Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2017 | Feb. 20, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
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 | 63,373,000 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 12,046,400 | $ 15,099,461 |
Prepaid expenses | 239,532 | 190,166 |
Total Current Assets | 12,285,932 | 15,289,627 |
PROPERTY AND EQUIPMENT | ||
Property and equipment | 13,869,101 | 13,776,561 |
Accumulated depreciation | (2,838,422) | (2,505,501) |
Property and equipment, net | 11,030,679 | 11,271,060 |
TRADEMARK AND PATENTS | ||
Trademark and patents | 458,954 | 458,954 |
Accumulated amortization | (79,891) | (75,756) |
Trademark and patents, net | 379,063 | 383,198 |
OTHER ASSETS | ||
Security deposits | 3,515 | 3,515 |
Service agreements | 26,900 | 55,414 |
Other Assets | 30,415 | 58,929 |
Total Assets | 23,726,089 | 27,002,814 |
CURRENT LIABILITIES: | ||
Accounts payable | 75,820 | 135,786 |
Accounts payable - related parties | 1,474,836 | 340,695 |
Obligation to issue registered shares | 5,163,194 | 0 |
Accrued expenses | 25,755 | 34,004 |
Deferred interest payable - current portion | 0 | 166,667 |
Total Current Liabilities | 6,739,605 | 4,665,518 |
LONG TERM LIABILITIES: | ||
Total Liabilities | 7,807,715 | 6,680,872 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 63,372,681 and 63,306,774 shares issued and outstanding at December 31, 2017 and June 30, 2017, respectively | 63,371 | 63,305 |
Additional paid-in capital | 95,781,779 | 95,382,979 |
Accumulated deficit | (79,931,140) | (75,128,691) |
Total Stockholders' Equity | 15,918,374 | 20,321,942 |
Total Liabilities and Stockholders' Equity | 23,726,089 | 27,002,814 |
Warrant [Member] | ||
LONG TERM LIABILITIES: | ||
Derivative liability - warrants | 1,068,110 | 2,015,354 |
Series C Debentures [Member] | ||
CURRENT LIABILITIES: | ||
Debentures payable - Series C, net of discount | 0 | 3,956,153 |
Derivative liability - Series C debentures | 0 | 32,213 |
Series A Convertible Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Series A Convertible Preferred stock, $0.001 par value, 8,500,000 shares designated, 4,364,176 and 4,348,744 shares issued and outstanding, at December 31, 2017 and June 30, 2017, respectively | $ 4,364 | $ 4,349 |
Balance Sheets _Parenthetical_
Balance Sheets [Parenthetical] - $ / shares | Dec. 31, 2017 | Jun. 30, 2017 |
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 | 63,372,681 | 63,306,774 |
Common stock, shares, outstanding | 63,372,681 | 63,306,774 |
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 | 4,364,176 | 4,348,744 |
Preferred stock, shares outstanding | 4,364,176 | 4,348,744 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING EXPENSES | ||||
Research and development | $ 1,386,135 | $ 1,261,000 | $ 2,541,363 | $ 2,713,137 |
General and administrative | 1,007,646 | 1,036,618 | 2,082,864 | 2,024,930 |
Total operating expenses | 2,393,781 | 2,297,618 | 4,624,227 | 4,738,067 |
LOSS FROM OPERATIONS | (2,393,781) | (2,297,618) | (4,624,227) | (4,738,067) |
OTHER INCOME (EXPENSE): | ||||
Interest income | 24,970 | 11,734 | 49,362 | 25,911 |
Interest expense on convertible debentures | (60,275) | (245,000) | (185,274) | (490,000) |
Loss on extinguishment of debt | (1,348,247) | 0 | (1,348,247) | 0 |
Discount on convertible debentures | (119,863) | (423,287) | (359,214) | (826,749) |
Change in fair value of derivatives | 1,100,302 | 1,407,771 | 1,665,151 | 1,421,062 |
Other (expense) income | (403,113) | 751,218 | (178,222) | 130,224 |
LOSS BEFORE INCOME TAX PROVISION | (2,796,894) | (1,546,400) | (4,802,449) | (4,607,843) |
INCOME TAX PROVISION | 0 | 0 | 0 | 0 |
NET LOSS | $ (2,796,894) | $ (1,546,400) | $ (4,802,449) | $ (4,607,843) |
NET LOSS PER COMMON SHARE | ||||
- Basic (in dollars per share) | $ (0.04) | $ (0.03) | $ (0.08) | $ (0.08) |
- Diluted (in dollars per share) | $ (0.04) | $ (0.03) | $ (0.08) | $ (0.08) |
Weighted average common shares outstanding | ||||
- Basic (in shares) | 63,335,601 | 58,205,494 | 63,321,342 | 58,192,721 |
- Diluted (in shares) | 63,335,601 | 58,205,494 | 63,321,342 | 58,192,721 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - 6 months ended Dec. 31, 2017 - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance at Jun. 30, 2017 | $ 20,321,942 | $ 4,349 | $ 63,305 | $ 95,382,979 | $ (75,128,691) |
Balance (in shares) at Jun. 30, 2017 | 4,348,744 | 63,306,774 | |||
Series A Preferred Stock issued for employee stock compensation | 312,207 | $ 15 | $ 0 | 312,192 | 0 |
Series A Preferred Stock issued for employee stock compensation (in shares) | 15,432 | 0 | |||
Common stock issued for consulting and legal services rendered | 54,000 | $ 0 | $ 47 | 53,953 | 0 |
Common stock issued for consulting and legal services rendered (in shares) | 0 | 46,530 | |||
Warrants issued to Scientific Advisory Board | 10,174 | $ 0 | $ 0 | 10,174 | 0 |
Common shares issued for Directors fees | 22,500 | $ 0 | $ 19 | 22,481 | 0 |
Common shares issued for Directors fees (in shares) | 0 | 19,377 | |||
Net loss | (4,802,449) | $ 0 | $ 0 | 0 | (4,802,449) |
Balance at Dec. 31, 2017 | $ 15,918,374 | $ 4,364 | $ 63,371 | $ 95,781,779 | $ (79,931,140) |
Balance (in shares) at Dec. 31, 2017 | 4,364,176 | 63,372,681 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,802,449) | $ (4,607,843) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Preferred shares issued as compensation | 312,207 | 355,335 |
Common shares issued as compensation and for services | 76,500 | 76,500 |
Warrants issued to Scientific Advisory Board | 10,174 | 27,145 |
Common shares issued for interest | 0 | 246,667 |
Common shares to be issued for debenture interest | 60,274 | 0 |
Depreciation | 332,921 | 325,720 |
Amortization | 4,135 | 4,135 |
Change in fair value of derivative liability | (1,665,151) | (1,421,062) |
Amortization of debt discount on convertible debentures | 359,214 | 826,749 |
Loss on extinguishment of Series C Debenture | 1,348,247 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (49,366) | 79.737 |
Other assets | 28,514 | 23,375 |
Accounts payable | (59,966) | 29,535 |
Accounts payable - related party | 1,134,141 | (734,830) |
Accrued expenses | (8,249) | 15,987 |
Deferred interest payable | (41,667) | (83,334) |
NET CASH USED IN OPERATING ACTIVITIES | (2,960,521) | (4,836,184) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (92,540) | (24,435) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (3,053,061) | (4,860,619) |
Cash and cash equivalents at beginning of period | 15,099,461 | 24,162,185 |
Cash and cash equivalents at end of period | 12,046,400 | 19,301,566 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Interest paid | 166,667 | 326,667 |
Non-cash Financing and Investing Activities: | ||
Obligation to issue shares for Series C debenture payment | 5,739,337 | $ 0 |
