Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Mar. 31, 2015 | 15-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | NANOVIRICIDES, INC. | |
Entity Central Index Key | 1379006 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | NNVC | |
Entity Common Stock, Shares Outstanding | 57,150,000 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2015 |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $33,919,404 | $36,696,892 |
Prepaid expenses | 308,604 | 108,089 |
Prepaid expenses - related parties | 66,100 | 0 |
Other current assets | 0 | 150,000 |
Total Current Assets | 34,294,108 | 36,954,981 |
PROPERTY AND EQUIPMENT | ||
Property and equipment | 12,300,894 | 6,736,742 |
Accumulated depreciation | -1,393,982 | -1,239,986 |
Property and equipment, net | 10,906,912 | 5,496,756 |
TRADEMARK AND PATENTS | ||
Trademark and Patents | 458,954 | 458,954 |
Accumulated amortization | -57,149 | -50,696 |
Trademark and patents, net | 401,805 | 408,258 |
SECURITY DEPOSIT | 0 | 1,000,000 |
Total Assets | 45,602,825 | 43,859,995 |
CURRENT LIABILITIES: | ||
Accounts payable | 23,375 | 376,446 |
Accounts payable - related parties | 0 | 49,455 |
Accrued expenses | 125,054 | 91,838 |
Deferred interest payable | 375,000 | 0 |
Total Current Liabilities | 523,429 | 517,739 |
LONG TERM LIABILITIES: | ||
Deposit for debenture | 0 | 5,000,000 |
Total Long Term Liabilities | 13,218,014 | 19,972,953 |
Total Liabilities | 13,741,443 | 20,490,692 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value; 85,714,285 shares authorized; 57,150,415 and 54,620,993 shares issued and outstanding, respectively | 57,150 | 54,621 |
Additional paid-in capital | 84,982,686 | 75,212,888 |
Accumulated deficit | -53,181,861 | -51,901,400 |
Total Stockholders' Equity | 31,861,382 | 23,369,303 |
Total Liabilities and Stockholders' Equity | 45,602,825 | 43,859,995 |
Warrant [Member] | ||
LONG TERM LIABILITIES: | ||
Derivative liability | 4,611,472 | 5,235,682 |
Series B Debentures [Member] | ||
LONG TERM LIABILITIES: | ||
Deposit for debenture | 4,525,729 | 4,037,568 |
Derivative liability | 930,940 | 5,699,703 |
Series C Debentures [Member] | ||
LONG TERM LIABILITIES: | ||
Deposit for debenture | 2,340,568 | 0 |
Derivative liability | 809,305 | 0 |
Series A Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock | 3,407 | 3,194 |
Series B Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock | 0 | 0 |
Series C Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock | $0 | $0 |
Balance_Sheets_Parenthetical
Balance Sheets [Parenthetical] (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 85,714,285 | 85,714,285 |
Common stock, shares issued | 57,150,415 | 54,620,993 |
Common stock, shares, outstanding | 57,150,415 | 54,620,993 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 4,000,000 | 4,000,000 |
Preferred stock, shares issued | 3,406,085 | 3,193,079 |
Preferred stock, shares outstanding | 3,406,085 | 3,193,079 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 2,857,143 | 2,857,143 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series C Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
OPERATING EXPENSES | ||||
Research and development | $546,464 | $625,737 | $2,274,310 | $2,930,436 |
General and administrative | 576,173 | 607,628 | 2,352,115 | 1,943,123 |
Total operating expenses | 1,122,637 | 1,233,365 | 4,626,425 | 4,873,559 |
LOSS FROM OPERATIONS | -1,122,637 | -1,233,365 | -4,626,425 | -4,873,559 |
OTHER INCOME (EXPENSE): | ||||
Interest income | 35,009 | 54,789 | 156,035 | 78,850 |
Interest expense | -1,920,268 | -2,725,716 | -2,412,712 | -2,972,216 |
Discount on convertible debentures | -297,276 | -143,051 | -860,454 | -419,305 |
Change in fair value of derivatives | 3,054,154 | 5,371,197 | 6,463,095 | 1,585,067 |
Other income (expense), net | 871,619 | 2,557,219 | 3,345,964 | -1,727,604 |
(LOSS) INCOME BEFORE INCOME TAX PROVISION | -251,018 | 1,323,854 | -1,280,461 | -6,601,163 |
INCOME TAX PROVISION | 0 | 0 | 0 | 0 |
NET (LOSS) INCOME | ($251,018) | $1,323,854 | ($1,280,461) | ($6,601,163) |
NET (LOSS) INCOME PER COMMON SHARE | ||||
Basic (in dollars per share) | $0 | $0.02 | ($0.02) | ($0.13) |
Diluted (in dollars per share) | ($0.02) | ($0.02) | ($0.07) | ($0.13) |
Weighted average common shares outstanding | ||||
Basic (in shares) | 56,941,122 | 53,318,736 | 56,356,105 | 50,307,984 |
Diluted (in shares) | 59,607,788 | 55,033,023 | 59,022,772 | 50,307,984 |
Statement_of_Changes_in_Stockh
Statement of Changes in Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Balance at Jun. 30, 2014 | $23,369,303 | $3,194 | $54,621 | $75,212,888 | ($51,901,400) |
Balance (in shares) at Jun. 30, 2014 | 3,193,079 | 54,620,993 | |||
Series A Preferred Shares issued with Debenture - Series C | 1,152,297 | 187 | 0 | 1,152,110 | |
Series A Preferred Shares issued with Debenture - Series C (in shares) | 187,000 | 0 | |||
Series A Preferred Shares issued for employee stock compensation | 181,363 | 23 | 0 | 181,340 | |
Series A Preferred Shares issued for employee stock compensation (in shares) | 23,148 | 0 | |||
Shares issued for consulting and legal services | 82,360 | 21 | 82,339 | ||
Shares issued for consulting and legal services (in shares) | 20,880 | ||||
Warrants issued to Scientific Advisory Board | 52,130 | 0 | 52,130 | ||
Shares issued for consulting and legal services rendered on August 31, 2014 (in shares) | 0 | ||||
Common Shares issued in connection with exercise of warrants | 6,743,297 | 1,927 | 6,741,370 | ||
Common Shares issued in connection with exercise of warrants (in shares) | 1,926,656 | ||||
Common shares issued for debenture interest | 1,502,869 | 571 | 1,502,298 | ||
Common shares issued for debenture interest (in shares) | 571,433 | ||||
Series A Preferred Shares issued for consulting and legal services rendered | 24,474 | 3 | 24,471 | ||
Series A Preferred Shares issued for consulting and legal services rendered on November 30, 2014 (in shares) | 2,858 | ||||
Shares issued for Directors fees | 33,750 | 10 | 33,740 | ||
Shares issued for Directors fees (in shares) | 10,453 | ||||
Net loss | -1,280,461 | 0 | -1,280,461 | ||
Balance at Mar. 31, 2015 | $31,861,382 | $3,407 | $57,150 | $84,982,686 | ($53,181,861) |
Balance (in shares) at Mar. 31, 2015 | 3,406,085 | 57,150,415 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($1,280,461) | ($6,601,163) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Preferred shares issued as compensation | 205,837 | 70,524 |
Common shares issued for services | 116,110 | 96,751 |
Common shares issued for interest | 1,502,869 | 2,605,716 |
Warrants granted to Scientific Advisory Board | 52,130 | 167,954 |
Depreciation | 153,996 | 151,902 |
Amortization | 6,453 | 6,581 |
Change in fair value of derivative liability | -6,463,095 | -1,585,067 |
Amortization of debt discount convertible debentures | 860,454 | 419,305 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | -200,515 | -740,515 |
Other current assets | 150,000 | 0 |
Deferred interest payable | 375,000 | 0 |
Accounts payable | -353,071 | -8,256 |
Prepaid expenses/accounts payable - related parties | -115,555 | 35,469 |
Accrued expenses | 33,215 | 2,736 |
NET CASH USED IN OPERATING ACTIVITIES | -4,956,633 | -5,378,063 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Collateral advance for affiliate | 1,000,000 | -1,000,000 |
Purchase of property and equipment | -5,564,152 | -3,618,201 |
NET CASH USED IN INVESTING ACTIVITIES | -4,564,152 | -4,618,201 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock and warrants in connection with private placements of common stock, net of issuance costs | 0 | 28,602,740 |
Proceeds from exercise of warrants | 6,743,297 | 735,626 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 6,743,297 | 29,338,366 |
NET CHANGE IN CASH and CASH EQUIVALENTS | -2,777,488 | 19,342,102 |
Cash and Cash Equivalents at beginning of period | 36,696,892 | 13,923,245 |
Cash and Cash Equivalents at end of period | 33,919,404 | 33,265,347 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Interest paid | 0 | 0 |
Income tax paid | 0 | 0 |
NON CASH FINANCING AND INVESTING ACTIVITIES: | ||
Series A Preferred stock issued as discount on debentures | 1,152,297 | 0 |
Issuance of Series C Debenture for deposit received | 5,000,000 | 0 |
Bifurccation of embedded derivative | 1,879,428 | 0 |
Stock warrants granted to brokers | $0 | $248,758 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 9 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Note 1 - Organization and Nature of Business |
NanoViricides, Inc. (the “Company) was incorporated under the laws of the State of Colorado on July 25, 2000 as Edot-com.com, Inc. which was organized for the purpose of conducting internet retail sales. On April 1, 2005, Edot-com.com, Inc. was incorporated under the laws of the State of Nevada for the purpose of re-domiciling as a Nevada corporation. On May 12, 2005, the corporations were merged and Edot-com.com, Inc., the Nevada corporation, became the surviving entity. | |
On June 1, 2005, Edot-com.com, Inc. (“ECMM”) acquired Nanoviricide, Inc., a privately owned Florida corporation (“NVI”), pursuant to an Agreement and Plan of Share Exchange (the “Exchange”). Nanoviricide, Inc. was incorporated under the laws of the State of Florida on May 12, 2005. | |
Pursuant to the terms of the Exchange, ECMM acquired NVI in exchange for an aggregate of 80,000,000 newly issued shares of ECMM common stock resulting in an aggregate of 100,000,000 shares of ECMM common stock issued and outstanding. NVI then became a wholly-owned subsidiary of ECMM. The ECMM shares were issued to the NVI shareholders on a pro rata basis, on the basis of 4,000 shares of the Company’s common stock for each share of NVI common stock held by such NVI shareholder at the time of the Exchange. | |
As a result of the Exchange transaction, the former NVI stockholders held approximately 80% of the voting capital stock of the Company immediately after the Exchange. For financial accounting purposes, this acquisition was a reverse acquisition of ECCM by NVI, under the purchase method of accounting, and was treated as a recapitalization with NVI as the acquirer. Accordingly, the financial statements have been prepared to give retroactive effect to May 12, 2005 (date of inception), of the reverse acquisition completed on June 1, 2005, and represent the operations of NVI. | |
On June 28, 2005, NVI was merged into its parent ECMM and the separate corporate existence of NVI ceased. Effective on the same date, Edot-com.com, Inc. changed its name to NanoViricides, Inc. and its stock symbol to “NNVC”, respectively. | |
NanoViricides, Inc. (the “Company”), is a nano-biopharmaceutical company whose business goals are to discover, develop and commercialize therapeutics to advance the care of patients suffering from life-threatening viral infections. We are a company with several drugs in various stages of early development. Our drugs are based on several patents, patent applications, provisional patent applications, and other proprietary intellectual property held by TheraCour Pharma, Inc. (“TheraCour”), an entity owned and controlled by a significant stockholder, to which we have the necessary exclusive, worldwide licenses in perpetuity. The first agreement we executed with TheraCour Pharma on September 1, 2005, gave us an exclusive, worldwide license for the treatment of the following human viral diseases: Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Herpes Simplex Virus (HSV), Influenza and Asian Bird Flu Virus. | |
On February 15, 2010, the Company executed an Additional License Agreement with TheraCour. Pursuant to the Additional License Agreement, the Company was granted exclusive, worldwide licenses, in perpetuity, for technologies, developed by TheraCour, for the development of drug candidates for the treatment of Dengue viruses, Ebola/Marburg viruses, Japanese Encephalitis, viruses causing viral Conjunctivitis (a disease of the eye) and Ocular Herpes. As consideration for obtaining these exclusive licenses, we agreed to pay a onetime licensing fee equal to 2,000,000 shares (adjusted for the 3.5 to 1 reverse split) of the Company’s Series A Convertible Preferred Stock (the “Series A Preferred Stock”). The Series A Preferred Stock is convertible, only upon sale or merger of the Company, or the sale of or license of substantially all of the Company’s intellectual property, into shares of the Company’s common stock at the rate of 3.5 shares of common stock for each share of Series A Preferred Stock. The Series A Preferred Stock has a preferred voting preference at the rate of nine votes per share. The Preferred Series A do not contain any rights to dividends, have no liquidation preference, and are not to be amended without the holder’s approval. The 2,000,000 shares were valued at the par value of $2,000. | |
Restatement_of_Previously_Issu
Restatement of Previously Issued Financial Statements | 9 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ||||||||||||||||||||
Accounting Changes and Error Corrections [Text Block] | Note 2- Restatement of Previously Issued Financial Statements | |||||||||||||||||||
