Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2015 | Feb. 09, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | NANOVIRICIDES, INC. | |
Entity Central Index Key | 1,379,006 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | NNVC | |
Entity Common Stock, Shares Outstanding | 57,823,000 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Jun. 30, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 28,237,621 | $ 31,467,748 |
Prepaid expenses | 105,998 | 214,425 |
Total Current Assets | 28,343,619 | 31,682,173 |
PROPERTY AND EQUIPMENT | ||
Property and equipment | 13,527,861 | 13,496,851 |
Accumulated depreciation | (1,527,213) | (1,534,203) |
Property and equipment, net | 12,000,648 | 11,962,648 |
TRADEMARK | ||
Trademark and patents | 458,954 | 458,954 |
Accumulated amortization | (63,352) | (59,217) |
Trademark and patents, net | 395,602 | 399,737 |
OTHER ASSETS | ||
Service agreements | 109,143 | 142,531 |
Total Assets | 40,849,012 | 44,187,089 |
CURRENT LIABILITIES: | ||
Accounts payable | 176,172 | 89,517 |
Accounts payable - related party | 1,111,170 | 316,196 |
Accrued expenses | 12,596 | 28,515 |
Deferred interest payable - current portion | 166,668 | 166,667 |
Total Current Liabilities | 1,466,606 | 600,895 |
Deferred interest payable - long term portion | 249,999 | 333,333 |
Total Long Term Liabilities | 10,998,149 | 11,800,327 |
Total Liabilities | $ 12,464,755 | $ 12,401,222 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 57,822,538 and 57,242,070 shares issued and outstanding at December 31, 2015 and June 30, 2015, respectively | $ 57,822 | $ 57,242 |
Additional paid-in capital | 86,504,253 | 85,824,613 |
Accumulated deficit | (58,181,818) | (54,099,572) |
Total Stockholders' Equity | 28,384,257 | 31,785,867 |
Total Liabilities and Stockholders' Equity | 40,849,012 | 44,187,089 |
Warrant [Member] | ||
CURRENT LIABILITIES: | ||
Derivative liability | 2,543,342 | 3,442,754 |
Series B Debentures [Member] | ||
CURRENT LIABILITIES: | ||
Debenture subscription deposit | 5,075,012 | 4,700,582 |
Derivative liability | 99,469 | 366,764 |
Series C Debentures [Member] | ||
CURRENT LIABILITIES: | ||
Debenture subscription deposit | 2,789,845 | 2,480,605 |
Derivative liability | 240,482 | 476,289 |
Series A Convertible Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Series A Convertible Preferred stock, $0.001 par value, 4,000,000 shares designated, 4,000,000 and 3,583,445 shares issued and outstanding at December 31, 2015 and June 30, 2015, respectively | $ 4,000 | $ 3,584 |
Balance Sheets _Parenthetical_
Balance Sheets [Parenthetical] - $ / shares | Dec. 31, 2015 | Jun. 30, 2015 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 57,822,538 | 57,242,070 |
Common stock, shares, outstanding | 57,822,538 | 57,242,070 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 4,000,000 | 4,000,000 |
Preferred stock, shares issued | 4,000,000 | 3,583,445 |
Preferred stock, shares outstanding | 4,000,000 | 3,583,445 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING EXPENSES | ||||
Research and development | $ 1,152,501 | $ 916,739 | $ 2,359,573 | $ 1,727,846 |
General and administrative | 937,800 | 787,164 | 1,955,779 | 1,590,392 |
Total operating expenses | 2,090,301 | 1,703,903 | 4,315,352 | 3,318,238 |
LOSS FROM OPERATIONS | (2,090,301) | (1,703,903) | (4,315,352) | (3,318,238) |
OTHER INCOME (EXPENSE): | ||||
Interest (expense) income | (4,562) | (31,050) | 4,261 | (64,525) |
Interest expense | (245,000) | (247,444) | (490,000) | (492,444) |
Discount on convertible debentures | (349,962) | (289,960) | (683,670) | (563,178) |
Change in fair value of derivatives | (85,467) | 391,216 | 1,402,515 | 3,408,941 |
Other (expense) income | (684,991) | (177,238) | 233,106 | 2,288,794 |
LOSS BEFORE INCOME TAX PROVISION | (2,775,292) | (1,881,141) | (4,082,246) | (1,029,444) |
INCOME TAX PROVISION | 0 | 0 | 0 | 0 |
NET LOSS | $ (2,775,292) | $ (1,881,141) | $ (4,082,246) | $ (1,029,444) |
NET LOSS PER COMMON SHARE | ||||
Basic (in dollars per share) | $ (0.05) | $ (0.03) | $ (0.07) | $ (0.02) |
Diluted (in dollars per share) | $ (0.05) | $ (0.04) | $ (0.07) | $ (0.05) |
Weighted average common shares outstanding | ||||
Basic (in shares) | 57,588,081 | 56,557,352 | 57,431,198 | 56,066,776 |
Diluted (in shares) | 57,588,081 | 59,224,019 | 57,431,198 | 58,733,443 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - 6 months ended Dec. 31, 2015 - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Series A Preferred Stock [Member] |
Balance at Jun. 30, 2015 | $ 31,785,867 | $ 57,242 | $ 85,824,613 | $ (54,099,572) | $ 3,584 |
Balance (in shares) at Jun. 30, 2015 | 57,242,070 | 3,583,445 | |||
Common Shares issued for employee stock bonus | 3,300 | $ 1 | 3,299 | 0 | $ 0 |
Common Shares issued for employee stock bonus (In Shares) | 1,295 | 0 | |||
Series A Preferred Shares issued for employee stock compensation | 337,194 | $ 0 | 336,778 | 0 | $ 416 |
Series A Preferred Shares issued for employee stock compensation (in shares) | 0 | 416,555 | |||
Share issued for consulting and legal services rendered | 54,000 | $ 43 | 53,957 | 0 | $ 0 |
Share issued for consulting and legal services rendered (in shares) | 43,144 | 0 | |||
Warrants issued to Scientific Advisory Board | 16,976 | $ 0 | 16,976 | 0 | $ 0 |
Common Shares issued for Directors fees | 22,499 | $ 17 | 22,482 | 0 | $ 0 |
Common Shares issued for Directors fees (in shares) | 17,319 | 0 | |||
Common Shares issued upon stock option exercise | 0 | $ 313 | (313) | 0 | $ 0 |
Common Shares issued upon stock option exercise (in shares) | 313,155 | 0 | |||
Common shares issued for debenture interest | 246,667 | $ 206 | 246,461 | 0 | $ 0 |
Common shares issued for debenture interest (in shares) | 205,555 | 0 | |||
Net loss | (4,082,246) | $ 0 | 0 | (4,082,246) | $ 0 |
Balance at Dec. 31, 2015 | $ 28,384,257 | $ 57,822 | $ 86,504,253 | $ (58,181,818) | $ 4,000 |
Balance (in shares) at Dec. 31, 2015 | 57,822,538 | 4,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,082,246) | $ (1,029,444) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Series A Preferred shares issued as compensation | 337,194 | 157,094 |
Common shares issued as compensation and for services | 79,799 | 76,503 |
Common shares issued for interest | 246,667 | 0 |
Warrants granted to Scientific Advisory Board | 16,976 | 39,269 |
Depreciation | 325,486 | 102,664 |
Amortization | 4,135 | 4,386 |
Change in fair value of derivative liability | (1,402,515) | (3,408,941) |
Amortization of debt discount on convertible debentures | 683,670 | 563,178 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 108,426 | (127,022) |
Other current assets | 0 | 150,000 |
Deferred expenses | 0 | 250,000 |
Other long term assets | 33,388 | 0 |
Accounts payable | 86,655 | 125,511 |
Accounts payable - related party | 794,974 | 158,619 |
Accrued expenses | (15,919) | 69,940 |
Deferred interest payable | (83,333) | 0 |
NET CASH USED IN OPERATING ACTIVITIES | (2,866,641) | (2,868,243) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (363,486) | (5,313,326) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of warrants | 0 | 6,743,295 |
NET CHANGE IN CASH | (3,230,127) | (1,438,274) |
Cash at beginning of period | 31,467,748 | 36,696,892 |
Cash at end of period | 28,237,621 | 35,258,618 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Interest paid | 490,000 | 0 |
Income tax paid | 0 | 0 |
NON CASH FINANCING AND INVESTING ACTIVITIES: | ||
Series A Preferred stock issued as discount on Debentures | 0 | 1,152,297 |
Common Stock issued upon cashless exercise of stock options | 313 | 0 |