Obligation to issue shares for deferred interest | $ 125,000 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Note 1 - Organization and Nature of Business NanoViricides, Inc. (the “Company”) was incorporated under the laws of the State of Colorado on July 25, 2000 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. 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-1 and HSV-2), 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. 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 shares (adjusted for the 3.5 to 1 reverse split) 2,000,000 2,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2017 | |
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) that 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, 2017 filed with the SEC on September 28, 2017. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017 filed on September 28, 2017. 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 Six Months Six Months Ended Ended December 31, 2017 December 31, 2016 Warrants 6,696,724 6,650,996 Total potentially outstanding dilutive common shares 6,696,724 6,650,996 The Company has also issued 4,364,176 3.5 60% or less 15,274,616 For the three months ended For the six months ended 2017 2016 2017 2016 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (2,796,894) $ (1,546,400) $ (4,802,449) $ (4,607,843) Denominator for basic weighted average shares of common stock 63,335,601 58,205,494 63,321,342 58,192,721 Basic loss per share of common stock $ (0.04) $ (0.03) $ (0.08) $ (0.08) Series C debentures were excluded from the fully diluted loss per share calculation for the three and six months ended December 31, 2017 because their inclusion is anti-dilutive. 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. On November 14, 2017 the Company entered into an agreement with the Holder of the Series C Debenture to redeem the Series C Debenture. See Footnote 7. In July 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-11. “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features, II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. ASU 2017-11 revises the guidance for instruments with down round features in Subtopic 815-40, Derivatives and Hedging Contracts in Entity’s Own Equity, which is considered in determining whether an equity-linked financial instrument qualifies for a scope exception from derivative accounting. An entity still is required to determine whether instruments would be classified in equity under the guidance in Subtopic 815-40 in determining whether they qualify for that scope exception. If they do qualify, freestanding instruments with down round features are no longer classified as liabilities. ASU 2017-11 is effective for annual and interim periods beginning December 15, 2018, and early adoption is permitted, including adoption in an interim period. ASU 2017-11 provides that upon adoption, an entity may apply this standard retrospectively to outstanding financial instruments with a down round feature by means of a cumulative-effect adjustment to the opening balance of retaining earnings in the fiscal year and interim period adoption. The Company is currently in the process of assessing the impact of this ASU on its financial statements. 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 adoption of this standard on July 1, 2017 did not have a material effect on the Company’s financial position, results of operations or cash flows. |
Financial Condition
Financial Condition | 6 Months Ended |
Dec. 31, 2017 | |
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, 2017 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, 2017 of $ 79,931,140 12,046,400 Management believes that the Company’s existing cash resources are sufficient for its operations at the current rate of expenditures to continue through February 2019. However, management believes that the available funds are insufficient for the Company’s projected work, which is beyond our normal pre-clinical development operations, leading towards an Investigational New Drug Application (IND) filing with the U.S. Food and Drug Administration (FDA), to continue through February 2019. The Company has engaged investment banks to advise it as to raising further funding as the Company progresses towards human clinical trials. The Company believes that it can adjust its business plan according to its available resources. Further, the Company believes that it will be able to raise additional funding at an opportune time as it progresses towards human clinical trials. However, the Company cannot provide assurance that its plans will not change or that changed circumstances will not result in the depletion of its capital resources more rapidly than it currently anticipates. Further, the Company cannot provide assurances that it will be able to raise additional funding in a timely manner, and if it can, that it will be on terms favorable for the Company’s current shareholders. The accompanying unaudited financial statements do not include any adjustments that may result from the outcome of such unidentified uncertainties. 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. The Company has sufficient capital to continue its business for more than one year, at the current rate of expenditure. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2017 | |
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 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, 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 $ - $ - $ - $ 17,995 As of December 31, June 30, 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 a certain portion 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 $ 1,474,836 $ 340,695 For the three months ended For the six months ended December 31, December 31, December 31, December 31, 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, 2017 and June 30, 2017 $ 923,588 $ 978,501 $ 1,770,861 $ 1,840,116 As of December 31, June 30, Debentures Payable to a Director Series C Convertible Debentures - Milton Boniuk $ - $ 5,000,000 As of December 31, June 30, Debenture Interest Payable to a Director Coupon interest payable on $5,000,000 Series C Convertible Debentures and deferred. The deferred interest was paid quarterly over the term of the debenture commencing September 30, 2015: $ - $ 166,667 Coupon interest expense on the Series C Debenture to the IRA for Dr. Milton Boniuk for the three months ended December 31, 2017 and 2016 was $60,275 and $125,000, respectively, and for the six months ended December 31, 2017 and 2016 was $185,274 and $250,000, respectively. The Series C Debenture was redeemed on November 13, 2017. Coupon interest expense on the Series B Debentures to Dr. Milton Boniuk for the three-months ended December 31, 2016 was $80,000, and for the six months ended December 31, 2016 was $160,000. The Series B debenture matured on February 1, 2017. As of December 31, June 30, Securities Issuable to a Director in Redemption of Debentures Obligation to issue Registered Shares-Milton Boniuk IRA (see footnote 7) $ 5,163,194 $ - |
Property and Equipment
Property and Equipment | 6 Months Ended |