In connection with the preparation of our unaudited financial statements for the quarter ended December 31, 2014, we determined that in preparing our audited financial statements for the year ended June 30, 2014, we inadvertently overlooked the anti-dilution provisions in certain warrants issued in connection with the Company’s private placements of securities. Specifically, the warrants issued contained certain anti-dilution ratchet provisions that provided for an adjustment to the exercise price of the warrants if the Company issued any stock equivalent securities at a lower price in the future while the warrants were still outstanding. Adjustments to settlement amounts by future equity offerings or contractual terms of other equity linked financial instruments issued in a subsequent period are not inputs to the fair value of a fixed-for-fixed option on equity shares. Accordingly, the warrants are not considered indexed to its own stock and thus must be accounted for as derivative liabilities which require initial measurement at fair value and adjustment to fair value in subsequent periods . The Company determined that the error caused a material understatement of its derivative liability at June 30, 2014. As a result of this error, we filed the Form 10-K/A to restate our audited financial statements for the year ended June 30, 2014, on February 23, 2015 and the Form 10-Q/A to restate the unaudited financial statements for the three month periods ended September 30, 2014 and 2013. Form 10-Q for the three and six month periods ended December 31, 2014 and 2013 has also been restated for the three and six month periods ended December 31, 2013 to reflect the correction of the aforementioned error included in those periods. | ||||||||||||||||||||
The financial statements for the three and nine month periods ended March 31, 2014, include restatements to reflect the aforementioned omission of the derivative liabilities arising from the anti-dilution provisions in the aforesaid warrants issued in conjunction with the Company’s private placement of securities included in those periods. For the three and nine months ended March 31, 2014 the net adjustment to net income/loss recognized by the Company is $1,618,264 and $1,658,409 respectively. The net adjustment resulting from the recognition of the warrant derivative liability is an increase of $4,082,131 to derivative liability and a corresponding reduction in additional paid in capital of $4,082,131. | ||||||||||||||||||||
The impact of the above adjustment to the line items in our unaudited financial statements as of March 31, 2014 and for the three and nine months ended March 31, 2014 are summarized in the tables below: | ||||||||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
March 31, 2014 | Net Adjustments | March 31, 2014 | ||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||
As Originally Reported | As Restated | |||||||||||||||||||
LONG TERM LIABILITIES: | ||||||||||||||||||||
Debentures payable - Series B | $ | 3,887,378 | $ | - | $ | 3,887,378 | ||||||||||||||
Derivative liability -Series B | 3,824,986 | - | 3,824,986 | |||||||||||||||||
Derivative liability -warrants | - | 4,082,131 | 4,082,131 | |||||||||||||||||
Total Long Term Liabilities | 7,712,364 | 4,082,131 | 11,794,495 | |||||||||||||||||
Total Liabilities | 8,920,548 | 4,082,131 | 13,002,679 | |||||||||||||||||
STOCKHOLDERS' EQUITY: | ||||||||||||||||||||
Additional paid-in capital | 78,531,194 | -5,740,540 | 72,790,654 | |||||||||||||||||
Accumulated deficit | -46,559,356 | 1,658,409 | -44,900,947 | |||||||||||||||||
Total Stockholders' Equity | $ | 32,029,392 | $ | -4,082,131 | $ | 27,947,261 | ||||||||||||||
Statements of Operations | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
For the Three Months | For the Three Months | For the Nine Months | For the Nine Months | |||||||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||||||
March 31, 2014 | Net Adjustments | March 31,2014 | March 31, 2014 | Net Adjustments | March 31,2014 | |||||||||||||||
As Originally Reported | As Restated | As Originally Reported | As Restated | |||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Research and development | $ | 625,737 | $ | - | $ | 625,737 | $ | 2,930,436 | $ | - | $ | 2,930,436 | ||||||||
Refund credit research and development costs | - | - | - | - | ||||||||||||||||
General and administrative | 607,628 | - | 607,628 | 1,943,123 | - | 1,943,123 | ||||||||||||||
Total operating expenses | 1,233,365 | - | 1,233,365 | 4,873,559 | - | 4,873,559 | ||||||||||||||
LOSS FROM OPERATIONS | -1,233,365 | - | -1,233,365 | -4,873,559 | - | -4,873,559 | ||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest income | 54,789 | - | 54,789 | 78,850 | - | 78,850 | ||||||||||||||
Interest expense | -2,725,716 | - | -2,725,716 | -2,972,216 | - | -2,972,216 | ||||||||||||||
Discount on convertible debentures | -143,051 | - | -143,051 | -419,305 | - | -419,305 | ||||||||||||||
Change in fair market value of derivatives | 3,752,933 | 1,618,264 | 5,371.20 | -73,342 | 1,658,409 | 1,585,067 | ||||||||||||||
Other income (expense), net | 938,955 | 1,618,264 | 2,557,219 | -3,386,013 | 1,658,409 | -1,727,604 | ||||||||||||||
(LOSS ) INCOME BEFORE INCOME TAX PROVISION | -294,410 | 1,618,264 | 1,323,854 | -8,259,572 | 1,658,409 | -6,601,163 | ||||||||||||||
INCOME TAX PROVISION | - | - | - | - | - | |||||||||||||||
NET (LOSS) INCOME | $ | -294,410 | $ | 1,618,264 | $ | 1,323,854 | $ | -8,259,572 | $ | 1,658,409 | $ | -6,601,163 | ||||||||
NET (LOSS) INCOME PER COMMON SHARE | ||||||||||||||||||||
- Basic | $ | -0.01 | $ | 0.02 | $ | -0.16 | -0.13 | |||||||||||||
- Diluted | $ | -0.01 | $ | -0.02 | $ | -0.16 | $ | -0.13 | ||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
- Basic | 53,318,736 | 53,318,736 | 50,307,984 | 50,307,984 | ||||||||||||||||
- Diluted | 53,318,736 | 55,033,023 | 50,307,984 | 50,307,984 | ||||||||||||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Significant Accounting Policies [Text Block] | Note 3 - Summary of Significant Accounting Policies | |||||||||||||
Basis of Presentation – Interim Financial Information | ||||||||||||||
The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The accompanying financial statements and the information included under the heading “Management’s Discussion and Analysis or Plan of Operation” should be read in conjunction with our Company’s audited financial statements and related notes included in our Company’s form 10-K/A for the fiscal year ended June 30, 2014 filed with the SEC on February 23, 2015. | ||||||||||||||
Reclassifications | ||||||||||||||
Certain accounts in the June 30, 2014 financial statements have been reclassified to conform to the current period presentation. | ||||||||||||||
For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K/A for the fiscal year ended June 30, 2014 filed on February 23, 2015. | ||||||||||||||
Net Income (Loss) per Common Share | ||||||||||||||
Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants, convertible preferred stock, and convertible debentures. | ||||||||||||||
The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation as they were anti-dilutive: | ||||||||||||||
Potentially Outstanding Dilutive Common Shares | ||||||||||||||
For the | For the | |||||||||||||
Nine Months | Nine Months | |||||||||||||
Ended | Ended | |||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||
Stock options | 535,715 | 535,715 | ||||||||||||
Warrants | 5,959,527 | 8,870,065 | ||||||||||||
Total potentially outstanding dilutive common shares | 6,495,242 | 9,405,780 | ||||||||||||
In addition, the Company has issued Convertible Debentures, to investors. A portion of the interest required to be paid on the debentures had been paid in shares of the Company’s $0.001 par value common stock (“ Interest Shares”) according to the terms of the Debenture. No additional Interest Shares are required to be issued under the terms of the debenture. The Company will need to issue 571,428 warrants on January 15, 2016 relating to the additional interest to be paid on the Series B debentures. Coupon interest payable quarterly related to the Series B Debentures is payable in cash or shares of Common Stock at the average of the open and close value on the date such interest payment is due at the option of the Holder. The Holders have elected to receive coupon interest in cash. | ||||||||||||||
At March 31, 2015, the estimated number of potentially dilutive shares of the Company’s common stock into which the Series B debentures can be converted based upon the conversion price of $3.50 is 1,714,286. At March 31, 2015 the number of potential dilutive shares of the Company’s common stock into which the Series C debentures can be converted based upon the conversion provisions contained in the debenture is 952,381. | ||||||||||||||
The Company has also issued 3,406,085 of $0.001 par value Preferred A shares to investors and others as of March 31, 2015. Only in the event of a “change of control” of the Company, each Series A preferred share is convertible to 3.5 shares of its new common stock. A “Change of Control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition. In the absence of a Change of Control event, the Series A stock is not convertible into Common Stock, and does not carry any dividend rights or any other financial effects. At March 31, 2015, the estimated number of potentially dilutive shares of the Company’s common stock into which these Series A Preferred shares can be converted into is 11,921,298, and is not included in diluted earnings per share since the shares are contingently convertible only upon a Change of Control. | ||||||||||||||
Pursuant to the Redemption provisions of the Series C Debentures, the Company, at its sole option, shall have the right, but not the obligation, to repurchase the Debenture at any time prior to the Maturity Date (the “Redemption”). If the Company intends to repurchase the Debenture, and if the closing bid price of the Common Stock is greater than $5.25 on the Redemption Date, unless the Holder, on or prior to the Redemption Date, elects to receive the “Redemption Payment”, as that term is defined herein, the Company shall pay to the Holder: (i) 952,381 shares of Common Stock in consideration of the exchange of the principal amount of the Debenture; and (ii) any and all accrued coupon interest. If on or prior to the Redemption Date, the Holder elects to receive the Redemption Payment, or the closing bid price of the Common Stock is less than $5.25, the Company shall issue to the Holder: (i) the principal amount of the Debenture; (ii) any accrued coupon interest; (iii) additional interest of 7% per annum for the period from the date of issuance of the Debenture to the Redemption Date; and (iv) warrants to purchase 619,048 shares of Common Stock which shall expire in three years from the date of issuance at an exercise price of $6.05 per share of Common Stock (the “Redemption Warrants”, and collectively with (i) – (iii), the “Redemption Payment”). The Company shall use its best efforts to register the shares underlying the Redemption Warrants under a “shelf” registration statement, provided same is available to the Company, in accordance with the provisions of the Securities Act. | ||||||||||||||
The following represents a reconciliation of the numerators and denominators of the basic and diluted per share calculations for income from continuing operations: | ||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||
March 31, | March 31, | March 31, | March 31, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Calculation of basic loss per share of common stock: | ||||||||||||||
Net (loss) income attributable to common stockholders | $ | -251,018 | $ | 1,323,854 | $ | -1,280,462 | $ | -6,601,163 | ||||||
Denominator for basic weighted average shares of common stock | 56,941,122 | 53,318,736 | 56,356,105 | 50,307,984 | ||||||||||
Basic (loss) income per share of common stock | $ | 0 | $ | 0.02 | $ | -0.02 | $ | -0.13 | ||||||
Calculation of diluted loss per share of common stock: | ||||||||||||||
Net (loss) income attributable to common stockholders | $ | -251,018 | $ | 1,323,854 | $ | -1,280,462 | $ | -6,601,163 | ||||||
Add: Income impact of assumed conversion of Debentures | -696,103 | -2,502,430 | -2,740,562 | - | ||||||||||
Net (loss) income attributable to common stockholders plus assumed conversions | $ | -947,121 | $ | -1,178,576 | $ | -4,021,024 | $ | -6,601,163 | ||||||
Denominator for basic weighted average shares of common stock | 56,941,122 | 53,318,737 | 56,356,105 | 50,307,984 | ||||||||||
Incremental shares from assumed conversions of Debentures payable | 2,666,667 | 1,714,286 | 2,666,667 | - | ||||||||||
Denominator for diluted weighted average shares of common stock | 59,607,788 | 55,033,023 | 59,022,772 | 50,307,984 | ||||||||||
Diluted (loss) income per share of common stock | $ | -0.02 | $ | -0.02 | $ | -0.07 | $ | -0.13 | ||||||
Series B Debentures were excluded from the loss per share calculation for the three and nine months ended March 31, 2014 because the impact is anti-dilutive. | ||||||||||||||
Recently Issued Accounting Pronouncements | ||||||||||||||
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." This ASU requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition, and apply existing guidance under the Stock Compensation Topic of the ASC as it relates to awards with performance conditions that affect vesting to account for such awards. The provisions of this ASU are effective for interim and annual periods beginning after December 31, 2015. The Company is currently evaluating the impact of this ASU. | ||||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The new standard will be effective for reporting periods beginning after December 15, 2016, with early adoption permitted. Management is currently evaluating the impact of the adoption of ASU 2014-14 on the Company’s financial statements and disclosures. | ||||||||||||||
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30), “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years. We expect the adoption of this guidance will not have a material impact on our financial statements. | ||||||||||||||
Financial_Condition
Financial Condition | 9 Months Ended |
Mar. 31, 2015 | |
Financial Conditons Disclosure [Abstract] | |
Financial Conditons Disclosure [Text Block] | Note 4 - Financial Condition |
