Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2018 | Nov. 14, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
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 | 69,383,000 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 6,082,365 | $ 7,081,771 |
Prepaid expenses | 201,532 | 240,257 |
Total Current Assets | 6,283,897 | 7,322,028 |
PROPERTY AND EQUIPMENT | ||
Property and equipment | 14,055,637 | 14,018,383 |
Accumulated depreciation | (3,348,610) | (3,177,290) |
Property and equipment, net | 10,707,027 | 10,841,093 |
TRADEMARK AND PATENTS | ||
Trademark and patents | 458,954 | 458,954 |
Accumulated amortization | (86,094) | (84,025) |
Trademark and patents, net | 372,860 | 374,929 |
OTHER ASSETS | ||
Security deposits | 3,515 | 3,515 |
Service agreements | 3,222 | 4,647 |
Other Assets | 6,737 | 8,162 |
Total Assets | 17,370,521 | 18,546,212 |
CURRENT LIABILITIES: | ||
Accounts payable | 320,097 | 223,339 |
Accounts payable – related party | 718,457 | 107,468 |
Accrued expenses | 231,175 | 253,049 |
Total Current Liabilities | 1,392,270 | 881,948 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 69,382,560 and 69,171,740 shares issued and outstanding at September 30, 2018 and June 30, 2018, respectively | 69,383 | 69,172 |
Additional paid-in capital | 101,437,413 | 101,282,707 |
Accumulated deficit | (85,533,609) | (83,692,146) |
Total Stockholders' Equity | 15,978,251 | 17,664,264 |
Total Liabilities and Stockholders' Equity | 17,370,521 | 18,546,212 |
Warrant [Member] | ||
CURRENT LIABILITIES: | ||
Derivative liability - warrants | 122,541 | 298,092 |
Series A Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Series A Convertible Preferred stock, $0.001 par value, 8,500,000 shares designated, 5,064,110 and 4,531,394 shares issued and outstanding, at September 30, 2018 and June 30, 2018, respectively | $ 5,064 | $ 4,531 |
Balance Sheets _Parenthetical_
Balance Sheets [Parenthetical] - $ / shares | Sep. 30, 2018 | Jun. 30, 2018 |
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 | 69,382,560 | 69,171,740 |
Common stock, shares, outstanding | 69,382,560 | 69,171,740 |
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 | 5,064,110 | 4,531,394 |
Preferred stock, shares outstanding | 5,064,110 | 4,531,394 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
OPERATING EXPENSES | ||
Research and development | $ 1,411,483 | $ 1,451,906 |
General and administrative | 627,615 | 778,540 |
Total operating expenses | 2,039,098 | 2,230,446 |
LOSS FROM OPERATIONS | (2,039,098) | (2,230,446) |
OTHER INCOME (EXPENSE): | ||
Interest income | 22,084 | 24,394 |
Interest expense | 0 | (125,000) |
Discount on convertible debentures | 0 | (239,351) |
Change in fair value of derivatives | 175,551 | 564,848 |
Other income, net | 197,635 | 224,891 |
LOSS BEFORE INCOME TAXES | (1,841,463) | (2,005,555) |
INCOME TAX PROVISION | 0 | 0 |
NET LOSS | $ (1,841,463) | $ (2,005,555) |
Net loss per common share – basic and diluted | $ (0.03) | $ (0.03) |
Weighted average common shares outstanding – basic and diluted | 69,185,965 | 63,307,083 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - 3 months ended Sep. 30, 2018 - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance at Jun. 30, 2018 | $ 17,664,264 | $ 4,531 | $ 69,172 | $ 101,282,707 | $ (83,692,146) |
Balance (in shares) at Jun. 30, 2018 | 4,531,394 | 69,171,740 | |||
Series A Preferred stock issued for employee stock compensation | 55,027 | $ 533 | $ 0 | 54,494 | 0 |
Series A Preferred stock issued for employee stock compensation (in shares) | 532,716 | 0 | |||
Common stock issued for consulting and legal services rendered | 79,460 | $ 0 | $ 192 | 79,268 | 0 |
Common stock issued for consulting and legal services rendered (in shares) | 0 | 191,510 | |||
Stock options issued for compensation | 11,920 | $ 0 | $ 0 | 11,920 | 0 |
Warrants issued to Scientific Advisory Board | 1,543 | 0 | 0 | 1,543 | 0 |
Common shares issued for Directors fees | 7,500 | $ 0 | $ 19 | 7,481 | 0 |
Common shares issued for Directors fees (in shares) | 0 | 19,310 | |||
Net loss | (1,841,463) | $ 0 | $ 0 | 0 | (1,841,463) |
Balance at Sep. 30, 2018 | $ 15,978,251 | $ 5,064 | $ 69,383 | $ 101,437,413 | $ (85,533,609) |
Balance (in shares) at Sep. 30, 2018 | 5,064,110 | 69,382,560 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,841,463) | $ (2,005,555) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Preferred shares issued as compensation | 55,027 | 158,799 |
Common shares issued as compensation and for services | 86,960 | 38,250 |
Warrants granted to Scientific Advisory Board | 1,543 | 5,773 |
Stock-based compensation expense | 11,920 | 0 |
Depreciation | 171,320 | 166,189 |
Amortization | 2,069 | 2,068 |
Change in fair value of derivative liability | (175,551) | (564,848) |
Amortization of debt discount on convertible debenture | 0 | 239,351 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 38,725 | (2,254) |
Other assets | 1,425 | 14,257 |
Accounts payable | 96,758 | (45,427) |
Accounts payable - related party | 610,989 | 478,088 |
Accrued expenses | (21,874) | 188 |
Deferred interest payable | 0 | (41,667) |
NET CASH USED IN OPERATING ACTIVITIES | (962,152) | (1,556,788) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (37,254) | (30,433) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (999,406) | (1,587,221) |
Cash and cash equivalents at beginning of period | 7,081,771 | 15,099,461 |
Cash and cash equivalents at end of period | 6,082,365 | 13,512,240 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Interest paid | $ 0 | $ 166,667 |
Organization and Nature of Busi
Organization and Nature of Business | 3 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Note 1 - Organization and Nature of Business NanoViricides, Inc. (the Company”) is a nano-biopharmaceutical research and development company specializing in the discovery, development, and commercialization of drugs to combat viral infections using its unique and novel nanomedicines technology. NanoViricides is also 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, where our design, development, and production work is performed. 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. In our lead antiviral program against herpes viruses, i.e. the HerpeCide™ program alone, we have drug candidates against at least five indications at different stages of development. Of these, our shingles drug candidate is expected to enter human clinical trials in the very near future. It is in advanced, IND-enabling pre-clinical studies at present, and large-scale production is being performed to supply the safety-toxicology study. In addition, our drug candidates against HSV-1 “cold sores” and HSV-2 “genital herpes” are in advanced studies and are expected to follow the shingles drug candidate into human clinical trials. Shingles in adults and chicken pox in children is caused by the same virus, namely VZV (Varicella-zoster virus, aka HHV-3 or human herpesvirus-3). Chicken pox is re-emerging as a major disease especially in European countries, with 23,500 confirmed cases in the first six months of 2018. In addition, we have drugs in development against all influenzas in our FluCide™ program, as well as drug candidates against HIV/AIDS, Dengue, Ebola/Marburg, and other viruses. 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 broad, exclusive licenses in perpetuity. The first license agreement we executed with TheraCour on September 1, 2005, gave us an exclusive, worldwide license for the treatment of the following human viral diseases: Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Herpes Simplex Virus (HSV), Influenza and Asian Bird Flu Virus. 