Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Class A common stock | ||
Entity Registrant Name | 'Cellceutix CORP | ' |
Entity Central Index Key | '0001355250 | ' |
Trading Symbol | 'ctix | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 104,914,045 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Current Assets: | ' | ' |
Cash | $4,631,150 | $2,955,317 |
Prepaid expenses | 17,288 | 4,796 |
Total Current Assets | 4,648,438 | 2,960,113 |
Other Assets: | ' | ' |
Patent costs - net | 4,702,388 | 10,400 |
Total Assets | 9,350,826 | 2,970,513 |
Current Liabilities: | ' | ' |
Accounts payable - (including related party payables of $1,713,666 and $1,703,916, respectively) | 1,829,890 | 1,849,077 |
Accrued expenses - (including related party accruals of $390,528 and $353,797, respectively) | 720,777 | 553,797 |
Accrued salaries and payroll taxes -(including related party accrued salaries of $3,422,308 and $3,427,294, respectively) | 3,441,654 | 3,431,018 |
Accrued settlement costs | ' | 284,519 |
Note payable - related party | 2,022,264 | 2,022,264 |
Redeemable Common Stock liability | 1,400,000 | ' |
Total Current Liabilities | 9,414,585 | 8,140,675 |
Commitments and contingencies | ' | ' |
Stockholders' Deficiency | ' | ' |
Preferred stock, $0.001 par value, 500,000 designated shares, no shares issued and outstanding | ' | ' |
Additional paid-in capital | 20,676,109 | 14,868,223 |
Deficit accumulated during the development stage | -20,750,228 | -19,773,202 |
Treasury stock - 0 and 1,382,084 shares at cost - as of September 30, 2013 and June 30, 2013, respectively | ' | -275,229 |
Total Stockholders' Deficiency | -63,759 | -5,170,162 |
Total Liabilities and Stockholders' Deficiency | 9,350,826 | 2,970,513 |
Class A common stock | ' | ' |
Stockholders' Deficiency | ' | ' |
Common Stock, Value | 10,360 | 10,046 |
Class B common stock | ' | ' |
Stockholders' Deficiency | ' | ' |
Common Stock, Value | ' | ' |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Accounts payable, related party payables (in dollars) | $1,713,666 | $1,703,916 |
Accrued expenses, related party accruals (in dollars) | 390,528 | 353,797 |
Accrued Salaries, due to related parties (in dollars) | $3,422,308 | $3,427,294 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | ' | ' |
Preferred stock, shares outstanding (in shares) | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | ' |
Treasury stock, shares (in shares) | 0 | 1,382,084 |
Class A common stock | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 103,598,985 | 100,456,068 |
Common stock, shares outstanding (in shares) | 103,598,985 | 99,073,984 |
Class B common stock | ' | ' |
Number of votes entitled in class of stock (in votes) | 10 | 10 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | ' | ' |
Common stock, shares outstanding (in shares) | ' | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 75 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' |
Revenues | ' | ' | ' |
Operating expenses: | ' | ' | ' |
Research and development, gross | 572,206 | 184,953 | 7,179,099 |
Grants | ' | ' | -733,438 |
Research and development, net of grants | 572,206 | 184,953 | 6,445,661 |
General and administrative expenses | 104,459 | 24,020 | 1,009,091 |
Officers' payroll and payroll tax expense | 118,685 | 113,974 | 8,171,247 |
Professional fees | 123,309 | 77,315 | 3,317,189 |
Patent expense | ' | 8,650 | 197,724 |
Total operating expenses | 918,659 | 408,912 | 19,140,912 |
Loss from operations | -918,659 | -408,912 | -19,140,912 |
Interest income | 171 | ' | 171 |
Interest expense | -58,538 | -60,080 | -883,028 |
Loss on financial instruments | ' | ' | -439,892 |
Total other expenses | -58,367 | -60,080 | -1,322,749 |
Net loss before provision for income taxes | -977,026 | -468,992 | -20,463,661 |
Provision for income taxes | ' | ' | ' |
Net loss | -977,026 | -468,992 | -20,463,661 |
Deemed dividends | ' | -211,802 | -277,488 |
Net loss attributable to common stockholders | ($977,026) | ($680,794) | ($20,741,149) |
Basic and diluted loss per share attributable to common stockholders (in dollars per share) | ($0.01) | ($0.01) | ' |
Weighted average number of common shares (in shares) | 100,678,604 | 92,496,542 | ' |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Preferred Stock | Common Stock | Additional Paid-in Capital | Deficit Accumulated During the Development Stage | Treasury Stock | Total |
Balance at Jun. 20, 2007 | ' | $100 | ' | ' | ' | $100 |
Balance (in shares) at Jun. 20, 2007 | ' | 1,000,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | -530 | ' | -530 |
Balance at Jun. 30, 2007 | ' | 100 | ' | -530 | ' | -430 |
Balance (in shares) at Jun. 30, 2007 | ' | 1,000,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Share exchange with Cellceutix Pharma, Inc. (December) | ' | -100 | ' | 100 | ' | ' |
Share exchange with Cellceutix Pharma, Inc. (in shares) (December) | ' | -1,000,000 | ' | ' | ' | ' |
Share exchange in reverse merger with Cellceutix Pharma, Inc (December) | ' | 8,200 | ' | -8,200 | ' | ' |
Share exchange in reverse merger with Cellceutix Pharma, Inc (in shares) (December) | ' | 82,000,000 | ' | ' | ' | ' |
Shares exchanged in a reverse acquisition of Cellceutix Pharma, Inc. (December) (December) | ' | 979 | ' | -979 | ' | ' |
Shares exchanged in a reverse acquisition of Cellceutix Pharma, Inc. (December) (in shares) (December) | ' | 9,791,000 | ' | ' | ' | ' |
Forgiveness of debt from a stockholder | ' | ' | 50 | ' | ' | 50 |
Capital contribution from a stockholder | ' | ' | 50 | ' | ' | 50 |
Issuance of stock options | ' | ' | 43,533 | ' | ' | 43,533 |
Shares issued for services (April) | ' | 10 | 104,990 | ' | ' | 105,000 |
Shares issued for services (in shares) (April) | ' | 100,000 | ' | ' | ' | ' |
Net loss | ' | ' | ' | -510,193 | ' | -510,193 |
Balance at Jun. 30, 2008 | ' | 9,189 | 148,623 | -519,802 | ' | -361,990 |
Balance (in shares) at Jun. 30, 2008 | ' | 91,891,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Cancellation of shares issued for services (December) | ' | -10 | -104,990 | ' | ' | -105,000 |
Cancellation of shares issued for services (in shares) (December) | ' | -100,000 | ' | ' | ' | ' |
Issuance of stock options | ' | ' | 142,162 | ' | ' | 142,162 |
Shares issued for services (June) | ' | 2 | 7,598 | ' | ' | 7,600 |
Shares issued for services (in shares) (June) | ' | 20,000 | ' | ' | ' | ' |
Shares issued for services (June) | ' | 3 | 9,497 | ' | ' | 9,500 |
Shares issued for services (in shares) (June) | ' | 25,000 | ' | ' | ' | ' |
Net loss | ' | ' | ' | -1,485,331 | ' | -1,485,331 |
Balance at Jun. 30, 2009 | ' | 9,184 | 202,890 | -2,005,133 | ' | -1,793,059 |
Balance (in shares) at Jun. 30, 2009 | ' | 91,836,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of stock options | ' | ' | 383,291 | ' | ' | 383,291 |
Shares issued for services (February) | ' | ' | 1,050 | ' | ' | 1,050 |
Shares issued for services (June) | ' | 8 | 33,742 | ' | ' | 33,750 |
Shares issued for services (July) | ' | 2 | 10,748 | ' | ' | 10,750 |
Shares issued for services (in shares) (February) | ' | 3,500 | ' | ' | ' | ' |
Shares issued for services (in shares) (June) | ' | 75,000 | ' | ' | ' | ' |
Shares issued for services (in shares) (July) | ' | 25,000 | ' | ' | ' | ' |
Net loss | ' | ' | ' | -3,433,400 | ' | -3,433,400 |
Balance at Jun. 30, 2010 | ' | 9,194 | 631,721 | -5,438,533 | ' | -4,797,618 |
Balance (in shares) at Jun. 30, 2010 | ' | 91,939,500 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Cancellation of shares issued | ' | -8 | -33,742 | ' | ' | -33,750 |
Cancellation of shares issued (in shares) | ' | -75,000 | ' | ' | ' | ' |
Modification of stock options | ' | ' | 237,098 | ' | ' | 237,098 |
Forgiveness of liability in connection with settlement with stockholder | ' | ' | 932,966 | ' | ' | 932,966 |
Repurchase of common stock in connection with settlement | ' | ' | ' | ' | -859,388 | -859,388 |
Repurchase of common stock in connection with settlement (in shares) | ' | ' | ' | ' | 4,602,313 | ' |
Issuance of stock options | ' | ' | 3,060,691 | ' | ' | 3,060,691 |
Shares issued for services (February) | ' | 7 | 13,993 | ' | ' | 14,000 |
Shares issued for services (March) | ' | 18 | 58,982 | ' | ' | 59,000 |
Shares issued for services (May) | ' | 1 | 9,719 | ' | ' | 9,720 |
Shares issued for services (July) | ' | 5 | 27,495 | ' | ' | 27,500 |
Shares issued for services (in shares) (February) | ' | 70,000 | ' | ' | ' | ' |
Shares issued for services (in shares) (March) | ' | 184,375 | ' | ' | ' | ' |
Shares issued for services (in shares) (May) | ' | 12,000 | ' | ' | ' | ' |
Shares issued for services (in shares) (July) | ' | 50,000 | ' | ' | ' | ' |
Cancellation of treasury stock | ' | -45 | -99,955 | ' | 100,000 | ' |
Cancellation of treasury stock (in shares) | ' | -460,229 | ' | ' | -460,229 | ' |
Net loss | ' | ' | ' | -5,938,297 | ' | -5,938,297 |
Balance at Jun. 30, 2011 | ' | 9,172 | 4,838,968 | -11,376,830 | -759,388 | -7,288,078 |
Balance (in shares) at Jun. 30, 2011 | ' | 91,720,646 | ' | ' | 4,142,084 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Convertible Debentures converted to common stock | ' | 71 | 353,564 | ' | ' | 353,635 |
Convertible debentures converted to common stock (in shares) | ' | 707,277 | ' | ' | ' | ' |
Issuance of stock options | ' | ' | 2,114,386 | ' | ' | 2,114,386 |
Shares issued for charitable contributions (March) | ' | 26 | 137,894 | ' | ' | 137,920 |
Shares issued for charitable contributions (in shares) (March) | ' | 265,228 | ' | ' | ' | ' |
Shares issued for services (January) | ' | 20 | 89,980 | ' | ' | 90,000 |
Shares issued for services (April) | ' | 30 | 137,970 | ' | ' | 138,000 |
Shares issued for services (May) | ' | 10 | 48,990 | ' | ' | 49,000 |
Shares issued for services (June) | ' | 5 | 31,145 | ' | ' | 31,150 |
Shares issued for services (August) | ' | 10 | 37,990 | ' | ' | 38,000 |
Shares issued for services (November) | ' | 13 | 51,236 | ' | ' | 51,249 |
Shares issued for services (in shares) (January) | ' | 200,000 | ' | ' | ' | ' |
Shares issued for services (in shares) (April) | ' | 300,000 | ' | ' | ' | ' |
Shares issued for services (in shares) (May) | ' | 100,000 | ' | ' | ' | ' |
Shares issued for services (in shares) (June) | ' | 50,000 | ' | ' | ' | ' |
Shares issued for services (in shares) (August) | ' | 100,000 | ' | ' | ' | ' |
Shares issued for services (in shares) (November) | ' | 125,000 | ' | ' | ' | ' |
Shares issued for services (May) | ' | 2 | 13,248 | ' | ' | 13,250 |
Shares issued for services (in shares) (May) | ' | 25,000 | ' | ' | ' | ' |
Issuance of capital stock | ' | 250 | 582,143 | ' | ' | 582,393 |
Issuance of capital stock (in shares) | ' | 2,500,000 | ' | ' | ' | ' |
Reclassification of warrants into equity | ' | ' | 857,500 | ' | ' | 857,500 |
Cancellation of treasury stock | ' | -138 | -231,517 | ' | 231,655 | ' |
Cancellation of treasury stock (in shares) | ' | -1,380,000 | ' | ' | -1,380,000 | ' |
Issuance of preferred stock | 10 | ' | 99,990 | ' | ' | 100,000 |
Issuance of preferred stock (in shares) | 10,000 | ' | ' | ' | ' | ' |
Deemed dividend's | ' | ' | 65,686 | -65,686 | ' | ' |
Conversion of preferred stock to common stock | -10 | 26 | -16 | ' | ' | ' |
Conversion of preferred stock to common stock (in shares) | -10,000 | 255,754 | ' | ' | ' | ' |
Net loss | ' | ' | ' | -4,894,402 | ' | -4,894,402 |
Balance at Jun. 30, 2012 | ' | 9,497 | 9,229,157 | -16,336,918 | -527,733 | -7,625,997 |
Balance (in shares) at Jun. 30, 2012 | ' | 94,968,905 | ' | ' | 2,762,084 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of stock options | ' | ' | 217,047 | ' | ' | 217,047 |
Shares issued for charitable contributions (May) | ' | 10 | 219,990 | ' | ' | 220,000 |
Shares issued for charitable contributions (in shares) (May) | ' | 100,000 | ' | ' | ' | ' |
Shares issued for services (June) | ' | 1 | 8,899 | ' | ' | 8,900 |
Shares issued for services (July) | ' | 3 | 14,747 | ' | ' | 14,750 |
Shares issued for services (August) | ' | 5 | 29,995 | ' | ' | 30,000 |