Reduction in leasehold improvements and fixtures and accumulated depreciation due to decommissioning of West Haven, CT facilities | $ 332,476 | $ 0 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Note 1 - Organization and Nature of Business NanoViricides, Inc. was incorporated under the laws of the State of Colorado on July 25, 2000 . ., On June 1, 2005, Edot-com.com, Inc. (“ECMM”) acquired Nanoviricides, Inc., a privately owned Florida corporation (“NVI”), pursuant to an Agreement and Plan of Share Exchange (the “Exchange”). Nanoviricides, 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 80,000,000 100,000,000 4,000 As a result of the Exchange transaction, the former NVI stockholders held approximately 80 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. NanoViricides is unique in the bio-pharma field in that it possesses its own state of the art facilities for the design, synthesis, analysis and characterization of the nanomedicines that we develop, as well as for production scale-up, and e-GMP-like production in quantities needed for human clinical trials. The biological studies such as the effectiveness, safety, bio-distribution and Pharmacokinetics/Pharmacodynamics on our drug candidates are performed by external collaborators and contract organizations. 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”), to which we have the necessary exclusive licenses in perpetuity. The first agreement we executed with TheraCour on September 1, 2005, gave us an exclusive, worldwide license for the treatment of the following human viral diseases: Human Immuno deficiency 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 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 one time 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 Series A Preferred Stock 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 2,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 - Summary of Significant Accounting Policies 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 10 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 for the fiscal year ended June 30, 2015 filed with the SEC on September 14, 2015. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 filed on September 14, 2015. 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. Potentially Outstanding Dilutive Common Shares For the For the Six Months Six Months Ended Ended December 31,2015 December 31, 2014 Stock options - 535,715 Warrants 6,010,971 5,942,379 Total potentially outstanding dilutive common shares 6,010,971 6,478,094 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 $ 0.001 571,428 At December 31, 2015, the 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 1,714,286 The Company has also issued 4,000,000 3.5 14,000,000 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. Coupon interest payable quarterly related to the Series C debenture is payable in cash or shares of common stock at the average of the open and close price. Such interest payment is due at the option of the Holder. For the quarter ended December 31, 2015, the Holder of the Series C Debenture elected to receive the quarterly interest in restricted common stock of the Company. The Holder is an entity controlled by Dr. Milton Boniuk, a director of the Company. At December 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 For the three months ended For the six months ended December December December December Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (2,775,292) $ (1,881,141) $ (4,082,246) $ (1,029,444) Denominator for basic weighted average shares of common stock 57,588,081 56,557,352 57,431,198 56,066,776 Basic loss per share of common stock $ (0.05) $ (0.03) $ (0.07) $ (0.02) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (2,775,292) $ (1,881,141) $ (4,082,246) $ (1,029,444) Add: Income impact of assumed conversion of Debentures - (222,053) - (2,044,459) Net loss attributable to common stockholders plus assumed conversions $ (2,775,292) $ (2,103,194) $ (4,082,246) $ (3,073,903) Denominator for basic weighted average shares of common stock 57,588,081 56,557,352 57,431,198 56,066,776 Incremental shares from assumed conversions of Debentures payable - 2,666,667 - 2,666,667 Denominator for diluted weighted average shares of common stock 57,588,081 59,224,019 57,431,198 58,733,443 Diluted loss per share of common stock $ (0.05) $ (0.04) $ (0.07) $ (0.05) Series B and Series C debentures were excluded from the loss per share calculation for the three and six months ended December 31, 2015 because the impact is anti-dilutive. 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 2014-15 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 | 6 Months Ended |
Dec. 31, 2015 | |
Financial Condition Disclosure [Abstract] | |
Financial Condition Disclosure [Text Block] | Note 3- Financial Condition The Company’s financial statements for the interim period ended December 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 a deficit accumulated from inception. 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 December 31, 2015 the Company had cash and cash equivalents of $ 28,237,621 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 currently unplanned capital costs and additional staffing requirements, if they arise, 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 | 6 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 4 - 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 shareholder, Director TheraCour Pharma, Inc. An entity owned and controlled by a significant stockholder InnoHaven, LLC An entity owned and controlled by a significant stockholder Milton Boniuk, MD Director and significant stockholder For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 The Company acquired 1 Controls Drive, Shelton, Connecticut from InnoHaven, LLC $ 4,222,549 $ 4,222,549 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 $ 6,747 $ 78,311 $ 14,648 $ 188,889 Account Payable Related Party As of December 31, June 30, 2015 2015 Pursuant to an Exclusive 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. In consideration for obtaining this exclusive license, 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 or actual costs, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf. Accounts payable due TheraCour Pharma Inc. on the reporting date was $ 1,111,170 $ 316,196 For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 Research and Development Costs Paid to Related Parties 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 December 31, 2015 and 2014 $ 996,398 $ 520,955 $ 2,012,614 $ 1,290,140 Long-Term Debentures Payable to a Director As of December 31, June 30, 2015 2015 Series B Convertible Debentures - Milton Boniuk $ 4,000,000 $ 4,000,000 Series C Convertible Debentures - Milton Boniuk 5,000,000 5,000,000 Total Long Term Debentures Payable to a Director $ 9,000,000 $ 9,000,000 As of December 31, June 30, Debenture Interest Paid to a Director 2015 2015 Coupon interest payable on $5,000,000 Series C Convertible Debentures and deferred. The deferred interest is paid out quarterly over the remaining term of the debenture commencing September 30, 2015: Deferred interest payable - short-term $ 166,668 $ 166,667 Deferred interest payable - long-term 249,999 333,333 Coupon interest expense on the Series B Debentures to Dr. Milton Boniuk for the three months ended December 31, 2015 and 2014 was $ 80,000 80,000 160,000 160,000 Coupon interest expense recognized on Series C Debentures to Dr. Milton Boniuk for the six months ended December 31, 2015 and 2014 was $ 125,000 125,000 250,000 250,000 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 - Property and Equipment December 31, June 30, 2015 2015 Land $ 260,000 $ 260,000 GMP Facility 7,979,202 7,905,938 Office Equipment 68,579 65,241 Furniture and Fixtures 5,607 1,400 Lab Equipment 5,214,473 5,264,272 Total Property and Equipment 13,527,861 13,496,851 Less Accumulated Depreciation (1,527,213) (1,534,203) Property and Equipment, Net $ 12,000,648 $ 11,962,648 Depreciation expense for the three months ended December 31, 2015 and 2014 were $ 163,880 51,332 325,486 102,664 In the current reporting period the Company completed the transfer of laboratories and personnel from its previous laboratory facilities at 135 Wood Street, West Haven, CT to 1 Controls Drive, Shelton, CT. The Company recorded the abandonment of fully depreciated laboratory fixtures associated with the 135 Wood Street facility of $332,476 as a reduction to Property and Equipment with a corresponding reduction to Accumulated Depreciation. |
