Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2016 | Feb. 14, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
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 | Non-accelerated Filer | |
Trading Symbol | NNVC | |
Entity Common Stock, Shares Outstanding | 62,819,000 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 19,301,566 | $ 24,162,185 |
Prepaid expenses | 139,721 | 219,458 |
Total Current Assets | 19,441,287 | 24,381,643 |
PROPERTY AND EQUIPMENT | ||
Property and equipment | 13,636,018 | 13,611,583 |
Accumulated depreciation | (2,176,536) | (1,850,816) |
Property and equipment, net | 11,459,482 | 11,760,767 |
TRADEMARK AND PATENTS | ||
Trademark and patents | 458,954 | 458,954 |
Accumulated amortization | (71,621) | (67,487) |
Trademark and patents, net | 387,333 | 391,467 |
OTHER ASSETS | ||
Security deposits | 3,515 | 3,515 |
Service agreements | 72,651 | 96,026 |
Total Other Assets | 76,166 | 99,541 |
Total Assets | 31,364,268 | 36,633,418 |
CURRENT LIABILITIES: | ||
Accounts payable | 126,059 | 96,524 |
Accounts payable - related parties | 32,624 | 767,454 |
Debentures payable - Series B, net of discount | 5,910,835 | 5,474,737 |
Derivative liability - Series B debentures | 28,284 | 203,030 |
Accrued expenses | 51,590 | 35,602 |
Deferred interest payable - current portion | 166,667 | 166,667 |
Total Current Liabilities | 6,316,059 | 6,744,014 |
LONG TERM LIABILITIES: | ||
Deferred interest payable - long term portion | 83,333 | 166,667 |
Total Long Term Liabilities | 5,902,191 | 6,841,190 |
Total Liabilities | 12,218,250 | 13,585,204 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 58,458,989 and 58,179,699 shares issued and outstanding at December 31, 2016 and June 30, 2016, respectively | 58,458 | 58,179 |
Additional paid-in capital | 88,515,497 | 87,810,145 |
Accumulated deficit | (69,432,044) | (64,824,201) |
Total Stockholders' Equity | 19,146,018 | 23,048,214 |
Total Liabilities and Stockholders' Equity | 31,364,268 | 36,633,418 |
Warrant [Member] | ||
LONG TERM LIABILITIES: | ||
Derivative liability | 2,189,582 | 3,197,182 |
Series C Debentures [Member] | ||
LONG TERM LIABILITIES: | ||
Debentures payable | 3,524,319 | 3,133,668 |
Derivative liability | 104,957 | 343,673 |
Series A Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Series A Convertible Preferred stock, $0.001 par value, 8,500,000 shares designated, 4,106,526 and 4,091,094 shares issued and outstanding, at December 31, 2016 and June 30, 2016, respectively | $ 4,107 | $ 4,091 |
Balance Sheets _Parenthetical_
Balance Sheets [Parenthetical] - $ / shares | Dec. 31, 2016 | Jun. 30, 2016 |
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 | 58,458,989 | 58,179,699 |
Common stock, shares, outstanding | 58,458,989 | 58,179,699 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 8,500,000 | 8,500,000 |
Preferred stock, shares issued | 4,106,526 | 4,091,094 |
Preferred stock, shares outstanding | 4,106,526 | 4,091,094 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING EXPENSES | ||||
Research and development | $ 1,261,000 | $ 1,152,501 | $ 2,713,137 | $ 2,359,573 |
General and administrative | 1,036,618 | 937,800 | 2,024,930 | 1,955,779 |
Total operating expenses | 2,297,618 | 2,090,301 | 4,738,067 | 4,315,352 |
LOSS FROM OPERATIONS | (2,297,618) | (2,090,301) | (4,738,067) | (4,315,352) |
OTHER INCOME (EXPENSE): | ||||
Interest income (expense) | 11,734 | (4,562) | 25,911 | 4,261 |
Interest expense on convertible debentures | (245,000) | (245,000) | (490,000) | (490,000) |
Discount on convertible debentures | (423,287) | (349,962) | (826,749) | (683,670) |
Change in fair value of derivatives | 1,407,771 | (85,467) | 1,421,062 | 1,402,515 |
Other (expense) income | 751,218 | (684,991) | 130,224 | 233,106 |
LOSS BEFORE INCOME TAX PROVISION | (1,546,400) | (2,775,292) | (4,607,843) | (4,082,246) |
INCOME TAX PROVISION | 0 | 0 | 0 | 0 |
NET LOSS | $ (1,546,400) | $ (2,775,292) | $ (4,607,843) | $ (4,082,246) |
NET LOSS PER COMMON SHARE | ||||
- Basic (in dollars per share) | $ (0.03) | $ (0.05) | $ (0.08) | $ (0.07) |
- Diluted (in dollars per share) | $ (0.03) | $ (0.05) | $ (0.08) | $ (0.07) |
Weighted average common shares outstanding | ||||
- Basic (in shares) | 58,205,494 | 57,588,081 | 58,192,721 | 57,431,198 |
- Diluted (in shares) | 58,205,494 | 57,588,081 | 58,192,721 | 57,431,198 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - 6 months ended Dec. 31, 2016 - USD ($) | Total | Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AccumulatedDeficit [Member] |
Balance at Jun. 30, 2016 | $ 23,048,214 | $ 4,091 | $ 58,179 | $ 87,810,145 | $ (64,824,201) |
Balance (in shares) at Jun. 30, 2016 | 4,091,094 | 58,179,699 | |||
Series A Preferred Shares issued for employee stock compensation | 355,335 | $ 16 | $ 0 | 355,319 | 0 |
Series A Preferred Shares issued for employee stock compensation (in shares) | 15,432 | 0 | |||
Common Shares issued for consulting and legal services rendered | 54,000 | $ 0 | $ 37 | 53,963 | 0 |
Common Shares issued for consulting and legal services rendered (in shares) | 0 | 36,764 | |||
Warrants issued to Scientific Advisory Board | 27,145 | $ 0 | $ 0 | 27,145 | 0 |
Common Shares issued for debenture interest | 246,667 | $ 0 | $ 227 | 246,440 | 0 |
Common Shares issued for debenture interest (in shares) | 0 | 227,343 | |||
Common Shares issued for Directors services | 22,500 | $ 0 | $ 15 | 22,485 | 0 |
Common Shares issued for Directors services (in shares) | 0 | 15,183 | |||
Net loss | (4,607,843) | $ 0 | $ 0 | 0 | (4,607,843) |
Balance at Dec. 31, 2016 | $ 19,146,018 | $ 4,107 | $ 58,458 | $ 88,515,497 | $ (69,432,044) |
Balance (in shares) at Dec. 31, 2016 | 4,106,526 | 58,458,989 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,607,843) | $ (4,082,246) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Preferred shares issued as compensation | 355,335 | 337,194 |
Common shares issued as compensation and for services | 76,500 | 79,799 |
Common shares issued for interest | 246,667 | 246,667 |
Warrants granted to Scientific Advisory Board | 27,145 | 16,976 |
Depreciation | 325,720 | 325,486 |
Amortization | 4,135 | 4,135 |
Change in fair value of derivative liability | (1,421,062) | (1,402,515) |
Amortization of debt discount on convertible debentures | 826,749 | 683,670 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 79,737 | 108,426 |
Other assets | 23,375 | 33,388 |
Accounts payable | 29,535 | 86,655 |
Accounts payable - related party | (734,830) | 794,974 |
Accrued expenses | 15,987 | (15,919) |
Deferred interest payable | (83,334) | (83,333) |
NET CASH USED IN OPERATING ACTIVITIES | (4,836,184) | (2,866,641) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (24,435) | (363,486) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (4,860,619) | (3,230,127) |
Cash and cash equivalents at beginning of period | 24,162,185 | 31,467,748 |
Cash and cash equivalents at end of period | 19,301,566 | 28,237,621 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Interest paid | 326,667 | 490,000 |
Income tax paid | 0 | 0 |
NON CASH FINANCING AND INVESTING ACTIVITIES: | ||
Common Stock issued upon cashless exercise of stock options | 0 | 313 |
Depreciation due to decommissioning of West Haven, CT facilities | $ 0 | $ 332,476 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | NanoViricides, Inc. was incorporated under the laws of the State of Colorado on July 25, 2000 Edot-com.com, Inc. May 12, 2005 ., 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 c-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 Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Herpes Simplex Virus (HSV), Influenza and Asian Bird Flu Virus. Under the License Agreements, TheraCour Pharma will receive a royalty upon sale of resulting products from NanoViricides. There is no royalty payable to date. For further details, see Note 4. 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 onetime licensing fee equal to 2,000,000 2,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2016 | |