Shares issued for services (October) | ' | 5 | 43,495 | ' | ' | 43,500 |
Shares issued for services (in shares) (June) | ' | 5,000 | ' | ' | ' | ' |
Shares issued for services (in shares) (July) | ' | 25,000 | ' | ' | ' | ' |
Shares issued for services (in shares) (August) | ' | 50,000 | ' | ' | ' | ' |
Shares issued for services (in shares) (October) | ' | 50,000 | ' | ' | ' | ' |
Shares issued as commitment fee (December) | ' | 34 | 299,967 | ' | ' | 300,001 |
Shares issued as commitment fee (in shares) (December) | ' | 336,625 | ' | ' | ' | ' |
Shares sold at net of offering costs (March) | ' | 100 | 1,470,730 | ' | ' | 1,470,830 |
Shares sold at net of offering costs (December) | ' | 11 | 96,989 | ' | ' | 97,000 |
Shares sold at net of offering costs (May and June) | ' | 160 | 2,682,957 | ' | ' | ' |
Shares sold at net of offering costs | ' | ' | ' | ' | ' | 2,683,117 |
Shares sold at net of offering costs (in shares) (March) | ' | 1,000,000 | ' | ' | ' | ' |
Shares sold at net of offering costs (in shares) (December) | ' | 112,208 | ' | ' | ' | ' |
Shares sold at net of offering costs (in shares) (May and June) | ' | 1,600,000 | ' | ' | ' | ' |
Offering cost | ' | ' | -168,528 | ' | ' | -168,528 |
Exercise of stock options | ' | 225 | 278,225 | ' | ' | 278,450 |
Exercise of stock options (in shares) | ' | 2,255,000 | ' | ' | ' | ' |
Exercise of warrants | ' | 74 | 185,176 | ' | ' | 185,250 |
Exercise of warrants (in shares) | ' | 741,000 | ' | ' | ' | ' |
Cancellation of treasury stock | ' | -138 | -252,366 | ' | 252,504 | ' |
Cancellation of treasury stock (in shares) | ' | -1,380,000 | ' | ' | -1,380,000 | ' |
Issuance of preferred stock | 30 | ' | 299,970 | ' | ' | 300,000 |
Issuance of preferred stock (in shares) | 30,000 | ' | ' | ' | ' | ' |
Deemed dividend's | ' | ' | 211,802 | -211,802 | ' | ' |
Conversion of preferred stock to common stock | -30 | 59 | -29 | ' | ' | ' |
Conversion of preferred stock to common stock (in shares) | -30,000 | 592,330 | ' | ' | ' | ' |
Net loss | ' | ' | ' | -3,224,482 | ' | -3,224,482 |
Balance at Jun. 30, 2013 | ' | 10,046 | 14,868,223 | -19,773,202 | -275,229 | -5,170,162 |
Balance (in shares) at Jun. 30, 2013 | ' | 100,456,068 | ' | ' | 1,382,084 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of stock options | ' | ' | 26,089 | ' | ' | 26,089 |
Exercise of stock options (in shares) | ' | ' | ' | ' | ' | ' |
Exercise of warrants | ' | 102 | 1,024,898 | ' | ' | 1,025,000 |
Exercise of warrants (in shares) | ' | 1,025,000 | ' | ' | ' | ' |
Cancellation of treasury stock | ' | -138 | -275,091 | ' | 275,229 | ' |
Cancellation of treasury stock (in shares) | ' | -1,382,083 | ' | ' | -1,382,084 | ' |
Shares sold in July, 2013 to Sep, 2013 at $1.66-$1.94 (July to September) | ' | 210 | 3,730,130 | ' | ' | 3,730,340 |
Shares sold in July, 2013 to Sep, 2013 at $1.66-$1.94 (July to September) | ' | 2,100,000 | ' | ' | ' | ' |
Shares issued to shareholder of Polymedix at $1.93 | ' | 140 | 1,301,860 | ' | ' | 1,302,000 |
Shares issued to shareholder of Polymedix at $1.93 (in shares) | ' | 1,400,000 | ' | ' | ' | ' |
Net loss | ' | ' | ' | -977,026 | ' | -977,026 |
Balance at Sep. 30, 2013 | ' | $10,360 | $20,676,109 | ($20,750,228) | ' | ($63,759) |
Balance (in shares) at Sep. 30, 2013 | ' | 103,598,985 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2008 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 | Jun. 30, 2009 | Jun. 30, 2013 | Jun. 30, 2011 | Jun. 30, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
January | February | February | March | March | March | March | March | April | April | May | May | May | June | June | June | June | July | July | July | August | August | October | November | December | May and June | May and June | May and June | July to September | July to September | ||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||||||||
Shares issued, price per share for services (in dollars per share) | ' | $0.45 | $0.20 | $0.30 | ' | ' | $0.32 | ' | ' | $0.46 | $1.05 | ' | $0.49 | $0.81 | $1.78 | $0.62 | $0.45 | $0.38 | $0.59 | $0.55 | $0.43 | $0.60 | $0.38 | $0.87 | $0.41 | ' | ' | ' | ' | ' | ' |
Shares issued, price per share for services (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.53 | ' | ' | ' | ' | $0.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share issued, price per share charitable contributions (in dollars per share) | ' | ' | ' | ' | ' | $0.52 | ' | ' | ' | ' | ' | $2.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, price per share for commitment fee (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.89 | ' | ' | ' | ' | ' |
Shares issued, price per share at net offering cost (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $1.45 | $1.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.89 | ' | $1.58 | $1.97 | ' | ' |
Offering costs on share issue | ' | ' | ' | ' | $45,490 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000 | $82,983 | ' | ' | ' | ' |
Shares sold, price per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.66 | $1.94 |
Shares issued, price per share for acquisition (in dollars per share) | $1.93 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | 75 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($977,026) | ($468,992) | ($20,463,661) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Loss on disposal of fixed assets | 72,400 | ' | 72,400 |
Common stock and stock options issued as payment for services compensation, services rendered, and charitable contributions | 26,089 | 76,347 | 7,249,404 |
Cancellation of stock issued for services | ' | ' | -28,750 |
Amortization of accrued settlement costs | ' | 9,108 | 125,131 |
Amortization of patent costs | 22,286 | ' | 22,902 |
Loss on financial instruments | ' | ' | 439,892 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses | -12,492 | -15,646 | -8,803 |
Accounts payable | -19,187 | -99,803 | 1,829,939 |
Accrued expenses | 166,980 | 38,922 | 938,188 |
Accrued officers' salaries and payroll taxes | 10,636 | 207,226 | 4,374,619 |
Net cash used in operating activities | -710,314 | -252,838 | -5,448,739 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from disposal of fixed assets | 23,600 | ' | 23,600 |
Patent Costs | -2,108,274 | ' | -2,119,290 |
Net cash used in investing activities | -2,084,674 | ' | -2,095,690 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Capital contribution from stockholder | ' | ' | 50 |
Sale of common stock and preferred stock | 3,730,340 | 300,000 | 8,512,860 |
Payment of settlement liabilities | -284,519 | ' | -984,519 |
Loan from officer | ' | ' | 1,925,587 |
Proceeds from convertible debentures | ' | ' | -167,099 |
Redemption of convertible debentures | ' | ' | 400,000 |
Proceeds from subscription | ' | ' | 1,000,000 |
Exercise of stock options and warrants | 1,025,000 | 50,000 | 1,488,700 |
Net cash provided by financing activities | 4,470,821 | 350,000 | 12,175,579 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,675,833 | 97,162 | 4,631,150 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,955,317 | 27,703 | ' |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 4,631,150 | 124,865 | 4,631,150 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' | ' |
Cash paid for interest | 22,707 | ' | 328,736 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FLOW FINANCING ACTIVITIES | ' | ' | ' |
Common stock issued for acquisition | ' | ' | 9,079 |
Forgiveness of debt | ' | ' | 50 |
Reclassification of accrued interest to note payable and convertible debentures | ' | ' | 197,964 |
Cancellation of common stock for services | ' | ' | -138,750 |
Settlement of accrued payroll and payroll taxes | ' | ' | 932,966 |
Cancellation of common stock as a result of settlement | ' | ' | 859,388 |
Debt converted to common stock | ' | ' | 353,635 |
Cancellation of treasury stock | -275,229 | ' | -759,388 |
Reclassification of warrants to equity | ' | ' | 857,500 |
Deemed dividend from beneficial conversion feature on preferred stock | ' | 53,032 | 35,386 |
Deemed dividend - warrants | ' | 158,770 | 206,810 |
Conversion of preferred stock into common stock | ' | -30 | -46 |
Shares issued as deferred offering costs | ' | ' | 300,001 |
Shares issued for acquisition of patent and equipment | 2,702,000 | ' | 2,702,000 |
Redeemable Common Stock liability | $1,400,000 | ' | $1,400,000 |
Basis_of_Presentation_and_Natu
Basis of Presentation and Nature of Operations | 3 Months Ended |
Sep. 30, 2013 | |
Business Description And Basis Of Presentation [Abstract] | ' |
Basis of Presentation and Nature of Operations | ' |
1. Basis of Presentation and Nature of Operations | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Cellceutix Corporation have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive consolidated financial statements and should be read in conjunction with our audited financial statements for the year ended June 30, 2013, included in our Annual Report on Form 10-K for the year ended June 30, 2013. | |
In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three month periods have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. When used in these notes, the terms "Company", "we", "us" or "our" mean Cellceutix Corporation. | |
Cellceutix Corporation, formerly known as EconoShare, Inc., (“Cellceutix” or the “Company”) was incorporated on August 1, 2005. On December 6, 2007, the Company acquired Cellceutix Pharma, Inc. which was incorporated in the State of Delaware on June 20, 2007, in exchange for newly issued shares of the Company’s common stock. As a result of the exchange, Cellceutix Pharma, Inc. became a wholly-owned subsidiary of the Company. The Company is a clinical stage biopharmaceutical company and has no customers, products or revenues to date. The Company also follows the accounting guidelines for accounting for and reporting in Development Stage Enterprises in preparing its financial statements. | |
The Company’s Common Stock is quoted on the Over the Counter Bulletin Board (OTCBB), symbol “CTIX”. | |
All amounts, where it is designated in these notes to the financial statements as an approximate amount, are rounded to the nearest thousand dollars. | |
Nature of Operations | |
Overview | |
We are in the business of developing innovative small molecule therapies to treat diseases with significant medical need, particularly in the areas of cancer and inflammatory disease. Our strategy is to use our business and scientific expertise to maximize the value of our pipeline. We will do this by focusing on our lead compounds, Kevetrin, Prurisol and Brilacidin, and advancing them as quickly as possible along the regulatory pathway. We will develop the highest quality data and broadest intellectual property to support our compounds. | |
We currently own all development and marketing rights to our products. In order to successfully develop and market our products, we may have to partner with other companies. Prospective partners may require that we grant them significant development and/or commercialization rights in return for agreeing to share the risk of development and/or commercialization. |
Going_Concern
Going Concern | 3 Months Ended |
Sep. 30, 2013 | |
Going Concern [Abstract] | ' |
Going Concern | ' |
2. Going Concern | |
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. For the period since June 20, 2007 (date of inception) through September 30, 2013, the Company had a deficit accumulated during the development stage of approximately $20.8 million and working capital deficit of approximately $(4.77) million at September 30, 2013. As of September 30, 2013, the Company has not emerged from the development stage. In view of these matters, the ability of the Company to continue as a going concern is dependent upon the Company’s ability to generate additional financing. Since inception, the Company has financed its activities principally from the use of equity securities, debt issuance and loans from an officer to pay for its operations. The Company intends on financing its future development activities and its working capital needs largely from the issuance of debt and the sale of equity securities, until such time that funds provided by operations are sufficient to fund working capital requirements. The Company has entered into a financing agreement with Aspire Capital Fund for $10,000,000 (See Note 12). As of September 30, 2013, the Company had completed sales to Aspire totaling 4,812,208 shares of common stock generating gross proceeds of approximately $8,113,000. | |