Dec. 31, 2017 | |
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, GMP Facility $ 8,011,230 $ 7,996,402 Land 260,000 260,000 Office Equipment 50,385 48,486 Furniture and Fixtures 5,607 5,607 Lab Equipment 5,541,879 5,466,066 Total Property and Equipment 13,869,101 13,776,561 Less Accumulated Depreciation (2,838,422) (2,505,501) Property and Equipment, Net $ 11,030,679 $ 11,271,060 Depreciation expense for the three months ended December 31, 2017 and 2016 were $166,732 and $162,433, respectively, and for the six months ended December 31, 2017 and 2016 were $ 332,921 325,720 |
Trademark and Patents
Trademark and Patents | 6 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 6 - Trademark and Patents Trademark and patents, stated at cost, less accumulated amortization consisted of the following: December 31, June 30, Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (79,891) (75,756) Trademarks and Patents, Net $ 379,063 $ 383,198 Amortization expense amounted to $2,067 and $2,067 for the three months ended December 31, 2017 and 2016, respectively, and $ 4,135 4,135 |
Convertible Debentures and Deri
Convertible Debentures and Derivatives | 6 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debentures - Series B The Series B debentures matured on February 1, 2017 40,000 80,000 160,000 80,000 The debt discount had been amortized to interest expense over the term of the debenture. The Company recognized amortization of the discount as an additional interest charge to “Discount on convertible debentures” for the three and six months ended December 31, 2016, in the amount of $ 222,226 436,098 The fair value of the compound embedded derivatives of the Series B Convertible Debenture at December 31, 2016 was $ 28,284 (91,839) (174,746) Debenture - 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 60,274 125,000 period ended December 31, 2016, the Holder of the Company’s Series C Convertible Debentures elected to receive $ 125,000 41,667 60,274 125,000 125,000 41,667 six month period ended December 31, 2016, the Holder elected to receive 125,000 of its coupon interest payment and $ 41,667 its deferred interest payment in shares Company’s common stock and 125,000 41,667 its deferred interest payment in cash 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 The Company recognized amortization of this discount as an additional interest charge to “Discount on convertible debentures” in the amount of $ 119,863 201,061 359,214 390,651 The Holder of the Series C Debenture and the Company agreed on November 13, 2017 that the Debenture would be redeemed for the Company’s common stock, as described further below. The Holder waived all early redemption payments provided for in the Debenture in consideration for 150,000 The following represents the balance of the Debenture payable Series C, net of discount at November 13, 2017 and June 30, 2017. The debt discount has been amortized to interest expense over the term of the debenture. November 13, June 30, Proceeds $ 5,000,000 $ 5,000,000 Debt Discount: Series A Preferred (1,152,297) (1,152,297) Embedded derivative (1,879,428) (1,879,428) 1,968,275 1,968,275 Accumulated amortization of debt discount 2,347,092 1,987,878 Debenture payable - Series C, net $ 4,315,367 $ 3,956,153 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 November 13, 2017. The following assumptions were used for the valuation of the compound embedded derivative at November 13, 2017: ⋅ The balance of the Series C Convertible Debenture as of November 13, 2017 is $ 5,000,000 ⋅ The underlying stock price was used as the fair value of the common stock; The stock price decreased to $ 1.00 6.05 ⋅ The projected annual volatility was based on the Company historical volatility: · 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 21.99 · 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 November 13, 2017 and June 30, 3017 15,449 and 32,213 The Company’s Series C Debenture in the amount of $5,000,000 was due to mature on June 30, 2018. On November 13, 2017, the Company entered into a Debenture Redemption Agreement (the “Agreement”) with the Holder, to redeem (the “Redemption”) its $5,000,000 Series C Convertible Debenture (the “Debenture”) for an aggregate of 5,500,000 0.001 5,000,000 500,000 from October 1, 2017 The unpaid interest included $ 60,274 314,726 125,000 1,348,247 150,000 364,337 314,726 0.001 314,726 684,633 Pursuant to the redemption agreement for the Company’s Series C Debenture, the Company is obligated to issue 5,500,000 of its registered Common Stock, from its shelf registration and the shares of Series A Preferred Stock upon receiving consent to issue the shares pursuant to New York Stock Exchange (“NYSE”) regulations, the Company submitted a request for authorization to issue the Common Stock and Series A Preferred Shares to the NYSE. The Company is currently awaiting NYSE consent to issue the aforesaid securities. The Company has recognized a derivative liability arising from the change in value of the securities to be issued in settlement of the redemption of the Company’s Series C Debenture. The fair value of the 5,500,000 150,000 was $ 364,337 5,864,337 , as of November 13, 2017. These values decrease liability 701,143 decrease 1.00 0.88 660,000 41,143 The Series A Preferred fair value is based on the greater of i) the converted value to common at a ratio of 1:3.5 a. The common stock price was in the range $ 1.14 1.00 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 12.27 12.30 e. The conversion value is based on an assumption for calculation purposes only of a Change of Control in 4 f. 31.69 30.43 58.33 52.49 1.62 1.78 |
Equity Transactions
Equity Transactions | 6 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8 - Equity Transactions On July 21, 2015, the Board of Directors approved the 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 75,000 66,786 133,572 74,317 148,633 133,572 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 75,000 66,786 133,572 74,317 148,633 133,572 For the three and six months ended December 31, 2017, the Company’s Board of Directors authorized the issuance of 7,716 15,432 19,836 45,063 Date Shares Value 7/31/2017 2,572 $ 8,242 8/31/2017 2,572 8,397 9/30/2017 2,572 8,588 10/31/2017 2,572 7,010 11/30/2017 2,572 6,313 12/31/2017 2,572 6,513 15,432 $ 45,063 There is currently no market for the shares of Series A Preferred Stock and they can only be converted into shares of common stock upon a Change of Control of the Company as more fully described in the Certificate of Designation. The Company, therefore, estimated the fair value of the 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 $ 1.14 1.00 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 12.27 12.30 e. The conversion value is based on an assumption for calculation purposes only of a Change of Control in 4 3.00 2.84 f. 31.69 30.43 58.33 52.49 1.62 1.78 For the six months ended December 31, 2017, the Scientific Advisory Board (SAB) was granted fully vested warrants to purchase 11,432 1.56 4,401 10,174 Expected life (year) 4 Expected volatility 55.56-56.10 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 1.67-1.92 % For the three and six months ended December 31, 2017, the Company’s Board of Directors authorized the issuance of 26,468 46,530 27,000 54,000 For the three and six months ended December 31, 2017, the Company’s Board of Directors authorized the issuance of 11,019 19,377 11,250 22,500 |
