operating losses for which a 100% valuation allowance had been provided.

Subsequent_Events

Subsequent Events	3 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	9. Subsequent Events
	Management has evaluated events occurring after the date of these financial statements through the date these financial statements were issued. There were no material subsequent events as of that date other than disclosed below.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Consolidation, Policy [Policy Text Block]	'
	Principles of Consolidation. The consolidated financial statements include the accounts of our wholly owned subsidiary, Intellect USA.
Use of Estimates, Policy [Policy Text Block]	'
	Use of Estimates. The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States involves the use of estimates and assumptions that affect the recorded amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates include the fair value of derivative instruments, including stock options and warrants to purchase our common stock, recognition of clinical trial costs, certain consulting expenses and deferred taxes. Actual results may differ substantially from these estimates.
Revenue Recognition, Policy [Policy Text Block]	'
	Revenue Recognition. We recognize revenue in accordance with authoritative accounting guidance, which provides that non-refundable upfront and research and development milestone payments and payments for services are recognized as revenue as the related services are performed over the term of the collaboration.
Debt, Policy [Policy Text Block]	'
	Convertible Instruments. We evaluate and account for conversion options embedded in convertible instruments in accordance with ASC 815 “Derivatives and Hedging Activities”. Applicable GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.
	We account for convertible instruments (when we have determined that the embedded conversion options should not be bifurcated from their host instruments) as follows: We record when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. We also record when necessary, deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the preferred shares.
Common Stock Purchase Warrants [Policy Text Block]	'
	Common Stock Purchase Warrants.  We classify as equity any contracts that require physical settlement or net-share settlement or provide us a choice of net-cash settlement or settlement in our own shares (physical settlement or net-share settlement) provided that such contracts are indexed to our own stock as defined in ASC 815-40 ("Contracts in Entity's Own Equity"). We classify as assets or liabilities any contracts that require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside our control) or give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). We assess classification of our common stock purchase warrants and other free standing derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required.
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block]	'
	Preferred Stock. We apply the guidance enumerated in ASC 480 “Distinguishing Liabilities from Equity” when determining the classification and measurement of preferred stock. Preferred shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. We classify conditionally redeemable preferred shares (if any), which includes preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control, as temporary equity. At all other times, we classified our preferred shares in stockholders’ equity.
Derivatives, Policy [Policy Text Block]	'
	Derivative Instruments. Our derivative financial instruments consist of embedded derivatives related to the convertible debt, warrants and beneficial conversion features embedded within our convertible debt.  The accounting treatment of derivative financial instruments requires that we record the derivatives and related warrants at their fair values as of the inception date of the debt agreements and at fair value as of each subsequent balance sheet date.  Any change in fair value was recorded as non-operating, non-cash income or expense at each balance sheet date.  If the fair value of the derivatives was higher at the subsequent balance sheet date, we recorded a non-operating, non-cash charge.  If the fair value of the derivatives was lower at the subsequent balance sheet date, we recorded non-operating, non-cash income.
	During the three month period ended September 30, 2014, we recognized other income of $5,596,259 relating to recording the derivative liabilities at fair value.  At September 30, 2014 and June 30, 2014, there were approximately $1.6 million and $7.2 million of derivative liabilities outstanding, respectively.
	Our derivative instruments were valued using the Black-Scholes option pricing model, using the following assumptions during the quarter ended September 30, 2014:
	Estimated dividends	None
	Expected volatility	188	%
	Risk-free interest rate	1.73	%
	Expected term (years)	1.0 - 5.0 years

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Schedule of Derivative Instruments [Table Text Block]	'
	Our derivative instruments were valued using the Black-Scholes option pricing model, using the following assumptions during the quarter ended September 30, 2014:
	Estimated dividends	None
	Expected volatility	188	%
	Risk-free interest rate	1.73	%
	Expected term (years)	1.0 - 5.0 years