As of September 30, 2013, approximately $1,887,000 is available under the financing arrangement with Aspire on the sale of the Company’s common stock. See Note 13 for subsequent common stock sales to Aspire made after September 30, 2013 and a new financing agreement as of October 25, 2013, made with Aspire Capital Fund for $20,000,000. | |
Failure to secure the necessary financing in a timely manner and on favorable terms could have a material adverse effect on the Company’s growth strategy, financial performance and stock price and could require the delay of new product development and clinical trial plans. | |
These factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of liabilities that may be necessary should the Company be unable to continue as a going concern. |
Significant_Accounting_Policie
Significant Accounting Policies and Recent Accounting Pronouncements | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Description And Basis Of Presentation [Abstract] | ' | ||||||||
Significant Accounting Policies and Recent Accounting Pronouncements | ' | ||||||||
3. Significant Accounting Policies and Recent Accounting Pronouncements | |||||||||
Cash and Cash Equivalents | |||||||||
Cash and cash equivalents consist of cash and short-term highly liquid investments purchased with original maturities of three months or less. There were no cash equivalents at September 30, 2013 and June 30, 2013. | |||||||||
Intangible Assets – Patents | |||||||||
Costs incurred to file patent applications and acquired intangibles are capitalized when the Company believes that there is a high likelihood that the patent will issue and there will be future economic benefit associated with the patent. These costs will be amortized on a straight-line basis over a 12 - 17 years life from the date of patent filing. All costs associated with abandoned patent applications are expensed. In addition, the Company will review the carrying value of patents for indicators of impairment on a periodic basis and if it determines that the carrying value is impaired, it values the patent at fair value. Costs incurred to file patent applications and acquire intangibles are expensed when the patents have failed to develop products which have gained market acceptance. For the three months ended September 30, 2013 and 2012 and from inception to September 30, 2013, the Company has charged to operations $0, $9,000, and $197,000, respectively for these patent application costs. | |||||||||
In accordance with the provisions of the applicable authoritative guidance, the Company’s long-lived assets and amortizable intangible assets are tested for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. The Company assesses the recoverability of such assets by determining whether their carrying value can be recovered through undiscounted future operating cash flows, including its estimates of revenue driven by assumed market segment share and estimated costs. If impairment is indicated, the Company measures the amount of such impairment by comparing the fair value to the carrying value. During the three months ended September 30, 2013 and 2012, no impairment was recorded. | |||||||||
Financial Instruments | |||||||||
The Company’s financial instruments include cash, accounts payable and accrued liabilities. The carrying amounts of these financial instruments approximate their fair value, due to the short-term nature of these items. | |||||||||
Use of Estimates | |||||||||
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. | |||||||||
Significant Estimates | |||||||||
These accompanying consolidated financial statements include some amounts that are based on management’s best estimates and judgments. The most significant estimates relate to valuation of stock grants and stock options, valuation of purchased intangibles and the valuation allowance on deferred tax assets. It is reasonably possible that these above-mentioned estimates and others may be adjusted as more current information becomes available, and any adjustment could be significant in future reporting periods. | |||||||||
Certain Risks and Uncertainties | |||||||||
Product Development | |||||||||
We devote significant resources to research and development programs in an effort to discover and develop potential future product candidates. The product candidates in our pipeline are at various stages of preclinical and clinical development. The path to regulatory approval includes three phases of clinical trials in which we collect data to support an application to regulatory authorities to allow us to market a product for treatment of a specified disease. There are many difficulties and uncertainties inherent in research and development of new products, resulting in a high rate of failure. To bring a drug from the discovery phase to regulatory approval, and ultimately to market, takes many years and significant cost. Failure can occur at any point in the process, including after the product is approved, based on post-market factors. New product candidates that appear promising in development may fail to reach the market or may have only limited commercial success because of efficacy or safety concerns, inability to obtain necessary regulatory approvals, limited scope of approved uses, reimbursement challenges, difficulty or excessive costs of manufacture, alternative therapies or infringement of the patents or intellectual property rights of others. Uncertainties in the FDA approval process and the approval processes in other countries can result in delays in product launches and lost market opportunities. Consequently, it is very difficult to predict which products will ultimately be submitted for approval, which have the highest likelihood of obtaining approval and which will be commercially viable and generate profits. Successful results in preclinical or clinical studies may not be an accurate predictor of the ultimate safety or effectiveness of a drug or product candidate. | |||||||||
Expenditures for research, development, and engineering of products are expensed as incurred. In November 2010, the Company was awarded three separate U.S. government grants under the Qualifying Therapeutic Discovery Project (QTDP) program. For the period from inception to September 30, 2013, the Company has reflected $733,438 of grants as a one time reduction of research and development expenses. For the three months ended September 30, 2013 and 2012, and the period from inception to September 30, 2013, the Company incurred approximately $572,000, $185,000, and $6,446,000 of research and development costs, net of grants respectively. | |||||||||
Concentrations of Credit Risk | |||||||||
All cash is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. | |||||||||
Income Taxes | |||||||||
Deferred income tax assets and liabilities arise from temporary differences associated with differences between the financial statements and tax basis of assets and liabilities, as measured by the enacted tax rates, which are expected to be in effect when these differences reverse. Deferred tax assets and liabilities are classified as current or non-current, depending upon the classification of the asset or liabilities to which they relate. Deferred tax assets and liabilities not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |||||||||
The Company has generated net losses since inception and accordingly has not recorded a provision for income taxes. The deferred tax assets were primarily comprised of federal and state tax net operating loss, or NOL, carryforwards. Due to uncertainties surrounding the Company’s ability to generate future taxable income to realize these tax assets, a full valuation allowance has been established to offset the deferred tax assets. Additionally, the future utilization of the NOL carryforwards to offset future taxable income may be subject to an annual limitation as a result of ownership changes that could occur in the future. If necessary, the deferred tax assets will be reduced by any carryforwards that expire prior to utilization as a result of such limitations, with a corresponding reduction of the valuation allowance. | |||||||||
The Company follows the provisions of FASB ASC 740-10 "Uncertainty in Income Taxes" (ASC 740-10). The Company has not recognized a liability as a result of the implementation of ASC 740-10. A reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there is no unrecognized benefit since the date of adoption. The Company has not recognized interest expense or penalties as a result of the implementation of ASC 740-10. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. | |||||||||
The Company has identified its U.S. Federal income tax return and its State return in Massachusetts as its major tax jurisdictions. The fiscal 2011 and forward years are still open for examination. | |||||||||
Basic Earnings (Loss) per Share | |||||||||
Basic and diluted earnings per share are computed based on the weighted-average common shares and common share equivalents outstanding during the period. Common share equivalents consist of stock options, warrants and convertible notes payable. Common share equivalents of 49,761,768 and 52,014,317 were excluded from the computation of diluted earnings per share for the three months ended September 30, 2013 and 2012, respectively, because their effect is anti-dilutive. | |||||||||
Accounting for Stock Based Compensation | |||||||||
The stock-based compensation expense incurred by Cellceutix for employees and directors in connection with its stock option plan is based on the employee model of ASC 718, and the fair market value of the options is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. “tax regulations”. Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 505-50. | |||||||||
ASC 505-50-30-11 (previously EITF 96-18) further provides that an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date: | |||||||||
i. The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and | |||||||||
ii. The date at which the counterparty’s performance is complete. | |||||||||
We have elected to use the Black-Scholes-Merton pricing model to determine the fair value of stock options on the dates of grant. Restricted stock units are measured based on the fair market values of the underlying stock on the dates of grant. We recognize stock-based compensation using the straight-line method. | |||||||||
The components of stock based compensation related to stock options recognized in the Company’s Statement of Operations for the three months ended September 30, 2013 and 2012 and since inception are as follows(rounded to nearest thousand): | |||||||||
30-Sep-13 | 30-Sep-12 | For the cumulative period | |||||||
from June 20,2007 | |||||||||
(Date of Inception) through | |||||||||
September 30, 2013 | |||||||||
Officers’ stock compensation | $ | - | $ | - | $ | 4,850,000 | |||
Consulting | 26,000 | 76,000 | 1,493,000 | ||||||
Patent expense | - | - | 19,000 | ||||||
Total | $ | 26,000 | $ | 76,000 | $ | 6,362,000 | |||
Recent Accounting Pronouncements | |||||||||
The Company has reviewed all recent accounting pronouncements issued by FASB (including EITF), the AICPA and the SEC and did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Polymedix_Inc_Asset_Acquisitio
Polymedix Inc. Asset Acquisition Patent Rights and Equipment | 3 Months Ended | |
Sep. 30, 2013 | ||
Business Combinations [Abstract] | ' | |
Polymedix Inc. Asset Acquisition -Patent Rights and Equipment | ' | |
4. Polymedix Inc. Asset Acquisition –Patent Rights and Equipment | ||