Trademark and Patents
Trademark and Patents | 6 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 6 - Trademark and Patents December 31, June 30, 2015 2015 Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (63,352) (59,217) Trademarks and Patents, Net $ 395,602 $ 399,737 Amortization expense amounted to $ 2,067 4,135 4,386 |
Convertible Debentures
Convertible Debentures | 6 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 7 Convertible Debentures On February 1, 2013, the Company raised gross proceeds of $ 6,000,000 4,000,000 4 8 80,000 66,666 0.001 571,429 571,429 3.50 3 3.50 The following table presents the balance of the Series B Debenture payable, net of discount at December 31, 2015 and June 30, 2015. December 31, June 30, Proceeds $ 6,000,000 $ 6,000,000 Debt discount for bifurcated derivative (2,735,310) (2,735,310) 3,264,690 3,264,690 Accumulated amortization of debt discount 1,810,322 1,435,892 Debenture payable - Series B, net $ 5,075,012 $ 4,700,582 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 conversion 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. The Company recognized amortization of this discount as an additional interest charge to “Discount on convertible debentures” for the three month periods ended December 31, 2015 and 2014 in the amount of $ 190,803 163,890 374,430 321,618 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 December 31, 2015 and June 30, 2015, respectively. The following assumptions were used for the valuation of the compound embedded derivative at December 31, 2015 and June 30, 2015: · The balance of the Series B Convertible Debenture as of December 31, 2015 and June 30, 2015 is $ 6,000,000 · The underlying stock price was used as the fair value of the common stock; The stock price decreased to $ 1.18 3.50 1.75 3.50 · The projected annual volatility was based on the Company historical volatility: 1 year 12/31/2015 68.2 6/30/15 62.1 · 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 1.0 20.0 · The Holder would automatically convert the interest if the Company was not in default and its shares value would be 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 22.02 · 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 December 31, 2015 and June 30, 2015 was $ 99,469 366,764 On July 2, 2014 (the “Closing Date”), the Company accepted a subscription in the amount of $ 5,000,000 10 June 30, 2018 0.001 5.25 of $ 166,667 138,889 5.25 952,381 5.25 7 619,048 6.05 On July 2, 2014, in conjunction with the issuance of the Company’s Series C Convertible Debentures, the Company issued 187,000 1,645,606 1,152,297 1,152,297 1,879,428 159,159 126,070 309,240 241,560 December 31, June 30, Proceeds $ 5,000,000 $ 5,000,000 Debt Discount: Series A Preferred (1,152,297) (1,152,297) Embedded derivative (1,879,428) (1,879,428) 1,968,275 1,968,275 Accumulated amortization of debt discount 821,570 512,330 Debenture payable - Series C, net $ 2,789,845 $ 2,480,605 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 December 31, 2015 and June 30, 2015. The following assumptions were used for the valuation of the compound embedded derivative at December 31, 2015 and June 30, 2015: · The balance of the Series C Convertible Debenture as of December 31, 2015 and June 30, 2015 is $ 5,000,000 · The underlying stock price was used as the fair value of the common stock; The stock price decreased to $ 1.18 6.05 1.75 6.05 · The projected annual volatility was based on the Company historical volatility: 1 year 12/31/2015 68.2 6/30/15 62 · 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 1.0 5.0 · 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 22.02 21.97 · Even though 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 December 31, 2015 and June 30, 2015 was $ 240,482 476,289 |
Equity Transactions
Equity Transactions | 6 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8 - Equity Transactions On July 21, 2015, the Board of Directors approved a new employment agreement with Dr. Anil Diwan, the Company’s president. Pursuant to the terms of the employment agreement, the Company’s Board of Directors authorized the issuance of 225,000 204,420 20,580 75,000 77,336 154,672 On July 21, 2015, the Board of Directors approved a new employment agreement with Dr. Eugene Seymour, the Company’s Chief Executive Officer. Pursuant to the terms of the employment agreement, the Company’s Board of Directors authorized the issuance of 225,000 204,420 20,580 75,000 77,336 154,672 The Company estimated the fair value of the Series A Preferred stock granted to various employees and others on the date of grant. The Series A Preferred stock fair value is based on the greater of i) the converted value to common at a ratio of 1:3.5; or 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 each issuance used the following inputs: a. The common stock price was in the range $ 1.16 1.23 b. The calculated weighted average number of shares of common stock in the period; c. A 5.36 d. The calculated weighted average number of total voting shares and the monthly shares representing voting rights of 10.49 10.53 e. The conversion value is based on an assumption for calculation purposes only of a Change of Control in 4 1.33 1.17 f. The 7/21/15 Diwan & Seymour Preferred conversion value is based on the greater of the Change of Control in 4 years from 3/1/13 and the vesting on 6/30/16, 6/30/17, and 6/30/18 resulting in a remaining restricted term of 1.63 2.94 g. 28.75 to 27.14 64.42 65.16 0.31 0.51 For the three and six months ended December 31, 2015 the Scientific Advisory Board (SAB) was granted fully vested warrants to purchase 17,148 1.50 34,296 1.44 8,231 16,976 For the three and six months ended December 31, 2015, the Company’s Board of Directors authorized the issuance of 7,716 15,432 23,345 51,195 shares are to be issued in a subsequent period. For the three and six months ended December 31, 2015, the Company’s Board of Directors authorized the issuance 1,295 3,300 For the three months and six months ended December 31, 2015, the Company’s Board of Directors authorized the issuance of 8,789 17,319 11,250 22,499 For the three months and six months ended December 31, 2015, the Company’s Board of Directors authorized the issuance of 22,689 43,144 27,000 54,000 On December 31, 2015 two Holders of the Company’s Series B Debentures elected to receive the $ 80,000 66,666 On December 31, 2015 the Holder of the Company’s Series C Debentures elected to receive the $ 166,667 138,889 The expense recognized by the Company upon issuance of restricted common shares for compensation or services is determined by the average market value of the Company’s common shares over the service period. Expected life (year) 4 Expected volatility 57.81 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 1.42 % |