Stock Warrants
Stock Warrants | 6 Months Ended |
Dec. 31, 2017 | |
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 Stock Warrants Number of Weighted Weighted Aggregate Outstanding and exercisable at June 30, 2017 6,673,860 $ 4.93 1.36 $ - Granted 22,864 1.37 3.71 - Outstanding and exercisable at December 31, 2017 6,696,724 $ 4.92 0.93 $ - Of the above warrants, none expire in fiscal year ending June 30, 2018 6,548,108 June 30, 2019 68,592 June 30, 2020 57,160 June 30, 2021 22,864 June 30, 2022 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 10 - Fair Value Measurement Fair value measurements At December 31, 2017 and June 30, 2017, 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, 2017: (Level 1) (Level 2) (Level 3) Derivative liability Series C debentures $ - - $ - Obligation to issue registered shares - - 5,163,304 Derivative liability warrants - - 1,068,110 Total derivatives $ - $ - $ 6,231,414 Fair Value Measurements at June 30, 2017: (Level 1) (Level 2) (Level 3) Derivative liability Series C debentures $ - - $ 32,213 Derivative liability warrants - - 2,015,354 Total derivatives $ - $ - $ 2,047,567 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, 2017 and June 30, 2017 with the following assumptions: - The 5-year warrants issued on 9/12/13 and 1/24/14 included Investor and Placement Agent Warrants with an exercise price of $ 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. 1 Year 12/31/17 52 % 6/30/17 60 % 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 Derivative Derivative Obligation Beginning balance at July 1, 2017 $ 32,213 $ 2,015,354 $ - Additions during the year - - 5,864,337 Change in fair value (16,764) (947,244) (701,143) Transfer in and out of Level 3 (15,449) - - Balance at December 31, 2017 $ - $ 1,068,110 $ 5,163,194 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2017 | |
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 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 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 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. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 12 Income Taxes The Company calculates income tax expense based on an annual effective tax rate forecast, including estimates and assumptions. We have not recorded tax benefits on our loss before income taxes because we have provided for a full valuation allowance that offsets potential deferred tax assets resulting from net operating loss carry forwards, reflecting our inability to use such loss carry forwards. The Company’s effective tax rate for the six months ended December 31, 2017 and 2016 was 0 0 The Tax Cut and Jobs Act of 2017 was enacted in December 2017. Among other things, the Act reduces the U.S. federal corporate tax rate from 34 21 5.3 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 13 - Subsequent Events The Management of the Company has determined that there was a reportable subsequent event to be disclosed as follows: On January 27, 2018, the Company’s Chief Executive Officer, Dr. Eugene Seymour, resigned as the Chief Executive Officer and as a Director of the Company to allow a successor with pharmaceutical experience to serve in the capacity. Subject to the entry into a Severance Agreement, Dr. Seymour will assume the role of Chief Executive Officer Emeritus. The Board of Directors has previously commenced a search for a permanent replacement for Dr. Seymour, which is ongoing. The Board of Directors has appointed Dr. Anil Diwan, the Company’s President, as Interim Chief Executive Officer. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2017 | |
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) that 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, 2017 filed with the SEC on September 28, 2017. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017 filed on September 28, 2017. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Common Share 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 Six Months Six Months Ended Ended December 31, 2017 December 31, 2016 Warrants 6,696,724 6,650,996 Total potentially outstanding dilutive common shares 6,696,724 6,650,996 The Company has also issued 4,364,176 3.5 60% or less 15,274,616 For the three months ended For the six months ended 2017 2016 2017 2016 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (2,796,894) $ (1,546,400) $ (4,802,449) $ (4,607,843) Denominator for basic weighted average shares of common stock 63,335,601 58,205,494 63,321,342 58,192,721 Basic loss per share of common stock $ (0.04) $ (0.03) $ (0.08) $ (0.08) Series C debentures were excluded from the fully diluted loss per share calculation for the three and six months ended December 31, 2017 because their inclusion is anti-dilutive. 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. On November 14, 2017 the Company entered into an agreement with the Holder of the Series C Debenture to redeem the Series C Debenture. See Footnote 7. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In July 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-11. “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features, II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. ASU 2017-11 revises the guidance for instruments with down round features in Subtopic 815-40, Derivatives and Hedging Contracts in Entity’s Own Equity, which is considered in determining whether an equity-linked financial instrument qualifies for a scope exception from derivative accounting. An entity still is required to determine whether instruments would be classified in equity under the guidance in Subtopic 815-40 in determining whether they qualify for that scope exception. If they do qualify, freestanding instruments with down round features are no longer classified as liabilities. ASU 2017-11 is effective for annual and interim periods beginning December 15, 2018, and early adoption is permitted, including adoption in an interim period. ASU 2017-11 provides that upon adoption, an entity may apply this standard retrospectively to outstanding financial instruments with a down round feature by means of a cumulative-effect adjustment to the opening balance of retaining earnings in the fiscal year and interim period adoption. The Company is currently in the process of assessing the impact of this ASU on its financial statements. 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 adoption of this standard on July 1, 2017 did not have a material effect on the Company’s financial position, results of operations or cash flows. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation, as they were anti-dilutive: Potentially Outstanding Dilutive Common Shares For the For the Six Months Six Months Ended Ended December 31, 2017 December 31, 2016 Warrants 6,696,724 6,650,996 Total potentially outstanding dilutive common shares 6,696,724 6,650,996 The following represents the basic and diluted per share calculations for loss from continuing operations: For the three months ended For the six months ended 2017 2016 2017 2016 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (2,796,894) $ (1,546,400) $ (4,802,449) $ (4,607,843) Denominator for basic weighted average shares of common stock 63,335,601 58,205,494 63,321,342 58,192,721 Basic loss per share of common stock $ (0.04) $ (0.03) $ (0.08) $ (0.08) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