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, 2016 filed with the SEC on September 16, 2016. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2016 filed on September 16, 2016. Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net 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 Three Months Six Months Ended Ended December 31, 2016 December 31, 2015 Warrants 6,650,996 6,010,971 Total potentially outstanding dilutive common shares 6,650,996 6,010,971 In addition, the Company has issued Convertible Debentures to investors. Coupon interest payable quarterly related to the Series B debentures is payable in cash or shares of common Stock at the average of the open and close value on the date such interest payment is due at the option of the Holder. For each of the three month periods ended December 31, 2016 and 2015, the Company paid a total of $ 40,000 80,000 160,000 80,000 73,733 66,666 At December 31, 2016, 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 At December 31, 2016, the number of potential dilutive shares of the Company’s common stock into which the Series C debentures can be converted based upon the conversion provisions contained in the debenture is 952,381 The Company has also issued 4,106,526 3.5 14,372,841 For the three months ended For the six months ended December 31, December 31, 2016 2015 2016 2015 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (1,546,400) $ (2,775,292) $ (4,607,843) $ (4,082,246) Denominator for basic weighted average shares of common stock 58,205,494 57,588,081 58,192,721 57,431,198 Basic loss per share of common stock $ (0.03) $ (0.05) $ (0.08) $ (0.07) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (1,546,400) $ (2,775,292) $ (4,607,843) $ (4,082,246) Add: Income impact of assumed conversion of Debentures - - - - Net loss attributable to common stockholders plus assumed conversions $ (1,546,400) $ (2,775,292) $ (4,607,843) $ (4,082,246) Denominator for basic weighted average shares of common stock 58,205,494 57,588,081 58,192,721 57,431,198 Incremental shares from assumed conversions of Debentures payable - - - - Denominator for diluted weighted average shares of common stock 58,205,494 57,588,081 58,192,721 57,431,198 Diluted loss per share of common stock $ (0.03) $ (0.05) $ (0.08) $ (0.07) Series B and Series C debentures were excluded from the fully diluted loss per share calculation for the three and six months ended December 31, 2016 because their inclusion is anti-dilutive. Additionally, the Series A Preferred shares are contingently convertible instruments, where the contingency is not based upon the price of the Company’s stock or the convertible instruments. The necessary conditions for conversion (see above) have not been satisfied and the potential shares are not included pursuant to ASC 260-10-55-44. In March 2016, the FASB issued ASU No. 2016-09, “Stock Compensation (topic 718)”, which includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The standard is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company is currently in the process of assessing the impact of the ASU on its financial statements. 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 annual periods ending 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 . |
Financial Condition
Financial Condition | 6 Months Ended |
Dec. 31, 2016 | |
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, 2016 have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company has an accumulated deficit at December 31, 2016 of $ 69,432,044 19,301,566 6 into agreements with certain holders (the “Holders”) of the Company’s Series B Convertible Debentures (the “Debentures”). The Company and the Holders agreed to convert an aggregate of $ 5,027,178 January 31, 2017 4,359,656 0.001 3.5 February 1, 2017 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 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, 2016 | |
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 stockholder, 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, 2016 2015 2016 2015 Property and Equipment 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 $ 17,995 $ 14,648 As of December 31, June 30, 2016 2016 Account Payable Related Party 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 $2,000 or actual costs each month, 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 $ 32,624 $ 767,454 For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2016 2015 2016 2015 Research and Development Costs Paid to Related Parties Development fees and other costs charged by and paid to TheraCour 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, 2016 and June 30, 2016 $ 978,501 $ 996,398 $ 1,840,116 $ 2,012,614 As of December 31, June 30, Debentures Payable to a Director 2016 2016 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 Debentures Payable to a Director $ 9,000,000 $ 9,000,000 As of December 31, June 30, Debenture Interest Payable to a Director 2016 2016 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 $ 166,667 $ 166,667 Deferred interest payable - long-term 83,333 166,667 Total Debenture Interest Payable to a Director $ 250,000 $ 333,334 Coupon interest expense on the Series B Debentures to two holders controlled by Dr. Milton Boniuk for the three months ended December 31, 2016 and 2015 was $ 80,000 80,000 160,000 160,000 Coupon interest expense on the Series C Debentures to Dr. Milton Boniuk for the three months ended December 31, 2016 and 2015 was $ 125,000 125,000 250,000 250,000 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 - Property and Equipment Property and equipment, stated at cost, less accumulated depreciation consisted of the following: December 31, June 30, 2016 2016 GMP Facility $ 7,996,402 $ 7,996,402 Land 260,000 260,000 Office Equipment 46,897 46,897 Furniture and Fixtures 5,607 5,607 Lab Equipment 5,327,112 5,302,677 Total Property and Equipment 13,636,018 13,611,583 Less Accumulated Depreciation (2,176,536) (1,850,816) Property and Equipment, Net $ 11,459,482 $ 11,760,767 Depreciation expense for the three months ended December 31, 2016 and 2015 were $162,433 and $163,880 respectively and for the six months ended December 31, 2016 and 2015 were $ 325,720 325,486 |
Trademark and Patents
Trademark and Patents | 6 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 6 - Trademark and Patents December 31, June 30, 2016 2016 Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (71,621) (67,487) Trademarks and Patents, Net $ 387,333 $ 391,467 Amortization expense amounted to $ 2,067 2,067 4,135 4,135 |
Convertible Debentures and Deri