Stock Options and Warrants
Stock Options and Warrants | 6 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9 - Stock Options and Warrants Weighted Weighted Average Average Remaining Aggregate Number of Exercise Price Contractual Intrinsic Stock Options Shares per share ($) Term (years) Value ($) Outstanding and exercisable at June 30, 2015 535,715 $ 0.35 0.23 $ 2,094,643 Granted - - - - Exercised 428,573 - - - Expired 107,142 - - - Canceled - - - - Outstanding at December 31, 2015 - $ - - $ - Stock Warrants Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Stock Warrants Shares ($) (years) ($) Outstanding and exercisable at June 30, 2015 5,976,675 $ 5.14 3.20 $ 19,000 Granted 34,296 1.50 3.63 - Exercised - - - - Expired - - - - Canceled - - - - Outstanding and exercisable at December 31, 2015 6,010,971 $ 5.12 2.70 $ - Of the above warrants, 345,713 June 30, 2016 68,571 June 30, 2017 68,577 June 30, 2018 5,493,814 June 30, 2019 34,296 June 30, 2020 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 10 Fair Value Measurement Fair value measurements At December 31, 2015 and June 30, 2015, 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. Fair Value Measurements at December 31, 2015: (Level 1) (Level 2) (Level 3) Derivative liability Series B debentures $ - - $ 99,469 Derivative liability Series C debentures - - 240,482 Derivative liability warrants - - 2,543,342 Total derivatives $ - $ - $ 2,883,293 Fair Value Measurements at June 30, 2015: (Level 1) (Level 2) (Level 3) Derivative liability Series B debentures $ - - $ 366,764 Derivative liability Series C debentures - - 476,289 Derivative liability warrants - - 3,442,754 Total derivatives $ - $ - $ 4,285,807 In conjunction with the Company’s registered direct offerings of Units, consisting of the Company’s common stock and warrants, on September 12, 2013 and January 24, 2014 the Company issued 2,945,428 2,479,935 2,610,071 2,479,935 58,910 76,306 5,425,222 The Company accounts for stock purchase warrants as either equity instruments or derivative liabilities depending on the specific terms of the warrant agreements. Under applicable accounting guidance, stock warrants must be accounted for as derivative financial instruments if the warrants contain full-ratchet anti-dilution provisions, which preclude the warrants from being considered indexed to its own stock. The warrants described above contained a full-ratchet anti-dilution feature and are thus classified as a derivative liability. The Company used a lattice model to calculate the fair value of the derivative warrants based on a probability weighted discounted cash flow model. This model is based on future projections of the various potential outcomes. The features that were analyzed and incorporated into the model included the exercise and full reset features. The Warrants were valued as of December 31, 2015 and June 30, 2015 with the following assumptions: - The 5 5.25 6.05 - The stock price would fluctuate with the Company projected volatility. - The Holder would exercise the warrant as they become exercisable (effective registration at issuance) at target prices of the higher of 2 times 2 times - The next capital raise would fluctuate with an annual volatility. The projected volatility curve was based on historical volatilities of the Company for the valuation periods. 1 Year 6/30/15 62 % 12/31/15 68 % The primary factors driving the economic value of options are stock price; stock volatility; reset events and exercise behavior. Projections of these variables over the remaining term of the warrant are either derived or based on industry averages. Based on the above, a probability was assigned to each scenario for each future period, and the appropriate derivative value was determined for each scenario. The option value was then probability weighted and discounted to the present. Fair Value Measurement Using Significant Unobservable Inputs Derivative Derivative Derivative liability liability liability Series B Series C warrant Beginning balance at July 1, 2015 $ 366,764 $ 476,289 $ 3,442,754 Additions during the year - - - Change in fair value (267,295) (235,807) (899,412) Transfer in and/or out of Level 3 - - - Balance at December 31, 2015 $ 99,469 $ 240,482 $ 2,543,342 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 11 - Commitments and Contingencies Operating Lease The Company completed the relocation of its laboratory and office from 135 Wood Street, West Haven, Connecticut to 1 Controls Drive, Shelton, Connecticut around June, 2015. The Company was renting 135 Wood Street on a month-to-month basis. Total rent expense at 135 Wood Street, West Haven, Connecticut amounted to $ 0 52,170 License Agreements The Company is dependent upon its license agreement with TheraCour Pharma, Inc. (See Note 4). If the Company lost the right to utilize any of the proprietary information that is the subject of the TheraCour Pharma license agreement on which it depends, the Company will incur substantial delays and costs in development of its drug candidates. Legal Proceedings There are no pending legal proceeding 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 12 Subsequent Events On January 23, 2016, the Company’s Board of Directors and a majority of the holders of the Company’s Series A Convertible Preferred Shares (the “Series A Shares”) approved an amendment to the Certificate of Designation of the Series A Shares to increase the number of authorized Series A Shares from 4,000,000 8,500,000 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 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 10 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 for the fiscal year ended June 30, 2015 filed with the SEC on September 14, 2015. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 filed on September 14, 2015. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Common Share 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. Potentially Outstanding Dilutive Common Shares For the For the Six Months Six Months Ended Ended December 31,2015 December 31, 2014 Stock options - 535,715 Warrants 6,010,971 5,942,379 Total potentially outstanding dilutive common shares 6,010,971 6,478,094 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 $ 0.001 571,428 At December 31, 2015, the 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 1,714,286 The Company has also issued 4,000,000 3.5 14,000,000 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. Coupon interest payable quarterly related to the Series C debenture is payable in cash or shares of common stock at the average of the open and close price. Such interest payment is due at the option of the Holder. For the quarter ended December 31, 2015, the Holder of the Series C Debenture elected to receive the quarterly interest in restricted common stock of the Company. The Holder is an entity controlled by Dr. Milton Boniuk, a director of the Company. At December 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 For the three months ended For the six months ended December December December December Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (2,775,292) $ (1,881,141) $ (4,082,246) $ (1,029,444) Denominator for basic weighted average shares of common stock 57,588,081 56,557,352 57,431,198 56,066,776 Basic loss per share of common stock $ (0.05) $ (0.03) $ (0.07) $ (0.02) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (2,775,292) $ (1,881,141) $ (4,082,246) $ (1,029,444) Add: Income impact of assumed conversion of Debentures - (222,053) - (2,044,459) Net loss attributable to common stockholders plus assumed conversions $ (2,775,292) $ (2,103,194) $ (4,082,246) $ (3,073,903) Denominator for basic weighted average shares of common stock 57,588,081 56,557,352 57,431,198 56,066,776 Incremental shares from assumed conversions of Debentures payable - 2,666,667 - 2,666,667 Denominator for diluted weighted average shares of common stock 57,588,081 59,224,019 57,431,198 58,733,443 Diluted loss per share of common stock $ (0.05) $ (0.04) $ (0.07) $ (0.05) Series B and Series C debentures were excluded from the loss per share calculation for the three and six months ended December 31, 2015 because the impact is anti-dilutive. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements 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 2014-15 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. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Potentially Outstanding Dilutive Common Shares For the For the Six Months Six Months Ended Ended December 31,2015 December 31, 2014 Stock options - 535,715 Warrants 6,010,971 5,942,379 Total potentially outstanding dilutive common shares 6,010,971 6,478,094 The following represents a reconciliation of the numerators and denominators of the basic and diluted per share calculations for (loss) income from continuing operations: For the three months ended For the six months ended December December December December Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (2,775,292) $ (1,881,141) $ (4,082,246) $ (1,029,444) Denominator for basic weighted average shares of common stock 57,588,081 56,557,352 57,431,198 56,066,776 Basic loss per share of common stock $ (0.05) $ (0.03) $ (0.07) $ (0.02) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (2,775,292) $ (1,881,141) $ (4,082,246) $ (1,029,444) Add: Income impact of assumed conversion of Debentures - (222,053) - (2,044,459) Net loss attributable to common stockholders plus assumed conversions $ (2,775,292) $ (2,103,194) $ (4,082,246) $ (3,073,903) Denominator for basic weighted average shares of common stock 57,588,081 56,557,352 57,431,198 56,066,776 Incremental shares from assumed conversions of Debentures payable - 2,666,667 - 2,666,667 Denominator for diluted weighted average shares of common stock 57,588,081 59,224,019 57,431,198 58,733,443 Diluted loss per share of common stock $ (0.05) $ (0.04) $ (0.07) $ (0.05) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Property and Equipment For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 The Company acquired 1 Controls Drive, Shelton, Connecticut from InnoHaven, LLC $ 4,222,549 $ 4,222,549 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 $ 6,747 $ 78,311 $ 14,648 $ 188,889 Account Payable Related Party As of December 31, June 30, 2015 2015 Pursuant to an Exclusive 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. In consideration for obtaining this exclusive license, 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 or actual costs, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf. Accounts payable due TheraCour Pharma Inc. on the reporting date was $ 1,111,170 $ 316,196 For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 Research and Development Costs Paid to Related Parties 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 December 31, 2015 and 2014 $ 996,398 $ 520,955 $ 2,012,614 $ 1,290,140 Long-Term Debentures Payable to a Director As of December 31, June 30, 2015 2015 Series B Convertible Debentures - Milton Boniuk $ 4,000,000 $ 4,000,000 Series C Convertible Debentures - Milton Boniuk 5,000,000 5,000,000 Total Long Term Debentures Payable to a Director $ 9,000,000 $ 9,000,000 As of December 31, June 30, Debenture Interest Paid to a Director 2015 2015 Coupon interest payable on $5,000,000 Series C Convertible Debentures and deferred. The deferred interest is paid out quarterly over the remaining term of the debenture commencing September 30, 2015: Deferred interest payable - short-term $ 166,668 $ 166,667 Deferred interest payable - long-term 249,999 333,333 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, June 30, 2015 2015 Land $ 260,000 $ 260,000 GMP Facility 7,979,202 7,905,938 Office Equipment 68,579 65,241 Furniture and Fixtures 5,607 1,400 Lab Equipment 5,214,473 5,264,272 Total Property and Equipment 13,527,861 13,496,851 Less Accumulated Depreciation (1,527,213) (1,534,203) Property and Equipment, Net $ 12,000,648 $ 11,962,648 |
Trademark and Patents (Tables)
Trademark and Patents (Tables) | 6 Months Ended |
Dec. 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: December 31, June 30, 2015 2015 Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (63,352) (59,217) Trademarks and Patents, Net $ 395,602 $ 399,737 |
Convertible Debentures (Tables)
Convertible Debentures (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Series B Debentures [Member] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The debt discount is being accreted to interest expense over the term of the debenture: December 31, June 30, Proceeds $ 6,000,000 $ 6,000,000 Debt discount for bifurcated derivative (2,735,310) (2,735,310) 3,264,690 3,264,690 Accumulated amortization of debt discount 1,810,322 1,435,892 Debenture payable - Series B, net $ 5,075,012 $ 4,700,582 |
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 December 31, 2015 and June 30, 2015: December 31, June 30, Proceeds $ 5,000,000 $ 5,000,000 Debt Discount: Series A Preferred (1,152,297) (1,152,297) Embedded derivative (1,879,428) (1,879,428) 1,968,275 1,968,275 Accumulated amortization of debt discount 821,570 512,330 Debenture payable - Series C, net $ 2,789,845 $ 2,480,605 |
Equity Transactions (Tables)
Equity Transactions (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The Company estimated the fair value of the warrants granted 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 57.81 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 1.42 % |
Stock Options and Warrants (Tab
Stock Options and Warrants (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Stock Options [Member] | |
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 six months ended December 31, 2015 as follows: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Price Contractual Intrinsic Stock Options Shares per share ($) Term (years) Value ($) Outstanding and exercisable at June 30, 2015 535,715 $ 0.35 0.23 $ 2,094,643 Granted - - - - Exercised 428,573 - - - Expired 107,142 - - - Canceled - - - - Outstanding at December 31, 2015 - $ - - $ - |
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] | As of December 31, 2015 there was no unrecognized compensation cost. Stock Warrants Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Stock Warrants Shares ($) (years) ($) Outstanding and exercisable at June 30, 2015 5,976,675 $ 5.14 3.20 $ 19,000 Granted 34,296 1.50 3.63 - Exercised - - - - Expired - - - - Canceled - - - - Outstanding and exercisable at December 31, 2015 6,010,971 $ 5.12 2.70 $ - |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | At December 31, 2015 and June 30, 2015 the estimated fair values of the liabilities measured on a recurring basis are as follows: Fair Value Measurements at December 31, 2015: (Level 1) (Level 2) (Level 3) Derivative liability Series B debentures $ - - $ 99,469 Derivative liability Series C debentures - - 240,482 Derivative liability warrants - - 2,543,342 Total derivatives $ - $ - $ 2,883,293 Fair Value Measurements at June 30, 2015: (Level 1) (Level 2) (Level 3) Derivative liability Series B debentures $ - - $ 366,764 Derivative liability Series C debentures - - 476,289 Derivative liability warrants - - 3,442,754 Total derivatives $ - $ - $ 4,285,807 |
Schedule Of Projected Annual Volatility [Table Text Block] | The projected annual volatility for the valuation dates are: 1 Year 6/30/15 62 % 12/31/15 68 % |