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. In addition, the Company is negotiating a license for VZV (shingles, chicken pox virus), and the remaining human herpesviruses from TheraCour. For this purpose, the Company has conducted a valuation for the shingles and PHN indications. The negotiation process has begun in earnest, with Dr. Irach Taraporewala being appointed as the new Chief Executive Officer of the Company, effective September 1, 2018. To date, TheraCour has not withheld any licenses for antiviral nanomedicines that NanoViricides has asked for, and we anticipate that the licenses to the remaining herpes viruses including VZV will be executed once the due diligence process is completed. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 - Summary of Significant Accounting Policies Basis of Presentation – Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 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, 2018 filed with the SEC on October 13, 2018. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2018 filed on October 13, 2018. Reclassifications and Prior Year Adjustments Certain prior year amounts have been reclassified for consistency with current year presentation. These reclassifications had no effect on the reported results of operations. The Company reclassified $296,678 of expenses related to the Company’s laboratory facilities out of general and administrative expenses into research and development expenses for consistency with current year presentation. The reclassifications had no impact on the reported results of operations and net loss reported for the three months ended September 30, 2017. 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. 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 Three Months Three Months Ended Ended September 30, 2018 September 30, 2017 Options and Warrants 4,412,039 6,685,292 Total potentially outstanding dilutive common shares 4,412,039 6,685,292 At September 30, 2017, the number of potentially dilutive shares of the Company’s common stock into which the Series C debenture could be converted based upon the conversion provisions contained in the debenture was 952,381. The Series C debenture was redeemed for common stock effective November 13, 2017. The Company has also issued 5,064,110 shares of Series A Preferred Stock to investors and others as of September 30, 2018. Only in the event of a “change of control” of the Company, each Series A preferred share is convertible to 3.5 shares of its new common stock. A “Change of Control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition of the Company or the Company’s intellectual property. In the absence of a Change of Control event, the Series A convertible Preferred Stock is not convertible into common stock, and does not carry any dividend rights or any other financial effects. At September 30, 2018, the number of potentially dilutive shares of the Company’s common stock into which these Series A Preferred shares can be converted into is 17,724,385, and is not included in diluted earnings per share since the shares are contingently convertible only upon a Change of Control. The following represents the basic and diluted per share calculations for loss from continuing operations: For the three months ended 2018 2017 Calculation of basic and diluted loss per share of common stock: Net loss attributable to common stockholders $ (1,841,463 ) $ (2,005,555 ) Denominator for basic and diluted weighted average shares of common stock 69,185,965 63,307,083 Basic and diluted loss per share of common stock $ (0.03 ) $ (0.03 ) The Series C debenture was redeemed for Common Stock effective November 13, 2017. See Note 7. The Series C debenture was excluded from the loss per share calculation for the three-month period ended September 30, 2017 because the impact is anti-dilutive. Recently Issued Accounting Pronouncements In August 2018, the SEC issued the final rule on Disclosures About Changes in Stockholder’s Equity For filings on Form 10-Q, which extends to interim periods the annual requirement in SEC Regulation S-X, Rule 3-04,2 to disclose (1) changes in stockholders’ equity and (2) the amount of dividends per share for each class of shares (as opposed to common stock only, as previously required). Pursuant to the final rule, registrants must now analyze changes in stockholders’ equity, in the form of reconciliation, for “the current and comparative year-to-date [interim] periods, with subtotals for each interim period,” i.e., a reconciliation covering each period for which an income statement is presented. Rule 3-04 permits the disclosure of changes in stockholders’ equity (including dividend-per-share amounts) to be made either in a separate financial statement or in the notes to the financial statements. The final rule is effective for all filings made on or after November 5, 2018. The staff of the SEC has indicated it would not object if the filer’s first presentation of the changes in shareholders’ equity is included in its form 10-Q for the quarter that begins after the effective date of the amendments. Therefore, the Company expects to conform to this rule in its Form 10-Q for the quarter ending December 31, 2018. The Company believes that the final rule will not have a material effect on its consolidated financial statements and disclosures. In June 2018, the FASB issued ASU 2018-07, which simplifies the accounting for non-employee share-based payment transactions. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The standard will be effective for the Company in the first quarter of fiscal year 2020, although early adoption is permitted (but no sooner than the adoption of Topic 606). The Company does not expect that the adoption of this ASU will have a significant impact on its financial statements. 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 fiscal years, and interim periods within those fiscal years, beginning after 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. |
Liquidity and Going Concern
Liquidity and Going Concern | 3 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | Note 3 - Liquidity and Going Concern The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets and liquidation of liabilities in the normal course of business. As reflected in the financial statements, the Company has an accumulated deficit at September 30, 2018 of approximately $85.5 million and a net loss of approximately $1.8 million and net cash used in operating activities of approximately $1 million for the three months then ended. In addition, the Company has not generated any revenues and no revenues are anticipated in the foreseeable future. Since May 2005, the Company has been engaged exclusively in research and development activities focused on developing targeted antiviral drugs. The Company has not yet commenced any product commercialization. Such losses are expected to continue for the foreseeable future and until such time, if ever, as the Company is able to attain sales levels sufficient to support its operations. There can be no assurance that the Company will achieve or maintain profitability in the future. As of September 30, 2018, the Company had available cash and cash equivalents of approximately $6.1 million. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management adjusted its planned expenditures, activities, and programs, in accordance with budgetary constraints and in accordance with its expectations of obtaining additional financing. The Company has made several adjustments to its past expenditures in the ensuing annual budget, eliminating several expenses including a reduction in workforce and consultants to the extent feasible without affecting its program of drug development. In addition, the Company has focused its efforts primarily on a single lead program to minimize cost outlays, namely taking the shingles drug candidate against VZV into human clinical trials. Management’s budget indicates that these changes have freed up sufficient funds to allow for the ensuing costs of the external advanced IND-enabling studies of this drug candidate. Management has considered several options for obtaining additional funds that will be needed for future human clinical trials and to obtain the additional license from TheraCour for VZV and the remaining human herpes viruses. The Company is also evaluating the possibility of obtaining a mortgage on its fully owned cGMP-capable laboratory facility in Shelton, CT, in order to free up a portion of the fixed capital for usage as liquid working capital. In addition, the Company believes that it has several important milestones that it will be achieving in the ensuing year. Management believes that as it achieves these milestones, the Company would experience substantial improvement in the liquidity of the Company’s stock, and would significantly improve the Company’s ability to raise funds on the public markets at terms that may be substantially superior to the terms we are offered at present. Management believes that as a result of the management plan, the Company’s existing resources and access to the capital markets will be sufficient to fund the Company’s planned operations and expenditures through November 2019. 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. The accompanying unaudited financial statements do not include any adjustments that may result from the outcome of such unidentified uncertainties. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2018 | |
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 Irach Taraporewala Chief Executive Officer TheraCour Pharma, Inc. An entity owned and controlled by a significant stockholder Milton Boniuk, MD Significant stockholder As of September 30, 2018 June 30, 2018 Account Payable – Related Party Pursuant to an Exclusive License Agreement we entered into with TheraCour, the Company was granted exclusive licenses in perpetuity for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. In consideration for obtaining this exclusive license, we agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) we will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour; (4) to pay an advance payment equal to twice the amount of the previous month’ s invoice to be applied as a prepayment towards expenses. $ 718,457 $ 107,468 For the three months ended September 30, September 30, Research and Development Costs Paid to Related Parties Development fees and other costs charged by and paid to TheraCour pursuant to an Exclusive License Agreement between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at September 30, 2018 and June 30, 2018. $ 846,688 $ 847,093 Debenture Interest Payable to a Director Coupon interest expense on the $5,000,000 Series C Debenture paid to Dr. Milton Boniuk for the three months ended September 30, 2017 was $125,000. The Series C debenture was redeemed for Common Stock effective November 13, 2017. See Note 7. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 June 30, 2018 GMP Facility $ 8,020,471 $ 8,011,230 Land 260,000 260,000 Office Equipment 57,781 57,781 Furniture and Fixtures 5,607 5,607 Lab Equipment 5,711,778 5,683,765 Total Property and Equipment 14,055,637 14,018,383 Less Accumulated Depreciation (3,348,610 ) (3,177,290 ) Property and Equipment, Net $ 10,707,027 $ 10,841,093 Depreciation expense for the three months ended September 30, 2018 and 2017 was $171,320 and $166,189, respectively. |
Trademark and Patents
Trademark and Patents | 3 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 June 30, 2018 Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (86,094 ) (84,025 ) Trademarks and Patents, Net $ 372,860 $ 374,929 Amortization expense amounted to $2,069 and $2,068 for the three months ended September 30, 2018 and 2017, respectively. |
Convertible Debenture and Deriv
Convertible Debenture and Derivatives | 3 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 7 - Convertible Debenture and Derivatives Debenture - Series C The Company’s Series C Convertible Debenture, in the amount of $5,000,000, was redeemed on November 13, 2017. For the three month period ended September 30, 2017, the Holder of the Company’s Series C Convertible Debenture elected to receive $125,000 of their coupon interest payment and $41,667 of deferred interest payment in cash. 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 shares of the Company’s $0.001 par value Common Stock (“Purchase Price”) comprising 5,000,000 shares for the principal of the Debenture and 500,000 shares for unpaid coupon interest from October 1, 2017 through June 30, 2018. The unpaid interest included $60,274 of accrued interest through November 13, 2017, $314,726 in coupon interest through June 30, 2018 and $125,000 of unpaid deferred interest. The price per share was equal to the closing price of the Company’s stock on Friday, November 10, 2017 of one ($1.00) dollar per share. The Holder waived all early redemption penalty payments provided for in the Debenture for consideration of 150,000 shares of the Company’s $0.001 par value Series A Convertible Preferred Stock. The Company did not incur placement agent fees in redemption of the Series C Convertible Debenture. The Company recognized a non-cash loss on extinguishment of debt of $1,348,247 on the extinguishment of the aforesaid principal attributable to the Series C Debentures into the Company’s common and preferred stock. The loss on extinguishment arises from, the obligation to issue 150,000 shares of the Company’s Series A Preferred shares with a fair value of $364,337, as of November 13, 2017, obligation to issue 314,726 shares of the Company’s $0.001 par value Common Stock with a fair value of $314,726 as of November 13, 2017, in consideration of Debenture coupon interest from the redemption date through June 30, 2018, and unamortized discount of $684,633 as of the redemption date, offset by the derivative liability of ($ 15,449 Pursuant to the redemption agreement for the Company’s Series C Debenture, the Company issued 5,500,000 shares of its registered Common Stock from its shelf registration and the 150,000 shares of its 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, which was authorized on March 18, 2018 and the shares were issued on March 21, 2018. On July 2, 2014, in conjunction with the issuance of the Company’s Series C Convertible Debentures, the Company issued 187,000 shares of its Series A Convertible Preferred Stock (the “Series A”) to Dr. Milton Boniuk, pursuant to the terms of the Debenture. Proceeds received in a financing transaction are allocated to the instruments issued prior to evaluating hybrid contracts for bifurcation of embedded derivatives. Since the Series A Convertible Preferred Stock is classified as equity, the proceeds allocated to the Preferred Stock are recorded at relative fair value. The fair value of the Series A was $1,645,606 at issuance and the relative fair value was calculated as $1,152,297. The remaining amount of the proceeds was allocated to the Debenture and a debt discount of $1,152,297 was recorded to offset the amount of the proceeds allocated to the Series A. Then, the embedded derivative was bifurcated at its fair value of $1,879,428 with the remaining balance allocated to the host instrument (Debenture). The total debt discount was amortized over the actual term of the Debenture using the effective interest method. The Company recognized amortization of this discount as an additional interest charge to “Discount on convertible debentures” in the amount of $ -0- and $239,351 for the three month periods ended September 30, 2018 and 2017, respectively. |