The Company’s financial statements for the interim period ended March 31, 2015 have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company has an accumulated deficit at March 31, 2015 of ($53,181,861). In addition, the Company has not generated any revenues and no revenues are anticipated in the short-term. Since May 2005, the Company has been engaged exclusively in research and development activities focused on developing targeted antiviral drugs. The Company has not yet commenced any product commercialization. Such losses are expected to continue for the foreseeable future and until such time, if ever, as the Company is able to attain sales levels sufficient to support its operations. There can be no assurance that the Company will achieve or maintain profitability in the future. As of March 31, 2015 the Company had cash and cash equivalents of $33,919,404. The Company has sufficient capital to continue its business, at least, through March 31, 2017, at the current rate of expenditure. | |
While the Company continues to incur significant operating losses with significant capital requirements, the Company has been able to finance its business through sale of its securities. The Company may require additional capital to finance planned and currently unplanned capital costs and additional staffing requirements during the next 24 months. The Company has in the past adjusted its priorities and goals in line with the cash on hand and capital availability. The Company believes it can adjust its priorities of drug development and its plan of operations as necessary, if it is unable to raise additional funds. | |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||
Related Party Transactions Disclosure [Text Block] | Note 5 - Related Party Transactions | |||||||||||||
Related Parties | ||||||||||||||
Related parties with whom the Company had transactions are: | ||||||||||||||
Related Parties | Relationship | |||||||||||||
Anil R. Diwan | Chairman, President, significant stockholder and director | |||||||||||||
Eugene Seymour | CEO, significant stockholder, director | |||||||||||||
TheraCour Pharma, Inc. | An entity owned and controlled by significant stockholder | |||||||||||||
Inno-Haven, LLC | An entity owned and controlled by significant stockholder | |||||||||||||
Milton Boniuk, MD | Director and significant stockholder | |||||||||||||
Property and Equipment | ||||||||||||||
For the nine months ended | ||||||||||||||
March 31, 2015 | ||||||||||||||
During the reporting period, the Company acquired 1 Controls Drive Shelton Ct from Inno-Haven, LLC | $ | 4,222,549 | ||||||||||||
During the reporting period, Inno-Haven, LLC, acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company | $ | - | ||||||||||||
During the reporting period, TheraCour Pharma, Inc. acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company | $ | 222,582 | ||||||||||||
Prepaid Expense (Accounts Payable) Related Party | ||||||||||||||
As of | As of | |||||||||||||
March 31, 2015 | June 30, 2014 | |||||||||||||
Pursuant to an Exclusive License Agreement and an Additional License Agreement we entered into with TheraCour Pharma, Inc., (TheraCour), the Company was granted exclusive licenses in perpetuity for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies, and others. In consideration for obtaining these exclusive licenses, we agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of direct costs as a Development Fee and such development fees shall be due and payable in periodic installments as billed. (2) we will pay $25,000 per month for usage of lab supplies and chemicals from existing stock held by TheraCour, (3) we will pay $2,000 per month or actual costs, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf. Prepaid Expense (Accounts payable) due TheraCour Pharma Inc. (including a two (2) month security advance): | $ | 66,100 | $ | -49,455 | ||||||||||
Research and Development Costs Paid to Related Parties | ||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||
March 31, | March 31, | March 31, | March 31, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Development fees and other costs charged by and paid to TheraCour Pharma, Inc. pursuant to exclusive License Agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at March 31, 2015 and 2014 | $ | 398,407 | $ | 391,628 | $ | 1,688,547 | $ | 1,315,753 | ||||||
Long Term Debenture Payable to a Director | ||||||||||||||
March 31, 2015 | June 30, 2014 | |||||||||||||
Series B Convertible Debentures - Milton Boniuk | $ | 4,000,000 | $ | 4,000,000 | ||||||||||
Series C Convertible Debentures: - Milton Boniuk | 5,000,000 | - | ||||||||||||
Total Long Term Debentures Payable to a Director | $ | 9,000,000 | $ | 4,000,000 | ||||||||||
Property_and_Equipment
Property and Equipment | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 6 - Property and Equipment | |||||||
Property and equipment, stated at cost, less accumulated depreciation consisted of the following: | ||||||||
March 31, | June 30, | |||||||
2015 | 2014 | |||||||
Building GMP Facility | $ | 8,376,336 | $ | 3,099,780 | ||||
Office Equipment | 30,048 | 30,048 | ||||||
Furniture and Fixtures | 1,400 | 1,400 | ||||||
Lab Equipment | 3,893,110 | 3,605,514 | ||||||
Total Property and Equipment | 12,300,894 | 6,736,742 | ||||||
Less Accumulated Depreciation | -1,393,982 | -1,239,986 | ||||||
Property and Equipment, Net | $ | 10,906,912 | $ | 5,496,756 | ||||
Depreciation expense for the nine months ended March 31, 2015 and 2014 was $153,996 and $151,902, respectively. | ||||||||
On December 31, 2014, the Company entered into and consummated an Agreement for the Purchase and Sale of a cGMP-compliant pilot manufacturing and lab facility at 1 Controls Drive, Shelton, Connecticut. The purchase price of the facility was comprised solely of the repayment of the direct costs of the seller, Inno-Haven, LLC (“Inno-Haven”), an entity owned and controlled by a significant stockholder, incurred in acquiring and renovating the property and the facility plus Inno-Haven’s closing costs in connection with the sale. The purchase price consisted of the repayment of Inno-Haven’s acquisition and renovation expenses of $4,222,549 and closing costs of $81,230. | ||||||||
Trademark_and_Patents
Trademark and Patents | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Intangible Assets Disclosure [Text Block] | Note 7 - Trademark and Patents | |||||||
Trademark and patents, stated at cost, less accumulated amortization consisted of the following: | ||||||||
March 31, | June 30, | |||||||
2015 | 2014 | |||||||
Trademarks and Patents | $ | 458,954 | $ | 458,954 | ||||
Less Accumulated Amortization | -57,149 | -50,696 | ||||||
Trademarks and Patents, Net | $ | 401,805 | $ | 408,258 | ||||
Amortization expense amounted to $6,453 and $6,581 for the nine months ended March 31, 2015, and 2014, respectively. | ||||||||
Convertible_Debentures
Convertible Debentures | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt Disclosure [Text Block] | Note 8 – Convertible Debentures | |||||||
On February 1, 2013, the Company raised gross proceeds of $6,000,000 which includes $4,000,000 from a family investment office and a charitable foundation controlled by Dr. Milton Boniuk, a member of the Company’s board of directors, through the issuance of our Series B Debentures. The investors purchased unsecured convertible debentures with a 4-year term. The debentures bear an interest rate of 8% p.a. payable quarterly in cash or the Holder at its option may elect to receive such coupon interest payment in shares of common stock and calculated on the issuance, average of the open and close value on the date such interest payment is due. Additional interest is payable in restricted common stock of 571,429 shares at issuance, January 15, 2014, and 2015, and additional interest of 571,429 warrants to be issued on January 15, 2016. The warrants are exercisable at $3.50 per warrant and will be valid for 3 years after issuance. The investors can convert the principal and any accrued interest into common stock at a fixed price of $3.50 per share. The Company can prepay the debentures, in which case the base interest rate shall increase by a 7% prepayment penalty. The Company agreed to use its best efforts to register the interest shares and the shares issuable from the interest warrants under a “shelf” registration statement provided same is available, in accordance with the provisions of the Securities Act. | ||||||||
The following table presents the balance of the Debenture payable – Series B, net of discount at March 31, 2015 and June 30, 2014. The debt discount is being accreted to interest expense over the term of the debenture: | ||||||||
March 31, | June 30, | |||||||
2015 | 2014 | |||||||
Proceeds | $ | 6,000,000 | $ | 6,000,000 | ||||
Debt discount for bifurcated derivative | -2,735,310 | -2,735,310 | ||||||
3,264,690 | 3,264,690 | |||||||
Amortization of debt discount | 1,261,039 | 772,878 | ||||||
Debenture payable - Series B, net | $ | 4,525,729 | $ | 4,037,568 | ||||
The debenture contains embedded derivatives which are not clearly and closely related to the host instrument. The embedded derivatives are bifurcated from the host debt instrument and treated as a liability. | ||||||||
The single compound embedded derivative features valued include the: | ||||||||
1 | Principal conversation feature at maturity based on fixed conversion price subject to standard adjustments. | |||||||
2 | Redemption additional interest and Redemption Warrants offering. | |||||||
3 | Additional Interest Shares and Interest Warrants. | |||||||
For the three and nine months period ended March 31, 2015 the Company recognized amortization of this discount as an additional interest charge to “Discount on convertible debentures” in the amounts of $166,543 and $488,161 respectively. | ||||||||
The Company used a lattice model that values the compound embedded derivatives of the Series B Convertible Debenture based on a probability weighted discounted cash flow model at March 31, 2015. | ||||||||
The following assumptions were used for the valuation of the compound embedded derivative at March 31, 2015: | ||||||||
· | The balance of the Series C Convertible Debenture as of issuance and March 31, 2015 is $6,000,000; | |||||||
· | The underlying stock price was used as the fair value of the common stock; The stock price decreased to $2.25 at March 31, 2015 which decreased the warrant value with the $3.50 exercise price (further out to in the money); | |||||||
· | The projected annual volatility was based on the Company historical volatility: | |||||||
1 year | ||||||||
12/31/2014 75% | ||||||||
3/31/2015 67% | ||||||||
· | An event of default would occur 0% of the time, increasing 1.00% per month to a maximum of 10%; | |||||||
· | The Company would redeem the debentures projected initially at 0% of the time and increase monthly by 1.0% to a maximum of 5.0% (from alternative financing being available for a Redemption event to occur); | |||||||
· | The Holder would automatically convert the interest if the Company was not in default and its shares value would equivalent to the cash value; | |||||||
· | The Holder would automatically convert the debenture at maturity if the registration was effective and the Company was not in default. | |||||||
· | The Weighted Cost of Capital discount rate (based on the Market Value of the transaction at issuance) adjusted for changes in the risk free rate is 21.86%. | |||||||
· | Even through the shares are restricted the underlying assumption is that any restriction on resale will be removed either through registration or the passage of time at the time of issuance. | |||||||
The fair value of the compound embedded derivatives of the Series B Convertible Debenture at March 31,2015 was $930,940. | ||||||||
On July 2, 2014 (the “Closing Date”), the Company accepted a subscription in the amount of $5,000,000 for a 10% Coupon Series C Convertible Debenture (the “Debenture”) from Dr. Milton Boniuk, a member of the Company’s Board of Directors (the “Holder”). The $5,000,000 funding of the Debenture had been received by the Company prior to June 30, 2014, the year-end reporting period and the Company has reported the said Debenture in the financial statements at June 30, 2014 under long term liabilities. The Debenture is due on June 30, 2018 (the “Maturity Date”) and is convertible, at the sole option of the Holder, into restricted shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) at the conversion price of $5.25 per share of Common Stock. The Debenture bears interest at the coupon rate of ten percent (10%) per annum, computed on an annual basis of a 365 day year, payable in quarterly installments on March 31, June 30, September 30 and December 31 of each calendar year until the Maturity Date. The Holder at its option may choose to receive such coupon interest payment in shares of Common Stock calculated on the average of the open and close value on the date such interest payment is due. To date, the Holder has elected to take such coupon interest in cash. The Company has the right, but not the obligation, to repay the Debenture prior to the Maturity Date (the “Redemption Payment”). If the closing bid price of the Common Stock is in excess of $5.25 when the Company notifies the Holder it has elected to prepay the Debenture (the “Redemption Date”), the Company must redeem the Debenture by delivering to the Holder 952,381 shares of Common Stock and any unpaid coupon interest in lieu of a cash Redemption Payment. If the Holder elects to receive the Redemption Payment in cash, or if the closing bid price of the Common Stock is less than $5.25, the Company shall pay to the Holder a Redemption Payment in cash equal to the principal amount of the Debenture, plus any accrued coupon interest, plus additional interest of 7% per annum for the period from the Closing Date to the Redemption Date and warrants to purchase 619,048 shares of Common Stock which shall expire in three years from the date of issuance at the exercise price of $6.05 per share of Common Stock. The Company cannot conclude that it has sufficient authorized and unissued shares to settle the contract after considering all other commitments that may require the issuance of stock during the maximum period the derivative instrument could remain outstanding. This is due to the fact that the interest payments are payable in stock of the Company, at the option of the Holder, based on the current market price of the common stock on the date such payments are due. Therefore, the number of shares due as interest payments is essentially indeterminate and the Company cannot conclude that it has sufficient authorized and unissued shares to settle the conversion feature. Accordingly, the Company bifurcated the embedded features from the host contract and recorded them as a derivative liability at fair value. A debt discount was recognized for a derivative liability associated with embedded features bifurcated from the Series C Convertible Debenture. | ||||||||