Convertible Debentures and Derivatives | 6 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Series B On February 1, 2013, the Company raised gross proceeds of $ 6,000,000 4,000,000 4 8 40,000 80,000 160,000 80,000 73,733 66,666 571,429 571,433 3.50 7 December 31, June 30, 2016 2016 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 2,646,145 2,210,047 Debenture payable - Series B, net $ 5,910,835 $ 5,474,737 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, 2016 and 2015, in the amounts of $ 222,226 190,803 436,098 374,430 The debenture contains embedded derivatives which are not clearly and closely related to the host instrument. The embedded derivatives were 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 uses a lattice model that values the compound embedded derivatives bifurcated from the Series B Convertible Debenture based on a probability weighted discounted cash flow model at December 31, 2016 and June 30, 2016. ⋅ The balance of the Series B Convertible Debenture as of December 31, 2016 and June 30, 2016 is $ 6,000,000 ⋅ The underlying stock price was used as the fair value of the common stock. The stock price decreased to $ 1.07 3.50 1.60 3.50 ⋅ The projected annual volatility was based on the Company historical volatility: 1 year 12/31/2016 79 6/30/2016 83 ⋅ 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 21.74 ⋅ 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 B Convertible Debenture at December 31, 2016 and June 30, 2016 was $ 28,284 203,030 Series C On July 2, 2014 (the “Closing Date”), the Company accepted a subscription in the amount of $ 5,000,000 10 0.001 5.25 500,000 166,667 125,000 41,667 125,000 41,667 125,000 41,667 153,610 138,889 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 In November 2014, the FASB issued ASU 2014-16, “Derivatives and Hedging (Topic 815).” ASU 2014-16 addresses whether the host contract in a hybrid financial instrument issued in the form of a share should be accounted for as debt or equity. ASU 2014-16 is effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. ASU 2014-16 did not have a material impact 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. This guidance does not have a material impact on our financial statements. The Company recognized amortization of this discount as an additional interest charge to “Discount on convertible debentures” in the amount of $ 201,061 159,159 390,651 309,240 The following represents the balance of the Debenture payable Series C, net of discount at December 31, 2016 and June 30, 2016: December 31, June 30, 2016 2016 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 1,556,044 1,165,393 Debenture payable - Series C, net $ 3,524,319 $ 3,133,668 The Company uses 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, 2016 and June 30, 2016. The following assumptions were used for the valuation of the compound embedded derivative at December 31 and June 30, 2016: ⋅ The balance of the Series C Convertible Debenture as of December 31, 2016 and June 30, 2016 is $ 5,000,000 ⋅ The underlying stock price was used as the fair value of the common stock; The stock price decreased to $ 1.07 6.05 1.60 6.05 ⋅ The projected annual volatility was based on the Company historical volatility: 1 year 79 6/30/16 83 ⋅ An event of default would occur 0% of the time, increasing 1.00% per month to a maximum of 10% ⋅ The Holder would automatically convert the interest if the Company was not in default and its share value was equivalent to the cash value; ⋅ The Holder would automatically convert the debenture at maturity if the registration was effective and the Company was not in default. ⋅ The weighted cost of capital discount rate (based on the market value of the transaction at issuance) adjusted for changes in the risk free rate is 21.74 ⋅ 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, 2016 and June 30, 2016 was $ 104,957 343,673 |
Equity Transactions
Equity Transactions | 6 Months Ended |
Dec. 31, 2016 | |
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 75,000 74,317 148,633 77,336 154,672 415,777 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 75,000 74,317 148,633 77,336 154,672 415,777 For the three and six months ended December 31, 2016, the Company’s Board of Directors authorized the issuance of 7,716 15,432 23,804 58,069 Date Shares Value 7/31/2016 2,572 $ 11,439 8/31/2016 2,572 11,978 9/30/2016 2,572 10,847 10/31/2016 2,572 9,591 11/30/2016 2,572 7,631 12/31/2016 2,572 6,583 15,432 $ 58,069 There is currently no market for the shares of Series A Preferred Stock and they can only be converted into shares of common stock upon a Change of Control of the Company. A “Change of Control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition of the Company or the Company’s intellectual property. In the absence of a Change of Control event, the Series A convertible Preferred Stock is not convertible into common stock, and does not carry any dividend rights or any other financial effects The Company, therefore, 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 $ 1.69 1.12 b. The calculated weighted average number of shares of common stock in the period; c. A 26.63 d. The calculated weighted average number of total voting shares and the monthly shares representing voting rights of 10.71 10.76 e. The conversion value is based on an assumption for calculation purposes only of a Change of Control in 4 4.00 3.84 f. 36.95 34.72 85.39 80.76 0.45 0.60 For the six months ended December 31, 2016, the Scientific Advisory Board (SAB) was granted fully vested warrants to purchase 17,148 2.04 17,148 1.75 9,997 27,145 Expected life (year) 4 Expected volatility 57.36 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 1.48 % For the three and six months ended December 31, 2016, the Company’s Board of Directors authorized the issuance of 16,232 36,764 27,000 54,000 For the three and six months ended December 31, 2016, the Company’s Board of Directors authorized the issuance of 8,406 15,183 11,250 22,500 On December 31, 2016 two Holders of the Company’s Series B Debentures elected to receive the $ 80,000 73,733 On December 31, 2016 the Holder of the Company’s Series C Debentures elected to receive the $ 166,667 153,610 |
Stock Warrants
Stock Warrants | 6 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9 - Stock Warrants 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, 2016 6,616,700 $ 4.96 2.55 $ 4,459 Granted 34,296 1.90 3.83 - Outstanding and exercisable at December 31, 2016 6,650,996 $ 4.95 1.81 $ - Of the above warrants, 414,284 June 30, 2017 68,577 June 30, 2018 6,065,247 June 30, 2019 68,592 June 30, 2020 34,296 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 10 - Fair Value Measurement Fair value measurements At December 31, 2016 and June 30, 2016, 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, 2016: (Level 1) (Level 2) (Level 3) Derivative liability Series B debentures $ - - $ 28,284 Derivative liability Series C debentures - - 104,957 Derivative liability warrants - - 2,189,582 Total derivatives $ - $ - $ 2,322,823 Fair Value Measurements at June 30, 2016: (Level 1) (Level 2) (Level 3) Derivative liability Series B debentures $ - - $ 203,030 Derivative liability Series C debentures - - 343,673 Derivative liability warrants - - 3,197,182 Total derivatives $ - $ - $ 3,743,885 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 2,810,071 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, 2016 and June 30, 2016 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 12/31/16 79 % 6/30/16 83 % 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, 2016 $ 203,030 $ 343,673 $ 3,197,182 Additions during the year - - - Change in fair value (174,746) (238,716) (1,007,600) Transfer in and/or out of Level 3 - - - Balance at December 31, 2016 $ 28,284 $ 104,957 $ 2,189,582 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 11 - Commitments and Contingencies Legal Proceedings There are no pending legal proceedings against the Company to the best of the Company’s knowledge as of the date hereof and to the Company’s knowledge, no action, suit or proceeding has been threatened against the Company. Employment Agreements The Company and Dr. Diwan, President and Chairman of the Board of Directors, entered into an employment agreement effective July 1, 2015 for a term of three years. Dr. Diwan’s compensation would be $ 350,000 375,000 400,000 225,000 75,000 75,000 The Company and Dr. Seymour, the Company’s Chief Executive Officer and Director, entered into an employment agreement effective July 1, 2015, for a term of three years. Dr. Seymour’s compensation would be $ 350,000 375,000 400,000 225,000 75,000 75,000 On March 3, 