Accrued expenses
Accrued expenses | 3 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 8 – Accrued expenses Accrued expenses consisted of the following: September 30, 2018 June 30, 201 8 Severance payment- Eugene Seymour $ 133,333 $ 233,333 Accrued payroll 49,576 19,716 Professional Services 48,266 - Accrued Expenses $ 231,175 $ 253,049 |
Equity Transactions
Equity Transactions | 3 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 9 - Equity Transactions On July 11, 2018 the Board of Directors approved an extension of 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 525,000 of the Company’s Series A preferred stock to Dr. Anil Diwan. The shares shall be vested in one-third increments on June 30, 2019, June 30, 2020 and June 30, 2021 and are subject to forfeiture. The Company recognized a non-cash compensation expense related to the issuance of the Series A Preferred stock of $47,260 for the three months ended September 30, 2018. The balance of $513,430 . For the three months ended September 30, 2018, the Company’s Board of Directors authorized the issuance of 7,716 fully vested shares of its Series A Convertible Preferred stock for employee compensation. The Company recorded an expense of $7,767. The fair value of the Series A Preferred stock was the following for the dates indicated: Date Shares Value 7/11/2018 525,000 $ 560,690 7/31/2018 2,572 2,795 8/31/2018 2,572 2,374 9/30/2018 2,572 2,598 532,716 $ 568,457 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 $.42 to $.58; 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 19.22% to 19.25% of the total; e. The conversion value is based on an assumption for calculation purposes only of a Change of Control in 4 years from October 31, 2016 and a remaining restricted term of 2.34 to 2.09 years; f. 29.42% to 32.24% restricted stock discount (based on a restricted stock analysis and call-put analysis curve: 55.76% to 61.17% volatility, 2.09% to 2.11% risk free rate) applied to the converted common. On July 19, 2018, the Company entered into an Employment Agreement with Dr. Irach Taraporewala as Chief Executive Officer of the Company beginning on September 1, 2018. Dr. Taraporewala was granted options to purchase up to 300,000 shares of the Company’s common stock, par value $0.001 per share at an exercise price equal to 20% above the closing bid price of $0.41 was $35,761 of which $11,920 was recognized and recorded as compensation expense for the three months ended September 30, 2018. The Company estimated the fair value of the options granted to Dr. Taraporewala on the date of grant using a lattice simulation model that values the options based upon a stock price modeled such that it follows a geometric Brownian motion with constant drift and volatility. In August 2018, the Scientific Advisory Board (SAB) was granted fully vested warrants to purchase 11,432 shares of common stock with an exercise price of $ .41 The Company estimated the fair value of the warrants granted to the Scientific Advisory Board on the date of grant using the Black-Scholes Option-Pricing Model with the following weighted-average assumptions: Expected life (year) 4 Expected volatility 55.12 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 2.71 % For the three months ended September 30, 2018, the Company’s Board of Directors authorized the issuance of 191,510 fully vested shares of its common stock with a restrictive legend for consulting services. The Company recorded an expense of $79,460 for the three months, which was the fair value on the dates of issuance. For the three months ended September 30, 2018, the Company’s Board of Directors authorized the issuance of 19,310 of $7,500 issuance. |
Stock Warrants and Options
Stock Warrants and Options | 3 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 10 - Stock Warrants and Options Stock Warrants Stock Warrants Number of Weighted Weighted Aggregate Outstanding and exercisable at June 30, 2018 6,969,588 $ 4.80 .53 $ - Granted 11,432 .41 Expired 2,868,981 5.25 - Outstanding and exercisable at September 30, 2018 4,112,039 $ 4.48 .63 $ - Of the above warrants, 3,679,127 68,592 57,160 Stock Options Stock Options Number of Weighted Weighted Aggregate Outstanding at June 30, 2018 - $ - - $ - Granted 300,000 .50 - - Outstanding at September 30, 2018 300,000 .50 2.92 - Of the above options, 100,000 September 30, 2018, 100,000 . The Company estimated the fair value of the option grant at $35,761 and recognized the estimated value of the vested and exercisable options as a compensation expense of $11,920 for the three months ended September 30, 2018. The Company will recognize the remaining unrecognized fair value of the option grant of $23,841 in installments over the vesting period. The Company estimated the fair value of the options granted to Dr. Taraporewala on the date of grant using a lattice model that values the options based upon a stock price modeled such that it follows a geometric Brownian motion with constant drift and volatility: Expected life (year) 3 Expected volatility 55.09 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 2.71 % Expected forfeiture (attrition) rate (%) 5.00 % Expected volatility is based on historical volatility of the Company’s common stock and the expected life of options. The Company estimates forfeitures at the time of valuation and reduces expense ratably over the vesting period. This estimate is adjusted periodically based on the extent to which actual forfeitures differ or are expected to differ, from the previous estimate. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 11 - Fair Value Measurement Fair value measurements At September 30, 2018 and June 30, 2018 the estimated fair values of the liabilities measured on a recurring basis are as follows: Fair Value Measurements at September 30, 2018: (Level 1) (Level 2) (Level 3) Derivative liability - warrants $ - $ - $ 122,541 Fair Value Measurements at June 30, 2018: (Level 1) (Level 2) (Level 3) Derivative liability - warrants $ - $ - $ 298,092 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 5,425,363 warrants, of which 2,479,935 issued 135,216 76,306 of 2,556,241 offerings. 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 September 30, 2018 and June 30, 2018 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 and $6.05 (subject to adjustments-full ratchet reset). - The stock price would fluctuate with the Company projected volatility. - The Holder would exercise the warrant as they become exercisable (effective registration at issuance) at target prices of the higher of 2 times 2 times - The next capital raise would fluctuate with an annual volatility. The projected volatility curve was based on historical volatilities of the Company for the valuation periods. The projected annual volatility for the valuation dates are: 1 Year 9/30/18 64 % 6/30/18 56 % 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. The following tables present the activity for liabilities measured at estimated fair value using unobservable inputs for the three months ended September 30, 2018: Fair Value Measurement Fair Value Measurement Using Significant Unobservable Inputs Derivative Liability- Warrant Beginning balance at July 1, 2018 $ 298,092 Additions during the year - Change in fair value (175,551 ) Transfer in and out of Level 3 - Balance at September 30, 2018 $ 122,541 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12 - 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 extension of employment agreement effective July 1, 2018 for a term of three years. Dr. Diwan’s will be paid an annual base salary of $400,000. Additionally, Dr. Diwan was awarded a grant of 525,000 shares of the Company’s Series A Preferred Stock. 