On September 4, 2013, the Company purchased substantially all of the assets (“Purchased Assets”) of Polymedix Inc, and Polymedix Pharmaceuticals, Inc. (“Seller”) from the U.S. Bankruptcy Court. The aggregate purchase price for the sale and transfer of the Purchased Assets was $2.1 million in cash, plus 1.4 million shares of the Company’s Class A common stock (the “Registrable Securities”), total aggregate purchase price of approximately $4.8 million. These common shares were valued at $1.93 per share, based on the September 4, 2013 opening stock price as quoted on the OTB Bulletin Board, resulting in approximately $2.7 million of stock issued to acquire the Purchased Assets. The Purchased Assets Agreement also provides the Seller with the right to require the Company to redeem the Common Stock held by such Seller (the “Put Option”) at any time between one day after the closing and three hundred and sixty-five days after the closing, the seller or any holder of the registrable securities may make written demand upon the purchase for the purchase to repurchase the registrable securities for $1 per share. | ||
Because the Company is required to repurchase these issued common shares if the Seller exercises the above Put Option, this redemption feature meets the definition under the ASC 480-10-25-8, “Obligations to Repurchase Issuer’s Equity Shares by Transferring Assets”. Per ASC 480-10-25-8, the obligation to repurchase an issuer’s own shares by transferring assets should be recognized as a liability at inception date. Therefore, the number of potential shares needed to repurchase the Common Stock under this Put Option was 1,400,000 shares as of September 30, 2013. This obligation was recorded as a current liability of $1,400,000 of Redeemable Common Stock liability in the accompanying balance sheet. | ||
ASC 805, Business Combinations, provides guidance on determining whether an acquired set of assets meets the definition of a business for accounting purposes. Under the framework, the acquired set of activities and assets have to be capable of being operated as a business, from the viewpoint of a market participant as defined in ASC 820, Fair Value Measurements. Two essential elements required for an integrated set of activities are inputs and outputs. The Company evaluated the Asset Purchase Agreement and in accordance with the guidance, determined it did not meet the definition of a business acquisition as the acquisition consisted solely of the two primary compounds, Brilacidin and related compounds, and Delparantag and related compounds, and certain other tangible assets. The Company did not acquire the right to any employees previously involved with the technology, or research processes previously in place at Seller. The Company has therefore accounted for the transaction as an asset acquisition. | ||
The purchase price was allocated to the identified tangible and intangible assets acquired based on their relative fair values, which were derived from their individual estimated fair values of $96,000 and $4,706,000, respectively. | ||
The following table summarizes the purchase price allocation for the assets acquired: | ||
Intangible assets – patents rights – Brilacidin, Delparantag and other related compounds | $4,706,000 | |
Tangible assets - Laboratory equipment and computer systems | $ 96,000 | |
The value of these tangible assets acquired of $96,000 were expensed to research and development costs for the three months ended September 30, 2013. |
Patents_net
Patents, net | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Patents, net | ' | |||||||
5. Patents, net | ||||||||
Patents, net consisted of the following (rounded to nearest thousand): | ||||||||
Useful life | 30-Sep-13 | June 30, | ||||||
2013 | ||||||||
Purchased Patent Rights– Brilacidin, and related compounds (note 4) | 14 | $ | 4,081,700 | $ | - | |||
Purchased Patent Rights–Delparantag and related compounds (note 4) | 12 | 480,200 | - | |||||
Purchased Patent Rights–Anti-microbial- surfactants and related compounds (note 4) | 12 | 144,100 | - | |||||
Patents – Kevetrin and related compounds | 17 | 19,000 | 11,000 | |||||
$ | 4,725,000 | $ | 11,000 | |||||
Accumulated amortization | 23,000 | 1,000 | ||||||
$ | 4,702,000 | $ | 10,000 | |||||
The patents are amortized on a straight-line basis over the estimated remaining useful lives of the assets, determined 12-17 years from the date of acquisition. | ||||||||
Amortization expense for the three months ended September 30, 2013 and 2012 and from inception to September 30, 2013 was approximately $22,000, $0, and $23,000, respectively. At September 30, 2013, the amortization period for all patents was approximately 11.75 to 16.75 years. Estimated annual amortization expense of $345,000 for years up to Year 2025, and $300,000 for Years 2026-28, and $55,000 for Years 2028-29. |
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accrued Expenses [Abstract] | ' | ||||||
Accrued Expenses | ' | ||||||
6. Accrued Expenses | |||||||
Accrued expenses consisted of the following (rounded to nearest thousand): | |||||||
30-Sep-13 | June 30, | ||||||
2013 | |||||||
Accrued research and development consulting fees | $ | 320,000 | $ | 200,000 | |||
Accrued rent – related parties | 61,000 | 60,000 | |||||
Accrued interest – related parties | 329,000 | 294,000 | |||||
Others | 11,000 | - | |||||
Total | $ | 721,000 | $ | 554,000 |
Accrued_Salaries_and_Payroll_T
Accrued Salaries and Payroll Taxes-Related Parties | 3 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accrued Expense To Related Party [Abstract] | ' | ||||||
Accrued Salaries and Payroll Taxes - Related Parties | ' | ||||||
7. Accrued Salaries and Payroll Taxes | |||||||
Accrued salaries and payroll taxes consisted of the following (rounded to nearest thousand): | |||||||
30-Sep-13 | June 30, | ||||||
2013 | |||||||
Accrued salaries – related parties | $ | 3,244,000 | $ | 3,244,000 | |||
Accrued payroll taxes – related parties | 152,000 | 152,000 | |||||
Withholding tax – related parties | 26,000 | 31,000 | |||||
Withholding tax – employees | 20,000 | 4,000 | |||||
Total | $ | 3,442,000 | $ | 3,431,000 | |||
On December 29, 2010, the Company entered into employment agreements with its two executive officers, Leo Ehrlich, the Company’s Chief Executive Officer, and Krishna Menon, Chief Scientific Officer. Both agreements provide for a three year term with each executive receiving an annual base salary for $350,000 per year commencing January 1, 2011, with an annual increase of 10% for each year commencing January 2012. The Board, at its discretion, may increase the base salary based upon relevant circumstances. Beginning in April, 2013, the Company started making current cash payments to the two executive officers for salaries. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
8. Commitments and Contingencies | |
Settlement Agreement | |
On February 14, 2011, the Company announced it reached a settlement agreement on all outstanding claims and issues between the Company and our former CEO, Mr. Evans. Each party dropped their respective claims and as a result all of Mr. Evans accrued salaries and options were cancelled. The terms of the agreement provide that the Company purchase 4,602,312 common shares held by Mr. Evans and/or Mr. Evans’ sons over a period of three years for a total sum of one million dollars. Payment by the Company in the amount of $100,000 was made upon signing of the agreement, which resulted in reducing the liability owed to Mr. Evans; cancelling 460,229 shares of common stock. On February 4, 2012 and January 29, 2013, the Company made the second and third payment of $300,000 each to Mr. Evans and cancelled 1,380,000 shares of its common stock in each of the two years. | |
Amendment to Evans Settlement Agreement | |
On September 3, 2013, the parties amended the Settlement Agreement and Release dated January 26, 2011. The amended agreement provides for total payment of $892,500, to be paid in three separate installments as follows: (i) two payments of $300,000 each to Mr. Evans payable on the first and second anniversary of the execution of this agreement; and (ii) a full and final installment payment of $292,500 on or before September 15, 2013. | |
On August 23, 2013, the Company made the final payment of $292,500 to Mr. Evans and the Company cancelled 1,382,083 shares of its common stock on September 17, 2013. As of September 30, 2013, there was no balance of Treasury Stock recorded on the Company’s Balance Sheet. | |
Legal | |
Formatech is a former vendor of ours which had had received 184,375 shares of Cellceutix Class A Common Stock (“Cellceutix Stock”) for services that were not completed. Formatech had gone bankrupt while still in possession of the Cellceutix Stock. In July 2012, the US Bankruptcy Court allowed the trustee of the Formatech estate to sell the Cellceutix Stock. We have been advised that the stock has been sold in 2013 and the funds released to the secured creditors of Formatech. Cellceutix presently is in the unsecured creditors class and does not expect to receive any proceeds. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
9. Related Party Transactions | |
Office Lease | |
Dr. Menon, the Company’s principal shareholder, President, and Director, also serves as the Chief Operating Officer and Director of Kard Scientific (“KARD”). On December 7, 2007, the Company began renting office space from KARD, on a month to month basis for $900 per month. This continued through August 2013. During the three months ended September 30, 2013, the Company paid 2 months’ rent to KARD. As of September 1, 2013, the Company no longer leases space from Kard. For the three months ended September 30, 2013 and 2012 and the period June 20, 2007 (date of inception) through September 30, 2013, the Company has included $2,000, $3,000 and $62,100 of rent expense in general and administrative expenses, respectively. At September 30, 2013 and 2012, payables of approximately $61,000 and $60,000 to KARD were included in accrued expenses, respectively. | |
In September, 2013, Cellceutix Corporation signed a lease extension agreement with Cummings Properties for the company’s offices and laboratories at 100 Cummings Center, Suite 151-B Beverly, MA 01915. The lease is for a term of five years from October 1, 2013 to September 30, 2018 and requires monthly payments of $15,538. Cellceutix had taken over the space occupied by KARD. In addition, Innovative Medical Research Inc., (“Innovative Medical”) a company owned by Leo Ehrlich and Dr. Krishna Menon, officers of Cellecutix has co-signed the lease and will rent approximately 200 square feet of office space, the space previously used by Cellceutix and will pay Cellceutix $900 per month, the same amount Cellceutix previously paid KARD. Innovative Medical paid a monthly rent of $900 to Cellceutix since September 1, 2013 and it was offset with the accrued rent owed to KARD. | |
Clinical Studies | |
As of September 28, 2007 the Company engaged KARD to conduct specified pre-clinical studies. The Company did not have an exclusive arrangement with KARD. All work performed by KARD needed prior approval by the executive officers of the Company, and the Company retained all intellectual property resulting from the services by KARD. The Company has now developed its own research study capabilities and no longer uses KARD. For the three months ended September 30, 2013 and 2012 and the period June 20, 2007 (date of inception) through September 30, 2013, the Company incurred $0, $0, and $2,601,000 of research and development expenses conducted by KARD, respectively. | |
At September 30, 2013 and June 30, 2013, the Company has incurred a total of approximately $1,686,000 in accounts payable to KARD. |
Note_PayableRelated_Party
Note Payable-Related Party | 3 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Note Payable - Related Party | ' |
10. Note Payable – Related Party | |