2010, the Company entered into an employment agreement with Dr. Jayant Tatake to serve as Vice President of Research and Development. The employment agreement provides for a term of four years with a base salary of $ 150,000 26,786 35,715 26,786 35,715 On March 3, 2010, the Company entered into an employment agreement with Dr. Randall Barton to serve as Chief Scientific Officer. The employment agreement provided for a term of four years with a base salary of $ 150,000 35,715 35,715 26,736 On May 30, 2013, the Company entered into an Employment Agreement with Meeta Vyas to serve as its Chief Financial Officer. The employment agreement provided for a term of three years with a base salary of $ 9,000 2,572 10,800 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 . |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 12 - Subsequent Events Management has evaluated all events that occurred after the balance sheet date through the date when these financial statements were issued to determine if they must be reported. The Management of the Company has determined that the following reportable subsequent event is required to be disclosed: On February 13, 2017, the Company issued 200,000 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. On February 8, 2017, NanoViricides, Inc. (the “Company”) entered into agreements with certain holders (the “Holders”) of the Company’s Series B Convertible Debentures (the “Debentures”). The Company and the Holders agreed to convert an aggregate of $ 5,000,000 27,178 4,359,652 0.001 1.1533 1.1500 1.12 January 31, 2017 On December 11, 2016 the Company’s Board of Directors requested the Executive Team to provide its recommendations for the conversion of the Series B Debentures . On or about January 25, 2017,the Executive Team proposed to amend the debenture 3.50 The revised conversion terms to all holders of the Series B Convertible Debentures, with a total principal value of $ 6,000,000 was approved by the Board of Directors on January 29, 2017, with Dr. Milton Boniuk recusing himself from the vote. Of these, holders, 5,000,000 principal value debentures, an entity controlled by Dr. Milton Boniuk , a director of the Company, and The Boniuk Charitable Foundation agreed to the Company’s offer on February 8, 2017. 1,000,000 The Company believes that its offer to the Holders to convert at a rate based on the Company’s recent stock price performance is in the best interests of its shareholders, as it bolsters the Company’s available capital for executing on its current business plan. This debenture extinguishment retains 5.02 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2016 | |
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, 2016 filed with the SEC on September 16, 2016. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2016 filed on September 16, 2016. |
Earnings Per Share, Policy [Policy Text Block] | Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net 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 Three Months Six Months Ended Ended December 31, 2016 December 31, 2015 Warrants 6,650,996 6,010,971 Total potentially outstanding dilutive common shares 6,650,996 6,010,971 In addition, the Company has issued Convertible Debentures to investors. Coupon interest payable quarterly related to the Series B debentures is payable in cash or shares of common Stock at the average of the open and close value on the date such interest payment is due at the option of the Holder. For each of the three month periods ended December 31, 2016 and 2015, the Company paid a total of $ 40,000 80,000 160,000 80,000 73,733 66,666 At December 31, 2016, 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 At December 31, 2016, the number of potential dilutive shares of the Company’s common stock into which the Series C debentures can be converted based upon the conversion provisions contained in the debenture is 952,381 The Company has also issued 4,106,526 3.5 14,372,841 For the three months ended For the six months ended December 31, December 31, 2016 2015 2016 2015 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (1,546,400) $ (2,775,292) $ (4,607,843) $ (4,082,246) Denominator for basic weighted average shares of common stock 58,205,494 57,588,081 58,192,721 57,431,198 Basic loss per share of common stock $ (0.03) $ (0.05) $ (0.08) $ (0.07) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (1,546,400) $ (2,775,292) $ (4,607,843) $ (4,082,246) Add: Income impact of assumed conversion of Debentures - - - - Net loss attributable to common stockholders plus assumed conversions $ (1,546,400) $ (2,775,292) $ (4,607,843) $ (4,082,246) Denominator for basic weighted average shares of common stock 58,205,494 57,588,081 58,192,721 57,431,198 Incremental shares from assumed conversions of Debentures payable - - - - Denominator for diluted weighted average shares of common stock 58,205,494 57,588,081 58,192,721 57,431,198 Diluted loss per share of common stock $ (0.03) $ (0.05) $ (0.08) $ (0.07) Series B and Series C debentures were excluded from the fully diluted loss per share calculation for the three and six months ended December 31, 2016 because their inclusion is anti-dilutive. Additionally, the Series A Preferred shares are contingently convertible instruments, where the contingency is not based upon the price of the Company’s stock or the convertible instruments. The necessary conditions for conversion (see above) have not been satisfied and the potential shares are not included pursuant to ASC 260-10-55-44. |
New Accounting Pronouncements, Policy [Policy Text Block] | In March 2016, the FASB issued ASU No. 2016-09, “Stock Compensation (topic 718)”, which includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The standard is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company is currently in the process of assessing the impact of the ASU on its financial statements. 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 annual periods ending 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 . |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
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 Three Months Six Months Ended Ended December 31, 2016 December 31, 2015 Warrants 6,650,996 6,010,971 Total potentially outstanding dilutive common shares 6,650,996 6,010,971 The following represents a reconciliation of the numerators and denominators of the basic and diluted per share calculations for loss from continuing operations: For the three months ended For the six months ended December 31, December 31, 2016 2015 2016 2015 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (1,546,400) $ (2,775,292) $ (4,607,843) $ (4,082,246) Denominator for basic weighted average shares of common stock 58,205,494 57,588,081 58,192,721 57,431,198 Basic loss per share of common stock $ (0.03) $ (0.05) $ (0.08) $ (0.07) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (1,546,400) $ (2,775,292) $ (4,607,843) $ (4,082,246) Add: Income impact of assumed conversion of Debentures - - - - Net loss attributable to common stockholders plus assumed conversions $ (1,546,400) $ (2,775,292) $ (4,607,843) $ (4,082,246) Denominator for basic weighted average shares of common stock 58,205,494 57,588,081 58,192,721 57,431,198 Incremental shares from assumed conversions of Debentures payable - - - - Denominator for diluted weighted average shares of common stock 58,205,494 57,588,081 58,192,721 57,431,198 Diluted loss per share of common stock $ (0.03) $ (0.05) $ (0.08) $ (0.07) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2016 2015 2016 2015 Property and Equipment 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 $ 17,995 $ 14,648 As of December 31, June 30, 2016 2016 Account Payable Related Party 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 $2,000 or actual costs each month, 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 $ 32,624 $ 767,454 For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2016 2015 2016 2015 Research and Development Costs Paid to Related Parties Development fees and other costs charged by and paid to TheraCour 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, 2016 and June 30, 2016 $ 978,501 $ 996,398 $ 1,840,116 $ 2,012,614 As of December 31, June 30, Debentures Payable to a Director 2016 2016 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 Debentures Payable to a Director $ 9,000,000 $ 9,000,000 As of December 31, June 30, Debenture Interest Payable to a Director 2016 2016 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 $ 166,667 $ 166,667 Deferred interest payable - long-term 83,333 166,667 Total Debenture Interest Payable to a Director $ 250,000 $ 333,334 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment, stated at cost, less accumulated depreciation consisted of the following: December 31, June 30, 2016 2016 GMP Facility $ 7,996,402 $ 7,996,402 Land 260,000 260,000 Office Equipment 46,897 46,897 Furniture and Fixtures 5,607 5,607 Lab Equipment 5,327,112 5,302,677 Total Property and Equipment 13,636,018 13,611,583 Less Accumulated Depreciation (2,176,536) (1,850,816) Property and Equipment, Net $ 11,459,482 $ 11,760,767 |
Trademark and Patents (Tables)
Trademark and Patents (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
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, 2016 2016 Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (71,621) (67,487) Trademarks and Patents, Net $ 387,333 $ 391,467 |
Convertible Debentures and De24
Convertible Debentures and Derivatives (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Series B Debentures [Member] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table presents the balance of the Series B Debenture payable, net of discount at December 31 and June 30, 2016. The debt discount is being amortized to interest expense over the term of the debenture: December 31, June 30, 2016 2016 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 2,646,145 2,210,047 Debenture payable - Series B, net $ 5,910,835 $ 5,474,737 |
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, 2016 and June 30, 2016: December 31, June 30, 2016 2016 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 1,556,044 1,165,393 Debenture payable - Series C, net $ 3,524,319 $ 3,133,668 |
Equity Transactions (Tables)
Equity Transactions (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Schedule of Stockholders Equity [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 57.36 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 1.48 % |
Series A Preferred Stock [Member] | |
Schedule Of Fair Value Of Stock Classified By Issuance Date [Table Text Block] | The fair value of the Series A Preferred stock was the following for the dates indicated: Date Shares Value 7/31/2016 2,572 $ 11,439 8/31/2016 2,572 11,978 9/30/2016 2,572 10,847 10/31/2016 2,572 9,591 11/30/2016 2,572 7,631 12/31/2016 2,572 6,583 15,432 $ 58,069 |
Stock Warrants (Tables)
Stock Warrants (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
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] | 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, 2016 6,616,700 $ 4.96 2.55 $ 4,459 Granted 34,296 1.90 3.83 - Outstanding and exercisable at December 31, 2016 6,650,996 $ 4.95 1.81 $ - |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | At December 31, 2016 and June 30, 2016 the estimated fair values of the liabilities measured on a recurring basis are as follows: Fair Value Measurements at December 31, 2016: (Level 1) (Level 2) (Level 3) Derivative liability Series B debentures $ - - $ 28,284 Derivative liability Series C debentures - - 104,957 Derivative liability warrants - - 2,189,582 Total derivatives $ - $ - $ 2,322,823 Fair Value Measurements at June 30, 2016: (Level 1) (Level 2) (Level 3) Derivative liability Series B debentures $ - - $ 203,030 Derivative liability Series C debentures - - 343,673 Derivative liability warrants - - 3,197,182 Total derivatives $ - $ - $ 3,743,885 |
Schedule Of Projected Annual Volatility [Table Text Block] | The projected annual volatility for the valuation dates are: 1 Year 12/31/16 79 % 6/30/16 83 % |
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 three months ended December 31, 2016: Fair Value Measurement Using Significant Unobservable Inputs Derivative Derivative Derivative liability liability liability Series B Series C warrant Beginning balance at July 1, 2016 $ 203,030 $ 343,673 $ 3,197,182 Additions during the year - - - Change in fair value (174,746) (238,716) (1,007,600) Transfer in and/or out of Level 3 - - - Balance at December 31, 2016 $ 28,284 $ 104,957 $ 2,189,582 |
Organization and Nature of Bu28
Organization and Nature of Business (Details Textual) - USD ($) | 6 Months Ended | ||
Dec. 31, 2016 | Jun. 30, 2016 | 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 | 58,458,989 | 58,179,699 | |
ECMM [Member] | |||
Product Information [Line Items] | |||
Common Stock Shares Issued Pro rata Basis | 4,000 | ||
Stock Issued During Period, Shares, New Issues | 80,000,000 | ||
Common stock, shares issued | 100,000,000 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 80.00% | ||
Series A Preferred Stock [Member] | |||
Product Information [Line Items] | |||
Preferred stock, shares issued | 2,000,000 | ||
Preferred stock, value | $ 2,000 | ||
Convertible Preferred Stock, Terms of Conversion | The Series A Preferred Stock is convertible, only in the event of a “change of control” of the Company, as defined in the designation of Series A Preferred Stock (see Note 2 for further details), 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 | 3 Months Ended | 6 Months Ended |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,650,996 | 6,010,971 |
Warrants [Member] | ||
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,650,996 | 6,010,971 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Calculation of basic loss per share of common stock: | ||||
Net loss attributable to common stockholders | $ (1,546,400) | $ (2,775,292) | $ (4,607,843) | $ (4,082,246) |
Denominator for basic weighted average shares of common stock | 58,205,494 | 57,588,081 | 58,192,721 | 57,431,198 |
Basic loss per share of common stock | $ (0.03) | $ (0.05) | $ (0.08) | $ (0.07) |
Calculation of diluted loss per share of common stock: | ||||
Net loss attributable to common stockholders | $ (1,546,400) | $ (2,775,292) | $ (4,607,843) | $ (4,082,246) |
Add: Income impact of assumed conversion of Debentures | 0 | 0 | 0 | 0 |
Net loss attributable to common stockholders plus assumed conversions | $ (1,546,400) | $ (2,775,292) | $ (4,607,843) | $ (4,082,246) |
Denominator for basic weighted average shares of common stock | 58,205,494 | 57,588,081 | 58,192,721 | 57,431,198 |
Incremental shares from assumed conversions of Debentures payable | 0 | 0 | 0 | 0 |
Denominator for diluted weighted average shares of common stock | 58,205,494 | 57,588,081 | 58,192,721 | 57,431,198 |
Diluted loss per share of common stock | $ (0.03) | $ (0.05) | $ (0.08) | $ (0.07) |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Accounting Policies [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,650,996 | 6,010,971 | |||
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) – (iv), 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. | ||||
Series B Convertible Debentures [Member] | |||||
Accounting Policies [Line Items] | |||||
Debt Instrument, Periodic Payment, Interest | $ 40,000 | $ 40,000 | $ 160,000 | $ 160,000 | |
Common Stock Value Issued for Debt instrument Periodic Interest Payment | $ 80,000 | $ 80,000 | $ 80,000 | $ 80,000 | |