175,000 shares vest equally on June 30, 2019, 2020 and 2021. Any unvested shares are subject to forfeiture. The Company and Dr. Irach Taraporewala, the Company’s Chief Executive Officer, entered into an employment agreement effective September 1, 2018, for a term of three years. Dr. Taraporewala will be paid an annual base salary of $360,000. Additionally, Dr. Taraporewala was awarded a grant of 300,000 options to purchase shares of the Company’s Common Stock. 100,000 options vested on September 1, 2018 and the remainder of the options will vest over the two year vesting period and are subject to forfeiture. 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. In addition, the Company issued 26,786 shares of Series A Preferred Stock and 35,715 shares of common stock upon entering into the agreement, and issued an additional 26,786 shares of Series A Preferred Stock and 35,715 shares of common stock on each anniversary date of the agreement. The shares of Series A Preferred Stock were issued in recognition of Dr. Tatake’s work towards the achievement of several patents by the Company. The Compensation Committee of the Board of Directors has extended the current provisions of the Employment Agreement pending its review of current industry compensation arrangements and Employment agreements. 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. In addition, the Company issued 35,715 shares of common stock upon entering into the agreement, and issued an additional 35,715 shares of common stock on each anniversary date of the agreement. The Compensation Committee of the Board of Directors has extended the current provisions of the Employment Agreement pending its review of current industry compensation arrangements and Employment agreements. 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 per month and 2,572 shares of Series A Preferred Stock, also on a monthly basis. On January 1, 2015, her cash compensation was increased to $10,800 per month. The Agreement is renewable on an annual basis. The Compensation Committee of the Board of Directors has extended the current provisions of the Employment Agreement pending its review of current industry compensation arrangements and Employment agreements. License Agreements The Company is dependent upon its license agreement with TheraCour (See Note 4). |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 13 - Subsequent Events On October 29, 2018, the Board of Directors of NanoViricides, Inc. (the “Company”) elected James Sapirstein as a new member of the Board. Mr. Sapirstein is an Independent Member of the Board of Directors and will serve as a member of the Company’s Audit, Compensation and Nominating Committees. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2018 | |
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, 2018 filed with the SEC on October 13, 2018. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2018 filed on October 13, 2018. |
Reclassification, Policy [Policy Text Block] | Reclassifications and Prior Year Adjustments Certain prior year amounts have been reclassified for consistency with current year presentation. These reclassifications had no effect on the reported results of operations. The Company reclassified $296,678 of expenses related to the Company’s laboratory facilities out of general and administrative expenses into research and development expenses for consistency with current year presentation. The reclassifications had no impact on the reported results of operations and net loss reported for the three months ended September 30, 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. 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 Three Months Three Months Ended Ended September 30, 2018 September 30, 2017 Options and Warrants 4,412,039 6,685,292 Total potentially outstanding dilutive common shares 4,412,039 6,685,292 At September 30, 2017, the number of potentially dilutive shares of the Company’s common stock into which the Series C debenture could be converted based upon the conversion provisions contained in the debenture was 952,381. The Series C debenture was redeemed for common stock effective November 13, 2017. The Company has also issued 5,064,110 shares of Series A Preferred Stock to investors and others as of September 30, 2018. Only in the event of a “change of control” of the Company, each Series A preferred share is convertible to 3.5 shares of its new common stock. A “Change of Control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition of the Company or the Company’s intellectual property. In the absence of a Change of Control event, the Series A convertible Preferred Stock is not convertible into common stock, and does not carry any dividend rights or any other financial effects. At September 30, 2018, the number of potentially dilutive shares of the Company’s common stock into which these Series A Preferred shares can be converted into is 17,724,385, and is not included in diluted earnings per share since the shares are contingently convertible only upon a Change of Control. The following represents the basic and diluted per share calculations for loss from continuing operations: For the three months ended 2018 2017 Calculation of basic and diluted loss per share of common stock: Net loss attributable to common stockholders $ (1,841,463 ) $ (2,005,555 ) Denominator for basic and diluted weighted average shares of common stock 69,185,965 63,307,083 Basic and diluted loss per share of common stock $ (0.03 ) $ (0.03 ) The Series C debenture was redeemed for Common Stock effective November 13, 2017. See Note 7. The Series C debenture was excluded from the loss per share calculation for the three-month period ended September 30, 2017 because the impact is anti-dilutive. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In August 2018, the SEC issued the final rule on Disclosures About Changes in Stockholder’s Equity For filings on Form 10-Q, which extends to interim periods the annual requirement in SEC Regulation S-X, Rule 3-04,2 to disclose (1) changes in stockholders’ equity and (2) the amount of dividends per share for each class of shares (as opposed to common stock only, as previously required). Pursuant to the final rule, registrants must now analyze changes in stockholders’ equity, in the form of reconciliation, for “the current and comparative year-to-date [interim] periods, with subtotals for each interim period,” i.e., a reconciliation covering each period for which an income statement is presented. Rule 3-04 permits the disclosure of changes in stockholders’ equity (including dividend-per-share amounts) to be made either in a separate financial statement or in the notes to the financial statements. The final rule is effective for all filings made on or after November 5, 2018. The staff of the SEC has indicated it would not object if the filer’s first presentation of the changes in shareholders’ equity is included in its form 10-Q for the quarter that begins after the effective date of the amendments. Therefore, the Company expects to conform to this rule in its Form 10-Q for the quarter ending December 31, 2018. The Company believes that the final rule will not have a material effect on its consolidated financial statements and disclosures. In June 2018, the FASB issued ASU 2018-07, which simplifies the accounting for non-employee share-based payment transactions. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The standard will be effective for the Company in the first quarter of fiscal year 2020, although early adoption is permitted (but no sooner than the adoption of Topic 606). The Company does not expect that the adoption of this ASU will have a significant impact on its financial statements. 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 fiscal years, and interim periods within those fiscal years, beginning after 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