On July 2, 2014, in conjunction with the issuance of the Company’s Series C Convertible Debentures, the Company issued 187,000 shares of its Series A Convertible Preferred stock (the “Series A”) to Dr. Milton Boniuk, pursuant to the terms of the Debenture. Proceeds received in a financing transaction are allocated to the instruments issued prior to evaluating hybrid contracts for bifurcation of embedded derivatives. Since the Series A Convertible Preferred Stock is classified as equity, the proceeds allocated to the Preferred Stock are recorded at relative fair value . The fair value of the Series A was $1,645,606 at issuance and the relative fair value was calculated as $1,152,297. The remaining amount of the proceeds was allocated to the Debenture and a debt discount of $1,152,297 was recorded to offset the amount of the proceeds allocated to the Series A. Then, the embedded derivative was bifurcated at its fair value of $1,879,428 with the remaining balance allocated to the host instrument (Debenture). The total debt discount will be amortized over the term of the Debenture using the effective interest method. For the three and nine months period ended March 31, 2015 the Company recognized amortization of this discount as an additional interest charge to “Discount on convertible debentures” in the amounts of $130,733 and $372,293 respectively. | ||||||||
The following represents the balance of the Debenture payable – Series C, net of discount at March 31, 2015: | ||||||||
Proceeds | $ | 5,000,000 | ||||||
Debt discount | ||||||||
Series A Preferred | -1,152,297 | |||||||
Embedded derivative | -1,879,428 | |||||||
1,968,275 | ||||||||
Amortization of debt discount for the nine months ended March 31, 2015 | 372,293 | |||||||
Balance at March 31, 2015 | $ | 2,340,568 | ||||||
The Company used a lattice model that values the compound embedded derivatives of the Series C Convertible Debenture based on a probability weighted discounted cash flow model at March 31, 2015. | ||||||||
The following assumptions were used for the valuation of the compound embedded derivative at March 31, 2015: | ||||||||
· | The balance of the Series C Convertible Debenture as of March 31, 2015 is $5,000,000; | |||||||
· | The underlying stock price was used as the fair value of the common stock; The stock price decreased to $2.25 at March 31, 2015 which decreased the warrant value with the $6.05 exercise price (further out to in the money); | |||||||
· | The projected annual volatility was based on the Company historical volatility: | |||||||
1 year | ||||||||
12/31/2014 75% | ||||||||
3/31/2015 67% | ||||||||
· | An event of default would occur 0% of the time, increasing 1.00% per month to a maximum of 10%; | |||||||
· | The Company would redeem the debentures projected initially at 0% of the time and increase monthly by 1.0% to a maximum of 5.0% (from alternative financing being available for a Redemption event to occur); | |||||||
· | The Holder would automatically convert the interest if the Company was not in default and its shares value was equivalent to the cash value; | |||||||
· | The Holder would automatically convert the debenture at maturity if the registration was effective and the Company was not in default. | |||||||
· | The weighted cost of capital discount rate (based on the market value of the transaction at issuance) adjusted for changes in the risk free rate is 21.86%. | |||||||
· | Even through the shares are restricted the underlying assumption is that any restriction on resale will be removed either through registration or the passage of time at the time of issuance. | |||||||
The fair value of the compound embedded derivatives of the Series C Convertible Debenture at March 31, 2015 was $809,305. | ||||||||
Equity_Transactions
Equity Transactions | 9 Months Ended | |||
Mar. 31, 2015 | ||||
Stockholders' Equity Note [Abstract] | ||||
Stockholders' Equity Note Disclosure [Text Block] | Note 9 - Equity Transactions | |||
On July 17, 2014 the Company filed a registration statement on Form S-3 (the “Form S-3”) registering an aggregate of 3,071,986 shares of common stock underlying warrants previously issued by the Company in various private placement offerings between 2005 and September 2009, (“Old Warrants”) as described more fully in the Form S-3 (the “Registered Warrants”). The Form S-3 was declared effective by the Securities and Exchange Commission on August 1, 2014. Holders of the Old Warrants were required to submit Notice of Exercise by August 15, 2014, or their warrants would expire. The Company received Notices to Exercise Warrants and the exercise price to purchase an aggregate of 1,926,656 shares of the Company’s common stock at the exercise price of $3.50 per share for an aggregate purchase price of $6,743,297. | ||||
On February 1, 2015 the Company’s Board of Directors authorized the issuance of 571,433 shares of the Company’s $0.001 par value common stock as annual interest payable to holders of the Company’s Series B Debentures. The Company recorded interest expense of $1,502,869 for the three month period ended March 31, 2015 calculated using the fair market value of the Company’s common stock on the date issued. | ||||
Unregistered Securities | ||||
As discussed in Note 8, on July 2, 2014, in conjunction with the issuance of the Company’s Series C Convertible Debentures, the Company issued 187,000 Shares of its Series A Convertible Preferred stock to Dr. Milton Boniuk, pursuant to the terms of the Debenture. The Company allocated the proceeds received between the Debenture and the Preferred Stock on a relative fair value basis. The amount allocated to the Preferred stock was $1,152,297. | ||||
For the nine months ended March 31, 2015, the Scientific Advisory Board was granted fully vested warrants to purchase 51,444 shares of common stock at exercise prices between $3.62- $5.04 per share expiring in the fiscal year ending June 30, 2018. These warrants were valued at $52,130 and recorded as consulting expense. | ||||
For the nine months ended March 31, 2015, the Company estimated the fair value of the warrants granted quarterly to the Scientific Advisory Board on the date of grant using the Black-Scholes Option-Pricing Model with the following weighted-average assumptions: | ||||
Expected life (year) | 4 | |||
Expected volatility | 37.44% -45.84 | % | ||
Expected annual rate of quarterly dividends | 0 | % | ||
Risk-free rate(s) | 1.20 - 1.67 | % | ||
For the nine months ended March 31, 2015, the Company’s Board of Directors authorized the issuance of 23,148 shares of its Series A Convertible Preferred stock for employee compensation. The Company recorded an expense of $181,363. | ||||
For the nine months ended March 31, 2015, the Company’s Board of Directors authorized the issuance of 2,858 shares of its Series A Convertible Preferred Stock which are fully vested for consulting services. The Company recorded an expense of $24,474. | ||||
For the nine months ended March 31, 2015, the Company’s Board of Directors authorized the issuance of 20,881 shares of its common stock which are fully vested with a restrictive legend for consulting services. The Company recorded an expense of $82,360 which is the fair value at date of issuance. | ||||
For the nine months ended March 31, 2015, the Company’s Board of Directors authorized the issuance of 10,453 shares of its common stock which are fully vested with a restrictive legend for Director services. The Company recorded an expense of $33,750 which is the fair value at date of issuance. | ||||
There is currently no market for the shares of Series A Preferred Stock and they can only be converted into shares of common stock upon a Change of Control of the Company as more fully described in the Certificate of Designation. The Company, therefore, estimated the fair value of the Preferred A shares granted to various employees and others on the date of grant. The Preferred Series A shares fair value is based on the greater of i) the converted value to common at a ratio of 1:3.5; ii) the value of the voting rights since the holder would lose the voting rights upon conversion. The conversion of the shares is triggered by a Change of Control. The valuations of the Series A Preferred Stock at March 31, 2015 used the following inputs: | ||||
a. | The common stock price was in the range $2.72 to $2.29; | |||
b. | The calculated weighted average number of shares of common stock in the period; | |||
c. | A 5.36% premium over the common shares for the voting preferences; | |||
d. | The calculated weighted average number of total voting shares and the monthly shares representing voting rights of 4.896% to 5.046% of the total; | |||
e. | The conversion value is based on an assumption for calculation purposes only of a Change of Control in 4 years from March 1, 2013 and a remaining restricted term of 2.08 to 1.92 years; | |||
f. | 32.61% to 31.42% restricted stock discount (based on a restricted stock analysis and call-put analysis curve: 78.63% to 69.38% volatility, 0.674% to 0.47% risk free rate) applied to the converted common. | |||
Stock_Options_and_Warrants
Stock Options and Warrants | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 10 – Stock Options and Warrants | |||||||||||||
The following table presents the activity of stock options issued for the nine months ended March 31, 2015 as follows: | ||||||||||||||
Stock Options | Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise Price | Remaining | Value ($) | ||||||||||||
per share ($) | Contractual | |||||||||||||
Term (years) | ||||||||||||||
Outstanding at June 30, 2014 | 535,715 | $ | 0.35 | 1.23 | $ | 2,094,643 | ||||||||
Granted | - | - | - | - | ||||||||||
Exercised | - | - | - | - | ||||||||||
Expired | - | - | - | - | ||||||||||
Canceled | - | - | - | - | ||||||||||
Outstanding at March 31,2015 | 535,715 | $ | 0.35 | 0.48. | $ | 996,424 | ||||||||
As of March 31, 2015 there was no unrecognized compensation cost. | ||||||||||||||
Stock Warrants | Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic Value | |||||||||||
Exercise | Remaining | ($) | ||||||||||||
Price | Contractual Term | |||||||||||||
per share | (years) | |||||||||||||
($) | ||||||||||||||
Outstanding and exercisable at June 30, 2014 | 8,894,355 | $ | 5.01 | 2.78 | $ | 2,278,458 | ||||||||
Granted | 51,444 | 4.18 | - | - | ||||||||||
Exercised | 1,926,656 | 3.5 | - | - | ||||||||||
Expired | 1,059,616 | - | - | - | ||||||||||
Canceled | - | - | - | - | ||||||||||
Outstanding and exercisable at March 31, 2015 | 5,959,527 | $ | 5.15 | 3.34 | $ | 19,004 | ||||||||
Of the above warrants, 277,149 expire in fiscal year ending June 30, 2015; and 68,571 expire in fiscal year ending June 30, 2016; 68,571 expire in fiscal year ending June 30, 2017; 68,570 in fiscal year ending June 30,2018; 5,476,666 in fiscal year ending June 30, 2019. | ||||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Fair Value Disclosures [Abstract] | |||||||||||
Fair Value Disclosures [Text Block] | Note 11 – Fair Value Measurement | ||||||||||
Fair value measurements | |||||||||||
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value for applicable assets and liabilities, we consider the principal or most advantageous market in which we would transact and we consider assumptions market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. This guidance also establishes a fair value hierarchy to prioritize inputs used in measuring fair value as follows: | |||||||||||
⋅ | Level 1: Observable inputs such as quoted prices in active markets; | ||||||||||
⋅ | Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||
⋅ | Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||
At March 31, 2015 and June 30, 2014, the fair value of derivative liabilities is estimated using a lattice model that is based on the individual characteristics of our warrants, preferred and common stock, the derivative liability on the valuation date as well as assumptions for volatility, remaining expected life, risk-free interest rate and, in some cases, credit spread. The derivative liabilities are the only Level 3 fair value measures. | |||||||||||
At March 31, 2015 and June 30, 2014, the estimated fair values of the liabilities measured on a recurring basis are as follows: | |||||||||||
Fair Value Measurements at | |||||||||||
March 31, 2015: | |||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||
Derivative liability – Series B debentures | $ | - | - | $ | 930,940 | ||||||
Derivative liability – Series C debentures | - | - | 809,305 | ||||||||
Derivative liability – warrants | - | - | 4,611,472 | ||||||||
Total derivatives | $ | - | $ | - | $ | 6,351,717 | |||||
Fair Value Measurements at | |||||||||||