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, 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 $ - $ - $ - $ 17,995 As of December 31, June 30, 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 a certain portion 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 $ 1,474,836 $ 340,695 For the three months ended For the six months ended December 31, December 31, December 31, December 31, 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, 2017 and June 30, 2017 $ 923,588 $ 978,501 $ 1,770,861 $ 1,840,116 As of December 31, June 30, Debentures Payable to a Director Series C Convertible Debentures - Milton Boniuk $ - $ 5,000,000 As of December 31, June 30, Debenture Interest Payable to a Director Coupon interest payable on $5,000,000 Series C Convertible Debentures and deferred. The deferred interest was paid quarterly over the term of the debenture commencing September 30, 2015: $ - $ 166,667 Coupon interest expense on the Series C Debenture to the IRA for Dr. Milton Boniuk for the three months ended December 31, 2017 and 2016 was $60,275 and $125,000, respectively, and for the six months ended December 31, 2017 and 2016 was $185,274 and $250,000, respectively. The Series C Debenture was redeemed on November 13, 2017. Coupon interest expense on the Series B Debentures to Dr. Milton Boniuk for the three-months ended December 31, 2016 was $80,000, and for the six months ended December 31, 2016 was $160,000. The Series B debenture matured on February 1, 2017. As of December 31, June 30, Securities Issuable to a Director in Redemption of Debentures Obligation to issue Registered Shares-Milton Boniuk IRA (see footnote 7) $ 5,163,194 $ - |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
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, GMP Facility $ 8,011,230 $ 7,996,402 Land 260,000 260,000 Office Equipment 50,385 48,486 Furniture and Fixtures 5,607 5,607 Lab Equipment 5,541,879 5,466,066 Total Property and Equipment 13,869,101 13,776,561 Less Accumulated Depreciation (2,838,422) (2,505,501) Property and Equipment, Net $ 11,030,679 $ 11,271,060 |
Trademark and Patents (Tables)
Trademark and Patents (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
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, Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (79,891) (75,756) Trademarks and Patents, Net $ 379,063 $ 383,198 |
Convertible Debentures and De25
Convertible Debentures and Derivatives (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Series C Debentures [Member] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The Holder of the Series C Debenture and the Company agreed on November 13, 2017 that the Debenture would be redeemed for the Company’s common stock, as described further below. The Holder waived all early redemption payments provided for in the Debenture in consideration for 150,000 The following represents the balance of the Debenture payable Series C, net of discount at November 13, 2017 and June 30, 2017. The debt discount has been amortized to interest expense over the term of the debenture. November 13, June 30, Proceeds $ 5,000,000 $ 5,000,000 Debt Discount: Series A Preferred (1,152,297) (1,152,297) Embedded derivative (1,879,428) (1,879,428) 1,968,275 1,968,275 Accumulated amortization of debt discount 2,347,092 1,987,878 Debenture payable - Series C, net $ 4,315,367 $ 3,956,153 |
Equity Transactions (Tables)
Equity Transactions (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
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 the grants using the Black-Scholes Option-Pricing Model with the following weighted-average assumptions: Expected life (year) 4 Expected volatility 55.56-56.10 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 1.67-1.92 % |
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 7/31/2017 2,572 $ 8,242 8/31/2017 2,572 8,397 9/30/2017 2,572 8,588 10/31/2017 2,572 7,010 11/30/2017 2,572 6,313 12/31/2017 2,572 6,513 15,432 $ 45,063 |
Stock Warrants (Tables)
Stock Warrants (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock Warrants Number of Weighted Weighted Aggregate Outstanding and exercisable at June 30, 2017 6,673,860 $ 4.93 1.36 $ - Granted 22,864 1.37 3.71 - Outstanding and exercisable at December 31, 2017 6,696,724 $ 4.92 0.93 $ - |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | At December 31, 2017 and June 30, 2017 the estimated fair values of the liabilities measured on a recurring basis are as follows: Fair Value Measurements at December 31, 2017: (Level 1) (Level 2) (Level 3) Derivative liability Series C debentures $ - - $ - Obligation to issue registered shares - - 5,163,304 Derivative liability warrants - - 1,068,110 Total derivatives $ - $ - $ 6,231,414 Fair Value Measurements at June 30, 2017: (Level 1) (Level 2) (Level 3) Derivative liability Series C debentures $ - - $ 32,213 Derivative liability warrants - - 2,015,354 Total derivatives $ - $ - $ 2,047,567 |
Schedule Of Projected Annual Volatility [Table Text Block] | The projected volatility curve was based on historical volatilities of the Company for the valuation periods. The projected annual volatility for the valuation dates are: 1 Year 12/31/17 52 % 6/30/17 60 % |
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, 2017: Fair Value Measurement Using Significant Derivative Derivative Obligation Beginning balance at July 1, 2017 $ 32,213 $ 2,015,354 $ - Additions during the year - - 5,864,337 Change in fair value (16,764) (947,244) (701,143) Transfer in and out of Level 3 (15,449) - - Balance at December 31, 2017 $ - $ 1,068,110 $ 5,163,194 |
Organization and Nature of Bu29
Organization and Nature of Business (Details Textual) - USD ($) | Nov. 13, 2017 | Feb. 15, 2010 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2017 |
Product Information [Line Items] | ||||||
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 | |||||
Stock Issued During Period, Shares, New Issues | 5,864,337 | 150,000 | ||||
Common stock, shares issued | 63,372,681 | 63,372,681 | 63,372,681 | 63,306,774 | ||