During the year ended June 30, 2010, Mr. Ehrlich, loaned the Company a total of $972,907. A condition for this note was that the Ehrlich Promissory Note A and Ehrlich Promissory Note B be replaced with a new note, Ehrlich Promissory Note C. The Ehrlich Promissory Note C is an unsecured demand note that bears 9% simple interest per annum and is convertible into the Company’s common stock at $0.50 per share. The note requires that the interest rate on the amounts due on Ehrlich Promissory Notes A and B be changed retroactively, beginning October 1, 2009, to 9%. On April 1, 2011, the Company amended the Ehrlich Promissory Note C and agreed to retroactively convert accrued interest of $96,677 through December 31, 2010 into additional principal. During the year ended June 30, 2011, Mr. Ehrlich loaned the Company an additional $997,047 which brought the balance of the demand note to $2,002,264. | |
On May 8, 2012, the Company did not have the ability to repay the Ehrlich Promissory Note C loan and agreed to change the interest rate on the outstanding balance of principle and interest of $2,248,037, as of March 31, 2012, from 9% simple interest to 10% simple interest, and the Company issued 2,000,000 Equity Incentive Options exercisable at $0.51 per share equal to 110% of the closing bid price of $0.46 per share on May 7, 2012. Options are valid for ten (10) years from the date of issuance. | |
At September 30, 2013 and June 30, 2013, accrued interest on this note was approximately $329,000 and $294,000, respectively, and the Company repaid accrued interest totaling approximately $15,000 for the three months ended September 30, 2013. |
Stock_Options_and_Warrants
Stock Options and Warrants | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||
Stock Options and Warrants | ' | |||||||
11. Stock Options and Warrants | ||||||||
Stock Options | ||||||||
The fair value of each option for the three months ended September 30, 2012 was estimated on the date of grant using the Black Scholes model that uses assumptions noted in the following table. | ||||||||
Three Months Ended | ||||||||
30-Sep-12 | ||||||||
Expected term (in years) | 10-May | |||||||
Expected stock price volatility | 136.05% - 137.33% | |||||||
Risk-free interest rate | 1.53% – 1.72% | |||||||
Expected dividend yield | 0 | |||||||
On April 5, 2009 the Board of Directors of the Registrant adopted the 2009 Stock Option Plan (“the Plan”). The Plan permits the grant of 2,000,000 shares of both Incentive Stock Options (“ISOs”), intended to qualify under section 422 of the Code, and Non-Qualified Stock Options. | ||||||||
Under the 2010 Equity Incentive Plan the total number of shares of Common Stock reserved and available for issuance under the Plan shall be 45,000,000 shares. Shares of Common Stock under the Plan (“Shares”) may consist, in whole or in part, of authorized and unissued shares or treasury shares. The term of each Stock Option shall be fixed by the Committee; provided, however, that an Incentive Stock Option may be granted only within the ten-year period commencing from the Effective Date and may only be exercised within ten years of the date of grant (or five years in the case of an Incentive Stock Option granted to an optionee who, at the time of grant, owns Common Stock possessing more than 10% of the total combined voting power of all classes of voting stock of the Company (“10% Shareholder”). | ||||||||
The following table summarizes all stock option activity under the plans: | ||||||||
Number of | Weighted Average | Weighted Average | Aggregate Intrinsic Value | |||||
Options | Exercise Price | Remaining Contractual Life (Years) | ||||||
Outstanding at June 30, 2013 | 39,142,500 | $ | 0.14 | $ | 7.47 | $ | 64,170,000 | |
Granted | - | - | - | |||||
Exercised | - | - | - | |||||
Forfeited/expired | - | - | - | |||||
Outstanding at September 30, 2013 | 39,142,500 | $ | 0.14 | $ | 7.22 | $ | 65,734,950 | |
Exercisable at September 30, 2013 | 39,112,500 | $ | 0.14 | $ | 7.22 | $ | 65,725,817 | |
The Company recognized approximately $26,000 and $76,000 of stock based compensation costs related to stock and stock options awards for the three months ended September 30, 2013 and 2012; and approximately $6,362,000 for the period from inception to September 30, 2013, and there is approximately $28,000 of unamortized compensation cost expected to be recognized through June 30, 2014. | ||||||||
Stock Warrants | ||||||||
During the three months ended September 30, 2013, the Company issued 1,025,000 Class A common shares par value $.0001 to each of two warrant holders upon exercise of Common Stock Purchase Warrants exercisable at $1 per share. The Company received an aggregate of $1,025,000. The issuance was exempt from registration under Section 4(2) of the Securities Act. | ||||||||
As of September 30, 2013 and June 30, 2013, there were 4,546,084 and 5,571,084 warrants issued and outstanding with a weighted average exercise price of $0.74 and $0.92, respectively. As of September 30, 2013 and June 30, 2013, the average remaining contractual life of the outstanding warrants was 1.21 years and 1.43 years, respectively and the aggregate intrinsic value was $ 4,176,000 and $4,794,000, respectively. |
Equity_Transactions
Equity Transactions | 3 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Equity Transactions | ' |
12. Equity Transactions | |
On July 19, 2013, the Company issued 100,000 Class A common shares par value $.0001 to a warrant holder upon exercise of Common Stock Purchase Warrants exercisable at $1.00 per share. The Company received an aggregate of $100,000. The shares have been registered in the S-3 registration statement rendered effective February 14, 2013 by the SEC. | |
On July 30, 2013, the Company issued 200,000 Class A common shares par value $.0001 to a warrant holder upon exercise of Common Stock Purchase Warrants exercisable at $1.00 per share. The Company received an aggregate of $200,000. The shares have been registered in the S-3 registration statement rendered effective February 14, 2013 by the SEC. | |
On August 5, 2013, the Company issued 200,000 Class A common shares par value $.0001 to a warrant holder upon exercise of Common Stock Purchase Warrants exercisable at $1.00 per share. The Company received an aggregate of $200,000. The shares have been registered in the S-3 registration statement rendered effective February 14, 2013 by the SEC. | |
On August 20, 2013, the Company issued 125,000 Class A common shares par value $.0001 to a warrant holder upon exercise of Common Stock Purchase Warrants exercisable at $1.00 per share. The Company received an aggregate of $125,000. The shares have been registered in the S-3 registration statement rendered effective February 14, 2013 by the SEC. | |
On September 10, 2013, the Company issued 200,000 Class A common shares par value $.0001 to a warrant holder upon exercise of Common Stock Purchase Warrants exercisable at $1.00 per share. The Company received an aggregate of $200,000. The shares have been registered in the S-3 registration statement rendered effective February 14, 2013 by the SEC. | |
On September 17, 2013, the Company issued 200,000 Class A common shares par value $.0001 to a warrant holder upon exercise of Common Stock Purchase Warrants exercisable at $1.00 per share. The Company received an aggregate of $200,000. The shares have been registered in the S-3 registration statement rendered effective February 14, 2013 by the SEC. | |
Polymedix Trustee | |
On September 4, 2013, the Company purchased substantially all of the assets of Polymedix Inc, and Polymedix Pharmaceuticals, Inc. from the U.S. Bankruptcy Court. The purchase price included the issuance of 1,400,000 shares of the Company’s Class A common stock. | |
Aspire Agreement | |
On December 6, 2012, the Company entered into a Class A Common Stock Purchase Agreement with Aspire Capital Fund, LLC, which provides that upon meeting the terms of the agreement, Aspire Capital is committed to purchase up to an aggregate of $10,000,000 of our shares of Class A Common Stock over the approximately 36-month term of the Purchase Agreement. In consideration for entering into the Purchase Agreement, the Company issued to Aspire Capital 336,625 shares of our Class A Common Stock as a commitment fee and sold to Aspire Capital 112,208 shares of Class A Common Stock for $100,000.The deferred offering costs were fully amortized during the year ended June 30, 2013 as a significant amount of funding was received and the remaining funding is reasonably assured. | |
Concurrently with entering into the Purchase Agreement, the Company agreed to file one or more registration statements as permissible and necessary under the Securities Act of 1933, as amended, or the Securities Act, for the sale of shares of our Class A Common Stock that have been and may be issued to Aspire Capital under the Purchase Agreement. On January 22, 2012, the Company filed a Form S-3 registration statement and the registration statement was declared effective by the SEC on February 14, 2013. Thereafter, on every and any business day selected by the Company, the Company shall have the right to direct Aspire Capital Fund to purchase (each such purchase, a “Regular Purchase”), up to 100,000 shares on each and any business day chosen by the Company; however, in any event, the amount of a Regular Purchase will not exceed $500,000 per business day. The purchase price for Regular Purchases (the “Regular Purchase Price”), shall be equal to the lesser of: (i) the lowest sale price of the shares on the purchase date, or (ii) the average of the three (3) lowest closing sale prices of the shares during the twelve (12) business days prior to the purchase date. The Regular Purchase Price will be known at the time of notice and before any shares are sold to Aspire Capital Fund. | |
In addition to the Regular Purchases, with one day’s prior written notice, the Company shall also have the right to require the ACF Investor to purchase up to an additional 20% of the trading volume of the shares for the next business day at a purchase price (the “VWAP Purchase Price”), equal to the lesser of: (i) the closing sale price of the shares on the purchase date, or (ii) ninety-five percent (95%) of the next business day’s volume weighted average price (each such purchase, a “VWAP Purchase”). The Company shall have the right, in its sole discretion, to determine a maximum number of shares and set a minimum market price threshold for each VWAP Purchase. The Company can only require a VWAP Purchase if (a) the closing sale price for the Company Class A common shares on the notice day for the VWAP Purchase is higher than $0.50, and (b) the Company has also submitted a Regular Purchase on the notice date for the VWAP Purchase. There are no limits on the number of VWAP Purchases that the Company may require. | |
Aspire Capital Fund has no right to require any sales by the Company, but is obligated to make purchases from the Company as the Company directs it in accordance with the Purchase Agreement. The Company can also accelerate the amount of Class A Common Stock to be purchased under certain circumstances. There are no limitations on use of proceeds, financial or business covenants, restrictions on future funding, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement. | |
The Company is never under any obligation to sell shares to Aspire Capital Fund. Aspire Capital Fund has no rights to require the Company to sell shares. | |
During the fiscal year ended June 30, 2013, the Company had completed sales to Aspire totaling 2,712,208 shares of common stock generating gross proceeds of approximately $4,383,000. During the quarter ended September 30, 2013, the Company had completed sales to Aspire totaling 2,100,000 shares of common stock generating gross proceeds of approximately $3,730,000. As of September 30, 2013, the Company had completed sales to Aspire totaling 4,812,208 shares of common stock generating gross proceeds of approximately $8,113,000. As of September 30, 2013, approximately $1,887,000 is available under the financing arrangement with Aspire on the sale of the Company’s common stock. See Note 13 for subsequent common stock sales to Aspire made after September 30, 2013. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