June 30, 2014 (Restated): | |||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||
Derivative liability – Series B debentures | $ | - | $ | - | 5,699,703 | ||||||
Derivative liability - warrants | - | - | 5,235,682 | ||||||||
Total derivatives | $ | - | $ | - | $ | 10,935,385 | |||||
The following tables present the activity for liabilities measured at estimated fair value using unobservable inputs for the nine months ended March 31, 2015: | |||||||||||
Fair Value Measurement | |||||||||||
Using Significant | |||||||||||
Unobservable Inputs | |||||||||||
Derivative liability – Series B | Derivative liability – Series C | Derivative liability - warrant | |||||||||
Beginning balance at July 1, 2014 | $ | 5,699,703 | $ | - | $ | 5,235,682 | |||||
Additions during the year | - | 1,879,428 | - | ||||||||
Change in fair value | -4,768,763 | -1,070,123 | -624,210 | ||||||||
Transfer in and/or out of Level 3 | - | - | - | ||||||||
Ending balance at March 31, 2015 | $ | 930,940 | $ | 809,305 | $ | 4,611,472 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12 - Commitments and Contingencies |
Operating Lease | |
The Company maintains facilities located at 135 Wood Street, West Haven, Connecticut, that includes approximately 7,000 square feet of office and laboratory space at a base monthly rent of $8,695. The term of lease expired on February 28, 2011 and is now on a month-by-month basis. | |
Total rent expense at 135 Wood Street, West Haven, Connecticut amounted to $78,255 and $78,255 for the nine months ended March 31, 2015 and 2014, respectively. | |
Legal Proceedings | |
There are no pending legal proceedings against the Company to the best of the Company’s knowledge as of the date hereof and to the Company’s knowledge, no action, suit or proceeding has been threatened against the Company. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation – Interim Financial Information | |||||||||||||
The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The accompanying financial statements and the information included under the heading “Management’s Discussion and Analysis or Plan of Operation” should be read in conjunction with our Company’s audited financial statements and related notes included in our Company’s form 10-K/A for the fiscal year ended June 30, 2014 filed with the SEC on February 23, 2015. | ||||||||||||||
Reclassification, Policy [Policy Text Block] | Reclassifications | |||||||||||||
Certain accounts in the June 30, 2014 financial statements have been reclassified to conform to the current period presentation. | ||||||||||||||
For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K/A for the fiscal year ended June 30, 2014 filed on February 23, 2015. | ||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Common Share | |||||||||||||
Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants, convertible preferred stock, and convertible debentures. | ||||||||||||||
The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation as they were anti-dilutive: | ||||||||||||||
Potentially Outstanding Dilutive Common Shares | ||||||||||||||
For the | For the | |||||||||||||
Nine Months | Nine Months | |||||||||||||
Ended | Ended | |||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||
Stock options | 535,715 | 535,715 | ||||||||||||
Warrants | 5,959,527 | 8,870,065 | ||||||||||||
Total potentially outstanding dilutive common shares | 6,495,242 | 9,405,780 | ||||||||||||
In addition, the Company has issued Convertible Debentures, to investors. A portion of the interest required to be paid on the debentures had been paid in shares of the Company’s $0.001 par value common stock (“ Interest Shares”) according to the terms of the Debenture. No additional Interest Shares are required to be issued under the terms of the debenture. The Company will need to issue 571,428 warrants on January 15, 2016 relating to the additional interest to be paid on the Series B debentures. Coupon interest payable quarterly related to the Series B Debentures is payable in cash or shares of Common Stock at the average of the open and close value on the date such interest payment is due at the option of the Holder. The Holders have elected to receive coupon interest in cash. | ||||||||||||||
At March 31, 2015, the estimated number of potentially dilutive shares of the Company’s common stock into which the Series B debentures can be converted based upon the conversion price of $3.50 is 1,714,286. At March 31, 2015 the number of potential dilutive shares of the Company’s common stock into which the Series C debentures can be converted based upon the conversion provisions contained in the debenture is 952,381. | ||||||||||||||
The Company has also issued 3,406,085 of $0.001 par value Preferred A shares to investors and others as of March 31, 2015. Only in the event of a “change of control” of the Company, each Series A preferred share is convertible to 3.5 shares of its new common stock. A “Change of Control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition. In the absence of a Change of Control event, the Series A stock is not convertible into Common Stock, and does not carry any dividend rights or any other financial effects. At March 31, 2015, the estimated number of potentially dilutive shares of the Company’s common stock into which these Series A Preferred shares can be converted into is 11,921,298, and is not included in diluted earnings per share since the shares are contingently convertible only upon a Change of Control. | ||||||||||||||
Pursuant to the Redemption provisions of the Series C Debentures, the Company, at its sole option, shall have the right, but not the obligation, to repurchase the Debenture at any time prior to the Maturity Date (the “Redemption”). If the Company intends to repurchase the Debenture, and if the closing bid price of the Common Stock is greater than $5.25 on the Redemption Date, unless the Holder, on or prior to the Redemption Date, elects to receive the “Redemption Payment”, as that term is defined herein, the Company shall pay to the Holder: (i) 952,381 shares of Common Stock in consideration of the exchange of the principal amount of the Debenture; and (ii) any and all accrued coupon interest. If on or prior to the Redemption Date, the Holder elects to receive the Redemption Payment, or the closing bid price of the Common Stock is less than $5.25, the Company shall issue to the Holder: (i) the principal amount of the Debenture; (ii) any accrued coupon interest; (iii) additional interest of 7% per annum for the period from the date of issuance of the Debenture to the Redemption Date; and (iv) warrants to purchase 619,048 shares of Common Stock which shall expire in three years from the date of issuance at an exercise price of $6.05 per share of Common Stock (the “Redemption Warrants”, and collectively with (i) – (iii), the “Redemption Payment”). The Company shall use its best efforts to register the shares underlying the Redemption Warrants under a “shelf” registration statement, provided same is available to the Company, in accordance with the provisions of the Securities Act. | ||||||||||||||
The following represents a reconciliation of the numerators and denominators of the basic and diluted per share calculations for income from continuing operations: | ||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||
March 31, | March 31, | March 31, | March 31, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Calculation of basic loss per share of common stock: | ||||||||||||||
Net (loss) income attributable to common stockholders | $ | -251,018 | $ | 1,323,854 | $ | -1,280,462 | $ | -6,601,163 | ||||||
Denominator for basic weighted average shares of common stock | 56,941,122 | 53,318,736 | 56,356,105 | 50,307,984 | ||||||||||
Basic (loss) income per share of common stock | $ | 0 | $ | 0.02 | $ | -0.02 | $ | -0.13 | ||||||
Calculation of diluted loss per share of common stock: | ||||||||||||||
Net (loss) income attributable to common stockholders | $ | -251,018 | $ | 1,323,854 | $ | -1,280,462 | $ | -6,601,163 | ||||||
Add: Income impact of assumed conversion of Debentures | -696,103 | -2,502,430 | -2,740,562 | - | ||||||||||
Net (loss) income attributable to common stockholders plus assumed conversions | $ | -947,121 | $ | -1,178,576 | $ | -4,021,024 | $ | -6,601,163 | ||||||
Denominator for basic weighted average shares of common stock | 56,941,122 | 53,318,737 | 56,356,105 | 50,307,984 | ||||||||||
Incremental shares from assumed conversions of Debentures payable | 2,666,667 | 1,714,286 | 2,666,667 | - | ||||||||||
Denominator for diluted weighted average shares of common stock | 59,607,788 | 55,033,023 | 59,022,772 | 50,307,984 | ||||||||||
Diluted (loss) income per share of common stock | $ | -0.02 | $ | -0.02 | $ | -0.07 | $ | -0.13 | ||||||
Series B Debentures were excluded from the loss per share calculation for the three and nine months ended March 31, 2014 because the impact is anti-dilutive. | ||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements | |||||||||||||
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." This ASU requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition, and apply existing guidance under the Stock Compensation Topic of the ASC as it relates to awards with performance conditions that affect vesting to account for such awards. The provisions of this ASU are effective for interim and annual periods beginning after December 31, 2015. The Company is currently evaluating the impact of this ASU. | ||||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The new standard will be effective for reporting periods beginning after December 15, 2016, with early adoption permitted. Management is currently evaluating the impact of the adoption of ASU 2014-14 on the Company’s financial statements and disclosures. | ||||||||||||||
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30), “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years. We expect the adoption of this guidance will not have a material impact on our financial statements. | ||||||||||||||
Restatement_of_Previously_Issu1
Restatement of Previously Issued Financial Statements (Tables) | 9 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | The impact of the above adjustment to the line items in our unaudited financial statements as of March 31, 2014 and for the three and nine months ended March 31, 2014 are summarized in the tables below: | |||||||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
March 31, 2014 | Net Adjustments | March 31, 2014 | ||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||
As Originally Reported | As Restated | |||||||||||||||||||
LONG TERM LIABILITIES: | ||||||||||||||||||||
Debentures payable - Series B | $ | 3,887,378 | $ | - | $ | 3,887,378 | ||||||||||||||
Derivative liability -Series B | 3,824,986 | - | 3,824,986 | |||||||||||||||||
Derivative liability -warrants | - | 4,082,131 | 4,082,131 | |||||||||||||||||
Total Long Term Liabilities | 7,712,364 | 4,082,131 | 11,794,495 | |||||||||||||||||
Total Liabilities | 8,920,548 | 4,082,131 | 13,002,679 | |||||||||||||||||
STOCKHOLDERS' EQUITY: | ||||||||||||||||||||
Additional paid-in capital | 78,531,194 | -5,740,540 | 72,790,654 | |||||||||||||||||
Accumulated deficit | -46,559,356 | 1,658,409 | -44,900,947 | |||||||||||||||||
Total Stockholders' Equity | $ | 32,029,392 | $ | -4,082,131 | $ | 27,947,261 | ||||||||||||||
Statements of Operations | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
For the Three Months | For the Three Months | For the Nine Months | For the Nine Months | |||||||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||||||
March 31, 2014 | Net Adjustments | March 31,2014 | March 31, 2014 | Net Adjustments | March 31,2014 | |||||||||||||||
As Originally Reported | As Restated | As Originally Reported | As Restated | |||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Research and development | $ | 625,737 | $ | - | $ | 625,737 | $ | 2,930,436 | $ | - | $ | 2,930,436 | ||||||||
Refund credit research and development costs | - | - | - | - | ||||||||||||||||
General and administrative | 607,628 | - | 607,628 | 1,943,123 | - | 1,943,123 | ||||||||||||||
Total operating expenses | 1,233,365 | - | 1,233,365 | 4,873,559 | - | 4,873,559 | ||||||||||||||
LOSS FROM OPERATIONS | -1,233,365 | - | -1,233,365 | -4,873,559 | - | -4,873,559 | ||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest income | 54,789 | - | 54,789 | 78,850 | - | 78,850 | ||||||||||||||
Interest expense | -2,725,716 | - | -2,725,716 | -2,972,216 | - | -2,972,216 | ||||||||||||||
Discount on convertible debentures | -143,051 | - | -143,051 | -419,305 | - | -419,305 | ||||||||||||||
Change in fair market value of derivatives | 3,752,933 | 1,618,264 | 5,371.20 | -73,342 | 1,658,409 | 1,585,067 | ||||||||||||||
Other income (expense), net | 938,955 | 1,618,264 | 2,557,219 | -3,386,013 | 1,658,409 | -1,727,604 | ||||||||||||||
(LOSS ) INCOME BEFORE INCOME TAX PROVISION | -294,410 | 1,618,264 | 1,323,854 | -8,259,572 | 1,658,409 | -6,601,163 | ||||||||||||||
INCOME TAX PROVISION | - | - | - | - | - | |||||||||||||||
NET (LOSS) INCOME | $ | -294,410 | $ | 1,618,264 | $ | 1,323,854 | $ | -8,259,572 | $ | 1,658,409 | $ | -6,601,163 | ||||||||
NET (LOSS) INCOME PER COMMON SHARE | ||||||||||||||||||||
- Basic | $ | -0.01 | $ | 0.02 | $ | -0.16 | -0.13 | |||||||||||||
- Diluted | $ | -0.01 | $ | -0.02 | $ | -0.16 | $ | -0.13 | ||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
- Basic | 53,318,736 | 53,318,736 | 50,307,984 | 50,307,984 | ||||||||||||||||
- Diluted | 53,318,736 | 55,033,023 | 50,307,984 | 50,307,984 | ||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation as they were anti-dilutive: | |||||||||||||
Potentially Outstanding Dilutive Common Shares | ||||||||||||||
For the | For the | |||||||||||||
Nine Months | Nine Months | |||||||||||||