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 six months ended December 31, 2015: Fair Value Measurement Using Significant Unobservable Inputs Derivative Derivative Derivative liability liability liability Series B Series C warrant Beginning balance at July 1, 2015 $ 366,764 $ 476,289 $ 3,442,754 Additions during the year - - - Change in fair value (267,295) (235,807) (899,412) Transfer in and/or out of Level 3 - - - Balance at December 31, 2015 $ 99,469 $ 240,482 $ 2,543,342 |
Organization and Nature of Bu28
Organization and Nature of Business (Details Textual) - USD ($) | 6 Months Ended | ||
Dec. 31, 2015 | Jun. 30, 2015 | Feb. 15, 2010 | |
Product Information [Line Items] | |||
Entity Incorporation, State Country Name | Colorado | ||
Entity Incorporation, Date Of Incorporation | Jul. 25, 2000 | ||
Business Acquisition, Name of Acquired Entity | Edot-com.com, Inc | ||
Business Acquisition, Date of Acquisition Agreement | May 12, 2005 | ||
Common stock, shares issued | 57,822,538 | 57,242,070 | |
Common stock, shares, outstanding | 57,822,538 | 57,242,070 | |
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 | ||
Series A Convertible Preferred stock, $0.001 par value, 4,100,000 shares designated, 4,041,161 and 3,583,445 shares issued and outstanding, respectively | $ 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) |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Details) - shares | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,010,971 | 6,478,094 |
Stock options [Member] | ||
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 535,715 |
Warrants [Member] | ||
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,010,971 | 5,942,379 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Calculation of basic loss per share of common stock: | ||||
Net loss attributable to common stockholders | $ (2,775,292) | $ (1,881,141) | $ (4,082,246) | $ (1,029,444) |
Denominator for basic weighted average shares of common stock | 57,588,081 | 56,557,352 | 57,431,198 | 56,066,776 |
Basic loss per share of common stock | $ (0.05) | $ (0.03) | $ (0.07) | $ (0.02) |
Calculation of diluted loss per share of common stock: | ||||
Net loss attributable to common stockholders | $ (2,775,292) | $ (1,881,141) | $ (4,082,246) | $ (1,029,444) |
Add: Income impact of assumed conversion of Debentures | 0 | (222,053) | 0 | (2,044,459) |
Net loss attributable to common stockholders plus assumed conversions | $ (2,775,292) | $ (2,103,194) | $ (4,082,246) | $ (3,073,903) |
Denominator for basic weighted average shares of common stock | 57,588,081 | 56,557,352 | 57,431,198 | 56,066,776 |
Incremental shares from assumed conversions of Debentures payable | 0 | 2,666,667 | 0 | 2,666,667 |
Denominator for diluted weighted average shares of common stock | 57,588,081 | 59,224,019 | 57,431,198 | 58,733,443 |
Diluted loss per share of common stock | $ (0.05) | $ (0.04) | $ (0.07) | $ (0.05) |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Details Textual) - $ / shares | 6 Months Ended | ||
Dec. 31, 2015 | Jan. 15, 2016 | Jun. 30, 2015 | |
Accounting Policies [Line Items] | |||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 | |
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. | ||
Subsequent Event [Member] | |||
Accounting Policies [Line Items] | |||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | ||
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 | $ 3.5 | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 14,000,000 | ||
Preferred Stock, Shares Issued | 4,000,000 | 3,583,445 | |
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 | ||
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 ($) | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financial Condition [Line Items] | ||||
Cash and cash equivalents | $ 28,237,621 | $ 31,467,748 | $ 35,258,618 | $ 36,696,892 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | |
Research and development | $ 1,152,501 | $ 916,739 | $ 2,359,573 | $ 1,727,846 | |
Due to Related Parties | 9,000,000 | 9,000,000 | $ 9,000,000 | ||
Deferred interest payable - short term | 166,668 | 166,668 | 166,667 | ||
Deferred interest payable - long term | 249,999 | 249,999 | 333,333 | ||
Series B Convertible Debentures [Member] | |||||
Due to Related Parties | 4,000,000 | 4,000,000 | 4,000,000 | ||
Deferred interest payable - short term | 80,000 | 80,000 | |||
Series C Convertible Debenture [Member] | |||||
Due to Related Parties | 5,000,000 | 5,000,000 | 5,000,000 | ||
Deferred interest payable - short term | $ 166,667 | $ 166,667 | |||
Innohaven, LLC [Member] | |||||
Property, Plant and Equipment, Additions | 4,222,549 | 4,222,549 | |||
TheraCour Pharma, Inc [Member] | |||||
Net Account Payable to related party | $ 1,111,170 | $ 1,111,170 | $ 316,196 | ||
Research and development | 996,398 | 520,955 | 2,012,614 | 1,290,140 | |
Property, Plant and Equipment, Additions | $ 6,747 | $ 78,311 | $ 14,648 | $ 188,889 |
Related Party Transactions (D34
Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | |||
Series B Convertible Debenture [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest Expense, Debt | $ 80,000 | $ 80,000 | 160,000 | $ 160,000 |
Series C Convertible Debenture [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest Payable | 5,000,000 | 5,000,000 | ||
Interest Expense, Debt | $ 125,000 | $ 125,000 | $ 250,000 | $ 250,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Dec. 31, 2015 | Jun. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 260,000 | $ 260,000 |
GMP Facility | 7,979,202 | 7,905,938 |
Office Equipment | 68,579 | 65,241 |
Furniture and Fixtures | 5,607 | 1,400 |
Lab Equipment | 5,214,473 | 5,264,272 |
Total Property and Equipment | 13,527,861 | 13,496,851 |
Less Accumulated Depreciation | (1,527,213) | (1,534,203) |
Property and Equipment, Net | $ 12,000,648 | $ 11,962,648 |
Property and Equipment (Detai36
Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 163,880 | $ 51,332 | $ 325,486 | $ 102,664 |
Other Research and Development Expense | $ 332,476 |
Trademark and Patents (Details)
Trademark and Patents (Details) - USD ($) | Dec. 31, 2015 | Jun. 30, 2015 |
Trademarks And Patents [Line Items] | ||
Trademarks and Patents | $ 458,954 | $ 458,954 |
Less Accumulated Amortization | (63,352) | (59,217) |
Trademarks and Patents, Net | $ 395,602 | $ 399,737 |
Trademark and Patents (Details
Trademark and Patents (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Trademarks And Patents [Line Items] | ||||
Amortization | $ 2,067 | $ 2,193 | $ 4,135 | $ 4,386 |
Trademark and Patents [Member] | ||||
Trademarks And Patents [Line Items] | ||||
Amortization | $ 4,135 | $ 4,386 |
Convertible Debentures (Details
Convertible Debentures (Details) - Series B Debentures [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Jun. 30, 2015 | |
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 |
Accumulated amortization of debt discount | 1,810,322 | 1,435,892 |
Debenture payable - Series B, net | $ 5,075,012 | $ 4,700,582 |
Convertible Debentures (Detai40
Convertible Debentures (Details 1) - Series C Debentures [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Jun. 30, 2015 | |
Proceeds | $ 5,000,000 | $ 5,000,000 |
Net Proceeds From Issuance Of Debt | 1,968,275 | 1,968,275 |
Accumulated amortization of debt discount | 821,570 | 512,330 |
Debenture payable - Series C, net | 2,789,845 | 2,480,605 |
Embedded Derivative Financial Instruments [Member] | ||
Debt discount | (1,879,428) | (1,879,428) |
Series A Preferred Stock [Member] | ||
Debt discount | $ (1,152,297) | $ (1,152,297) |