Common Stock Shares Number Of Shares Authorized For Issuance | 73,733 | 66,666 | |||
Series A Convertible Preferred Stock [Member] | |||||
Accounting Policies [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14,372,841 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.5 | $ 3.5 | |||
Convertible Preferred Stock, Terms Of Conversion | 60% or less | ||||
Preferred Stock, Shares Issued | 4,106,526 | 4,106,526 | 4,091,094 | ||
Common Stock [Member] | Series B Convertible Debentures [Member] | |||||
Accounting Policies [Line Items] | |||||
Debt Conversion, Converted Instrument, Shares Issued | 1,714,286 | ||||
Debt Instrument, Convertible, Conversion Price | $ 3.50 | $ 3.50 | |||
Common Stock [Member] | Series C Convertible Debentures [Member] | |||||
Accounting Policies [Line Items] | |||||
Debt Conversion, Converted Instrument, Shares Issued | 952,381 |
Financial Condition (Details Te
Financial Condition (Details Textual) - USD ($) | Feb. 08, 2017 | Feb. 07, 2017 | Jan. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Financial Condition [Line Items] | |||||||
Cash and cash equivalents | $ 19,301,566 | $ 24,162,185 | $ 28,237,621 | $ 31,467,748 | |||
Retained Earnings (Accumulated Deficit) | $ (69,432,044) | $ (64,824,201) | |||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |||||
Series B Convertible Debentures [Member] | |||||||
Financial Condition [Line Items] | |||||||
Debt Instrument, Convertible, Conversion Price | $ 3.5 | ||||||
Debentures payable | $ 6,000,000 | $ 6,000,000 | |||||
Debt Instrument, Maturity Date | Feb. 1, 2017 | ||||||
Subsequent Event [Member] | |||||||
Financial Condition [Line Items] | |||||||
Debt Instrument, Convertible, Conversion Price | $ 1.12 | ||||||
Debt Conversion, Original Debt, Amount | $ 5,000,000 | $ 5,027,178 | $ 5,020,000 | ||||
Debt Instrument, Maturity Date | Jan. 31, 2017 | Jan. 31, 2017 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 4,359,652 | 4,359,656 | |||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Research and development | $ 1,261,000 | $ 1,152,501 | $ 2,713,137 | $ 2,359,573 | |
Due to Related Parties | 9,000,000 | 9,000,000 | $ 9,000,000 | ||
Deferred interest payable - short term | 166,667 | 166,667 | 166,667 | ||
Deferred interest payable - long term | 83,333 | 83,333 | 166,667 | ||
Series B Convertible Debentures [Member] | |||||
Due to Related Parties | 4,000,000 | 4,000,000 | 4,000,000 | ||
Series C Convertible Debenture [Member] | |||||
Due to Related Parties | 5,000,000 | 5,000,000 | 5,000,000 | ||
Deferred interest payable - short term | 166,667 | 166,667 | 166,667 | ||
Deferred interest payable - long term | 83,333 | 83,333 | 166,667 | ||
Interest Payable | 250,000 | 250,000 | 333,334 | ||
TheraCour [Member] | |||||
Net Account Payable to related party | 32,624 | 32,624 | $ 767,454 | ||
Research and development | 978,501 | 996,398 | 1,840,116 | 2,012,614 | |
Property, Plant and Equipment, Additions | $ 0 | $ 6,747 | $ 17,995 | $ 14,648 |
Related Party Transactions (D34
Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | charge its costs (direct and indirect) plus no more than 30% of direct costs | |||
Other General and Administrative Expense | $ 2,000 | |||
Series B Convertible Debenture [Member] | Dr. Boniuk [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] | ||||
Debt Instrument, Face Amount | 5,000,000 | 5,000,000 | ||
Series C Convertible Debenture [Member] | Dr. Boniuk [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest Expense, Debt | $ 125,000 | $ 125,000 | $ 250,000 | $ 250,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
GMP Facility | $ 7,996,402 | $ 7,996,402 |
Land | 260,000 | 260,000 |
Office Equipment | 46,897 | 46,897 |
Furniture and Fixtures | 5,607 | 5,607 |
Lab Equipment | 5,327,112 | 5,302,677 |
Total Property and Equipment | 13,636,018 | 13,611,583 |
Less Accumulated Depreciation | (2,176,536) | (1,850,816) |
Property and Equipment, Net | $ 11,459,482 | $ 11,760,767 |
Property and Equipment (Detai36
Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 162,433 | $ 163,880 | $ 325,720 | $ 325,486 |
Trademark and Patents (Details)
Trademark and Patents (Details) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Trademarks And Patents [Line Items] | ||
Trademarks and Patents | $ 458,954 | $ 458,954 |
Less Accumulated Amortization | (71,621) | (67,487) |
Trademarks and Patents, Net | $ 387,333 | $ 391,467 |
Trademark and Patents (Details
Trademark and Patents (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Trademarks And Patents [Line Items] | ||||
Amortization | $ 4,135 | $ 4,135 | ||
Trademark and Patents [Member] | ||||
Trademarks And Patents [Line Items] | ||||
Amortization | $ 2,067 | $ 2,067 | $ 4,135 | $ 4,135 |
Convertible Debentures and De39
Convertible Debentures and Derivatives (Details) - Series B Debentures [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Jun. 30, 2016 | |
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 | 2,646,145 | 2,210,047 |
Debenture payable - Series B, net | $ 5,910,835 | $ 5,474,737 |
Convertible Debentures and De40
Convertible Debentures and Derivatives (Details 1) - Series C Debentures [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Jun. 30, 2016 | |
Proceeds | $ 5,000,000 | $ 5,000,000 |
Net Proceeds From Issuance Of Debt | 1,968,275 | 1,968,275 |
Accumulated amortization of debt discount | 1,556,044 | 1,165,393 |
Debenture payable - Series C, net | 3,524,319 | 3,133,668 |
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 and De41
Convertible Debentures and Derivatives (Details Textual) - USD ($) | Jul. 02, 2014 | Feb. 01, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | Feb. 01, 2016 | Feb. 01, 2014 |
Debt Instrument [Line Items] | |||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.25 | $ 5.25 | |||||||
Interest Payable, Current | $ 166,667 | $ 166,667 | $ 166,667 | ||||||
Restricted Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 571,429 | ||||||||
Series B Convertible Debentures [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Convertible, Conversion Price | $ 3.5 | $ 3.5 | |||||||
Amortization of Debt Discount (Premium) | $ 222,226 | $ 190,803 | $ 436,098 | $ 374,430 | |||||
Proceeds from Convertible Debt | $ 6,000,000 | ||||||||
Debt Instrument, Term | 4 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||
Warrants To Be Issued In Fourth Year | 571,433 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.50 | ||||||||
Long-term Debt, Excluding Current Maturities, Total | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | ||||||
Share Price | $ 1.07 | $ 1.07 | $ 1.60 | ||||||
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% | 83.00% | |||||||
Projected Annual Volatility Percentage | 79.00% | ||||||||
Weighted Average Discount Rate, Percent | 21.74% | ||||||||
Debt Instrument, Periodic Payment, Interest | $ 40,000 | 40,000 | $ 160,000 | 160,000 | |||||
Common Stock Value Issued for Debt instrument Periodic Interest Payment | 80,000 | $ 80,000 | |||||||
Common Stock Shares Number Of Shares Authorized For Issuance | 73,733 | 66,666 | |||||||
Series B Convertible Debentures [Member] | Embedded Derivative Financial Instruments [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative Liability, Noncurrent | 28,284 | $ 28,284 | $ 203,030 | ||||||
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] | 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) | $ 201,061 | 159,159 | $ 390,651 | $ 309,240 | |||||
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 Debenture [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Common stock, par value (in dollars per share) | $ 0.001 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ 5.25 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||
