| NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The Company was incorporated in Nevada on December
18, 2007. After a number of name changes, we again, changed our name to Peak Pharmaceuticals, Inc. on December 23, 2014. This name
was consistent with our business operations and plans relating to development, manufacturing and marketing of hemp-based nutraceutical
and supplement products for the human and animal health markets. On October 1, 2015, we discontinued certain operations of the
Company. Throughout this report, the terms “our,”
“we,” “us,” and the “Company” refer to Peak Pharmaceuticals, Inc. and its subsidiary, Peak
BioPharma Corp. Basis of Presentation The accompanying unaudited condensed consolidated
financial statements of the Company have been prepared in accordance with generally accepted accounting principles (“GAAP”)
for interim financial statements, instructions to Form 10-Q, and Regulation S-X. Accordingly, certain information and footnote
disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed
consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our
annual report on Form 10-K for the year ended September 30, 2016. In management's opinion, all adjustments (consisting only of
normal recurring adjustments) considered necessary for a fair presentation to make our financial statements not misleading have
been included. The results of operations for the interim periods are not necessarily indicative of the results to be expected for
the full year, or any other period. Basis of Consolidation The condensed consolidated financial statements
include the financial statements of the Company and our wholly owned subsidiary Peak BioPharma Corp. All inter-company balances
and transactions among the companies have been eliminated upon consolidation. Use of Estimates The preparation of financial statements in accordance
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
revenues and expenses during the periods reported. Actual results may differ from these estimates. Financial Instruments Our financial instruments consist of cash, convertible
notes payable, derivative liability, and accounts payable. The carrying values of these instruments approximate fair value due
to the short-term maturities of these instruments. Fair Value Measurements Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC)” Topic 820, Fair Value Measurements and Disclosures Level 1 – Quoted prices are available
in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in
Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange. Level 2 – Pricing inputs are other than
quoted prices in active markets, but are either directly or indirectly observable as of the reported date. The types of assets
and liabilities in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using
highly observable inputs. Level 3 – Significant inputs to pricing
that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring
significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value
of financial transmission rights. Long-lived Assets On a periodic basis, management assesses whether
there are any indicators that the value of our long-lived assets may be impaired. An asset’s value may be impaired only if
management’s estimate of the aggregate future cash flows, on an undiscounted basis, to be generated by the asset are less
than the carrying value of the asset. If impairment has occurred, the loss is measured
as the excess of the carrying amount of the asset over its fair value. Our estimates of aggregate future cash flows expected to
be generated by our long-lived asset are based on a number of assumptions that are subject to economic and market uncertainties.
As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future
cash flows estimated by management in their impairment analyses may not be achieved. Loss Per Share We calculate net loss per share in accordance
with ASC Topic 260, Earnings per Share Recent Pronouncements From time to time, new accounting pronouncements
are issued that we adopt as of the specified effective date. We believe that the impact of recently issued standards that are not
yet effective may have an impact on our results of operations and financial position. ASU Update 2014-09, Revenue from Contracts
with Customers ASU Update 2014-15, Presentation of Financial
Statements-Going Concern In April 2015, the FASB issued ASU 2015-03,
Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Cost In July 2015, the FASB issued ASU 2015-11, Inventory In November 2015, the FASB issued ASU 2015-17,
Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02,
Leases |