Notes_Payable_Tables

Notes Payable (Tables)	3 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Convertible Debt [Table Text Block]	'
	The following table presents the components of Convertible Notes Payable at September 30, 2014 and June 30, 2013:
		September 30, 2014		June 30, 2014
	Convertible Notes issued during fiscal year ended June 30, 2010	$	-	$	80,000
	Convertible Notes issued during fiscal year ended June 30, 2011		880,000		1,100,000
	Convertible Notes issued during fiscal year ended June 30, 2012		451,500		451,500
	Convertible Notes issued during fiscal year ended June 30, 2013		1,136,000		1,136,000
	Convertible Notes issued during fiscal year ended June 30, 2014		527,500		527,500
	Convertible Notes issued during quarter ended September 30, 2014		15,000
	Balance at End of Period	$	3,010,000	$	3,295,000
	Less debt discount:		992,663		1,103,345
	Convertible Notes Payable, Net	$	2,017,337	$	2,191,655
	Classified as follows on the accompanying consolidated balance sheets:
	Current portion of Convertible Notes Payable	$	1,033,082	$	1,464,452
	Long term portion of Convertible Notes Payable		984,255		727,203
		$	2,017,337	$	2,191,655
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	Convertible Notes Payable are payable as follows:
	Fiscal year ended June 30, 2015	$	1,331,500
	Fiscal year ended June 30, 2016		1,136,000
	Fiscal year ended June 30, 2017		527,500
	Fiscal year ended June 30, 2018		15,000
	Total	$	3,010,000

Outstanding_Warrants_and_Warra1

Outstanding Warrants and Warrant Liability (Tables)	3 Months Ended
	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	'
	The following table presents the number of Warrants outstanding at the periods ended September 30, 2014 and June 30, 2014. All Warrants have a 5 year term and are exercisable at September 30, 2014. All Warrants other than the Series F Warrants have an exercise price of $0.01 per common share. The Series F Warrants have an exercise price of $0.001 per common share.
	Warrants outstanding at June 30, 2014	366,750,000
	Issued	2,400,000,000
	Exercised	-
	Expired	-
	Warrants outstanding at September 30, 2014	2,766,750,000

Business_Description_and_Going1

Business Description and Going Concern (Details Textual) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Business Description And Going Concern [Line Items]	'	'	'	'
License fees	$0	$0	'	'
Cash and cash equivalents	$401,296	$20,286	$0	$5,138

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Sep. 30, 2014
Derivatives, Fair Value [Line Items]	'
Estimated dividends	'None
Expected volatility	188.00%
Risk-free interest rate	1.73%
Minimum [Member]	'
Derivatives, Fair Value [Line Items]	'
Expected term (years)	'1 year
Maximum [Member]	'
Derivatives, Fair Value [Line Items]	'
Expected term (years)	'5 years

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details Textual) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Accounting Policies [Line Items]	'	'	'
Derivative, Gain (Loss) on Derivative, Net, Total	$5,596,259	$6,461	'
Derivative Liabilities	$1,600,000	'	$7,200,000

Notes_Payable_Details

Notes Payable (Details) (USD $)	Sep. 30, 2014	Jun. 30, 2014
Debt Instrument [Line Items]	'	'
Long-term Debt, Gross	$3,010,000	$3,295,000
Less debt discount:	992,663	1,103,345
Convertible Notes Payable, Net	2,017,337	2,191,655
Classified Consolidated Balance Sheets [Abstract]	'	'
Current portion of Convertible Notes Payable	1,033,082	1,464,452
Long term portion of Convertible Notes Payable	984,255	727,203
Convertible Notes Payable	2,017,337	2,191,655
Convertible Notes issued during fiscal year ended June 30, 2010 [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term Debt, Gross	0	80,000
Convertible Notes issued during fiscal year ended June 30, 2011 [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term Debt, Gross	880,000	1,100,000
Convertible Notes issued during fiscal year ended June 30, 2012 [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term Debt, Gross	451,500	451,500
Convertible Notes issued during fiscal year ended June 30, 2013 [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term Debt, Gross	1,136,000	1,136,000
Convertible Notes issued during fiscal year ended June 30, 2014 [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term Debt, Gross	527,500	527,500
Convertible Notes issued during fiscal year ended September 30,2014 [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term Debt, Gross	$15,000	'

Notes_Payable_Details_1

Notes Payable (Details 1) (USD $)	Sep. 30, 2014	Jun. 30, 2014
Debt Instrument [Line Items]	'	'
Fiscal year ended June 30, 2015	$1,331,500	'
Fiscal year ended June 30, 2016	1,136,000	'
Fiscal year ended June 30, 2017	527,500	'
Fiscal year ended June 30, 2018	15,000	'
Total	$3,010,000	$3,295,000

Notes_Payable_Details_Textual

Notes Payable (Details Textual) (USD $)	3 Months Ended
	Sep. 30, 2014
Debt Instrument [Line Items]	'
Debt Instrument, Interest Rate, Stated Percentage	14.00%
Debt Instrument, Maturity Date, Description	'mature three years from the issue date
Minimum [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Convertible, Conversion Price	0.00032
Maximum [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Convertible, Conversion Price	0.00055
Convertible Promissory Notes [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Face Amount	4,417,802
Debt Instrument, Convertible, Conversion Price	0.005
Convertible Promissory Notes [Member] | Minimum [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Convertible, Conversion Price	0.00032
Convertible Promissory Notes [Member] | Maximum [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Convertible, Conversion Price	0.00055