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 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.05 | $ 6.05 | $ 6.05 | ||||||
Long-term Debt, Excluding Current Maturities, Total | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||||||
Share Price | $ 1.60 | $ 1.60 | $ 3.50 | ||||||
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 | 83.00% | ||||||||
Projected Annual Volatility Percentage | 79.00% | ||||||||
Weighted Average Discount Rate, Percent | 21.74% | ||||||||
Closing Common Stock Bid Price | $ 5.25 | ||||||||
Additional Interest Rate For Warrants | 7.00% | 7.00% | 7.00% | ||||||
Interest Payable, Current | $ 166,667 | $ 166,667 | $ 166,667 | ||||||
Interest Payable | 250,000 | 250,000 | 333,334 | ||||||
Debt Instrument, Periodic Payment, Interest | 125,000 | 125,000 | 125,000 | 125,000 | |||||
Common Stock Value Issued for Debt instrument Periodic Interest Payment | $ 41,667 | $ 41,667 | 41,667 | $ 41,667 | |||||
Common Stock Shares Number Of Shares Authorized For Issuance | 153,610 | 138,889 | |||||||
Series C Convertible Debenture [Member] | Embedded Derivative Financial Instruments [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative Liability, Noncurrent | $ 104,957 | 104,957 | 343,673 | ||||||
Series C Convertible Debenture [Member] | Debenture Interest Paid [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Payable, Current | $ 166,667 | ||||||||
Interest Payable | $ 500,000 | $ 500,000 |
Equity Transactions (Details)
Equity Transactions (Details) - Series A Preferred Stock [Member] | 6 Months Ended |
Dec. 31, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 15,432 |
Stock Issued During Period, Value, Share-based Compensation, Gross | $ | $ 58,069 |
Issuance Date One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 2,572 |
Stock Issued During Period, Value, Share-based Compensation, Gross | $ | $ 11,439 |
Issuance Date Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 2,572 |
Stock Issued During Period, Value, Share-based Compensation, Gross | $ | $ 11,978 |
Issuance Date Three [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 2,572 |
Stock Issued During Period, Value, Share-based Compensation, Gross | $ | $ 10,847 |
Issuance Date Four [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 2,572 |
Stock Issued During Period, Value, Share-based Compensation, Gross | $ | $ 9,591 |
Issuance Date Five [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 2,572 |
Stock Issued During Period, Value, Share-based Compensation, Gross | $ | $ 7,631 |
Issuance Date Six [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 2,572 |
Stock Issued During Period, Value, Share-based Compensation, Gross | $ | $ 6,583 |
Equity Transactions (Details 1)
Equity Transactions (Details 1) - Scientific Advisory Board [Member] | 6 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (year) | 4 years |
Expected volatility | 57.36% |
Expected annual rate of quarterly dividends | 0.00% |
Risk-free rate(s) | 1.48% |
Equity Transactions (Details Te
Equity Transactions (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 21, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Class of Stock [Line Items] | ||||||
Fair Value Adjustment of Warrants | $ 9,997 | $ 27,145 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.25 | $ 5.25 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 75,000 | |||||
Employee Benefits and Share-based Compensation | $ 23,804 | $ 58,069 | ||||
Warrant [Member] | November 2020 (Member) | ||||||
Class of Stock [Line Items] | ||||||
Number Of Common Stock To Be Issued Upon Conversion Of Warrants | 17,148 | |||||
Stock Issued During Period, Shares, New Issues | 17,148 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.04 | $ 2.04 | ||||
Shares Issued, Price Per Share | $ 1.75 | $ 1.75 | ||||
Director [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share-based Compensation, Total | $ 11,250 | $ 22,500 | ||||
Restricted common stock authorized for interest payable | 8,406 | 15,183 | ||||
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 | $ 74,317 | $ 77,336 | $ 148,633 | $ 154,672 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 415,777 | 415,777 | ||||
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 | 74,317 | $ 77,336 | 148,633 | $ 154,672 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 415,777 | 415,777 | ||||
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 | |||||
Chief Executive Officer [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 75,000 | |||||
Series A Convertible Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Value, Issued For Services | $ 27,000 | $ 54,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 7,716 | 15,432 | ||||
Convertible Preferred Stock, Terms Of Conversion | 60% or less | |||||
Series B Convertible Debentures [Member] | ||||||
Class of Stock [Line Items] | ||||||
Restricted Common Stock Value Issued for Debt Instrument Periodic Interest Payment | $ 80,000 | |||||
Restricted Common Stock Shares Number Of Shares Authorized For Issuance | 73,733 | |||||
Series C Convertible Debentures [Member] | ||||||
Class of Stock [Line Items] | ||||||
Restricted Common Stock Value Issued for Debt Instrument Periodic Interest Payment | $ 166,667 | |||||
Restricted Common Stock Shares Number Of Shares Authorized For Issuance | 153,610 | |||||
Series A Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Conversion of Stock, Description | the converted value to common at a ratio of 1:3.5 | |||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 26.63% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years | |||||
Convertible Preferred Stock, Terms Of Conversion | The Series A Preferred Stock is convertible, only in the event of a “change of control” of the Company, as defined in the designation of Series A Preferred Stock (see Note 2 for further details), 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. | |||||
Series A Preferred Stock [Member] | Minimum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share Price | $ 1.12 | $ 1.12 | ||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 10.71% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years 10 months 2 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 34.72% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 80.76% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.45% | |||||
Series A Preferred Stock [Member] | Maximum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share Price | $ 1.69 | $ 1.69 | ||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 10.76% | |||||
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, Discount for Postvesting Restrictions | 36.95% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 85.39% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.60% | |||||
Series A Preferred Stock [Member] | Employee Compensations [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, Issued for Services | 16,232 | 36,764 |
Stock Warrants (Details)
Stock Warrants (Details) - Stock Options [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 6,616,700 | |
Number of Shares, Granted | 34,296 | |
Number of Shares, Outstanding | 6,650,996 | 6,616,700 |
Weighted Average Exercise Price per share, Outstanding (dollars per share) | $ 4.96 | |
Weighted Average Exercise Price per share, Granted (dollars per share) | 1.90 | |
Weighted Average Exercise Price per share, Outstanding (dollars per share) | $ 4.95 | $ 4.96 |
Weighted Average Remaining Contractual Term (years), Granted | 3 years 9 months 29 days | |
Weighted Average Remaining Contractual Term (years), Outstanding | 1 year 9 months 22 days | 2 years 6 months 18 days |
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 0 | $ 4,459 |
Aggregate Intrinsic Value, Granted (in dollars) | $ 0 |