13. Subsequent Events | |
Equity Transactions | |
From October 1, 2013 to October 24, 2013, the Company has generated additional proceeds of approximately $1.89 million under the Common Stock Purchase Agreement with Aspire on the sale 1,104,537 shares of its common stock. As of October 24, 2013, Aspire Capital completed its commitment of purchase up to an aggregate of $10,000,000 of our shares of Class A Common Stock under the Common Stock Purchase Agreement dated December 6, 2012. | |
On October 25, 2013, we terminated the previous agreement and entered into a new purchase agreement (the “Purchase Agreement”), with Aspire Capital Fund, LLC, an Illinois limited liability company (Aspire Capital), which provides that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital is committed to purchase up to an aggregate of $20.0 million of our shares of our Class A Common Stock over the approximately 36-month term of the Purchase Agreement. In consideration for entering into the Purchase Agreement, concurrently with the execution of the Purchase Agreement, we issued to Aspire Capital 210,523 shares of our Class A Common Stock as a commitment fee. Concurrently with entering into the Purchase Agreement, we also entered into a registration rights agreement with Aspire Capital, in which we agreed to file one or more registration statements, including the registration statement of which this prospectus is a part, as permissible and necessary to register under the Securities Act, the sale of the shares of our Class A Common Stock that have been and may be issued to Aspire Capital under the Purchase Agreement. The registration statement was filed on November 4, 2013. |
Significant_Accounting_Policie1
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Description And Basis Of Presentation [Abstract] | ' | ||||||||
Cash and Cash Equivalents | ' | ||||||||
Cash and Cash Equivalents | |||||||||
Cash and cash equivalents consist of cash and short-term highly liquid investments purchased with original maturities of three months or less. There were no cash equivalents at September 30, 2013 and June 30, 2013. | |||||||||
Intangible Assets - Patents | ' | ||||||||
Intangible Assets – Patents | |||||||||
Costs incurred to file patent applications and acquired intangibles are capitalized when the Company believes that there is a high likelihood that the patent will issue and there will be future economic benefit associated with the patent. These costs will be amortized on a straight-line basis over a 12 - 17 years life from the date of patent filing. All costs associated with abandoned patent applications are expensed. In addition, the Company will review the carrying value of patents for indicators of impairment on a periodic basis and if it determines that the carrying value is impaired, it values the patent at fair value. Costs incurred to file patent applications and acquire intangibles are expensed when the patents have failed to develop products which have gained market acceptance. For the three months ended September 30, 2013 and 2012 and from inception to September 30, 2013, the Company has charged to operations $0, $9,000, and $197,000, respectively for these patent application costs. | |||||||||
In accordance with the provisions of the applicable authoritative guidance, the Company’s long-lived assets and amortizable intangible assets are tested for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. The Company assesses the recoverability of such assets by determining whether their carrying value can be recovered through undiscounted future operating cash flows, including its estimates of revenue driven by assumed market segment share and estimated costs. If impairment is indicated, the Company measures the amount of such impairment by comparing the fair value to the carrying value. During the three months ended September 30, 2013 and 2012, no impairment was recorded. | |||||||||
Financial Instruments | ' | ||||||||
Financial Instruments | |||||||||
The Company’s financial instruments include cash, accounts payable and accrued liabilities. The carrying amounts of these financial instruments approximate their fair value, due to the short-term nature of these items. | |||||||||
Use of Estimates | ' | ||||||||
Use of Estimates | |||||||||
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. | |||||||||
Significant Estimates | ' | ||||||||
Significant Estimates | |||||||||
These accompanying consolidated financial statements include some amounts that are based on management’s best estimates and judgments. The most significant estimates relate to valuation of stock grants and stock options, valuation of purchased intangibles and the valuation allowance on deferred tax assets. It is reasonably possible that these above-mentioned estimates and others may be adjusted as more current information becomes available, and any adjustment could be significant in future reporting periods. | |||||||||
Certain Risks and Uncertainties | ' | ||||||||
Certain Risks and Uncertainties | |||||||||
Product Development | |||||||||
We devote significant resources to research and development programs in an effort to discover and develop potential future product candidates. The product candidates in our pipeline are at various stages of preclinical and clinical development. The path to regulatory approval includes three phases of clinical trials in which we collect data to support an application to regulatory authorities to allow us to market a product for treatment of a specified disease. There are many difficulties and uncertainties inherent in research and development of new products, resulting in a high rate of failure. To bring a drug from the discovery phase to regulatory approval, and ultimately to market, takes many years and significant cost. Failure can occur at any point in the process, including after the product is approved, based on post-market factors. New product candidates that appear promising in development may fail to reach the market or may have only limited commercial success because of efficacy or safety concerns, inability to obtain necessary regulatory approvals, limited scope of approved uses, reimbursement challenges, difficulty or excessive costs of manufacture, alternative therapies or infringement of the patents or intellectual property rights of others. Uncertainties in the FDA approval process and the approval processes in other countries can result in delays in product launches and lost market opportunities. Consequently, it is very difficult to predict which products will ultimately be submitted for approval, which have the highest likelihood of obtaining approval and which will be commercially viable and generate profits. Successful results in preclinical or clinical studies may not be an accurate predictor of the ultimate safety or effectiveness of a drug or product candidate. | |||||||||
Expenditures for research, development, and engineering of products are expensed as incurred. In November 2010, the Company was awarded three separate U.S. government grants under the Qualifying Therapeutic Discovery Project (QTDP) program. For the period from inception to September 30, 2013, the Company has reflected $733,438 of grants as a one time reduction of research and development expenses. For the three months ended September 30, 2013 and 2012, and the period from inception to September 30, 2013, the Company incurred approximately $572,000, $185,000, and $6,446,000 of research and development costs, net of grants respectively. | |||||||||
Concentrations of Credit Risk | ' | ||||||||
Concentrations of Credit Risk | |||||||||
All cash is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. | |||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
Deferred income tax assets and liabilities arise from temporary differences associated with differences between the financial statements and tax basis of assets and liabilities, as measured by the enacted tax rates, which are expected to be in effect when these differences reverse. Deferred tax assets and liabilities are classified as current or non-current, depending upon the classification of the asset or liabilities to which they relate. Deferred tax assets and liabilities not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |||||||||
The Company has generated net losses since inception and accordingly has not recorded a provision for income taxes. The deferred tax assets were primarily comprised of federal and state tax net operating loss, or NOL, carryforwards. Due to uncertainties surrounding the Company’s ability to generate future taxable income to realize these tax assets, a full valuation allowance has been established to offset the deferred tax assets. Additionally, the future utilization of the NOL carryforwards to offset future taxable income may be subject to an annual limitation as a result of ownership changes that could occur in the future. If necessary, the deferred tax assets will be reduced by any carryforwards that expire prior to utilization as a result of such limitations, with a corresponding reduction of the valuation allowance. | |||||||||
The Company follows the provisions of FASB ASC 740-10 "Uncertainty in Income Taxes" (ASC 740-10). The Company has not recognized a liability as a result of the implementation of ASC 740-10. A reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there is no unrecognized benefit since the date of adoption. The Company has not recognized interest expense or penalties as a result of the implementation of ASC 740-10. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. | |||||||||
The Company has identified its U.S. Federal income tax return and its State return in Massachusetts as its major tax jurisdictions. The fiscal 2011 and forward years are still open for examination. | |||||||||
Basic Earnings (Loss) per Share | ' | ||||||||
Basic Earnings (Loss) per Share | |||||||||
Basic and diluted earnings per share are computed based on the weighted-average common shares and common share equivalents outstanding during the period. Common share equivalents consist of stock options, warrants and convertible notes payable. Common share equivalents of 49,761,768 and 52,014,317 were excluded from the computation of diluted earnings per share for the three months ended September 30, 2013 and 2012, respectively, because their effect is anti-dilutive. | |||||||||
Accounting for Stock Based Compensation | ' | ||||||||
Accounting for Stock Based Compensation | |||||||||
The stock-based compensation expense incurred by Cellceutix for employees and directors in connection with its stock option plan is based on the employee model of ASC 718, and the fair market value of the options is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. “tax regulations”. Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 505-50. | |||||||||
ASC 505-50-30-11 (previously EITF 96-18) further provides that an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date: | |||||||||
i. The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and | |||||||||
ii. The date at which the counterparty’s performance is complete. | |||||||||
We have elected to use the Black-Scholes-Merton pricing model to determine the fair value of stock options on the dates of grant. Restricted stock units are measured based on the fair market values of the underlying stock on the dates of grant. We recognize stock-based compensation using the straight-line method. | |||||||||
The components of stock based compensation related to stock options recognized in the Company’s Statement of Operations for the three months ended September 30, 2013 and 2012 and since inception are as follows(rounded to nearest thousand): | |||||||||
30-Sep-13 | 30-Sep-12 | For the cumulative period | |||||||
from June 20,2007 | |||||||||