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 | 100,000,000 | 100,000,000 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 80.00% | 80.00% | 80.00% | |||
Series A Preferred Stock [Member] | ||||||
Product Information [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 364,337 | |||||
Preferred stock, shares issued | 2,000,000 | |||||
Preferred stock, value | $ 2,000 | |||||
Stockholders' Equity, Reverse Stock Split | (adjusted for the 3.5 to 1 reverse split) |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details) - shares | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,696,724 | 6,650,996 |
Warrants [Member] | ||
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,696,724 | 6,650,996 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Calculation of basic loss per share of common stock: | ||||
Net loss attributable to common stockholders | $ (2,796,894) | $ (1,546,400) | $ (4,802,449) | $ (4,607,843) |
Denominator for basic weighted average shares of common stock | 63,335,601 | 58,205,494 | 63,321,342 | 58,192,721 |
Basic loss per share of common stock | $ (0.04) | $ (0.03) | $ (0.08) | $ (0.08) |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Details Textual) - $ / shares | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | |
Accounting Policies [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,696,724 | 6,650,996 | |
Series A Convertible Preferred Stock [Member] | |||
Accounting Policies [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.5 | ||
Convertible Preferred Stock, Terms of Conversion | 60% or less | ||
Preferred Stock, Shares Issued | 4,364,176 | 4,348,744 | |
Series A converteble preferred shares [Member] | |||
Accounting Policies [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,274,616 |
Financial Condition (Details Te
Financial Condition (Details Textual) - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Financial Condition [Line Items] | ||||
Cash and cash equivalents | $ 12,046,400 | $ 15,099,461 | $ 19,301,566 | $ 24,162,185 |
Retained Earnings (Accumulated Deficit) | $ (79,931,140) | $ (75,128,691) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 13, 2017 | Jun. 30, 2017 | Jul. 02, 2014 | |
Research and development | $ 1,386,135 | $ 1,261,000 | $ 2,541,363 | $ 2,713,137 | |||
Obligation To Issue Registered Shares | 5,163,194 | 5,163,194 | $ 0 | ||||
Series C Convertible Debenture [Member] | |||||||
Due to Related Parties | 0 | 0 | 5,000,000 | ||||
Debenture Interest Payable to a Director | 0 | 0 | $ 60,274 | 166,667 | $ 166,667 | ||
TheraCour Pharma, Inc [Member] | |||||||
Net Account Payable to related party | 1,474,836 | 1,474,836 | $ 340,695 | ||||
Research and development | 923,588 | 978,501 | 1,770,861 | 1,840,116 | |||
Property, Plant and Equipment, Additions | $ 0 | $ 0 | $ 0 | $ 17,995 |
Related Party Transactions (D35
Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | costs (direct and indirect) plus no more than 30% of a certain portion of direct costs | |||
Other General and Administrative Expense | $ 2,000 | |||
Interest Expense, Debt | $ 60,275 | $ 245,000 | 185,274 | $ 490,000 |
Series B Convertible Debenture [Member] | Dr. Boniuk [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest Expense, Debt | 80,000 | 160,000 | ||
Series C Convertible Debenture [Member] | ||||
Related Party Transaction [Line Items] | ||||
Debt Instrument, Face Amount | 5,000,000 | 5,000,000 | ||
Interest Payable | 5,000,000 | 5,000,000 | ||
Series C Convertible Debenture [Member] | Dr. Boniuk [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest Expense, Debt | $ 60,275 | $ 125,000 | $ 185,275 | $ 250,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
GMP Facility | $ 8,011,230 | $ 7,996,402 |
Land | 260,000 | 260,000 |
Office Equipment | 50,385 | 48,486 |
Furniture and Fixtures | 5,607 | 5,607 |
Lab Equipment | 5,541,879 | 5,466,066 |
Total Property and Equipment | 13,869,101 | 13,776,561 |
Less Accumulated Depreciation | (2,838,422) | (2,505,501) |
Property and Equipment, Net | $ 11,030,679 | $ 11,271,060 |
Property and Equipment (Detai37
Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 166,732 | $ 162,433 | $ 332,921 | $ 325,720 |
Trademark and Patents (Details)
Trademark and Patents (Details) - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 |
Trademarks And Patents [Line Items] | ||
Trademarks and Patents | $ 458,954 | $ 458,954 |
Less Accumulated Amortization | (79,891) | (75,756) |
Trademarks and Patents, Net | $ 379,063 | $ 383,198 |
Trademark and Patents (Details
Trademark and Patents (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 De40
Convertible Debentures and Derivatives (Details) - USD ($) | Nov. 13, 2017 | Jun. 30, 2017 |
Net Proceeds From Issuance Of Debt | $ 1,968,275 | $ 1,968,275 |
Series C Debentures [Member] | ||
Proceeds | 5,000,000 | 5,000,000 |
Accumulated amortization of debt discount | 2,347,092 | 1,987,878 |
Debenture payable - Series C, net | 4,315,367 | 3,956,153 |
Embedded derivative [Member] | ||
Debt Discount | (1,879,428) | (1,879,428) |
Series A Preferred [Member] | ||
Debt Discount | $ (1,152,297) | $ (1,152,297) |
Convertible Debentures and De41
Convertible Debentures and Derivatives (Details Textual) - USD ($) | Nov. 13, 2017 | Jul. 02, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2017 |
Debt Instrument [Line Items] | |||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Share Price | $ 0.88 | $ 0.88 | $ 0.88 | ||||||
Interest Expense, Debt | $ 60,275 | $ 245,000 | $ 185,274 | $ 490,000 | |||||
Interest Payable, Current | $ 0 | 125,000 | $ 0 | 125,000 | $ 0 | $ 166,667 | |||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Gain (Loss) on Extinguishment of Debt | $ (1,348,247) | 0 | $ (1,348,247) | 0 | |||||
Interest Paid, Net | 166,667 | 326,667 | |||||||
Derivative, Gain (Loss) on Derivative, Net | 1,100,302 | 1,407,771 | 1,665,151 | 1,421,062 | |||||
Stock Issued During Period, Shares, New Issues | 5,864,337 | 150,000 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | $ 701,143 | $ (701,143) | |||||||
Share price as per Redemption Agreement | 1.00% | 1.00% | 1.00% | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 41,143 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years | ||||||||
Series A Preferred Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Unamortized Discount | $ 1,152,297 | $ 1,152,297 | |||||||
Stock Issued During Period, Shares, New Issues | 364,337 | ||||||||
Conversion Of Stock, Description | 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 | ||||||||
Common Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stock Issued During Period, Value, New Issues | $ 5,500,000 | ||||||||
Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Conversion, Converted Instrument, Amount | $ 5,000,000 | ||||||||
Common Stock Value Issued For Debt Instrument Periodic Interest Payment | 500,000 | ||||||||
Embedded Derivative Financial Instruments [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Unamortized Discount | $ 1,879,428 | 1,879,428 | |||||||
Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Share Price | $ 1.14 | $ 1.14 | $ 1.14 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 12.30% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 56.10% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.92% | ||||||||
Maximum [Member] | Series A Preferred Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Share Price | 1.14 | $ 1.14 | 1.14 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 12.30% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 31.69% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 58.33% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.78% | ||||||||
Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Share Price | 1 | $ 1 | 1 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 12.27% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 55.56% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.67% | ||||||||
Minimum [Member] | Series A Preferred Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Share Price | $ 1 | $ 1 | 1 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 12.27% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 10 months 2 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 30.43% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 52.49% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.62% | ||||||||
Series B Convertible Debentures [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of Debt Discount (Premium) | 222,226 | 436,098 | |||||||
Derivative Liability, Noncurrent | 28,284 | 28,284 | |||||||
Weighted Average Discount Rate, Percent | 21.99% | ||||||||
Interest Paid, Net | 40,000 | 160,000 | |||||||
Debt Instrument, Maturity Date | Feb. 1, 2017 | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (91,839) | (174,746) | |||||||
Common Stock Value Issued For Debt Instrument Periodic Interest Payment | 80,000 | 80,000 | |||||||
Series A Convertible Preferred Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Common stock, par value (in dollars per share) | $ 0.001 | ||||||||
Amortization of Debt Discount (Premium) | $ 119,863 | 201,061 | $ 359,214 | 390,651 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 150,000 | 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 | ||||||||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | ||||||||
Gain (Loss) on Extinguishment of Debt | $ 1,348,247 | ||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 150,000 | ||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 364,337 | ||||||||
Stock Issued During Period, Shares, Other | 314,726 | ||||||||
Stock Issued During Period, Value, Other | $ 314,726 | ||||||||
Series A Convertible Preferred Stock [Member] | Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Unamortized Discount | 684,633 | ||||||||
Derivative Liability | (15,449) | ||||||||
Series C Convertible Debenture [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 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 | ||||||||
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 | ||||||||
Share Price | $ 1 | $ 1 | $ 1 | ||||||
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 | 52.00% | ||||||||
Interest Payable | $ 60,274 | $ 166,667 | $ 0 | $ 0 | $ 0 | 166,667 | |||
Debt Instrument, Periodic Payment, Interest | 60,274 | 125,000 | 60,274 | 125,000 | |||||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||||
Common Stock Value Issued For Debt Instrument Periodic Interest Payment | $ 125,000 | $ 41,667 | $ 125,000 | $ 41,667 | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 5,500,000 | ||||||||
Series C Convertible Debenture [Member] | Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Expense, Debt | $ 314,726 | ||||||||
Series C Convertible Debenture [Member] | Embedded Derivative Financial Instruments [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative Liability, Noncurrent | $ 15,449 | $ 32,213 | |||||||
Series C Convertible Debenture [Member] | Debenture Interest Paid [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Payable | $ 500,000 |
Equity Transactions (Details)
Equity Transactions (Details) - Series A Preferred Stock [Member] | 6 Months Ended |
Dec. 31, 2017USD ($)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 | $ | $ 45,063 |
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 | $ | $ 8,242 |
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 | $ | $ 8,397 |
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 | $ | $ 8,588 |
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 | $ | $ 7,010 |
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 | $ | $ 6,313 |
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 | $ | $ 6,513 |
Equity Transactions (Details 1)
Equity Transactions (Details 1) | 6 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (year) | 4 years |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 56.10% |
Risk-free rate(s) | 1.92% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 55.56% |
Risk-free rate(s) | 1.67% |
Scientific Advisory Board [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected annual rate of quarterly dividends | 0.00% |
Equity Transactions (Details Te
Equity Transactions (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Aug. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jul. 21, 2015 | |
Class of Stock [Line Items] | ||||||||
Fair Value Adjustment of Warrants | $ 4,401 | |||||||
Share Price | $ 0.88 | $ 0.88 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years | |||||||
Employee Benefits and Share-based Compensation | $ 19,836 | $ 45,063 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 7,716 | 15,432 | ||||||
Minimum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share Price | $ 1 | $ 1 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 12.27% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 55.56% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.67% | |||||||
Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share Price | $ 1.14 | $ 1.14 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 12.30% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 56.10% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.92% | |||||||
Warrant [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.56 | |||||||
Warrant [Member] | August 2019 | ||||||||
Class of Stock [Line Items] | ||||||||
Number Of Common Stock To Be Issued Upon Conversion Of Warrants | 11,432 | |||||||
Warrant [Member] | November 2019 | ||||||||
Class of Stock [Line Items] | ||||||||
Number Of Common Stock To Be Issued Upon Conversion Of Warrants | 10,174 | |||||||
Director [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 26,468 | 26,468 | ||||||
Share-based Compensation, Total | $ 11,250 | $ 22,500 | ||||||
Restricted common stock authorized for interest payable | 11,019 | 19,377 | ||||||
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 | $ 66,786 | $ 74,317 | $ 133,572 | $ 148,633 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 133,572 | 133,572 | ||||||