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 Three Months Three Months Ended Ended September 30, 2018 September 30, 2017 Options and Warrants 4,412,039 6,685,292 Total potentially outstanding dilutive common shares 4,412,039 6,685,292 The following represents the basic and diluted per share calculations for loss from continuing operations: For the three months ended 2018 2017 Calculation of basic and diluted loss per share of common stock: Net loss attributable to common stockholders $ (1,841,463 ) $ (2,005,555 ) Denominator for basic and diluted weighted average shares of common stock 69,185,965 63,307,083 Basic and diluted loss per share of common stock $ (0.03 ) $ (0.03 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | As of September 30, 2018 June 30, 2018 Account Payable – Related Party Pursuant to an Exclusive License Agreement we entered into with TheraCour, the Company was granted exclusive licenses in perpetuity for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. In consideration for obtaining this exclusive license, we agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) we will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour; (4) to pay an advance payment equal to twice the amount of the previous month’ s invoice to be applied as a prepayment towards expenses. $ 718,457 $ 107,468 For the three months ended September 30, September 30, Research and Development Costs Paid to Related Parties Development fees and other costs charged by and paid to TheraCour pursuant to an Exclusive License Agreement between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at September 30, 2018 and June 30, 2018. $ 846,688 $ 847,093 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 June 30, 2018 GMP Facility $ 8,020,471 $ 8,011,230 Land 260,000 260,000 Office Equipment 57,781 57,781 Furniture and Fixtures 5,607 5,607 Lab Equipment 5,711,778 5,683,765 Total Property and Equipment 14,055,637 14,018,383 Less Accumulated Depreciation (3,348,610 ) (3,177,290 ) Property and Equipment, Net $ 10,707,027 $ 10,841,093 |
Trademark and Patents (Tables)
Trademark and Patents (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 June 30, 2018 Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (86,094 ) (84,025 ) Trademarks and Patents, Net $ 372,860 $ 374,929 |
Accrued expenses (Tables)
Accrued expenses (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses consisted of the following: September 30, 2018 June 30, 201 8 Severance payment- Eugene Seymour $ 133,333 $ 233,333 Accrued payroll 49,576 19,716 Professional Services 48,266 - Accrued Expenses $ 231,175 $ 253,049 |
Equity Transactions (Tables)
Equity Transactions (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
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 7/11/2018 525,000 $ 560,690 7/31/2018 2,572 2,795 8/31/2018 2,572 2,374 9/30/2018 2,572 2,598 532,716 $ 568,457 |
Schedule of Stockholders Equity [Table Text Block] | The Company estimated the fair value of the warrants granted to the Scientific Advisory Board on the date of grant using the Black-Scholes Option-Pricing Model with the following weighted-average assumptions: Expected life (year) 4 Expected volatility 55.12 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 2.71 % |
Stock Warrants and Options (Tab
Stock Warrants and Options (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The Company estimated the fair value of the options granted to Dr. Taraporewala on the date of grant using a lattice model that values the options based upon a stock price modeled such that it follows a geometric Brownian motion with constant drift and volatility: Expected life (year) 3 Expected volatility 55.09 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 2.71 % Expected forfeiture (attrition) rate (%) 5.00 % |
Equity Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock Options Number of Weighted Weighted Aggregate Outstanding at June 30, 2018 - $ - - $ - Granted 300,000 .50 - - Outstanding at September 30, 2018 300,000 .50 2.92 - |
Stock Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock Warrants Number of Weighted Weighted Aggregate Outstanding and exercisable at June 30, 2018 6,969,588 $ 4.80 .53 $ - Granted 11,432 .41 Expired 2,868,981 5.25 - Outstanding and exercisable at September 30, 2018 4,112,039 $ 4.48 .63 $ - |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | At September 30, 2018 and June 30, 2018 the estimated fair values of the liabilities measured on a recurring basis are as follows: Fair Value Measurements at September 30, 2018: (Level 1) (Level 2) (Level 3) Derivative liability - warrants $ - $ - $ 122,541 Fair Value Measurements at June 30, 2018: (Level 1) (Level 2) (Level 3) Derivative liability - warrants $ - $ - $ 298,092 |
Schedule Of Projected Annual Volatility [Table Text Block] | The next capital raise would fluctuate with an annual volatility. The projected volatility curve was based on historical volatilities of the Company for the valuation periods. The projected annual volatility for the valuation dates are: 1 Year 9/30/18 64 % 6/30/18 56 % |
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 September 30, 2018: Fair Value Measurement Fair Value Measurement Using Significant Unobservable Inputs Derivative Liability- Warrant Beginning balance at July 1, 2018 $ 298,092 Additions during the year - Change in fair value (175,551 ) Transfer in and out of Level 3 - Balance at September 30, 2018 $ 122,541 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - shares | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,412,039 | 6,685,292 |
Warrants [Member] | ||
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,412,039 | 6,685,292 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Calculation of basic and diluted loss per share of common stock: | ||
Net loss attributable to common stockholders | $ (1,841,463) | $ (2,005,555) |
Denominator for basic and diluted weighted average shares of common stock | 69,185,965 | 63,307,083 |
Basic and diluted loss per share of common stock | $ (0.03) | $ (0.03) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details Textual) - USD ($) | Nov. 13, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 |
Accounting Policies [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,412,039 | 6,685,292 | ||
Reclassification of General and Administrative Expenses into Research and Development Expenses | $ 296,678 | |||
Debt Conversion, Converted Instrument, Shares Issued | 150,000 | |||
Series A Convertible Preferred Stock [Member] | ||||
Accounting Policies [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 17,724,385 | |||
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 | 5,064,110 | 4,531,394 | ||
Common Stock [Member] | Series C Convertible Debentures [Member] | ||||
Accounting Policies [Line Items] | ||||
Debt Conversion, Converted Instrument, Shares Issued | 952,381 |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details Textual) - USD ($) | 3 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash and Cash Equivalents, at Carrying Value | $ 6,082,365 | $ 13,512,240 | $ 7,081,771 | $ 15,099,461 |