Ended | Ended | |||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||
Stock options | 535,715 | 535,715 | ||||||||||||
Warrants | 5,959,527 | 8,870,065 | ||||||||||||
Total potentially outstanding dilutive common shares | 6,495,242 | 9,405,780 | ||||||||||||
The following represents a reconciliation of the numerators and denominators of the basic and diluted per share calculations for income from continuing operations: | ||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||
March 31, | March 31, | March 31, | March 31, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Calculation of basic loss per share of common stock: | ||||||||||||||
Net loss attributable to common stockholders | $ | -251,018 | $ | -1,323,854 | $ | -1,280,462 | $ | -6,601,163 | ||||||
Denominator for basic weighted average shares of common stock | 56,941,122 | 53,318,736 | 56,356,105 | 50,307,984 | ||||||||||
Basic loss per share of common stock | $ | 0 | $ | -0.02 | $ | -0.02 | $ | -0.13 | ||||||
Calculation of diluted loss per share of common stock: | ||||||||||||||
Net loss attributable to common stockholders | $ | -251,018 | $ | 1,323,854 | $ | -1,280,462 | $ | -6,601,163 | ||||||
Add: Income impact of assumed conversion of Debentures | -696,103 | - | -2,740,562 | - | ||||||||||
Net loss attributable to common stockholders plus assumed conversions | $ | -947,121 | $ | -1,323,854 | $ | -4,021,024 | $ | -6,601,163 | ||||||
Denominator for basic weighted average shares of common stock | 56,941,122 | 50,031,363 | 56,356,105 | 50,307,984 | ||||||||||
Incremental shares from assumed conversions of Debentures payable | 2,666,667 | - | 2,666,667 | - | ||||||||||
Denominator for diluted weighted average shares of common stock | 59,607,788 | 50,031,363 | 59,022,772 | 50,307,984 | ||||||||||
Diluted loss per share of common stock | $ | -0.02 | $ | -0.02 | $ | -0.07 | $ | -0.13 | ||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | For the nine months ended | |||||||||||||
March 31, 2015 | ||||||||||||||
During the reporting period, the Company acquired 1 Controls Drive Shelton Ct from Inno-Haven, LLC | $ | 4,222,549 | ||||||||||||
During the reporting period, Inno-Haven, LLC, acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company | $ | - | ||||||||||||
During the reporting period, TheraCour Pharma, Inc. acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company | $ | 222,582 | ||||||||||||
Prepaid Expense (Accounts Payable) Related Party | ||||||||||||||
As of | As of | |||||||||||||
March 31, 2015 | June 30, 2014 | |||||||||||||
Pursuant to an Exclusive License Agreement and an Additional License Agreement we entered into with TheraCour Pharma, Inc., (TheraCour), the Company was granted exclusive licenses in perpetuity for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies, and others. In consideration for obtaining these exclusive licenses, we agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of direct costs as a Development Fee and such development fees shall be due and payable in periodic installments as billed. (2) we will pay $25,000 per month for usage of lab supplies and chemicals from existing stock held by TheraCour, (3) we will pay $2,000 per month or actual costs, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf. Prepaid Expense (Accounts payable) due TheraCour Pharma Inc. (including a two (2) month security advance): | $ | 66,100 | $ | -49,455 | ||||||||||
Research and Development Costs Paid to Related Parties | ||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||
March 31, | March 31, | March 31, | March 31, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Development fees and other costs charged by and paid to TheraCour Pharma, Inc. pursuant to exclusive License Agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at March 31, 2015 and 2014 | $ | 398,407 | $ | 391,628 | $ | 1,688,547 | $ | 1,315,753 | ||||||
Long Term Debenture Payable to a Director | ||||||||||||||
March 31, 2015 | June 30, 2014 | |||||||||||||
Series B Convertible Debentures - Milton Boniuk | $ | 4,000,000 | $ | 4,000,000 | ||||||||||
Series C Convertible Debentures: - Milton Boniuk | 5,000,000 | - | ||||||||||||
Total Long Term Debentures Payable to a Director | $ | 9,000,000 | $ | 4,000,000 | ||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property and equipment, stated at cost, less accumulated depreciation consisted of the following: | |||||||
March 31, | June 30, | |||||||
2015 | 2014 | |||||||
Building GMP Facility | $ | 8,376,336 | $ | 3,099,780 | ||||
Office Equipment | 30,048 | 30,048 | ||||||
Furniture and Fixtures | 1,400 | 1,400 | ||||||
Lab Equipment | 3,893,110 | 3,605,514 | ||||||
Total Property and Equipment | 12,300,894 | 6,736,742 | ||||||
Less Accumulated Depreciation | -1,393,982 | -1,239,986 | ||||||
Property and Equipment, Net | $ | 10,906,912 | $ | 5,496,756 | ||||
Trademark_and_Patents_Tables
Trademark and Patents (Tables) | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Trademark and patents, stated at cost, less accumulated amortization consisted of the following: | |||||||
March 31, | June 30, | |||||||
2015 | 2014 | |||||||
Trademarks and Patents | $ | 458,954 | $ | 458,954 | ||||
Less Accumulated Amortization | -57,149 | -50,696 | ||||||
Trademarks and Patents, Net | $ | 401,805 | $ | 408,258 | ||||
Convertible_Debentures_Tables
Convertible Debentures (Tables) | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Series B Debentures [Member] | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The following table presents the balance of the Debenture payable – Series B, net of discount at March 31, 2015 and June 30, 2014. The debt discount is being accreted to interest expense over the term of the debenture: | |||||||
March 31, | June 30, | |||||||
2015 | 2014 | |||||||
Proceeds | $ | 6,000,000 | $ | 6,000,000 | ||||
Debt discount for bifurcated derivative | -2,735,310 | -2,735,310 | ||||||
3,264,690 | 3,264,690 | |||||||
Amortization of debt discount | 1,261,039 | 772,878 | ||||||
Debenture payable - Series B, net | $ | 4,525,729 | $ | 4,037,568 | ||||
Series C Debentures [Member] | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The following represents the balance of the Debenture payable – Series C, net of discount at March 31, 2015: | |||||||
Proceeds | $ | 5,000,000 | ||||||
Debt discount | ||||||||
Series A Preferred | -1,152,297 | |||||||
Embedded derivative | -1,879,428 | |||||||
1,968,275 | ||||||||
Amortization of debt discount for the nine months ended March 31, 2015 | 372,293 | |||||||
Balance at March 31, 2015 | $ | 2,340,568 | ||||||
Equity_Transactions_Tables
Equity Transactions (Tables) | 9 Months Ended | |||
Mar. 31, 2015 | ||||
Stockholders' Equity Note [Abstract] | ||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the nine months ended March 31, 2015, the Company estimated the fair value of the warrants granted quarterly to the Scientific Advisory Board on the date of grant using the Black-Scholes Option-Pricing Model with the following weighted-average assumptions: | |||
Expected life (year) | 4 | |||
Expected volatility | 37.44% -45.84 | % | ||
Expected annual rate of quarterly dividends | 0 | % | ||
Risk-free rate(s) | 1.20 - 1.67 | % | ||
Stock_Options_and_Warrants_Tab
Stock Options and Warrants (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table presents the activity of stock options issued for the nine months ended March 31, 2015 as follows: | |||||||||||||
Stock Options | Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise Price | Remaining | Value ($) | ||||||||||||
per share ($) | Contractual | |||||||||||||
Term (years) | ||||||||||||||
Outstanding at June 30, 2014 | 535,715 | $ | 0.35 | 1.23 | $ | 2,094,643 | ||||||||
Granted | - | - | - | - | ||||||||||
Exercised | - | - | - | - | ||||||||||
Expired | - | - | - | - | ||||||||||
Canceled | - | - | - | - | ||||||||||
Outstanding at March 31,2015 | 535,715 | $ | 0.35 | 0.48. | $ | 996,424 | ||||||||
Stock Warrants [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ||||||||||||||
Stock Warrants | Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic Value | |||||||||||
Exercise | Remaining | ($) | ||||||||||||
Price | Contractual Term | |||||||||||||
per share | (years) | |||||||||||||
($) | ||||||||||||||
Outstanding and exercisable at June 30, 2014 | 8,894,355 | $ | 5.01 | 2.78 | $ | 2,278,458 | ||||||||
Granted | 51,444 | 4.18 | - | - | ||||||||||
Exercised | 1,926,656 | 3.5 | - | - | ||||||||||
Expired | 1,059,616 | - | - | - | ||||||||||
Canceled | - | - | - | - | ||||||||||
Outstanding and exercisable at March 31, 2015 | 5,959,527 | $ | 5.15 | 3.34 | $ | 19,004 | ||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Fair Value Disclosures [Abstract] | |||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | At March 31, 2015 and June 30, 2014, the estimated fair values of the liabilities measured on a recurring basis are as follows: | ||||||||||
Fair Value Measurements at | |||||||||||
March 31, 2015: | |||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||
Derivative liability – Series B debentures | $ | - | - | $ | 930,940 | ||||||
Derivative liability – Series C debentures | - | - | 809,305 | ||||||||
Derivative liability – warrants | - | - | 4,611,472 | ||||||||
Total derivatives | $ | - | $ | - | $ | 6,351,717 | |||||
Fair Value Measurements at | |||||||||||
June 30, 2014 (Restated): | |||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||
Derivative liability – Series B debentures | $ | - | $ | - | 5,699,703 | ||||||
Derivative liability - warrants | - | - | 5,235,682 | ||||||||
Total derivatives | $ | - | $ | - | $ | 10,935,385 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tables present the activity for liabilities measured at estimated fair value using unobservable inputs for the nine months ended March 31, 2015: | ||||||||||
Fair Value Measurement | |||||||||||
Using Significant | |||||||||||
Unobservable Inputs | |||||||||||
Derivative liability – Series B | Derivative liability – Series C | Derivative liability - warrant | |||||||||
Beginning balance at July 1, 2014 | $ | 5,699,703 | $ | - | $ | 5,235,682 | |||||
Additions during the year | - | 1,879,428 | - | ||||||||
Change in fair value | -4,768,763 | -1,070,123 | -624,210 | ||||||||
Transfer in and/or out of Level 3 | - | - | - | ||||||||
Ending balance at March 31, 2015 | $ | 930,940 | $ | 809,305 | $ | 4,611,472 | |||||
Organization_and_Nature_of_Bus1
Organization and Nature of Business (Details Textual) (USD $) | 9 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Feb. 15, 2010 | Jun. 30, 2014 | |
Product Information [Line Items] | |||
Entity Incorporation, State Country Name | Colorado | ||
Entity Incorporation, Date Of Incorporation | 25-Jul-00 | ||
Business Acquisition, Name of Acquired Entity | Edot-com.com, Inc. | ||
Business Acquisition, Date of Acquisition Agreement | 12-May-05 | ||
Common stock, shares issued | 57,150,415 | 54,620,993 | |
Common stock, shares, outstanding | 57,150,415 | 54,620,993 | |
ECMM [Member] | |||
Product Information [Line Items] | |||
Common Stock Shares Issued Prorata Basis | 4,000 | ||
Stock Issued During Period, Shares, New Issues | 80,000,000 | ||
Common stock, shares issued | 100,000,000 | ||
Common stock, shares, outstanding | 100,000,000 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 80.00% | ||
Series A Preferred Stock [Member] | |||
Product Information [Line Items] | |||
Preferred stock, shares issued | 2,000,000 | ||
Preferred stock | $2,000 | ||
Convertible Preferred Stock, Terms of Conversion | The Series A Preferred Stock is convertible, only upon sale or merger of the company, or the sale of or license of substantially all of the Company’s intellectual property, into shares of the Company’s common stock at the rate of 3.5 shares of common stock for each share of Series A Preferred Stock. | ||
Stockholders' Equity, Reverse Stock Split | (adjusted for the 3.5 to 1 reverse split) |
Restatement_of_Previously_Issu2
Restatement of Previously Issued Financial Statements (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 |
LONG TERM LIABILITIES: | |||
Debentures payable | $0 | $5,000,000 | |
Total Long Term Liabilities | 13,218,014 | 19,972,953 | 11,794,495 |
Total Liabilities | 13,741,443 | 20,490,692 | 13,002,679 |
STOCKHOLDERS' EQUITY: | |||
Additional paid-in capital | 84,982,686 | 75,212,888 | 72,790,654 |
Accumulated deficit | -53,181,861 | -51,901,400 | -44,900,947 |
Total Stockholders' Equity | 31,861,382 | 23,369,303 | 27,947,261 |
Series B Debentures [Member] | |||
LONG TERM LIABILITIES: | |||
Debentures payable | 4,525,729 | 4,037,568 | 3,887,378 |
Derivative liability | 930,940 | 5,699,703 | 3,824,986 |
Series C Debentures [Member] | |||
LONG TERM LIABILITIES: | |||
Debentures payable | 2,340,568 | 0 | |
Derivative liability | 809,305 | 0 | |
Warrant [Member] | |||
LONG TERM LIABILITIES: | |||
Derivative liability | 4,082,131 | ||
Restatement Adjustment [Member] | |||
LONG TERM LIABILITIES: | |||
Total Long Term Liabilities | 4,082,131 | ||
Total Liabilities | 4,082,131 | ||
STOCKHOLDERS' EQUITY: | |||
Additional paid-in capital | -5,740,540 | ||
Accumulated deficit | 1,658,409 | ||
Total Stockholders' Equity | -4,082,131 | ||
Restatement Adjustment [Member] | Series B Debentures [Member] | |||
LONG TERM LIABILITIES: | |||
Debentures payable | 0 | ||
Derivative liability | 0 | ||
Restatement Adjustment [Member] | Warrant [Member] | |||
LONG TERM LIABILITIES: | |||
Derivative liability | 4,082,131 | ||
Scenario, Previously Reported [Member] | |||
LONG TERM LIABILITIES: | |||
Total Long Term Liabilities | 7,712,364 | ||
Total Liabilities | 8,920,548 | ||
STOCKHOLDERS' EQUITY: | |||
Additional paid-in capital | 78,531,194 | ||
Accumulated deficit | -46,559,356 | ||
Total Stockholders' Equity | 32,029,392 | ||