(Date of Inception) through | |||||||||
September 30, 2013 | |||||||||
Officers’ stock compensation | $ | - | $ | - | $ | 4,850,000 | |||
Consulting | 26,000 | 76,000 | 1,493,000 | ||||||
Patent expense | - | - | 19,000 | ||||||
Total | $ | 26,000 | $ | 76,000 | $ | 6,362,000 | |||
Recent Accounting Pronouncements | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
The Company has reviewed all recent accounting pronouncements issued by FASB (including EITF), the AICPA and the SEC and did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Significant_Accounting_Policie2
Significant Accounting Policies and Recent Accounting Pronouncement (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Description And Basis Of Presentation [Abstract] | ' | ||||||||
Schedule of components of stock based compensation related to stock options recognized in the company's statement of operations | ' | ||||||||
30-Sep-13 | 30-Sep-12 | For the cumulative period | |||||||
from June 20,2007 | |||||||||
(Date of Inception) through | |||||||||
September 30, 2013 | |||||||||
Officers’ stock compensation | $ | - | $ | - | $ | 4,850,000 | |||
Consulting | 26,000 | 76,000 | 1,493,000 | ||||||
Patent expense | - | - | 19,000 | ||||||
Total | $ | 26,000 | $ | 76,000 | $ | 6,362,000 |
Polymedix_Inc_Asset_Acquisitio1
Polymedix Inc. Asset Acquisition Patent Rights and Equipment (Tables) | 3 Months Ended | |
Sep. 30, 2013 | ||
Business Combinations [Abstract] | ' | |
Schedule of purchase price allocation for the assets acquired | ' | |
Intangible assets – patents rights – Brilacidin, Delparantag and other related compounds | $4,706,000 | |
Tangible assets - Laboratory equipment and computer systems | $ 96,000 |
Patents_net_Tables
Patents, net (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of patents | ' | |||||||
Useful life | 30-Sep-13 | June 30, | ||||||
2013 | ||||||||
Purchased Patent Rights– Brilacidin, and related compounds (note 4) | 14 | $ | 4,081,700 | $ | - | |||
Purchased Patent Rights–Delparantag and related compounds (note 4) | 12 | 480,200 | - | |||||
Purchased Patent Rights–Anti-microbial- surfactants and related compounds (note 4) | 12 | 144,100 | - | |||||
Patents – Kevetrin and related compounds | 17 | 19,000 | 11,000 | |||||
$ | 4,725,000 | $ | 11,000 | |||||
Accumulated amortization | 23,000 | 1,000 | ||||||
$ | 4,702,000 | $ | 10,000 |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accrued Expenses [Abstract] | ' | ||||||
Schedule of accrued expenses | ' | ||||||
30-Sep-13 | June 30, | ||||||
2013 | |||||||
Accrued research and development consulting fees | $ | 320,000 | $ | 200,000 | |||
Accrued rent – related parties | 61,000 | 60,000 | |||||
Accrued interest – related parties | 329,000 | 294,000 | |||||
Others | 11,000 | - | |||||
Total | $ | 721,000 | $ | 554,000 |
Accrued_Salaries_and_Payroll_T1
Accrued Salaries and Payroll Taxes-Related Parties (Tables) | 3 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accrued Expense To Related Party [Abstract] | ' | ||||||
Schedule of accrued salaries and payroll taxes | ' | ||||||
30-Sep-13 | June 30, | ||||||
2013 | |||||||
Accrued salaries – related parties | $ | 3,244,000 | $ | 3,244,000 | |||
Accrued payroll taxes – related parties | 152,000 | 152,000 | |||||
Withholding tax – related parties | 26,000 | 31,000 | |||||
Withholding tax – employees | 20,000 | 4,000 | |||||
Total | $ | 3,442,000 | $ | 3,431,000 |
Stock_Options_and_Warrants_Tab
Stock Options and Warrants (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||
Schedule of fair value of option estimated on the date of grant or grant modification using the Black Scholes model assumptions | ' | |||||||
Three Months Ended | ||||||||
30-Sep-12 | ||||||||
Expected term (in years) | 10-May | |||||||
Expected stock price volatility | 136.05% - 137.33% | |||||||
Risk-free interest rate | 1.53% – 1.72% | |||||||
Expected dividend yield | 0 | |||||||
Schedule of stock option activity | ' | |||||||
Number of | Weighted Average | Weighted Average | Aggregate Intrinsic Value | |||||
Options | Exercise Price | Remaining Contractual Life (Years) | ||||||
Outstanding at June 30, 2013 | 39,142,500 | $ | 0.14 | $ | 7.47 | $ | 64,170,000 | |
Granted | - | - | - | |||||
Exercised | - | - | - | |||||
Forfeited/expired | - | - | - | |||||
Outstanding at September 30, 2013 | 39,142,500 | $ | 0.14 | $ | 7.22 | $ | 65,734,950 | |
Exercisable at September 30, 2013 | 39,112,500 | $ | 0.14 | $ | 7.22 | $ | 65,725,817 | |
Going_Concern_Detail_Textuals
Going Concern (Detail Textuals) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 25, 2013 |
Aspire Capital Fund LLC | Aspire Capital Fund LLC | Aspire Capital Fund LLC | Financing Agreement | Financing Agreement | |||
Aspire Capital Fund LLC | Aspire Capital Fund LLC | ||||||
Subsequent Event | |||||||
Agreement [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Deficit accumulated during the development stage | ($20,750,228) | ($19,773,202) | ' | ' | ' | ' | ' |
Working capital surplus (deficit) | -4,770,000 | ' | ' | ' | ' | ' | ' |
Working capital fund obtained from financing agreement | ' | ' | ' | ' | ' | 10,000,000 | ' |
Number of common shares sold | ' | ' | 2,100,000 | 2,712,208 | 4,812,208 | ' | ' |
Proceeds from issuance of common stock | ' | ' | 3,730,000 | 4,383,000 | 8,113,000 | 1,887,000 | ' |
Capital fund | ' | ' | ' | ' | ' | ' | $20,000,000 |
Significant_Accounting_Policie3
Significant Accounting Policies - Components of stock based compensation related to stock options (Details) (Stock Options, USD $) | 3 Months Ended | 75 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Stock Options | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' | ' |
Officers' stock compensation | ' | ' | $4,850,000 |
Consulting | 26,000 | 76,000 | 1,493,000 |
Patent expense | ' | ' | 19,000 |
Total | $26,000 | $76,000 | $6,362,000 |
Significant_Accounting_Policie4
Significant Accounting Policies (Detail Textuals) (USD $) | 3 Months Ended | 75 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ' | ' | ' |
Amount charged to operations | $0 | $9,000 | $197,000 |
Common stock share grants for research and development | ' | ' | 733,438 |
Research and development, net of grants | $572,206 | $184,953 | $6,445,661 |
Antidilutive common share equivalents excluded from the computation of diluted earnings per share | 49,761,768 | 52,014,317 | ' |
Maximum | ' | ' | ' |
Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ' | ' | ' |
Amortization period | '17 years | ' | ' |
Minimum | ' | ' | ' |
Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ' | ' | ' |
Amortization period | '12 years | ' | ' |
Polymedix_Inc_Asset_Acquisitio2
Polymedix Inc. Asset Acquisition Patent Rights and Equipment (Details) (Polymedix Inc and Polymedix Pharmaceuticals Inc, USD $) | Sep. 04, 2013 |
Polymedix Inc and Polymedix Pharmaceuticals Inc | ' |
Business Acquisition [Line Items] | ' |
Intangible assets - patents rights - Brilacidin, Delparantag and other related compounds | $4,706,000 |
Tangible assets - Laboratory equipment and computer systems | $96,000 |
Polymedix_Inc_Asset_Acquisitio3
Polymedix Inc. Asset Acquisition Patent Rights and Equipment (Detail Textuals) (Polymedix Inc and Polymedix Pharmaceuticals Inc, USD $) | 0 Months Ended |
Sep. 04, 2013 | |
Business Acquisition [Line Items] | ' |
Payment in cash in asset acquisition | $2,100,000 |
Aggregate purchase price | 4,800,000 |
Issue price per share for stock issued under asset acquisition | $1.93 |
Stock issued to acquire the purchased assets | 2,700,000 |
Per share price of repurchase the registrable securities | $1 |
Number Of Potential Shares Needed To Repurchase Common Stock Under Put Option | 1,400,000 |
Redeemable common stock liability | $1,400,000 |
Class A common stock | ' |
Business Acquisition [Line Items] | ' |
Number of shares issued under asset acquisition | 1,400,000 |
Polymedix_Inc_Asset_Acquisitio4
Polymedix Inc. Asset Acquisition Patent Rights and Equipment (Detail Textuals1) (Research and Development Expense, USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Research and Development Expense | ' |
Business Acquisition [Line Items] | ' |
Value of tangible assets acquired expensed | $96,000 |
Patents_net_Details
Patents, net (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Purchased Patent Rights | $4,725,000 | $11,000 |
Accumulated amortization | 23,000 | 1,000 |
Patent costs - net | 4,702,388 | 10,400 |
Purchased Patent Rights- Brilacidin, and related compounds | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life | '14 years | ' |
Purchased Patent Rights | 4,081,700 | ' |
Purchased Patent Rights-Delparantag and related compounds | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life | '12 years | ' |
Purchased Patent Rights | 480,200 | ' |
Purchased Patent Rights-Anti-microbial-surfactants and related compounds | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life | '12 years | ' |
Purchased Patent Rights | 144,100 | ' |
Patents - Kevetrin and related compounds | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life | '17 years | ' |
Purchased Patent Rights | $19,000 | $11,000 |
Patents_net_Detail_Textuals
Patents, net (Detail Textuals) (USD $) | 3 Months Ended | 75 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $22,286 | ' | $22,902 |
Year 2025 | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated annual amortization expense | 345,000 | ' | ' |
Year 2026-28 | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated annual amortization expense | 300,000 | ' | ' |
Year 2028-29 | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated annual amortization expense | $55,000 | ' | ' |
Minimum | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated remaining useful lives of the assets | '12 years | ' | ' |
Amortization period | '11 years 9 months | ' | ' |
Maximum | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated remaining useful lives of the assets | '17 years | ' | ' |
Amortization period | '16 years 9 months | ' | ' |
Accrued_Expenses_Summary_of_ac
Accrued Expenses - Summary of accrued expenses (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Accrued Expenses [Abstract] | ' | ' |
Accrued research and development consulting fee | $320,000 | $200,000 |
Accrued rent - related parties | 61,000 | 60,000 |
Accrued interest - related parties | 329,000 | 294,000 |
Others | 11,000 | ' |
Total | $720,777 | $553,797 |
Accrued_Salaries_and_Payroll_T2
Accrued Salaries and Payroll Taxes-Related Parties - Summary of Accrued salaries and payroll taxes (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Accrued Expense To Related Party [Abstract] | ' | ' |
Accrued salaries - related parties | $3,244,000 | $3,244,000 |
Accrued payroll taxes - related parties | 152,000 | 152,000 |
Withholding tax-related parties | 26,000 | 31,000 |
Withholding tax-employee | 20,000 | 4,000 |
Total | $3,441,654 | $3,431,018 |
Accrued_Salaries_and_Payroll_T3
Accrued Salaries and Payroll Taxes-Related Parties (Detail Textuals) (USD $) | 1 Months Ended |
Dec. 29, 2010 | |
Officer | |
Related Party Transaction [Line Items] | ' |
Number of executive officers | 2 |
Percentage of annual increase in salary | 10.00% |
Term of agreement | '3 years |
Leo Ehrlich | ' |
Related Party Transaction [Line Items] | ' |
Executive's annual base salary | 350,000 |
Krishna Menon | ' |
Related Party Transaction [Line Items] | ' |
Executive's annual base salary | 350,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail Textuals) (Mr. Evans, USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||
Feb. 04, 2012 | Jan. 29, 2013 | Sep. 17, 2013 | Aug. 23, 2013 | Feb. 14, 2011 | |
Settlement Agreement | Settlement Agreement | Settlement Agreement | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' |
Repurchase of stock, shares | ' | ' | ' | ' | 4,602,312 |
Duration of shares repurchase | ' | ' | ' | ' | '3 years |
Repurchase of stock, value | ' | ' | ' | ' | $1,000,000 |
Payment on signing of agreement | $300,000 | $300,000 | ' | $292,500 | $100,000 |