Convertible_Preferred_Stock_an1

Convertible Preferred Stock and Derivative Liability (Details Textual) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

1 Months Ended

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Jun. 30, 2014

Jul. 25, 2014

Maximum [Member]

Minimum [Member]

Convertible Notes Payable [Member]

Series B Convertible Preferred Stock [Member]

Series B Convertible Preferred Stock [Member]

Series C Convertible Preferred Stock [Member]

Series C Convertible Preferred Stock [Member]

Series D Convertible Preferred Stock [Member]

Series D Convertible Preferred Stock [Member]

Series E Convertible Preferred Stock [Member]

Series E Convertible Preferred Stock [Member]

Series F Convertible Preferred Stock and warrants [Member]

Convertible Preferred Stock And Derivative Liability [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Stock, Dividend Rate, Percentage

'

'

'

'

6.00%

'

14.00%

'

8.00%

'

8.00%

'

8.00%

Preferred Stock Initial Conversion Price Per Share

'

'

'

'

$1.50

'

$0.01

'

$0.01

'

$0.01

'

'

Convertible Preferred Stock, Total Shares Issued Upon Conversion

'

'

'

'

11.67

'

200,000

'

200,000

'

100,000

'

'

Preferred Stock Stated Value Per Share

'

'

'

'

$17.50

'

$1,000

'

$1,000

'

$1,000

'

'

Conversion of Stock, Shares Converted

'

'

'

'

'

'

1,045

543

0

841

'

'

'

Conversion of Stock, Shares Issued

'

'

'

'

'

'

209,000

54,214,500

0

84,098,622

'

'

'

Stock Issued During Period, Shares, New Issues

'

'

'

'

'

'

'

'

'

'

'

'

1,200

Stock Issued During Period, Value, New Issues

'

'

'

'

'

'

'

'

'

'

'

'

$2,400,000,000

Class of Warrant or Right, Number of Securities Called by Warrants or Rights

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

Preferred Stock, Liquidation Preference, Value

'

'

'

'

1,325,644

1,325,644

10,327,000

20,977,000

2,533,000

2,533,000

20,805,000

20,805,000

1,000

Warrants Expiration, Term

'5 years

'

'

'

'

'

'

'

'

'

'

'

'5 years

Convertible Preferred Stock Conversion Price Per Share

'

'

'

'

'

'

$0.01

'

$0.01

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

Payments for Repurchase of Convertible Preferred Stock

16,750,000

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase Of Convertible Preferred Stock Purchase Consideration

100

'

'

'

'

'

'

'

'

'

'

'

'

Repayments of Notes Payable

'

'

'

300,000

'

'

'

'

'

'

'

'

'

Class of Warrant or Right, Exercise Price of Warrants or Rights

$0.01

'

'

'

'

'

'

'

'

'

'

'

$0.00

Debt Instrument, Face Amount

'

'

'

$845,000

'

'

'

'

'

'

'

'

'

Debt Instrument, Convertible, Conversion Price

'

$0.00

$0.00

$0.01

'

'

'

'

'

'

'

'

'

Outstanding_Warrants_and_Warra2

Outstanding Warrants and Warrant Liability (Details)	3 Months Ended
	Sep. 30, 2014
Class of Warrant or Right [Line Items]	'
Warrants outstanding	366,750,000
Issued	2,400,000,000
Exercised	0
Expired	0
Warrants outstanding	2,766,750,000

Outstanding_Warrants_and_Warra3

Outstanding Warrants and Warrant Liability (Details Textual) (USD $)	3 Months Ended
	Sep. 30, 2014
Class of Warrant or Right [Line Items]	'
Warrants Expiration, Term	'5 years
Class of Warrant or Right, Exercise Price of Warrants or Rights	$0.01
Series F Warrants [Member]	'
Class of Warrant or Right [Line Items]	'
Class of Warrant or Right, Exercise Price of Warrants or Rights	$0.00

Capital_Deficiency_Details_Tex

Capital Deficiency (Details Textual) (Series C Convertible Preferred Stock [Member], USD $)	1 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Aug. 31, 2014	Jul. 31, 2014
Series C Convertible Preferred Stock [Member]	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'
Stock Issued During Period, Value, Other	$65	$99	$50

Income_Taxes_Details_Textual

Income Taxes (Details Textual)	3 Months Ended
	Sep. 30, 2014
Income Taxes [Line Items]	'
Percentage Of Valuation Allowance For Operating Loss	100.00%