Retained Earnings (Accumulated Deficit) | (85,533,609) | $ (83,692,146) | ||
Net Income (Loss) Attributable to Parent | (1,841,463) | (2,005,555) | ||
Net Cash Provided by (Used in) Operating Activities | $ (962,152) | $ (1,556,788) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |
Research and development | $ 1,411,483 | $ 1,451,906 | |
Theracour Pharma Inc [Member] | |||
Net Account Payable to related party | 718,457 | $ 107,468 | |
Research and development | $ 846,688 | $ 847,093 |
Related Party Transactions (D_2
Related Party Transactions (Details Textual) - USD ($) | Oct. 02, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Description of Transaction | costs (direct and indirect) plus no more than 30% of direct costs | ||
Other General and Administrative Expense | $ 2,000 | ||
Interest Expense, Debt | $ 5,000,000 | ||
Percentage Of Net Sales Allocated For Royalty Payments | 15.00% | ||
Research and Development Expense | $ 1,411,483 | 1,451,906 | |
Theracour Pharma Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Research and Development Expense | $ 846,688 | 847,093 | |
Theracour Pharma Inc [Member] | Subsequent Event [Member] | |||
Related Party Transaction [Line Items] | |||
Research and Development Expense | $ 25,000 | ||
Series C Convertible Debenture [Member] | Dr. Boniuk [Member] | |||
Related Party Transaction [Line Items] | |||
Interest Expense, Debt | $ 125,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
GMP Facility | $ 8,020,471 | $ 8,011,230 |
Land | 260,000 | 260,000 |
Office Equipment | 57,781 | 57,781 |
Furniture and Fixtures | 5,607 | 5,607 |
Lab Equipment | 5,711,778 | 5,683,765 |
Total Property and Equipment | 14,055,637 | 14,018,383 |
Less Accumulated Depreciation | (3,348,610) | (3,177,290) |
Property and Equipment, Net | $ 10,707,027 | $ 10,841,093 |
Property and Equipment (Detai_2
Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 171,320 | $ 166,189 |
Trademark and Patents (Details)
Trademark and Patents (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 |
Trademarks And Patents [Line Items] | ||
Trademarks and Patents | $ 458,954 | $ 458,954 |
Less Accumulated Amortization | (86,094) | (84,025) |
Trademarks and Patents, Net | $ 372,860 | $ 374,929 |
Trademark and Patents (Details
Trademark and Patents (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Trademarks And Patents [Line Items] | ||
Amortization | $ 2,069 | $ 2,068 |
Trademark and Patents [Member] | ||
Trademarks And Patents [Line Items] | ||
Amortization | $ 2,069 | $ 2,068 |
Convertible Debenture and Der_2
Convertible Debenture and Derivatives (Details Textual) - USD ($) | Nov. 13, 2017 | Jul. 02, 2014 | Mar. 21, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Jul. 19, 2018 |
Debt Instrument [Line Items] | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 150,000 | ||||||
Interest Expense, Debt | $ 5,000,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Stock Issued During Period, Value, New Issues | $ 5,500,000 | ||||||
Share price as per Redemption Agreement | $ 1 | ||||||
Series Preferred Share Issued For Debenture Interest Shares Issued | 150,000 | ||||||
Debt Conversion, Description | for an aggregate of 5,500,000 shares of the Company’s $0.001 par value Common Stock (“Purchase Price”) comprising 5,000,000 shares for the principal of the Debenture and 500,000 shares for unpaid coupon interest from October 1, 2017 through June 30, 2018. | ||||||
Series A Preferred Stock [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Unamortized Discount | $ 684,633 | ||||||
Common Stock [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stock Issued During Period, Value, New Issues | 5,500,000 | ||||||
Series B Convertible Debentures [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||||||
Series A Convertible Preferred Stock [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of Debt Discount (Premium) | $ 0 | 239,351 | |||||
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, Value, Conversion of Convertible Securities | $ 364,337 | ||||||
Stock Issued During Period, Shares, Other | 314,726 | ||||||
Derivative Liability | $ 15,449 | ||||||
Stock Issued During Period, Value, Other | $ 314,726 | ||||||
Series C Convertible Debenture [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Conversion, Converted Instrument, Amount | 5,000,000 | ||||||
Interest Expense, Debt | 314,726 | ||||||
Common Stock Value Issued For Debt Instrument Periodic Interest Payment | 125,000 | $ 125,000 | |||||
Deferred Interest Payment | $ 41,667 | ||||||
Interest Payable, Current | 60,274 | ||||||
Long-term Debt, Excluding Current Maturities | $ 5,000,000 |
Accrued expenses (Details)
Accrued expenses (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 |
Severance payment- Eugene Seymour | $ 133,333 | $ 233,333 |
Accrued payroll | 49,576 | 19,716 |
Professional Services | 48,266 | 0 |
Accrued Expenses | $ 231,175 | $ 253,049 |
Equity Transactions (Details)
Equity Transactions (Details) - Series A Preferred Stock [Member] | 3 Months Ended |
Sep. 30, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 532,716 |
Stock Issued During Period, Value, Share-based Compensation, Gross | $ | $ 568,457 |
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 | 525,000 |
Stock Issued During Period, Value, Share-based Compensation, Gross | $ | $ 560,690 |
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 | $ | $ 2,795 |
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 | $ | $ 2,374 |
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 | $ | $ 2,598 |
Equity Transactions (Details 1)
Equity Transactions (Details 1) | 3 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (year) | 4 years |
Expected volatility | 55.12% |
Risk-free rate(s) | 2.71% |
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 | |||
Jul. 19, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jul. 11, 2018 | Jun. 30, 2018 | |
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 7,716 | ||||
Share-based Compensation | $ 11,920 | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 55.12% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.71% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 300,000 | ||||
Fair Value Measurement Significant Assumptions | a.The common stock price was in the range $.42 to $.58;b.The calculated weighted average number of shares of common stock in the period;c.A 26.63% premium over the common shares for the voting preferences;d.The calculated weighted average number of total voting shares and the monthly shares representing voting rights of 19.22% to 19.25% of the total;e.The conversion value is based on an assumption for calculation purposes only of a Change of Control in 4 years from October 31, 2016 and a remaining restricted term of 2.34 to 2.09 years;f.29.42% to 32.24% restricted stock discount (based on a restricted stock analysis and call-put analysis curve: 55.76% to 61.17% volatility, 2.09% to 2.11% risk free rate) applied to the converted common. | ||||
Share Price | $ 0.41 | $ 0.42 | |||
Restricted Stock or Unit Expense | $ 7,767 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 20.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 35,761 | ||||
Warrant [Member] | |||||
Class of Stock [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 1,543 | ||||
Warrant [Member] | August 2021 | |||||
Class of Stock [Line Items] | |||||
Number Of Common Stock To Be Issued Upon Conversion Of Warrants | 11,432 | ||||
Warrant [Member] | February 2022 [Member] | |||||
Class of Stock [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.41 | ||||
Director [Member] | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 191,510 | ||||
Share-based Compensation | $ 7,500 | ||||