Cancellation of treasury stock (in shares) | 1,380,000 | 1,380,000 | 1,382,083 | ' | 460,229 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Detail Textuals 1) (Mr. Evans, Settlement Agreement, USD $) | 0 Months Ended |
Sep. 03, 2013 | |
Installment | |
Mr. Evans | Settlement Agreement | ' |
Commitments And Contingencies [Line Items] | ' |
Total payment | $892,500 |
Number of installments | 3 |
Amount paid | $292,500 |
Terms of amended settlement agreement | 'The amended agreement provides for total payment of $892,500, to be paid in three separate installments as follows: (i) two payments of $300,000 each to Mr. Evans payable on the first and second anniversary of the execution of this agreement; and (ii) a full and final installment payment of $292,500 on or before September 15, 2013. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Detail Textuals 2) (Formatech, Class A common stock) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Jun. 30, 2013 | |
Formatech | Class A common stock | ' | ' |
Agreement [Line Items] | ' | ' |
Shares issued for services (in shares) | 184,375 | 184,375 |
Related_Party_Transactions_Det
Related Party Transactions (Detail Textuals) (USD $) | 3 Months Ended | 75 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 07, 2007 | Sep. 30, 2013 | Sep. 30, 2013 | |
Lease extension agreement | Kard Scientific | Kard Scientific | Kard Scientific | Leo Ehrlich and Dr. Krishna Menon | Innovative Medical Research Inc | ||||
sqft | |||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Office space rent (per month) | ' | ' | ' | $15,538 | ' | ' | $900 | ' | $900 |
Rent payables included in accrued expenses | ' | ' | ' | ' | 61,000 | 60,000 | ' | ' | ' |
Rent payables included in general and administrative expenses | $2,000 | $3,000 | $62,100 | ' | ' | ' | ' | ' | ' |
Lease term | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Area of office space | ' | ' | ' | ' | ' | ' | ' | 200 | ' |
Related_Party_Transactions_Det1
Related Party Transactions (Detail Textuals 1) (USD $) | 3 Months Ended | 75 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Research and development expenses | $572,206 | $184,953 | $7,179,099 | ' |
Accounts payable, related party payables | 1,713,666 | ' | 1,713,666 | 1,703,916 |
Kard Scientific | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Research and development expenses | 0 | 0 | 2,601,000 | ' |
Accounts payable, related party payables | $1,686,000 | ' | $1,686,000 | $1,686,000 |
Note_PayableRelated_Party_Deta
Note Payable-Related Party (Detail Textuals) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2012 | Oct. 01, 2009 | Oct. 01, 2009 | Jun. 30, 2011 | Jun. 30, 2010 | Apr. 01, 2011 |
Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | |||
Ehrlich | Ehrlich | Ehrlich | Ehrlich | Ehrlich | ||||
Promissory Note A | Promissory Note B | Promissory Note C | Promissory Note C | Promissory Note C | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Ehrlich Promissory Note - total amount | ' | ' | ' | ' | ' | $997,047 | $972,907 | ' |
Simple interest bearing unsecured Ehrlich Promissory Note | ' | ' | 9.00% | ' | ' | ' | 9.00% | ' |
Common stock per share | ' | ' | ' | ' | ' | ' | $0.50 | ' |
Percentage of interest rate change | ' | ' | 10.00% | 9.00% | 9.00% | ' | ' | ' |
Debt instrument accrued interest converted into additional principal | ' | ' | ' | ' | ' | ' | ' | 96,677 |
Note payable to officer | $2,022,264 | $2,022,264 | $2,248,037 | ' | ' | $2,002,264 | ' | ' |
Note_PayableRelated_Party_Deta1
Note Payable-Related Party (Detail Textuals 1) (Promissory Note C, Mr. Ehrlich, USD $) | 0 Months Ended | 3 Months Ended | ||
8-May-12 | Sep. 30, 2013 | Jun. 30, 2013 | 7-May-12 | |
Promissory Note C | Mr. Ehrlich | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Number of shares converted | 2,000,000 | ' | ' | ' |
Bid price of shares converted | $0.51 | ' | ' | $0.46 |
Percentage of bid price | 110.00% | ' | ' | ' |
Term of shares | '10 years | ' | ' | ' |
Interest accrued | ' | $329,000 | $294,000 | ' |
Repayment of accrued interest | ' | $15,000 | ' | ' |
Stock_Options_and_Warrants_Sto
Stock Options and Warrants - Stock option activity (Details) (Stock Options) | 3 Months Ended |
Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected dividend yield | 0.00% |
Minimum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected term (in years) | '5 years |
Expected stock price volatility | 136.05% |
Risk-free interest rate | 1.53% |
Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected term (in years) | '10 years |
Expected stock price volatility | 137.33% |
Risk-free interest rate | 1.72% |
Stock_Options_and_Warrants_Opt
Stock Options and Warrants - Options outstanding and exercisable (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Jun. 30, 2013 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Outstanding at June 30, 2013 | 39,142,500 | ' |
Granted | ' | ' |
Exercised | ' | -2,255,000 |
Forfeited/expired | ' | ' |
Outstanding at September 30, 2013 | 39,142,500 | ' |
Exercisable at September 30, 2013 | 39,112,500 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' |
Outstanding at June 30, 2013 | $0.14 | ' |
Granted | ' | ' |
Exercised | ' | ' |
Forfeited/expired | ' | ' |
Outstanding at September 30, 2013 | $0.14 | ' |
Exercisable at September 30, 2013 | $0.14 | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term [Roll Forward] | ' | ' |
Weighted average remaining contractual life (Years), Outstanding | '7 years 5 months 19 days | ' |
Weighted average remaining contractual life (Years), Outstanding | '7 years 2 months 19 days | ' |
Weighted average remaining contractual life (Years), Exercisable | '7 years 2 months 19 days | ' |
Aggregate intrinsic value, Outstanding | $64,170,000 | ' |
Aggregate intrinsic value, Outstanding | 65,734,950 | ' |
Aggregate intrinsic value, Exercisable | $65,725,817 | ' |
Stock_Options_and_Warrants_Det
Stock Options and Warrants (Detail Textuals 1) (2009 Stock Option Plan) | Apr. 05, 2009 |
2009 Stock Option Plan | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of stock options shares permits for grant | 2,000,000 |
Stock_Options_and_Warrants_Det1
Stock Options and Warrants (Detail Textuals 2) (2010 Equity Incentive Plan) | 3 Months Ended |
Sep. 30, 2013 | |
2010 Equity Incentive Plan | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of stock options shares permits for grant | 45,000,000 |
Term of incentive stock option granted | '10 years |
Percentage of combined voting power | 10.00% |
Stock_Options_and_Warrants_Det2
Stock Options and Warrants (Detail Textuals 3) (Stock Options, USD $) | 3 Months Ended | 75 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation expense | $26,000 | $76,000 | $6,362,000 |
Unamortized compensation cost expected to be recognized | $28,000 | ' | $28,000 |
Stock_Options_and_Warrants_Det3
Stock Options and Warrants (Detail Textuals 4) (USD $) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Jun. 30, 2013 | |
Class of Warrant or Right [Line Items] | ' | ' |
Class A common stock issued to each warrant holder | 1,025,000 | ' |
Common stock, par value | $0.00 | ' |
Common stock purchase warrant exercisable price | $1 | ' |
Proceeds from exercise of warrants | $1,025,000 | ' |
Warrants | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Warrants issued and outstanding | 4,546,084 | 5,571,084 |
Weighted average exercise price of warrants | 0.74 | 0.92 |
Average remaining contractual life of the outstanding warrants | '1 year 2 months 16 days | '1 year 5 months 5 days |
Aggregate intrinsic value | $4,176,000 | $4,794,000 |
Equity_Transactions_Detail_Tex
Equity Transactions (Detail Textuals) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | |||
Sep. 10, 2013 | Sep. 17, 2013 | Aug. 05, 2013 | Aug. 20, 2013 | Jul. 19, 2013 | Jul. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | ' | ' | ' | ' | ' | $0.00 | ' |
Common stock purchase warrant exercisable price | ' | ' | ' | ' | ' | ' | $1 | ' |
Proceeds from exercise of warrants | ' | ' | ' | ' | ' | ' | $1,025,000 | ' |
Class A common stock | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 200,000 | 200,000 | 200,000 | 125,000 | 100,000 | 200,000 | 103,598,985 | 100,456,068 |
Common stock, par value | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Common stock purchase warrant exercisable price | $1 | $1 | $1 | $1 | $1 | $1 | $1 | ' |
Proceeds from exercise of warrants | $200,000 | $200,000 | $200,000 | $125,000 | $100,000 | $200,000 | $1,025,000 | ' |
Equity_Transactions_Detail_Tex1
Equity Transactions (Detail Textuals 1) (Polymedix Inc and Polymedix Pharmaceuticals Inc) | 0 Months Ended |
Sep. 04, 2013 | |
Business Acquisition [Line Items] | ' |
Shares issued to shareholder of Polymedix | 1,400,000 |
Class A common stock | ' |
Business Acquisition [Line Items] | ' |
Shares issued to shareholder of Polymedix | 1,400,000 |
Equity_Transactions_Detail_Tex2
Equity Transactions (Detail Textuals 2) (USD $) | 3 Months Ended | 12 Months Ended | 15 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 06, 2012 | Sep. 30, 2013 | |
Aspire Capital Fund LLC | Aspire Capital Fund LLC | Aspire Capital Fund LLC | Common Stock Purchase Agreement | Common Stock Purchase Agreement | Common Stock Purchase Agreement | Financing Agreement | |
Class A common stock | Class A common stock | Aspire Capital Fund LLC | |||||
Aspire Capital Fund LLC | |||||||
Agreement [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common stock shares committed to purchase value | ' | ' | ' | ' | ' | $10,000,000 | ' |
Term of agreements | ' | ' | ' | ' | ' | '36 months | ' |
Shares issued as commitment fee (in shares) | ' | ' | ' | ' | ' | 336,625 | ' |
Number of common stock shares sold | ' | ' | ' | ' | ' | 112,208 | ' |
Value of common stock shares sold | ' | ' | ' | ' | ' | 100,000 | ' |
Number of shares authorized to purchased each and any business | ' | ' | ' | ' | 100,000 | ' | ' |
Amount of shares authorized to purchased each and any business | ' | ' | ' | ' | 500,000 | ' | ' |
Description of regular purchase price | ' | ' | ' | ' | ' | ' | ' |
The purchase price for Regular Purchases (the “Regular Purchase Price”), shall be equal to the lesser of: (i) the lowest sale price of the shares on the purchase date, or (ii) the average of the three (3) lowest closing sale prices of the shares during the twelve (12) business days prior to the purchase date. | |||||||
Period of prior written notice | ' | ' | ' | '1 day | ' | ' | ' |
Percentage of trading volumes for next business days | ' | ' | ' | 20.00% | ' | ' | ' |
Description of VWAP Purchase Price | ' | ' | ' | 'The closing sale price of the shares on the purchase date, or (ii) ninety-five percent (95%) of the next business day's volume weighted average price (each such purchase, a "VWAP Purchase"). | ' | ' | ' |
VWAP purchase price | ' | ' | ' | $0.50 | ' | ' | ' |
Shares issued (in shares) | 2,100,000 | 2,712,208 | 4,812,208 | ' | ' | ' | ' |
Proceeds from issuance of common stock | $3,730,000 | $4,383,000 | $8,113,000 | ' | ' | ' | $1,887,000 |
Subsequent_Events_Detail_Textu
Subsequent Events (Detail Textuals) (Aspire Capital Fund LLC, USD $) | 3 Months Ended | 12 Months Ended | 15 Months Ended | 0 Months Ended | 1 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 06, 2012 | Oct. 24, 2013 | Oct. 25, 2013 | |
Class A common stock | Subsequent Event | Subsequent Event | ||||
Common Stock Purchase Agreement | Class A common stock | Class A common stock | ||||
Common Stock Purchase Agreement | Common Stock Purchase Agreement | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Amount of additional proceeds | $3,730,000 | $4,383,000 | $8,113,000 | ' | $1,890,000 | ' |
Number of common shares sold | 2,100,000 | 2,712,208 | 4,812,208 | ' | 1,104,537 | ' |
Amount of completed commitment | ' | ' | ' | ' | 10,000,000 | ' |
Common stock shares committed to purchase value | ' | ' | ' | $10,000,000 | ' | $20,000,000 |
Term of agreements | ' | ' | ' | '36 months | ' | '36 months |
Shares issued as commitment fee (in shares) | ' | ' | ' | 336,625 | ' | 210,523 |