Convertible Debentures (Detai41
Convertible Debentures (Details Textual) - USD ($) | Jul. 02, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | Jan. 24, 2014 | Sep. 12, 2013 | Feb. 02, 2013 |
Debt Instrument [Line Items] | |||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Debt Conversion, Converted Instrument, Amount | $ 0 | $ 1,152,297 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.05 | $ 5.25 | |||||||
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. | ||||||||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Interest Payable, Current | $ 166,668 | $ 166,668 | $ 166,667 | ||||||
Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Share Price | $ 1.23 | $ 1.23 | |||||||
Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Share Price | $ 1.16 | $ 1.16 | |||||||
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 | $ 2,543,342 | $ 2,543,342 | $ 3,442,754 | ||||||
Series B Convertible Debentures [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of Debt Discount (Premium) | $ 190,803 | $ 163,890 | 374,430 | 321,618 | |||||
Proceeds from Convertible Debt | $ 6,000,000 | ||||||||
Debt Instrument, Term | 4 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 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 | $ 3.50 | $ 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, Total | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | ||||||
Share Price | $ 1.18 | $ 1.18 | |||||||
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%; | ||||||||
Projected Redemption Percentage Of Time | 0.00% | 62.10% | |||||||
Projected Annual Volatility Percentage | 68.20% | ||||||||
Weighted Average Discount Rate, Percent | 22.02% | ||||||||
Interest Payable, Current | $ 80,000 | $ 80,000 | |||||||
Restricted common stock authorized for interest payable | 66,666 | ||||||||
Series B Convertible Debentures [Member] | Embedded Derivative Financial Instruments [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative Liability, Noncurrent | $ 99,469 | $ 99,469 | $ 366,764 | ||||||
Series B Convertible Debentures [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Projected Redemption Percentage Of Time | 20.00% | ||||||||
Series B Convertible Debentures [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Projected Redemption Percentage Of Time | 1.00% | ||||||||
Series B Convertible Debentures [Member] | Restricted Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |||||||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||||
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) | $ 159,159 | $ 126,070 | $ 309,240 | $ 241,560 | |||||
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) | $ 0.001 | ||||||||
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 | ||||||||
Common Stock, Par Or Stated Value Per Share | 0.001 | ||||||||
Series C Convertible Debenture [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Maturity Date | Jun. 30, 2018 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ 5.25 | ||||||||
Proceeds from Issuance of Debt | $ 5,000,000 | $ 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 | $ 6.05 | ||||||
Share Price | $ 1.18 | $ 1.18 | $ 1.75 | ||||||
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%; | ||||||||
Projected Redemption Percentage Of Time | 0.00% | 62.00% | |||||||
Projected Annual Volatility Percentage | 68.20% | ||||||||
Weighted Average Discount Rate, Percent | 22.02% | 21.97% | |||||||
Closing Common Stock Bid Price | $ 5.25 | ||||||||
Additional Interest Rate For Warrants | 7.00% | ||||||||
Interest Payable, Current | $ 166,667 | $ 166,667 | |||||||
Restricted common stock authorized for interest payable | 138,889 | ||||||||
Series C Convertible Debenture [Member] | Embedded Derivative Financial Instruments [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative Liability, Noncurrent | $ 240,482 | $ 240,482 | $ 476,289 | ||||||
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% | ||||||||
Series C Convertible Debenture [Member] | Restricted Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |||||||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 |
Equity Transactions (Details)
Equity Transactions (Details) | 6 Months Ended |
Dec. 31, 2015 | |
Class of Stock [Line Items] | |
Expected life (year) | 4 years |
Expected volatility | 57.81% |
Expected annual rate of quarterly dividends | 0.00% |
Risk-free rate(s) | 1.42% |
Equity Transactions (Details Te
Equity Transactions (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2016 | Jul. 21, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Jun. 30, 2015 | Jan. 24, 2014 | Sep. 12, 2013 | |
Class of Stock [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.05 | $ 5.25 | |||||
Interest Payable, Current | $ 166,668 | $ 166,668 | $ 166,667 | ||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 5.36% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 57.81% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.42% | ||||||
Consulting expense [Member] | |||||||
Class of Stock [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ 8,231 | $ 16,976 | |||||
Minimum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year 7 months 17 days | ||||||
Share Price | $ 1.16 | $ 1.16 | |||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 10.49% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year 2 months 1 day | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 27.14% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 64.42% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.31% | ||||||
Maximum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years 11 months 8 days | ||||||
Share Price | 1.23 | $ 1.23 | |||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 10.53% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year 3 months 29 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 28.75% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 65.16% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.51% | ||||||
Warrant [Member] | |||||||
Class of Stock [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 1.50 | $ 1.50 | |||||
Share Price | $ 1.44 | $ 1.44 | |||||
Warrant [Member] | August 2019 | |||||||
Class of Stock [Line Items] | |||||||
Number Of Common Stock To Be Issued Upon Conversion Of Warrants | 17,148 | ||||||
Warrant [Member] | November 2019 | |||||||
Class of Stock [Line Items] | |||||||
Number Of Common Stock To Be Issued Upon Conversion Of Warrants | 34,296 | ||||||
Restricted Stock [Member] | Series B [Member] | |||||||
Class of Stock [Line Items] | |||||||
Restricted common stock authorized for interest payable | 66,666 | ||||||
Director [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 17,319 | 17,319 | |||||
Share-based Compensation, Total | $ 11,250 | $ 22,499 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 8,789 | 17,319 | |||||
Consulting Services [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 43,144 | 43,144 | |||||
Share-based Compensation, Total | $ 27,000 | $ 54,000 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 22,689 | 43,144 | |||||
Employee Compensation [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,295 | 1,295 | |||||
Share-based Compensation, Total | $ 3,300 | ||||||
President [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 225,000 | ||||||
Share-based Compensation, Total | $ 77,336 | $ 154,672 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 204,420 | ||||||
President [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 75,000 | ||||||
Chief Executive Officer [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 225,000 | ||||||
Share-based Compensation, Total | 77,336 | $ 154,672 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 204,420 | ||||||