Scenario, Previously Reported [Member] | Series B Debentures [Member] | |||
LONG TERM LIABILITIES: | |||
Debentures payable | 3,887,378 | ||
Derivative liability | 3,824,986 | ||
Scenario, Previously Reported [Member] | Warrant [Member] | |||
LONG TERM LIABILITIES: | |||
Derivative liability | $0 |
Restatement_of_Previously_Issu3
Restatement of Previously Issued Financial Statements (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
OPERATING EXPENSES | ||||
Research and development | $546,464 | $625,737 | $2,274,310 | $2,930,436 |
General and administrative | 576,173 | 607,628 | 2,352,115 | 1,943,123 |
Total operating expenses | 1,122,637 | 1,233,365 | 4,626,425 | 4,873,559 |
LOSS FROM OPERATIONS | -1,122,637 | -1,233,365 | -4,626,425 | -4,873,559 |
OTHER INCOME (EXPENSE): | ||||
Interest income | 35,009 | 54,789 | 156,035 | 78,850 |
Interest expense | -1,920,268 | -2,725,716 | -2,412,712 | -2,972,216 |
Discount on convertible debentures | -297,276 | -143,051 | -860,454 | -419,305 |
Change in fair market value of derivatives | 3,054,154 | 5,371,197 | 6,463,095 | 1,585,067 |
Other income (expense), net | 871,619 | 2,557,219 | 3,345,964 | -1,727,604 |
(LOSS ) INCOME BEFORE INCOME TAX PROVISION | -251,018 | 1,323,854 | -1,280,461 | -6,601,163 |
INCOME TAX PROVISION | 0 | 0 | 0 | 0 |
NET (LOSS) INCOME | -251,018 | 1,323,854 | -1,280,461 | -6,601,163 |
NET (LOSS) INCOME PER COMMON SHARE | ||||
Basic (in dollars per share) | $0 | $0.02 | ($0.02) | ($0.13) |
Diluted (in dollars per share) | ($0.02) | ($0.02) | ($0.07) | ($0.13) |
Weighted average common shares outstanding | ||||
Basic (in shares) | 56,941,122 | 53,318,736 | 56,356,105 | 50,307,984 |
Diluted (in shares) | 59,607,788 | 55,033,023 | 59,022,772 | 50,307,984 |
Scenario, Previously Reported [Member] | ||||
OPERATING EXPENSES | ||||
Research and development | 625,737 | 2,930,436 | ||
Refund credit research and development costs | 0 | 0 | ||
General and administrative | 607,628 | 1,943,123 | ||
Total operating expenses | 1,233,365 | 4,873,559 | ||
LOSS FROM OPERATIONS | -1,233,365 | -4,873,559 | ||
OTHER INCOME (EXPENSE): | ||||
Interest income | 54,789 | 78,850 | ||
Interest expense | -2,725,716 | -2,972,216 | ||
Discount on convertible debentures | -143,051 | -419,305 | ||
Change in fair market value of derivatives | 3,752,933 | -73,342 | ||
Other income (expense), net | 938,955 | -3,386,013 | ||
(LOSS ) INCOME BEFORE INCOME TAX PROVISION | -294,410 | -8,259,572 | ||
INCOME TAX PROVISION | 0 | 0 | ||
NET (LOSS) INCOME | -294,410 | -8,259,572 | ||
NET (LOSS) INCOME PER COMMON SHARE | ||||
Basic (in dollars per share) | ($0.01) | ($0.16) | ||
Diluted (in dollars per share) | ($0.01) | ($0.16) | ||
Weighted average common shares outstanding | ||||
Basic (in shares) | 53,318,736 | 50,307,984 | ||
Diluted (in shares) | 53,318,736 | 50,307,984 | ||
Restatement Adjustment [Member] | ||||
OPERATING EXPENSES | ||||
Research and development | 0 | 0 | ||
Refund credit research and development costs | 0 | 0 | ||
General and administrative | 0 | 0 | ||
Total operating expenses | 0 | 0 | ||
LOSS FROM OPERATIONS | 0 | 0 | ||
OTHER INCOME (EXPENSE): | ||||
Interest income | 0 | 0 | ||
Interest expense | 0 | 0 | ||
Discount on convertible debentures | 0 | 0 | ||
Change in fair market value of derivatives | 1,618,264 | 1,658,409 | ||
Other income (expense), net | 1,618,264 | 1,658,409 | ||
(LOSS ) INCOME BEFORE INCOME TAX PROVISION | 1,618,264 | 1,658,409 | ||
INCOME TAX PROVISION | 0 | 0 | ||
NET (LOSS) INCOME | $1,618,264 | $1,658,409 |
Restatement_of_Previously_Issu4
Restatement of Previously Issued Financial Statements (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Change in Accounting Estimate [Line Items] | ||||
Net Income (Loss) Attributable To Parent | ($251,018) | $1,323,854 | ($1,280,461) | ($6,601,163) |
Restatement Adjustment [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Adjustments to Additional Paid in Capital, Other | 4,082,131 | |||
Net Income (Loss) Attributable To Parent | 1,618,264 | 1,658,409 | ||
Warrant [Member] | Restatement Adjustment [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Increase (Decrease) in Derivative Liabilities | $4,082,131 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,495,242 | 9,405,780 |
Stock Options [Member] | ||
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 535,715 | 535,715 |
Warrants [Member] | ||
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,959,527 | 8,870,065 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Calculation of basic loss per share of common stock: | ||||
Net (loss) income attributable to common stockholders | ($251,018) | $1,323,854 | ($1,280,462) | ($6,601,163) |
Denominator for basic weighted average shares of common stock | 56,941,122 | 53,318,736 | 56,356,105 | 50,307,984 |
Basic (loss) income per share of common stock | $0 | $0.02 | ($0.02) | ($0.13) |
Calculation of diluted loss per share of common stock: | ||||
Net (loss) income attributable to common stockholders | -251,018 | 1,323,854 | -1,280,462 | -6,601,163 |
Add: Income impact of assumed conversion of Debentures | -696,103 | -2,502,430 | -2,740,562 | 0 |
Net (loss) income attributable to common stockholders plus assumed conversions | ($947,121) | ($1,178,576) | ($4,021,024) | ($6,601,163) |
Denominator for basic weighted average shares of common stock | 56,941,122 | 53,318,736 | 56,356,105 | 50,307,984 |
Incremental shares from assumed conversions of Debentures payable | 2,666,667 | 1,714,286 | 2,666,667 | 0 |
Denominator for diluted weighted average shares of common stock | 59,607,788 | 55,033,023 | 59,022,772 | 50,307,984 |
Diluted (loss) income per share of common stock | ($0.02) | ($0.02) | ($0.07) | ($0.13) |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details Textual) (USD $) | 9 Months Ended | 1 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jan. 15, 2016 | |
Accounting Policies [Line Items] | ||||
Common Stock, Par Or Stated Value Per Share | $0.00 | $0.00 | $0.00 | |
Debt Instrument, Redemption, Description | the Company, at its sole option, shall have the right, but not the obligation, to repurchase the Debenture at any time prior to the Maturity Date (the Redemption). If the Company intends to repurchase the Debenture, and if the closing bid price of the Common Stock is greater than $5.25 on the Redemption Date, unless the Holder, on or prior to the Redemption Date, elects to receive the Redemption Payment, as that term is defined herein, the Company shall pay to the Holder: (i) 952,381 shares of Common Stock in consideration of the exchange of the principal amount of the Debenture; and (ii) any and all accrued coupon interest. If on or prior to the Redemption Date, the Holder elects to receive the Redemption Payment, or the closing bid price of the Common Stock is less than $5.25, the Company shall issue to the Holder: (i) the principal amount of the Debenture; (ii) any accrued coupon interest; (iii) additional interest of 7% per annum for the period from the date of issuance of the Debenture to the Redemption Date; and (iv) warrants to purchase 619,048 shares of Common Stock which shall expire in three years from the date of issuance at an exercise price of $6.05 per share of Common Stock (the Redemption Warrants, and collectively with (i) (iii), the Redemption Payment). The Company shall use its best efforts to register the shares underlying the Redemption Warrants under a shelf registration statement, provided same is available to the Company, in accordance with the provisions of the Securities Act. | |||
Scenario, Forecast [Member] | ||||
Accounting Policies [Line Items] | ||||
Common Stock, Par Or Stated Value Per Share | $0.00 | |||
Convertible Debentures Shares Reserved For Future issuance | 571,428 | |||
Series A Convertible Preferred Stock [Member] | ||||
Accounting Policies [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $3.50 | $3.50 | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 11,921,298 | 11,921,298 | ||
Preferred Stock, Shares Issued | 3,406,085 | 3,406,085 | 3,193,079 | |
Preferred Stock, Par Value (In Dollars Per Share) | $0.00 | $0.00 | $0.00 | |
Common Stock [Member] | Series B Convertible Debentures [Member] | ||||
Accounting Policies [Line Items] | ||||
Debt Conversion, Converted Instrument, Shares Issued | 1,714,286 | |||
Debt Instrument, Convertible, Conversion Price | $3.50 | $3.50 | ||
Common Stock [Member] | Series C Convertible Debentures [Member] | ||||
Accounting Policies [Line Items] | ||||
Debt Conversion, Converted Instrument, Shares Issued | 952,381 |
Financial_Condition_Details_Te
Financial Condition (Details Textual) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
Financial Condition [Line Items] | ||||
Cash and cash equivalents | $33,919,404 | $36,696,892 | $33,265,347 | $13,923,245 |
Retained Earnings (Accumulated Deficit) | ($53,181,861) | ($51,901,400) | ($44,900,947) |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Research and development | $546,464 | $625,737 | $2,274,310 | $2,930,436 | |
Due to Related Parties | 9,000,000 | 9,000,000 | 4,000,000 | ||
Series B Convertible Debentures [Member] | |||||
Due to Related Parties | 4,000,000 | 4,000,000 | 4,000,000 | ||
Series C Convertible Debenture [Member] | |||||
Due to Related Parties | 5,000,000 | 5,000,000 | 0 | ||
Innohaven, LLC [Member] | Option One [Member] | |||||
Due to Related Parties | 4,222,549 | 4,222,549 | |||
Innohaven, LLC [Member] | Option Two [Member] | |||||
Due to Related Parties | 0 | 0 | |||
TheraCour Pharma, Inc [Member] | |||||
Net Account Payable to related party | 66,100 | 66,100 | -49,455 | ||
Research and development | 398,407 | 391,628 | 1,688,547 | 1,315,753 | |
Due to Related Parties | $222,582 | $222,582 |
Related_Party_Transactions_Det1
Related Party Transactions (Details Textual) (USD $) | 9 Months Ended |
Mar. 31, 2015 | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | charge its costs (direct and indirect) plus no more than 30% of direct costs |
Lab Supplies and Chemicals Fees | $25,000 |
Other General and Administrative Expense | $2,000 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Building GMP Facility | $8,376,336 | $3,099,780 |
Office Equipment | 30,048 | 30,048 |
Furniture and Fixtures | 1,400 | 1,400 |
Lab Equipment | 3,893,110 | 3,605,514 |
Total Property and Equipment | 12,300,894 | 6,736,742 |
Less Accumulated Depreciation | -1,393,982 | -1,239,986 |
Property and Equipment, Net | $10,906,912 | $5,496,756 |
Property_and_Equipment_Details1
Property and Equipment (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $153,996 | $151,902 | |
Acuisition And Renovation Expenses Of Manufacturing And Lab Facility | 4,222,549 | ||
Closing Costs Of Facility | $81,230 |
Trademark_and_Patents_Details
Trademark and Patents (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Trademarks And Patents [Line Items] | ||
Trademarks and Patents | $458,954 | $458,954 |
Less Accumulated Amortization | -57,149 | -50,696 |
Trademarks and Patents, Net | $401,805 | $408,258 |
Trademark_and_Patents_Details_
Trademark and Patents (Details Textual) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Trademarks And Patents [Line Items] | ||
Amortization | $6,453 | $6,581 |
Convertible_Debentures_Details
Convertible Debentures (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Jun. 30, 2014 | |
Debenture payable - Series B, net | $0 | $5,000,000 |
Series B Debentures [Member] | ||
Proceeds | 6,000,000 | 6,000,000 |
Debt discount for bifurcated derivative | -2,735,310 | -2,735,310 |
Net Proceeds From Issuance Of Debt | 3,264,690 | 3,264,690 |
Amortization of debt discount | 1,261,039 | 772,878 |
Debenture payable - Series B, net | $4,525,729 | $4,037,568 |
Convertible_Debentures_Details1
Convertible Debentures (Details 1) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | |
Balance at December 31, 2014 | $0 | $5,000,000 |
Series C Debentures [Member] | ||
Proceeds | 5,000,000 | |
Debt discount | -1,879,428 | |
Net Proceeds From Issuance Of Debt | 1,968,275 | |
Amortization of debt discount | 372,293 | |
Balance at December 31, 2014 | 2,340,568 | |
Series A Preferred Stock [Member] | Series C Debentures [Member] | ||
Debt discount | ($1,152,297) |
Convertible_Debentures_Details2
Convertible Debentures (Details Textual) (USD $) | 5 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Feb. 28, 2013 | Mar. 31, 2015 | Dec. 31, 2014 | Jul. 02, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Jul. 17, 2014 | Feb. 02, 2013 | |
Debt Instrument [Line Items] | |||||||||||
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | ||||||||
Investment Warrants, Exercise Price | $3.50 | ||||||||||
Debt Conversion, Converted Instrument, Amount | $1,152,297 | $0 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3.50 | ||||||||||
Debt Instrument, Redemption, Description | the Company, at its sole option, shall have the right, but not the obligation, to repurchase the Debenture at any time prior to the Maturity Date (the Redemption). If the Company intends to repurchase the Debenture, and if the closing bid price of the Common Stock is greater than $5.25 on the Redemption Date, unless the Holder, on or prior to the Redemption Date, elects to receive the Redemption Payment, as that term is defined herein, the Company shall pay to the Holder: (i) 952,381 shares of Common Stock in consideration of the exchange of the principal amount of the Debenture; and (ii) any and all accrued coupon interest. If on or prior to the Redemption Date, the Holder elects to receive the Redemption Payment, or the closing bid price of the Common Stock is less than $5.25, the Company shall issue to the Holder: (i) the principal amount of the Debenture; (ii) any accrued coupon interest; (iii) additional interest of 7% per annum for the period from the date of issuance of the Debenture to the Redemption Date; and (iv) warrants to purchase 619,048 shares of Common Stock which shall expire in three years from the date of issuance at an exercise price of $6.05 per share of Common Stock (the Redemption Warrants, and collectively with (i) (iii), the Redemption Payment). The Company shall use its best efforts to register the shares underlying the Redemption Warrants under a shelf registration statement, provided same is available to the Company, in accordance with the provisions of the Securities Act. | ||||||||||