Stock Warrants (Details Textual
Stock Warrants (Details Textual) | 6 Months Ended |
Dec. 31, 2016shares | |
June 30, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 414,284 |
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 | 6,065,247 |
Warrants Expiration Date | Jun. 30, 2019 |
June 30, 2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 68,592 |
Warrants Expiration Date | Jun. 30, 2020 |
June 30, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 34,296 |
Warrants Expiration Date | Jun. 30, 2021 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Warrant [Member] | ||
Derivative Liability, Noncurrent | $ 2,189,582 | $ 3,197,182 |
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 | 2,322,823 | 3,743,885 |
Fair Value, Inputs, Level 3 [Member] | Derivative liability - Series B debentures [Member] | ||
Derivative Liability, Noncurrent | 28,284 | 203,030 |
Fair Value, Inputs, Level 3 [Member] | Derivative liability - Series C debentures [Member] | ||
Derivative Liability, Noncurrent | 104,957 | 343,673 |
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Derivative Liability, Noncurrent | $ 2,189,582 | $ 3,197,182 |
Fair Value Measurement (Detai48
Fair Value Measurement (Details 1) | 6 Months Ended |
Dec. 31, 2016 | |
One Year Ended 6/30/2016 | |
Fair Value Assumptions, Expected Volatility Rate | 83.00% |
One Year Ended 12/3/12016 | |
Fair Value Assumptions, Expected Volatility Rate | 79.00% |
Fair Value Measurement (Detai49
Fair Value Measurement (Details 2) | 6 Months Ended |
Dec. 31, 2016USD ($) | |
Derivative liability - Series C debentures [Member] | |
Beginning balance | $ 343,673 |
Additions during the year | 0 |
Change in fair value | (238,716) |
Transfer in and/or out of Level 3 | 0 |
Ending Balance | 104,957 |
Derivative liability - Series B debentures [Member] | |
Beginning balance | 203,030 |
Additions during the year | 0 |
Change in fair value | (174,746) |
Transfer in and/or out of Level 3 | 0 |
Ending Balance | 28,284 |
Warrant [Member] | |
Beginning balance | 3,197,182 |
Additions during the year | 0 |
Change in fair value | (1,007,600) |
Transfer in and/or out of Level 3 | 0 |
Ending Balance | $ 2,189,582 |
Fair Value Measurement (Detai50
Fair Value Measurement (Details Textual) - $ / shares | 1 Months Ended | ||
Jan. 24, 2014 | Sep. 12, 2013 | Dec. 31, 2016 | |
Class of Warrant or Right, Outstanding | 2,479,935 | 2,810,071 | |
Warrants Issued | 2,479,935 | 2,945,428 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.25 | ||
Placement Agents [Member] | |||
Warrants Issued | 76,306 | 58,910 | |
Warrant Expiration Term | 5 years | 5 years | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.05 | $ 5.25 | |
Scientific Advisory Board [Member] | |||
Class of Warrant or Right, Outstanding | 5,425,222 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 21, 2015 | Jan. 31, 2015 | May 30, 2013 | Mar. 31, 2010 | Dec. 31, 2016 | Jun. 30, 2016 | Feb. 15, 2010 | |
Commitments and Contingencies [Line Items] | |||||||
Common stock, shares issued | 58,458,989 | 58,179,699 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 75,000 | ||||||
Series A Preferred Stock [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Preferred stock, shares issued | 2,000,000 | ||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 26,736 | ||||||
Chief Executive Officer [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Employment Agreement Term | 3 years | ||||||
Chief Executive Officer [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 75,000 | ||||||
Chief Executive Officer [Member] | Year One [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 350,000 | ||||||
Chief Executive Officer [Member] | Year One [Member] | Deferred Bonus [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 75,000 | ||||||
Chief Executive Officer [Member] | Year Two [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 375,000 | ||||||
Chief Executive Officer [Member] | Year Three [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 400,000 | ||||||
Chief Executive Officer [Member] | Series A Preferred Stock [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 225,000 | ||||||
Chief Scientific Officer [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Common stock, shares issued | 35,715 | ||||||
Additional Common Stock Shares Issued | 35,715 | ||||||
Increase In Base Salary | $ 150,000 | ||||||
President [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 75,000 | ||||||
President [Member] | Year One [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 350,000 | ||||||
President [Member] | Year One [Member] | Deferred Bonus [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 75,000 | ||||||
President [Member] | Year Two [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 375,000 | ||||||
President [Member] | Year Two [Member] | Deferred Bonus [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 75,000 | ||||||
President [Member] | Year Three [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 400,000 | ||||||
President [Member] | Year Three [Member] | Deferred Bonus [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 75,000 | ||||||
President [Member] | Series A Preferred Stock [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 225,000 | ||||||
Vice President [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Common stock, shares issued | 35,715 | ||||||
Additional Common Stock Shares Issued | 35,715 | ||||||
Increase In Base Salary | $ 150,000 | ||||||
Vice President [Member] | Series A Preferred Stock [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Preferred stock, shares issued | 26,786 | ||||||
Additional Preferred Stock Shares Issued | 26,786 | ||||||
Chief Financial Officer [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Increase In Base Salary | $ 10,800 | $ 9,000 | |||||
Chief Financial Officer [Member] | Series A Convertible Preferred Stock [Member] | |||||||
Commitments and Contingencies [Line Items] | |||||||
Preferred stock, shares issued | 2,572 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | Feb. 13, 2017 | Feb. 08, 2017 | Feb. 07, 2017 | Jan. 30, 2017 | Jan. 29, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Subsequent Event [Line Items] | |||||||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||
Interest Payable, Current | $ 166,667 | $ 166,667 | |||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||
Debt Instrument, Convertible, Conversion Price | $ 1.12 | ||||||
Debt Conversion, Original Debt, Amount | $ 5,000,000 | $ 5,027,178 | $ 5,020,000 | ||||
Interest Payable, Current | $ 27,178 | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 4,359,652 | 4,359,656 | |||||
Conversion Price Of Shares Converted | $ 1.1533 | ||||||
Debt Instrument Convertible Conversion Price Premium | $ 1.1500 | ||||||
Debt Instrument, Maturity Date | Jan. 31, 2017 | Jan. 31, 2017 | |||||
Debt Instrument, Increase (Decrease), Net | $ (6,030,000) | ||||||
Subsequent Event [Member] | Series A Preferred Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Preferred Stock, Conversion Basis | 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 Companys intellectual property, into shares of the Companys common stock at the rate of 3.5 shares of common stock for each share of Series A Preferred Stock. | ||||||
Subsequent Event [Member] | Series B Convertible Debenture [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Convertible, Conversion Price | $ 3.50 | ||||||
Long-term Debt, Excluding Current Maturities, Total | $ 6,000,000 | ||||||
Debt Instrument, Periodic Payment, Principal | 5,000,000 | ||||||
Debt Instrument, Periodic Payment, Interest | $ 1,000,000 | ||||||
Subsequent Event [Member] | President [Member] | Series A Preferred Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 200,000 |