Chief Executive Officer [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 75,000 | ||||||
Subsequent Event [Member] | President [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 20,580 | ||||||
Subsequent Event [Member] | Chief Executive Officer [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 20,580 | ||||||
Series A Convertible Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation, Total | $ 23,345 | $ 51,195 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,716 | 15,432 | |||||
Series B Convertible Debentures [Member] | |||||||
Class of Stock [Line Items] | |||||||
Interest Payable, Current | $ 80,000 | $ 80,000 | |||||
Series C [Member] | Restricted Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Restricted common stock authorized for interest payable | 138,889 | ||||||
Series C Convertible Debentures [Member] | |||||||
Class of Stock [Line Items] | |||||||
Interest Payable, Current | $ 166,667 | $ 166,667 |
Stock Options and Warrants (Det
Stock Options and Warrants (Details) - Stock Options [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Jun. 30, 2015 | |
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 | 428,573 | |
Number of Shares, Expired | 107,142 | |
Number of Shares, Canceled | 0 | |
Number of Shares, Outstanding | 0 | 535,715 |
Weighted Average Exercise Price per share, Outstanding (dollars per share) | $ 0.35 | |
Weighted Average Exercise Price per share, Granted (dollars per share) | 0 | |
Weighted Average Exercise Price per share, Exercised (dollars per share) | 0 | |
Weighted Average Exercise Price per share, Expired (dollars per share) | 0 | |
Weighted Average Exercise Price per share, Canceled (dollars per share) | 0 | |
Weighted Average Exercise Price per share, Outstanding (dollars per share) | $ 0 | $ 0.35 |
Weighted Average Remaining Contractual Term (years), Granted | 0 years | |
Weighted Average Remaining Contractual Term (years), Exercised | 0 years | |
Weighted Average Remaining Contractual Term (years), Expired | 0 years | |
Weighted Average Remaining Contractual Term (years), Canceled | 0 years | |
Weighted Average Remaining Contractual Term (years), Outstanding | 0 years | 2 months 23 days |
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 2,094,643 | |
Aggregate Intrinsic Value, Granted (in dollars) | 0 | |
Aggregate Intrinsic Value, Exercised (in dollars) | 0 | |
Aggregate Intrinsic Value, Expired (in dollars) | 0 | |
Aggregate Intrinsic Value, Canceled (in dollars) | 0 | |
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 0 | $ 2,094,643 |
Stock Options and Warrants (D45
Stock Options and Warrants (Details 1) - Stock Warrants [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 5,976,675 | |
Number of Shares, Granted | 34,296 | |
Number of Shares, Canceled | 0 | |
Number of Shares, Outstanding | 6,010,971 | 5,976,675 |
Weighted Average Exercise Price per share, Outstanding (dollars per share) | $ 5.14 | |
Weighted Average Exercise Price per share, Granted (dollars per share) | 1.50 | |
Weighted Average Exercise Price per share, Exercised (dollars per share) | 0 | |
Weighted Average Exercise Price per share, Expired (dollars per share) | 0 | |
Weighted Average Exercise Price per share, Canceled (dollars per share) | 0 | |
Weighted Average Exercise Price per share, Outstanding (dollars per share) | $ 5.12 | $ 5.14 |
Weighted Average Remaining Contractual Term (years), Granted | 3 years 7 months 17 days | |
Weighted Average Remaining Contractual Term (years), Exercised | 0 years | |
Weighted Average Remaining Contractual Term (years), Expired | 0 years | |
Weighted Average Remaining Contractual Term (years), Canceled | 0 years | |
Weighted Average Remaining Contractual Term (years), Outstanding | 2 years 8 months 12 days | 3 years 2 months 12 days |
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 19,000 | |
Aggregate Intrinsic Value, Granted (in dollars) | 0 | |
Aggregate Intrinsic Value, Exercised (in dollars) | 0 | |
Aggregate Intrinsic Value, Expired (in dollars) | 0 | |
Aggregate Intrinsic Value, Cancelled (in dollars) | 0 | |
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 0 | $ 19,000 |
Stock Options and Warrants (D46
Stock Options and Warrants (Details Textual) | 6 Months Ended |
Dec. 31, 2015shares | |
June 30, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 345,713 |
Warrants Expiration Date | Jun. 30, 2016 |
June 30, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 68,571 |
Warrants Expiration Date | Jun. 30, 2017 |
June 30, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 68,577 |
Warrants Expiration Date | Jun. 30, 2018 |
June 30, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 5,493,814 |
Warrants Expiration Date | Jun. 30, 2019 |
June 30, 2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 34,296 |
Warrants Expiration Date | Jun. 30, 2020 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) | Dec. 31, 2015 | Jun. 30, 2015 |
Warrant [Member] | ||
Derivative Liability, Noncurrent | $ 2,543,342 | $ 3,442,754 |
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 | 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 | 0 |
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative Liability, Noncurrent | 2,883,293 | 4,285,807 |
Fair Value, Inputs, Level 3 [Member] | Derivative liability - Series B debentures [Member] | ||
Derivative Liability, Noncurrent | 99,469 | 366,764 |
Fair Value, Inputs, Level 3 [Member] | Derivative liability - Series C debentures [Member] | ||
Derivative Liability, Noncurrent | 240,482 | 476,289 |
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Derivative Liability, Noncurrent | $ 2,543,342 | $ 3,442,754 |
Fair Value Measurement (Detai48
Fair Value Measurement (Details 1) | 6 Months Ended |
Dec. 31, 2015 | |
One year ended 6/30/2015 [Member] | |
Fair Value Assumptions, Expected Volatility Rate | 62.00% |
One Year Ended 12/31/2015 [Member] | |
Fair Value Assumptions, Expected Volatility Rate | 68.00% |
Fair Value Measurement (Detai49
Fair Value Measurement (Details 2) | 6 Months Ended |
Dec. 31, 2015USD ($) | |
Derivative liability - Series C debentures [Member] | |
Beginning balance at July 1, 2015 | $ 476,289 |
Additions during the year | 0 |
Change in fair value | (235,807) |
Transfer in and/or out of Level 3 | 0 |
Balance at December 31, 2015 | 240,482 |
Derivative liability - Series B debentures [Member] | |
Beginning balance at July 1, 2015 | 366,764 |
Additions during the year | 0 |
Change in fair value | (267,295) |
Transfer in and/or out of Level 3 | 0 |
Balance at December 31, 2015 | 99,469 |
Warrant [Member] | |
Beginning balance at July 1, 2015 | 3,442,754 |
Additions during the year | 0 |
Change in fair value | (899,412) |
Transfer in and/or out of Level 3 | 0 |
Balance at December 31, 2015 | $ 2,543,342 |
Fair Value Measurement (Detai50
Fair Value Measurement (Details Textual) - $ / shares | 1 Months Ended | ||
Jan. 24, 2014 | Sep. 12, 2013 | Dec. 31, 2015 | |
Class of Warrant or Right, Outstanding | 2,479,935 | 2,610,071 | 5,425,222 |
Warrants Issued | 2,479,935 | 2,945,428 | |
Warrant Expiration Term | 5 years | 5 years | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.05 | $ 5.25 | |
Placement Agents [Member] | |||
Warrants Issued | 76,306 | 58,910 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | $ 0 | $ 26,085 | $ 0 | $ 52,170 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - Series A Convertible Preferred Stock [Member] - shares | Jan. 23, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Subsequent Event [Line Items] | |||
Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Preferred Stock, Shares Authorized | 8,500,000 |