Long-Term Debt, Excluding Current Maturities | 0 | 0 | 5,000,000 | ||||||||
Restricted Stock [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 571,429 | ||||||||||
Warrant [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Term | 3 years | ||||||||||
Derivative Liability, Noncurrent | 4,611,472 | 4,611,472 | 5,235,682 | ||||||||
Series B Convertible Debentures [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amortization of Debt Discount (Premium) | 488,161 | 166,543 | |||||||||
Proceeds from Convertible Debt | 6,000,000 | ||||||||||
Debt Instrument, Term | 4 years | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||||
Warrants To Be Issued In Fourth Year | 571,429 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3.50 | $3.50 | 3.5 | ||||||||
Debt Instrument, Redemption, Description | The Company can prepay the debentures, in which case the base interest rate shall increase by a 7% prepayment penalty. | ||||||||||
Long-Term Debt, Excluding Current Maturities | 6,000,000 | 6,000,000 | |||||||||
Share Price | $2.25 | $2.25 | |||||||||
Debt Instrument, Debt Default, Description of Violation or Event of Default | An event of default would occur 0% of the time, increasing 1.00% per month to a maximum of 10% | ||||||||||
Derivative Liability, Noncurrent | 930,940 | 930,940 | |||||||||
Projected Redemption Percentage Of Time | 0.00% | ||||||||||
Projected Annual Volatility Percentage | 67.00% | 75.00% | |||||||||
Weighted Average Discount Rate, Percent | 21.86% | ||||||||||
Series B Convertible Debentures [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Projected Redemption Percentage Of Time | 5.00% | ||||||||||
Series B Convertible Debentures [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Projected Redemption Percentage Of Time | 1.00% | ||||||||||
Series B Convertible Debentures [Member] | Director [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from Convertible Debt | 4,000,000 | ||||||||||
Series A Convertible Preferred Stock [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amortization of Debt Discount (Premium) | 372,293 | 130,733 | |||||||||
Debt Conversion, Converted Instrument, Shares Issued | 187,000 | ||||||||||
Proceeds from Convertible Debt | 1,645,606 | ||||||||||
Repayments of Other Debt | 1,152,297 | ||||||||||
Debt Instrument, Unamortized Discount | 1,152,297 | ||||||||||
Debt Conversion, Converted Instrument, Amount | 1,879,428 | ||||||||||
Series C Convertible Preferred Stock [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Common stock, par value (in dollars per share) | $0.00 | ||||||||||
Debt Instrument, Convertible, Conversion Price | $5.25 | ||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 5,000,000 | ||||||||||
Redemption On Debentures | 952,381 | ||||||||||
Warrants to purchase of Common Stock | 619,048 | ||||||||||
Common stock exercise price | $6.05 | ||||||||||
Series C Convertible Debenture [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Maturity Date | 30-Jun-18 | ||||||||||
Proceeds from Issuance of Debt | 5,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $6.05 | $6.05 | |||||||||
Long-Term Debt, Excluding Current Maturities | 5,000,000 | 5,000,000 | |||||||||
Share Price | $2.25 | $2.25 | |||||||||
Debt Instrument, Debt Default, Description of Violation or Event of Default | An event of default would occur 0% of the time, increasing 1.00% per month to a maximum of 10% | ||||||||||
Derivative Liability, Noncurrent | $809,305 | $809,305 | |||||||||
Projected Redemption Percentage Of Time | 0.00% | ||||||||||
Projected Annual Volatility Percentage | 67.00% | 75.00% | |||||||||
Weighted Average Discount Rate, Percent | 21.86% | ||||||||||
Closing Common Stock Bid Price | $5.25 | ||||||||||
Additional Interest Rate For Warrants | 7.00% | ||||||||||
Series C Convertible Debenture [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Projected Redemption Percentage Of Time | 5.00% | ||||||||||
Series C Convertible Debenture [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Projected Redemption Percentage Of Time | 1.00% |
Equity_Transactions_Details
Equity Transactions (Details) | 9 Months Ended |
Mar. 31, 2015 | |
Class of Stock [Line Items] | |
Expected life (year) | 4 years |
Expected annual rate of quarterly dividends | 0.00% |
Maximum [Member] | |
Class of Stock [Line Items] | |
Expected volatility | 45.84% |
Risk-free rate(s) | 1.67% |
Minimum [Member] | |
Class of Stock [Line Items] | |
Expected volatility | 37.44% |
Risk-free rate(s) | 1.20% |
Equity_Transactions_Details_Te
Equity Transactions (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 0 Months Ended | ||
Jul. 17, 2014 | Mar. 31, 2015 | Jul. 02, 2014 | Jun. 30, 2014 | Feb. 01, 2015 | |
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $0.00 | $0.00 | |||
Number Of Common Stock To Be Issued Upon Conversion Of Warrants | 51,444 | ||||
Fair Value Of Common Stock Warrant Issued During Period For Consulting Services | $52,130 | ||||
Fair Value Measurements, Significant Assumptions | a. The common stock price (post-reverse split) was in the range $2.72 to $2.29; b. The calculated weighted average number of shares of common stock in the period; c. A 5.36% premium over the common shares for the voting preferences; d. The calculated weighted average number of total voting shares and the monthly shares representing voting rights of 4.896% to 5.046% of the total; e. The conversion value is based on an assumption for calculation purposes only of a Change of Control in 4 years from March 1, 2013 and a remaining restricted term of 2.08 to 1.92 years; f. 32.61% to 31.42% restricted stock discount (based on a restricted stock analysis and call-put analysis curve: 78.63% to 69.38% volatility, 0.674% to 0.47% risk free rate) applied to the converted common. | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3.50 | ||||
Interest Payable, Current | 375,000 | 0 | |||
Common Stock, Shares Authorized | 85,714,285 | 85,714,285 | |||
Warrants Issued To Purchase Of Common Stock | 1,926,656 | ||||
Aggregate Purchase Price Of Warrants | 6,743,297 | ||||
Conversion of Stock, Description | the converted value to common at a ratio of 1:3.5. | ||||
Minimum [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period Price Per Share | $3.62 | ||||
Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period Price Per Share | $5.04 | ||||
Warrant [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares Authorized | 3,071,986 | ||||
Director [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 10,453 | ||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 33,750 | ||||
Consulting Services [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 20,881 | ||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 82,360 | ||||
Series A Convertible Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 23,148 | ||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 181,363 | ||||
Series A Convertible Preferred Stock [Member] | Long-Term Debentures Payable [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Value, Issued For Services | 1,152,297 | ||||
Debt Conversion, Converted Instrument, Shares Issued | 187,000 | ||||
Series A Convertible Preferred Stock [Member] | Consulting Services [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 2,858 | ||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 24,474 | ||||
Series B Debentures [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $0.00 | ||||
Interest Payable, Current | $1,502,869 | ||||
Board Of Directors Authorized Number Of Shares | 571,433 |
Stock_Options_and_Warrants_Det
Stock Options and Warrants (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Remaining Contractual Term, (year) Granted | 0 years | |
Equity Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 535,715 | |
Number of Shares, Granted | 0 | |
Number of Shares, Exercised | 0 | |
Number of Shares, Expired | 0 | |
Number of Shares, Canceled | 0 | |
Number of Shares, Outstanding | 535,715 | 535,715 |
Weighted Average Exercise Price per share , Outstanding | $0.35 | |
Weighted Average Exercise Price per share, Granted | $0 | |
Weighted Average Exercise Price per share, Exercised | $0 | |
Weighted Average Exercise Price per share, Expired | $0 | |
Weighted Average Exercise Price per share, Canceled | $0 | |
Weighted Average Exercise Price per share , Outstanding | $0.35 | $0.35 |
Weighted Average Remaining Contractual Term, (year) Exercised | 0 years | |
Weighted Average Remaining Contractual Term, (year) Expired | 0 years | |
Weighted Average Remaining Contractual Term, (year) Canceled | 0 years | |
Weighted Average Remaining Contractual Term, (year) Outstanding | 5 months 23 days | 1 year 2 months 23 days |
Aggregate Intrinsic Value, Outstanding | $996,424 | $2,094,643 |
Aggregate Intrinsic Value, Granted | 0 | |
Aggregate Intrinsic Value, Exercised | 0 | |
Aggregate Intrinsic Value, Expired | 0 | |
Aggregate Intrinsic Value, Canceled | $0 |
Stock_Options_and_Warrants_Det1
Stock Options and Warrants (Details 1) (USD $) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Remaining Contractual Term, (year) Granted | 0 years | |
Stock Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 8,894,355 | |
Number of Shares, Granted | 51,444 | |
Number of Shares, Exercised | 1,926,656 | |
Number of Shares, Expired | 1,059,616 | |
Number of Shares, Canceled | 0 | |
Number of Shares, Outstanding | 5,959,527 | 8,894,355 |
Weighted Average Exercise Price per share , Outstanding | $5.01 | |
Weighted Average Exercise Price per share, Granted | $4.18 | |
Weighted Average Exercise Price per share, Exercised | $3.50 | |
Weighted Average Exercise Price per share, Expired | $0 | |
Weighted Average Exercise Price per share, Canceled | $0 | |
Weighted Average Exercise Price per share , Outstanding | $5.15 | $5.01 |
Weighted Average Remaining Contractual Term, (year) Granted | 0 years | |
Weighted Average Remaining Contractual Term, (year) Exercised | 0 years | |
Weighted Average Remaining Contractual Term, (year) Expired | 0 years | |
Weighted Average Remaining Contractual Term, (year) Canceled | 0 years | |
Weighted Average Remaining Contractual Term, (year) Outstanding | 3 years 4 months 2 days | 2 years 9 months 11 days |
Aggregate Intrinsic Value, Outstanding | $19,004 | $2,278,458 |
Aggregate Intrinsic Value, Granted | 0 | |
Aggregate Intrinsic Value, Exercised | 0 | |
Aggregate Intrinsic Value, Expired | 0 | |
Aggregate Intrinsic Value, Cancelled | $0 |
Stock_Options_and_Warrants_Det2
Stock Options and Warrants (Details Textual) | 9 Months Ended |
Mar. 31, 2015 | |
June 30, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 277,149 |
Warrants Expiration Date | 30-Jun-15 |
June 30, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 68,571 |
Warrants Expiration Date | 30-Jun-16 |
June 30, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 68,571 |
Warrants Expiration Date | 30-Jun-17 |
June 30 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 68,570 |
Warrants Expiration Date | 30-Jun-18 |
June 30, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 5,476,666 |
Warrants Expiration Date | 30-Jun-19 |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Warrant [Member] | ||
Derivative Liability, Noncurrent | $4,611,472 | $5,235,682 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Derivative liability - Series B debentures [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Derivative liability - Series C debentures [Member] | ||
Derivative Liability, Noncurrent | 0 | |
Fair Value, Inputs, Level 1 [Member] | Warrant [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Derivative liability - Series B debentures [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Derivative liability - Series C debentures [Member] | ||
Derivative Liability, Noncurrent | 0 | |
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative Liability, Noncurrent | 6,351,717 | 10,935,385 |
Fair Value, Inputs, Level 3 [Member] | Derivative liability - Series B debentures [Member] | ||
Derivative Liability, Noncurrent | 930,940 | 5,699,703 |
Fair Value, Inputs, Level 3 [Member] | Derivative liability - Series C debentures [Member] | ||
Derivative Liability, Noncurrent | 809,305 | |
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Derivative Liability, Noncurrent | $4,611,472 | $5,235,682 |
Fair_Value_Measurement_Details1
Fair Value Measurement (Details 1) (USD $) | 9 Months Ended |
Mar. 31, 2015 | |
Warrant [Member] | |
Begining Balance | $5,235,682 |
Additions during the year | 0 |
Change in fair value | -624,210 |
Transfer in and/or out of Level 3 | 0 |
Ending Balance | 4,611,472 |
Derivative liability - Series C debentures [Member] | |
Begining Balance | 0 |
Additions during the year | 1,879,428 |
Change in fair value | -1,070,123 |
Transfer in and/or out of Level 3 | 0 |
Ending Balance | 809,305 |
Derivative liability - Series B debentures One [Member] | |
Begining Balance | 5,699,703 |
Additions during the year | 0 |
Change in fair value | -4,768,763 |
Transfer in and/or out of Level 3 | 0 |
Ending Balance | $930,940 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | |
Feb. 28, 2011 | Mar. 31, 2015 | Mar. 31, 2014 | |
sqft | |||
Commitments and Contingencies [Line Items] | |||
Space For Office and Laboratory | 7,000 | ||
Monthly Base Rent | $8,695 | ||
Lease Expiration Date | 28-Feb-11 | ||
Operating Leases, Rent Expense, Net | $78,255 | $78,255 |