Restricted common stock authorized for interest payable | 19,310 | ||||
President [Member] | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 525,000 | ||||
Share-based Compensation | $ 47,260 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 513,430 | ||||
Series A Convertible Preferred Stock [Member] | Minimum [Member] | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 29.42% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 55.76% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.09% | ||||
Series A Convertible Preferred Stock [Member] | Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 32.24% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 61.17% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.11% | ||||
Series A Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Value, Issued For Services | $ 79,460 | ||||
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 Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 19.22% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 1 month 2 days | ||||
Series A Preferred Stock [Member] | Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage | 19.25% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 4 months 2 days | ||||
Share Price | $ 0.58 |
Stock Warrants and Options (Det
Stock Warrants and Options (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jul. 19, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 300,000 | ||
Weighted Average Exercise Price per share, Granted (dollars per share) | $ 0.50 | ||
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding | 6,969,588 | ||
Number of Shares, Granted | 11,432 | ||
Number of Shares, Expired | 2,868,981 | ||
Number of Shares, Outstanding | 4,112,039 | ||
Weighted Average Exercise Price per share, Outstanding (dollars per share) | $ 4.80 | ||
Weighted Average Exercise Price per share, Granted (dollars per share) | $ 0.41 | ||
Weighted Average Exercise Price per share, Expired (dollars per share) | 5.25 | ||
Weighted Average Exercise Price per share, Outstanding (dollars per share) | $ 4.48 | ||
Weighted Average Remaining Contractual Term (years), Expired | 0 years | ||
Weighted Average Remaining Contractual Term (years), Outstanding | 6 months 11 days | 6 months 11 days | |
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 0 | $ 0 | |
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 0 | $ 0 |
Stock Warrants and Options (D_2
Stock Warrants and Options (Details 1) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jul. 19, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 300,000 | ||
Weighted Average Exercise Price per share, Granted (dollars per share) | $ 0.50 | ||
Stock Warrants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding | 0 | ||
Number of Shares, Granted | 300,000 | ||
Number of Shares, Outstanding | 300,000 | ||
Weighted Average Exercise Price per share, Outstanding (dollars per share) | $ 0 | ||
Weighted Average Exercise Price per share, Outstanding (dollars per share) | $ 0.50 | ||
Weighted Average Remaining Contractual Term (years), Granted | 0 years | ||
Weighted Average Remaining Contractual Term (years), Outstanding | 2 years 11 months 1 day | ||
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 0 | $ 0 | |
Aggregate Intrinsic Value, Granted (in dollars) | $ 0 |
Stock Warrants and Options (D_3
Stock Warrants and Options (Details 2) | 3 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (year) | 4 years |
Expected volatility | 55.12% |
Risk-free rate(s) | 2.71% |
Chief Executive Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (year) | 3 years |
Expected volatility | 55.09% |
Expected annual rate of quarterly dividends | 0.00% |
Risk-free rate(s) | 2.71% |
Expected forfeiture (attrition) rate (%) | 5.00% |
Stock Warrants and Options (D_4
Stock Warrants and Options (Details Textual) | 3 Months Ended |
Sep. 30, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ | $ 35,761 |
Stock or Unit Option Plan Expense | $ | 11,920 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 23,841 |
Share-based Compensation Award, Tranche One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 100,000 |
Share-based Compensation Award, Tranche Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 100,000 |
Share-based Compensation Award, Tranche Three [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 100,000 |
June 30, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 3,679,127 |
June 30, 2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 68,592 |
June 30, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 57,160 |
June 30 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 45,728 |
June 30, 2023 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 261,432 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - Warrant [Member] - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative Liability, Noncurrent | $ 0 | $ 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative Liability, Noncurrent | $ 122,541 | $ 298,092 |
Fair Value Measurement (Detai_2
Fair Value Measurement (Details 1) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Jun. 30, 2018 | |
One Year Ended 6/30/18 | ||
Fair Value Assumption Expected Volatility Rate | 56.00% | |
One Year Ended 9/30/18 | ||
Fair Value Assumption Expected Volatility Rate | 64.00% |
Fair Value Measurement (Detai_3
Fair Value Measurement (Details 2) - Derivative liability - Warrants | 3 Months Ended |
Sep. 30, 2018USD ($) | |
Beginning balance | $ 298,092 |
Additions during the year | 0 |
Change in fair value | (175,551) |
Transfer in and out of Level 3 | 0 |
Ending Balance | $ 122,541 |
Fair Value Measurement (Detai_4
Fair Value Measurement (Details Textual) - $ / shares | 1 Months Ended | 4 Months Ended | |||
Jan. 24, 2014 | Sep. 12, 2013 | Jan. 24, 2014 | Sep. 30, 2018 | Jun. 30, 2018 | |
Class of Warrant or Right, Outstanding | 2,479,935 | 5,290,006 | |||
Warrants Issued | 5,425,363 | ||||
Placement Agents [Member] | |||||
Class of Warrant or Right, Outstanding | 76,306 | 135,216 | |||
Warrants Issued | 135,216 | ||||
Warrant Expiration Term | 5 years | 5 years | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.05 | $ 5.25 | $ 6.05 | ||
Scientific Advisory Board [Member] | |||||
Class of Warrant or Right, Outstanding | 2,556,241 | 5,425,222 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2015 | May 30, 2013 | Mar. 03, 2010 | Sep. 30, 2018 | Jun. 30, 2018 | |
Commitments and Contingencies [Line Items] | |||||
Common stock, shares issued | 69,382,560 | 69,171,740 | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 400,000 | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 525,000 | ||||
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 | 175,000 | ||||
Share-based Compensation Award, Tranche Two [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 175,000 | ||||
Share-based Compensation Award, Tranche Three [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 175,000 | ||||
Chief Executive Officer [Member] | Year One [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 360,000 | ||||
Chief Executive Officer [Member] | Year Two [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 300,000 | ||||
Chief Executive Officer [Member] | Year Three [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 100,000 | ||||
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 | ||||
Vice President [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Common stock, shares issued | 35,715 | ||||
Additional Common Stock Shares Issued | 35,715 | ||||
Preferred stock, shares issued | 26,786 | ||||
Additional Preferred Stock Shares Issued | 26,786 | ||||
Increase In Base Salary | $ 150,000 | ||||
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 |