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 | |||||||
President [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 | |||||||
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 | 66,786 | $ 74,317 | 133,572 | $ 148,633 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 133,572 | 133,572 | ||||||
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 | $ 54,000 | |||||||
Series A Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Issued During Period, Value, Issued For Services | $ 27,000 | |||||||
Conversion of Stock, Description | 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 | |||||||
Series A Preferred Stock [Member] | Minimum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share Price | $ 1 | $ 1 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 12.27% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 10 months 2 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 30.43% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 52.49% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.62% | |||||||
Series A Preferred Stock [Member] | Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share Price | $ 1.14 | $ 1.14 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 12.30% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 31.69% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 58.33% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.78% | |||||||
Series A Preferred Stock [Member] | Employee Compensations [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 46,530 | 46,530 |
Stock Warrants (Details)
Stock Warrants (Details) - Stock Warrants [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 6,673,860 | |
Number of Shares, Granted | 22,864 | |
Number of Shares, Outstanding | 6,696,724 | |
Weighted Average Exercise Price per share, Outstanding (dollars per share) | $ 4.93 | |
Weighted Average Exercise Price per share, Granted (dollars per share) | 1.37 | |
Weighted Average Exercise Price per share, Outstanding (dollars per share) | $ 4.92 | |
Weighted Average Remaining Contractual Term (years), Granted | 3 years 8 months 16 days | |
Weighted Average Remaining Contractual Term (years), Outstanding | 11 months 5 days | 1 year 4 months 10 days |
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 0 | |
Aggregate Intrinsic Value, Granted (in dollars) | 0 | |
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 0 |
Stock Warrants (Details Textual
Stock Warrants (Details Textual) | 6 Months Ended |
Dec. 31, 2017shares | |
June 30, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 0 |
June 30, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 6,548,108 |
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 | 57,160 |
Warrants Expiration Date | Jun. 30, 2021 |
June 30 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 22,864 |
Warrants Expiration Date | Jun. 30, 2022 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 |
Warrant [Member] | ||
Derivative Liability, Noncurrent | $ 1,068,110 | $ 2,015,354 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Securities (Assets) [Member] | ||
Derivative Liability, Noncurrent | 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] | Securities (Assets) [Member] | ||
Derivative Liability, Noncurrent | 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 | 6,231,414 | 2,047,567 |
Fair Value, Inputs, Level 3 [Member] | Securities (Assets) [Member] | ||
Derivative Liability, Noncurrent | 5,163,304 | |
Fair Value, Inputs, Level 3 [Member] | Derivative liability - Series C debentures [Member] | ||
Derivative Liability, Noncurrent | 0 | 32,213 |
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Derivative Liability, Noncurrent | $ 1,068,110 | $ 2,015,354 |
Fair Value Measurement (Detai48
Fair Value Measurement (Details 1) | 6 Months Ended |
Dec. 31, 2017 | |
One Year Ended 12/31/2017 | |
Fair Value Assumptions, Expected Volatility Rate | 52.00% |
One Year Ended 6/30/2017 | |
Fair Value Assumptions, Expected Volatility Rate | 60.00% |
Fair Value Measurement (Detai49
Fair Value Measurement (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Beginning balance | $ 0 | |
Additions during the year | 5,864,337 | |
Change in fair value | $ 701,143 | (701,143) |
Transfer in and out of Level 3 | 0 | |
Ending Balance | 5,163,194 | 5,163,194 |
Derivative liability - Series C debentures [Member] | ||
Beginning balance | 32,213 | |
Additions during the year | 0 | |
Change in fair value | (16,764) | |
Transfer in and out of Level 3 | (15,449) | |
Ending Balance | 0 | 0 |
Warrant [Member] | ||
Beginning balance | 2,015,354 | |
Additions during the year | 0 | |
Change in fair value | (947,244) | |
Transfer in and out of Level 3 | 0 | |
Ending Balance | $ 1,068,110 | $ 1,068,110 |
Fair Value Measurement (Detai50
Fair Value Measurement (Details Textual) - $ / shares | 1 Months Ended | ||
Jan. 24, 2014 | Sep. 12, 2013 | Dec. 31, 2017 | |
Class of Warrant or Right, Outstanding | 2,479,935 | 2,810,071 | |
Warrants Issued | 2,479,935 | 2,945,428 | |
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 | |||||
Jan. 31, 2015 | May 30, 2013 | Mar. 31, 2010 | Dec. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Feb. 15, 2010 | |
Commitments and Contingencies [Line Items] | ||||||||
Common stock, shares issued | 63,372,681 | 63,306,774 | ||||||
Series A Preferred Stock [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Preferred stock, shares issued | 2,000,000 | |||||||
Chief Executive Officer [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Employment Agreement Term | 3 years | |||||||
Deferred Compensation Bonus Paid | $ 75,000 | $ 75,000 | ||||||
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] | 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 Two [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 375,000 | |||||||
Chief Executive Officer [Member] | Year Two [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 Three [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 400,000 | |||||||
Chief Executive Officer [Member] | Year Three [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] | 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] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Deferred Compensation Bonus Paid | $ 75,000 | $ 75,000 | ||||||
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] | 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 Two [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 375,000 | |||||||
President [Member] | Year Two [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 Three [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 400,000 | |||||||
President [Member] | Year Three [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] | 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 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |||
Deferred Tax Assets, Gross | $ 5.3 | $ 5.3 | ||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |