Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'ANTB | ' |
Entity Registrant Name | 'AntriaBio, Inc. | ' |
Entity Central Index Key | '0001509261 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 40,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Current assets | ' | ' |
Cash | $744 | $527 |
Note receivable - related party | 163,829 | 163,829 |
Interest receivable - related party | 6,795 | 3,341 |
Inventory | 223,000 | 223,000 |
Due from related party | 60,919 | 183,346 |
Deferred financing, net | 70,529 | 146,037 |
Other current assets | 50,218 | 95,469 |
Total current assets | 576,034 | 815,549 |
Non-current assets | ' | ' |
Fixed assets | 275,717 | 275,717 |
Intangible assets, net | 11,819 | 12,705 |
Total non-current assets | 287,536 | 288,422 |
Total Assets | 863,570 | 1,103,971 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 408,884 | 188,346 |
Accounts payable and accrued expenses - related party | 953,701 | 807,001 |
Convertible notes payable | 3,732,500 | 3,732,500 |
Interest payable | 469,884 | 380,575 |
Warrant derivative liability | 115,026 | 157,761 |
Total current liabilities | 5,679,995 | 5,266,183 |
Commitments and Contingencies (Note 10) | ' | ' |
Stockholders' deficit: | ' | ' |
Preferred stock, $0.001 par value; 20,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized; 40,000,000 shares issued and outstanding, September 30, 2013 and June 30, 2013 | 40,000 | 40,000 |
Additional paid-in capital | 3,979,576 | 3,814,258 |
Deficit accumulated during the development stage | -8,836,001 | -8,016,470 |
Total stockholders' deficit | -4,816,425 | -4,162,212 |
Total Liabilities and Stockholders' Deficit | $863,570 | $1,103,971 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 40,000,000 | 40,000,000 |
Common stock, shares outstanding | 40,000,000 | 40,000,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 42 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Operating expenses | ' | ' | ' |
Consulting fees | $81,274 | $117,641 | $981,778 |
Compensation and benefits | 358,453 | 200,567 | 4,994,330 |
Research and development | 0 | 0 | 3,494 |
Insurance | 44,813 | 4,241 | 163,683 |
Meals and entertainment | 12,027 | 1,642 | 41,809 |
Professional fees | 165,649 | 154,408 | 968,592 |
Rent | 12,862 | 15,792 | 144,814 |
Travel | 5,456 | 43,580 | 244,589 |
Amortization | 886 | 0 | 1,181 |
General and administrative | 19,483 | 5,011 | 122,769 |
Total operating expenses | 700,903 | 542,882 | 7,667,039 |
Loss from operations | -700,903 | -542,882 | -7,667,039 |
Other income (expense) | ' | ' | ' |
Interest income | 3,454 | 16,930 | 141,045 |
Interest expense | -164,817 | -104,898 | -1,194,981 |
Derivative income (expense) | 42,735 | 0 | -115,026 |
Total other income (expense) | -118,628 | -87,968 | -1,168,962 |
Net loss | ($819,531) | ($630,850) | ($8,836,001) |
Net loss per common share - basic | ($0.02) | ($0.02) | ($0.24) |
Net loss per common share - diluted | ($0.02) | ($0.02) | ($0.24) |
Weighted average number of common shares outstanding - basic | 40,000,000 | 35,284,000 | 36,161,902 |
Weighted average number of common shares outstanding - diluted | 40,000,000 | 35,284,000 | 36,161,902 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (Deficit) (USD $) | Total | Common Stock | Common Stock Subscribed | Additional Paid in Capital | Deficit Accumulated During the Development Stage |
Balance at Mar. 09, 2010 | $100 | $0 | $0 | $100 | $0 |
Balance (in shares) at Mar. 09, 2010 | ' | 0 | ' | ' | ' |
Issuance of common stock (in shares) | ' | 35,284,000 | ' | ' | ' |
Issuance of common stock | 0 | 35,284 | -35,284 | 0 | 0 |
Net loss | -505,630 | 0 | 0 | 0 | -505,630 |
Balance at Jun. 30, 2011 | -505,530 | 35,284 | -35,284 | 100 | -505,630 |
Balance (in shares) at Jun. 30, 2011 | ' | 35,284,000 | ' | ' | ' |
Net loss | -783,383 | 0 | 0 | 0 | -783,383 |
Balance at Jun. 30, 2012 | -1,288,913 | 35,284 | -35,284 | 100 | -1,289,013 |
Balance (in shares) at Jun. 30, 2012 | ' | 35,284,000 | ' | ' | ' |
Stock-based compensation | 3,687,502 | 0 | 0 | 3,687,502 | 0 |
Warrant expense | 191,126 | 0 | 0 | 191,126 | 0 |
Conversion of equity in reverse merger acquisition | -24,470 | 4,716 | 35,284 | -64,470 | 0 |
Conversion of equity in reverse merger acquisition (in shares) | ' | 4,716,000 | ' | ' | ' |
Net loss | -6,727,457 | 0 | 0 | 0 | -6,727,457 |
Balance at Jun. 30, 2013 | -4,162,212 | 40,000 | 0 | 3,814,258 | -8,016,470 |
Balance (in shares) at Jun. 30, 2013 | ' | 40,000,000 | ' | ' | ' |
Stock-based compensation | 165,318 | 0 | 0 | 165,318 | 0 |
Net loss | -819,531 | 0 | 0 | 0 | -819,531 |
Balance at Sep. 30, 2013 | ($4,816,425) | $40,000 | $0 | $3,979,576 | ($8,836,001) |
Balance (in shares) at Sep. 30, 2013 | ' | 40,000,000 | ' | ' | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Deficit) (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Common stock, par value | $0.00 | $0.00 | ' | ' |
Common Stock | ' | ' | ' | ' |
Common stock, par value | $0.00 | $0.00 | $0.00 | $0.00 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | 42 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net Loss | ($819,531) | ($630,850) | ($8,836,001) |
Amortization of notes payable discount | 0 | 10,579 | 287,500 |
Amortization of deferred financing costs | 75,508 | 44,786 | 437,597 |
Amortization of intangible assets | 886 | 0 | 1,181 |
Stock-based compensation expense | 165,318 | 0 | 3,852,820 |
Derivative (income) expense | -42,735 | 0 | 115,026 |
Changes in operating assets and liabilities: | ' | ' | ' |
Decrease (increase) in other assets | 45,251 | -167 | -125,218 |
Decrease (increase) in due from related parties | 122,427 | 0 | -84,182 |
Increase in accounts payable and accrued expenses | 220,538 | 180,913 | 409,917 |
Increase in accounts payable and accrued expenses - related party | 146,700 | 0 | 951,561 |
Increase in interest payable | 89,309 | 49,700 | 469,884 |
Net Cash Provided by (Used In) Operating Activities | 3,671 | -345,039 | -2,519,915 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of fixed assets | 0 | 0 | -11,717 |
Acquisition of assets | 0 | 0 | -500,000 |
(Increase) decrease in interest receivable - related party | -3,454 | 19,217 | -6,795 |
Issuance of note receivable - related party | 0 | -83,372 | -1,138,057 |
Payments on note receivable - related party | 0 | 0 | 974,228 |
Net Cash Used In Investing Activities | -3,454 | -64,155 | -682,341 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Payments on financing costs | 0 | -75,000 | -242,000 |
Proceeds from issuance of convertible notes payable | 0 | 750,000 | 3,480,500 |
Repayments of convertible notes payable | 0 | 0 | -35,500 |
Net Cash Provided By Financing Activities | 0 | 675,000 | 3,203,000 |
Net increase in cash | 217 | 265,806 | 744 |
Cash - Beginning of Period | 527 | 25,878 | 0 |
Cash - End of Period | 744 | 291,684 | 744 |
Cash Paid During the Period for: | ' | ' | ' |
Taxes | 0 | 0 | 0 |
Interest | 0 | 0 | 0 |
Non-Cash Transactions: | ' | ' | ' |
Assumption of accrued expenses in reverse merger | 0 | 0 | 1,207 |
Assumption of due to/from related party in reverse merger | 0 | 0 | 23,263 |
Assets acquired in asset acquisition: | ' | ' | ' |
Inventory | 0 | 0 | 223,000 |
Fixed assets | 0 | 0 | 264,000 |
Intangible assets | 0 | 0 | 13,000 |
Cash paid for asset acquisition | $0 | $0 | $500,000 |
Nature_of_Operations
Nature of Operations | 3 Months Ended |
Sep. 30, 2013 | |
Nature Of Operation [Abstract] | ' |
Nature Of Operation [Text Block] | ' |
Note 1 Nature of Operations | |
These financial statements represent the consolidated financial statements of AntriaBio, Inc. (“AntriaBio”), formerly known as Fits My Style, Inc., and its wholly owned operating subsidiary, AntriaBio Delaware, Inc. (“Antria Delaware”). AntriaBio and Antria Delaware are collectively referred to herein as the “Company”. The Company is a development stage company in which the strategy is to develop sustained release products for the diabetes market. | |
On January 31, 2013, AntriaBio, a public company, acquired Antria Delaware pursuant to a share exchange agreement in which the existing stockholders of Antria Delaware exchanged all of their issued and outstanding shares of common stock of Antria Delaware for 35,284,000 shares of common stock of AntriaBio (the “Reverse Merger”). After the consummation of the Reverse Merger, stockholders of Antria Delaware own 88.2% of AntriaBio’s outstanding common stock. | |
As a result of the Reverse Merger, Antria Delaware became a wholly owned subsidiary of AntriaBio. For accounting purposes, the Reverse Merger was treated as a reverse acquisition with Antria Delaware as the acquirer and AntriaBio as the acquired party. As a result, the business and financial information included in this Quarterly Report on Form 10-Q is the business and financial information of Antria Delaware. The accumulated deficit of AntriaBio has been included in additional paid-in-capital. Pro-forma information has not been presented as the financial information of AntriaBio was insignificant. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||
Sep. 30, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Organization Consolidation and Presentation Of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' | ||||
Note 2 Summary of Significant Accounting Policies | |||||
Basis of Presentation | |||||
The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. | |||||
The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K filed on September 11, 2013, which contains the audited financial statements and notes thereto, together with the Management’s Discussion and Analysis of Financial Condition and Results of Operations, for the year ended June 30, 2013. | |||||
Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the period ended September 30, 2013 are not necessarily indicative of results for the full fiscal year. | |||||
Development Stage | |||||
The Company's consolidated financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include equity based financing and the development of the business plan. | |||||
Use of Estimates | |||||
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and the accompanying notes. Such estimates and assumptions impact, among others, the following: estimated useful lives and potential impairment of intangible assets, the fair value of share-based payments, estimates of the probability and potential magnitude of contingent liabilities and the valuation allowance for deferred tax assets due to continuing and expected future operating losses. | |||||
Fixed Assets | |||||
Fixed assets are carried at cost less accumulated depreciation and amortization. The fixed assets primarily consist of lab and manufacturing equipment. Depreciation is computed using the straight-line method over the estimated useful lives. The fixed assets have not been placed into service as of September 30, 2013 as they are being stored until a lab facility has been established at which time the assets can be installed and placed into service. As the assets have not been placed into service they have not begun depreciating. | |||||
Risks and Uncertainties | |||||
The Company's operations may be subject to significant risk and uncertainties including financial, operational, regulatory and other risks associated with a development stage company, including the potential risk of business failure. See above regarding change in business and see Note 3 regarding going concern matters. | |||||
Fair Value of Financial Instruments | |||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company has consistently applied the valuation techniques discussed below in all periods presented. The standard describes three levels of inputs that may be used to measure fair value: | |||||
⋅ | Level 1: Quoted prices for identical assets and liabilities in active markets; | ||||
⋅ | Level 2: Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and | ||||
⋅ | Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||
The carrying amounts of financial instruments including cash, notes receivable – related party, due from related parties, and notes payable approximated fair value as of September 30, 2013 and June 30, 2013 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of September 30, 2013 and June 30, 2013 is recorded at an estimated fair value based on a Black-Scholes pricing model. The warrant derivative liability is a level 3 fair value instrument. See significant assumptions in Note 8. The following table sets forth a reconciliation of changes in the fair value of financial instruments classified as level 3 in the fair value hierarchy: | |||||
Balance as of June 30, 2013 | $ | -157,761 | |||
Total unrealized gains: | |||||
Included in earnings | 42,735 | ||||
Balance as of September 30, 2013 | $ | -115,026 | |||
Recent Accounting Pronouncements | |||||
There are no recent accounting pronouncements that are expected to have an effect on the Company’s financial statements. | |||||
Going_Concern
Going Concern | 3 Months Ended |
Sep. 30, 2013 | |
Going Concern [Abstract] | ' |
Going Concern Disclosure [Text Block] | ' |
Note 3 Going Concern | |
As reflected in the accompanying consolidated financial statements, the Company has a net loss of $819,531, net cash provided by operations of $3,671 for the three months ended September 30, 2013, a working capital deficit of $5,103,961, a stockholders’ deficit of $4,816,425 and a deficit accumulated during the development stage of $8,836,001 at September 30, 2013. In addition, the Company is in the development stage and has not yet generated any revenues. These factors raise substantial doubt about the Company’s ability to continue as a going concern. | |
The Company expects that its current cash resources as well as expected lack of operating cash flows will not be sufficient to sustain operations for a period greater than one year. | |
The ability of the Company to continue its operations is dependent on the ability of the Company to raise equity based financing. | |
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. | |
Acquisition_of_Assets
Acquisition of Assets | 3 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
Note 4 Acquisition of Assets | |||||
On January 30, 2013, the Company closed on an asset purchase agreement with the Chapter 7 Estate of PR Pharmaceuticals, Inc. (PRP). Pursuant to the agreement, the Company acquired certain tangible and intangible assets in exchange for $400,000 in cash plus an initial deposit of $100,000 paid to the Chapter 11 Trustee of PRP which is included in the purchase price, plus contingent consideration up to a maximum amount of $44,000,000. | |||||
As the purchase was treated as an asset acquisition, the value assigned for the assets acquired was based on the estimated fair value of the assets and liabilities. The allocation of the price paid in cash is as follows: | |||||
Material inventory | $ | 223,000 | |||
Fixed assets | 264,000 | ||||
Intangible assets | 13,000 | ||||
$ | 500,000 | ||||
The contingent consideration is payable in the following amounts, upon the occurrence of the following events: | |||||
· | Two million dollars ($2,000,000) related to the initiation of Phase 2b clinical studies for a multi-day injectable insulin, payable 30 days after the first dosing of a patient in a formal Phase 2b clinical study; | ||||
· | Two million dollars ($2,000,000) to be paid within 30 days after the exclusive license of the multi-day injectable insulin in the United States to a commercial pharmaceutical company. | ||||
· | Five million dollars ($5,000,000) after the initiation of Phase 3 clinical studies for the multi-day injectable insulin by the Company or a licensee of the Company, payable 30 days after the first dosing of a patient in a formal Phase 3 clinical study. | ||||
· | Ten million dollars ($10,000,000) upon the approval by the FDA or EMEA to allow the marketing and sales of the multi-day injectable insulin by the Company or a licensee of the Company, payable 30 days after the receipt of the approval letter or notice from the FDA or EMEA. | ||||
· | Twenty five million dollars ($25,000,000) if the twelve month cumulative sales of the multi-day injectable insulin by the Company or a licensee of the Company reaches five hundred million dollars ($500,000,000) in any given twelve consecutive month period, so long as such period occurs during the life of the patents included in the purchased assets, payable 90 days after the twelfth month in which sales equaled or exceeded five hundred million dollars. | ||||
All contingent consideration events must occur within five years of the closing of the asset purchase agreement. If an event is not reached within five years, no remaining contingent consideration would be required to be paid. No contingent events have occurred through the report date. | |||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 5 Related Party Transactions | |
Effective September 1, 2011, the Company issued a $1,000,000 line of credit to a related party, which has common ownership with the Company. The line of credit was issued in order for the Company to obtain a higher interest rate on excess cash. The balance due on the line of credit as of September 30, 2013 and June 30, 2013 was $163,829 and $163,829, respectively, plus accrued interest of $6,795 and $3,341, respectively. The line of credit bears interest equal to the lower of 10%, or the Wall Street Journal Prime Rate (3.25% at September 30, 2013), plus 5%. The interest rate at September 30, 2013 was 8.25%. The line of credit matured on August 31, 2012 and the Company has no further obligations to fund the credit line. A late charge of 5% of the outstanding balance was charged on the line of credit on December 31, 2012. The line of credit is secured by one million shares of the related party’s common stock. As of September 30, 2013, there was no allowance for note loss recorded on the receivable. | |
During the three months ended September 30, 2013, the Company incurred consulting expenses of $81,274 and professional expenses of $25,500, for services performed by related parties of the Company and included in the statements of operations. As of September 30, 2013 and June 30, 2013, $953,701 and $807,001, respectively, of related party expenses are recorded in accounts payable and accrued expenses – related party. | |
During the three months ended September 30, 2012, the Company incurred consulting expenses of $92,651 and professional expenses of $48,000, for services performed by related parties of the Company and included in the statements of operations. | |
As of September 30, 2013 and June 30, 2013, the due from related party was $60,919 and $183,346, respectively, for expenses paid on behalf of related parties. As of September 30, 2013, $34,072 of the due from related party balance is amounts due from a company owned by the Chairman of the Board on a non-interest bearing basis. On November 8, 2013, the Board of Directors ratified the amount lent to the company owned by the Chairman of the Board with a repayment term of six months. | |
Convertible_Notes_Payable
Convertible Notes Payable | 3 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Debt Disclosure [Text Block] | ' | ||||
Note 6 Convertible Notes Payable | |||||
2010 Notes (See (A) below.) - During 2010 and 2011, the Company issued 8% convertible notes payable for which principal and interest is due two years after date of issuance. The Company is required to pay a loan fee equal to 100% of the notes principal balance, which is recorded as a loan discount and being amortized on the effective yield method over the term of the notes. | |||||
Upon the close of a “Financing”, which means any third party capital investment in the Company, in cash, that is two million, five hundred thousand dollars ($2,500,000) or greater, the outstanding principal balance and at the option of the Lender, the unpaid accrued interest on these convertible notes shall convert in whole into the number of whole shares of common stock obtained by dividing the outstanding principal balance and unpaid accrued interest on these convertible notes at the time of such Financing, by the Conversion Price. The “Conversion Price” under these notes shall initially be 65% of the common share price of the Financing, subject to adjustment as provided herein. If the Company elects to pay the accrued interest on these convertible notes in cash, the accrued interest payment shall be due on the date the principal amount is converted to common stock. | |||||
2011 Notes (See (B) below.) – During June 2011, the Company issued 8% convertible notes via Private Placement Memorandum (“PPM”). The PPM authorizes the issuance of up to $2,000,000 of convertible notes for which principal and interest is due one year after date of issuance. Pursuant to the terms of the PPM, upon an offering by the Company of common stock totaling at least $5 million (a “Qualified Offering”) the notes will automatically and on a mandatory basis convert (the “Mandatory Conversion”) into common shares of the Company and the right to receive warrants. On the date of closing of a Qualified Financing of common shares, the Notes will convert into common shares of the Company at a price equal to 65% of the price per common share of the Qualified Financing (the “Mandatory Conversion Price”), subject to a maximum conversion pre-money valuation of $20 million, and the right to receive Warrants. The conversion will include the face amount of the Notes and include any accrued and unpaid interest. For each common share received as a result of the Mandatory Conversion, the Investor will receive one (1) warrant to purchase one (1) common share of the Company at an exercise price equal to 135% of the price per common share at which the Notes are converted pursuant to the Mandatory Conversion. The warrants will be exercisable at any time for a period of five years from the date of the Qualified Offering. | |||||
2011 Notes (See (C) below) – In September 2011, the Company amended its 2011 PPM (above) to remove the mandatory conversion feature and to permit conversion of the Notes at the option of the lender. The remaining terms remain essentially the same as the 2011 Notes described above. | |||||
On July 1, 2012, the Company amended its June 15, 2011 PPM on its twelve month, 8% convertible notes to issue up to an additional $2,000,000 in convertible notes and to extend it offering termination date to October 1, 2012. In addition, the amended PPM changes the definition of a “Qualified Financing” from $5 million to $2.5 million. On the maturity date of the convertible notes, or the closing of a Sale of the Company, whichever occurs first, the lenders are permitted an elective conversion option to convert the outstanding principal and interest on the convertible notes at the lower of 65% of the price per share of common stock in the Qualified Financing or 65% of the common stock price using a pre-money valuation of the Company of $20 million. With each share of common stock received, the investor will also receive a warrant to purchase two shares of common stock at 135% of the price per common stock at the time the note was converted. The Company reserved the right to withdraw the offering at any time. | |||||
2012 Notes (See (D) below) - In December 2012, the Company amended its PPM on its twelve month, 8% convertible notes to issue up to an additional $1,000,000 in convertible notes and to extend the offering termination to December 31, 2012. On the date of a Qualified Financing, the lenders are permitted an elective conversion option to convert the outstanding principal and interest at the lower of 50% of the price per share of common stock in the Qualified Financing or $0.75 per share. With each share of common stock received, the investor will also receive a warrant to purchase one share of common stock at 150% of the price per common stock at the time the note was converted. | |||||
The convertible notes outstanding as of September 30, 2013 and June 30, 2013 are: | |||||
2010 Notes (A) | $ | 562,500 | |||
2011 Notes (B) | 645,000 | ||||
2011 Notes (C) | 1,700,000 | ||||
2012 Notes (D) | 825,000 | ||||
Balance at September 30, 2013 and June 30, 2013 | $ | 3,732,500 | |||
The notes originated at various dates from April 2010 through January 2013 and mature at various dates from February 2012 to January 2014. | |||||
As of September 30, 2013, $2,907,500 of the convertible notes matured and payments were due. The convertible notes were not repaid and are accruing interest at a rate of 8% for the 2010 Notes that had matured and 12% for the 2011 Notes that had matured. | |||||
Shareholders_Equity_Deficit
Shareholders' Equity (Deficit) | 3 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders Equity Note Disclosure [Text Block] | ' |
Note 7 Shareholders’ Equity (Deficit) | |
Prior to the Reverse Merger, Antria Delaware had 90,000,000 common stock authorized at a par value of $0.00001 and 10,000,000 preferred stock shares authorized at a par value of $0.01. | |
The Company issued no shares of common or preferred stock during the three month period ended September 30, 2013. The Company has not declared or paid any dividends or returned any capital to shareholders as of September 30, 2013. On July 3, 2012 the Company issued warrants to a placement agent to purchase 1,400,000 shares of common stock from the date of issuance through five years when the warrants expire. On August 15, 2012 the Company issued warrants to two placement agents to purchase up to 248,542 shares of common stock from the date of issuance through five years when the warrants expire. On February 2, 2013, the Company issued warrants to a placement agent to purchase up to 110,000 shares of common stock from the date of issuance through five years when the warrants expire. | |
Equity Incentive Plan - The Company granted 9,050,000 stock options to four officers and/or directors of the Company and to two contractors of the Company. | |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Share-Based Compensation [Abstract] | ' | ||||||||
Share Based Compensation [Text Block] | ' | ||||||||
Note 8 Stock-Based Compensation | |||||||||
Options - AntriaBio adopted individual stock option plans in January 2013 for four officers and/or directors of the Company. The stock option plans granted 9,000,000 option shares with an exercise price of $0.75 per share. Options to purchase 4,916,667 shares vested immediately, options to purchase 3,250,000 shares vest monthly over 3 years and 833,333 shares vested on May 31, 2013. | |||||||||
In June 2013, AntriaBio adopted individual stock option plans for two consultants of the Company. The stock option plans granted 50,000 shares with an exercise price of $0.75 per share. Options to purchase 12,500 shares vested immediately with the remaining shares vesting at various dates through October 2014. | |||||||||
AntriaBio has computed the fair value of all options granted using the Black-Scholes option pricing model. In order to calculate the fair value of the options, certain assumptions are made regarding components of the model, including the estimated fair value of the underlying common stock, risk-free interest rate, volatility, expected dividend yield and expected option life. Changes to the assumptions could cause significant adjustments to valuation. AntriaBio estimated a volatility factor utilizing a comparable published volatility of a peer company. Due to the small number of option holders and all options being to officers and/or directors, AntriaBio has estimated a forfeiture rate of zero. AntriaBio estimates the expected term based on the average of the vesting term and the contractual term of the options. The risk- free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. No options have been granted during the three months ended September 30, 2013. | |||||||||
Stock option activity is as follows: | |||||||||
Weighted | Weighted Average | ||||||||
Number of | Average | Remaining | |||||||
Options | Exercise Price | Contractual Life | |||||||
Outstanding, June 30, 2012 | - | $ | - | - | |||||
Granted | 9,050,000 | $ | 0.75 | ||||||
Outstanding, June 30, 2013 | 9,050,000 | $ | 0.75 | 4.6 | |||||
Outstanding, September 30, 2013 | 9,050,000 | $ | 0.75 | 4.3 | |||||
Exercisable at September 30, 2013 | 6,490,974 | $ | 0.75 | 4.3 | |||||
Stock-based compensation expense related to the fair value of stock options was included in the statement of operations as payroll expense of $165,318 for the three months ended September 30, 2013. The unrecognized stock-based compensation expense at September 30, 2013 is $1,517,077. AntriaBio determined the fair value as of the date of grant using the Black-Scholes option pricing method and expenses the fair value ratably over the vesting period. | |||||||||
Warrants- AntriaBio issued warrants to agents in conjunction with the closing of its convertible notes payable as follows: | |||||||||
Weighted | Weighted Average | ||||||||
Number of | Average | Remaining | |||||||
Warrants | Exercise Price | Contractual Life | |||||||
Outstanding, June 30, 2012 | - | $ | - | - | |||||
Warrants issued to placement agents | 248,542 | $ | 0.33 | ||||||
Warrants issued to placement agent | 1,400,000 | $ | - | ||||||
Warrants issued to placement agent | 110,000 | $ | 0.85 | ||||||
Outstanding, June 30, 2013 | 1,758,542 | $ | 0.31 | 4.1 | |||||
Outstanding, September 30, 2013 | 1,758,542 | $ | 0.31 | 3.9 | |||||
The Company issued warrants to purchase 248,542 shares of common stock at a price of $0.33 per share, exercisable from August 2012 through August 2017 in connection with the closing of the issuance of convertible notes on specific PPMs. The Company issued a warrant to purchase 1,400,000 shares of common stock at a price to be determined at a qualified financing, exercisable from August 2012 through August 2017 in connection with the closing of the issuance of over one million dollars in convertible notes. The Company issued warrants to purchase 110,000 shares of common stock at a price of $0.85 per share, exercisable from February 2013 through February 2018 in connection with the closing of the issuance of convertible notes on specific PPMs. No warrants were issued during the three months ended September 30, 2013. | |||||||||
The warrants for the 248,542 and 1,400,000 shares of common stock are accounted for under liability accounting and are fair valued at each reporting period. The warrants to purchase 248,542 shares value as of September 30, 2013 and June 30, 2013 was $115,026 and $157,761, respectively and is recorded as a liability on the consolidated balance sheets with the fair value adjustment recorded as derivative expense on the consolidated statements of operations. The value of the warrants to purchase 1,400,000 shares cannot be determined until a qualified financing occurs. The warrants for the 110,000 shares of common stock are accounted for under equity treatment and fair valued as of the date of issuance. The fair value of the warrants was valued at $191,126 and recorded as additional paid-in-capital and deferred financing fees. The deferred financing fees are being amortized over the term of the notes associated with the warrants. | |||||||||
These warrants were valued using the Black-Scholes option pricing model on the date of issuance. In order to calculate the fair value of the warrants, certain assumptions were made regarding components of the model, including the closing price of the underlying common stock, risk-free interest rate, volatility, expected dividend yield, and expected life. Changes to the assumptions could cause significant adjustments to valuation. AntriaBio estimated a volatility factor utilizing a comparable published volatility of a peer company. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. The Black-Scholes valuation methodology was used because that model embodies all of the relevant assumptions that address the features underlying these instruments. Significant assumptions were as follows: | |||||||||
Expected volatility | 100% - 111 | % | |||||||
Risk free interest rate | 0.88% - 1.41 | % | |||||||
Expected term (years) | 3.9 - 5 | ||||||||
Dividend yield | 0 | % | |||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 9 Income Taxes | |
Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes. | |
In the first quarter of 2014, the Company did not record any income tax provision due to continuing and expected future losses and full valuation allowance on its deferred tax assets. | |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 10 Commitments and Contingencies | |
Employment Agreements - The Company entered into employment agreements with the officers of the Company. | |
On April 1, 2012, the Company entered into an employment agreement with its Executive Chairman. This agreement provides for a limited initial salary of $250,000. This salary is raised to the base salary of $325,000 when the Company raises an aggregate of five million dollars in financing. In addition to the salary, the Executive Chairman is entitled to an annual performance bonus equal to 30% of his base salary beginning in calendar 2013 based on criteria set by the Board of Directors in its sole discretion. The agreement also provides for stock options to purchase 5% of the shares of common stock of the Company calculated on a fully diluted basis, assuming conversion of all exercisable and convertible securities, at an exercise price equal to the fair value of these shares on the date of grant. These options vested 50% on December 31, 2012 and the remaining shares vest equally over the following thirty-six months of service. Termination benefits for base salary and certain other benefits are provided for a period of up to twelve months. | |
On April 1, 2012, the Company entered into an employment agreement with its Chief Scientific Officer. This agreement provides for an initial salary of $275,000 through December 31, 2012 and a base salary $295,000 thereafter. The Chief Scientific Officer is also entitled to one-time bonuses totaling $275,000 upon achieving certain clinical testing milestones. Furthermore, the Chief Scientific Officer is entitled to an annual performance bonus equal to 40% of his base salary beginning in calendar 2013 based on criteria set by the Board of Directors in its sole discretion. Termination benefits for base salary and certain other benefits are provided for a period of twelve months. | |
On June 18, 2012, the Company entered into an employment agreement with its Chief Executive Officer. This agreement provides for an initial salary of $230,000 from the effective date of the agreement until the executive commits full time to the Company’s business and his base salary increases to $350,000. The Chief Executive Officer is entitled to one- time bonus of $40,000 upon the close of a Company financing of at least $5,000,000. Furthermore, the Chief Executive Officer is entitled to an annual performance bonus equal to 40% of his base salary beginning in calendar 2013 based on criteria set by the Board of Directors in its sole discretion. The agreement also provides for stock options to purchase 3,500,000 shares of common stock of the Company at an exercise price equal to the fair value of these shares on the date of grant. These options will vest 50% on December 31, 2012 and the remaining shares vest equally over the following thirty-six months of service. Termination benefits for base salary and certain other benefits are provided for a period of six months. | |
Advisory Agreement - On July 2, 2012, the Company entered into an advisory agreement whereby the Company receives services including, but not limited to finance and strategy, clinical design, project management and portfolio assessment. The Company agreed to pay a monthly retainer in the amount of $9,000 per month to cover general and administrative matters plus an hour fee ranging from $100 to $700 per hour for additional services provided. | |
Consulting Agreement - On July 1, 2012, the Company entered into a consulting agreement whereby the Company received services including, but not limited to, serving on the board of directors as lead independent director, assisting in efforts to obtain funding and assisting in business development. The Company agreed to pay a monthly retainer of $9,000 per month for these services. | |
Legal Matters - From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. As of September 30, 2013, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our operations. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholders, is an adverse party or has a material interest adverse to our interest. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||
Sep. 30, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||
Basis of Presentation | |||||
The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. | |||||
The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K filed on September 11, 2013, which contains the audited financial statements and notes thereto, together with the Management’s Discussion and Analysis of Financial Condition and Results of Operations, for the year ended June 30, 2013. | |||||
Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the period ended September 30, 2013 are not necessarily indicative of results for the full fiscal year. | |||||
Development Stage Policy [Policy Text Block] | ' | ||||
Development Stage | |||||
The Company's consolidated financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include equity based financing and the development of the business plan. | |||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||
Use of Estimates | |||||
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and the accompanying notes. Such estimates and assumptions impact, among others, the following: estimated useful lives and potential impairment of intangible assets, the fair value of share-based payments, estimates of the probability and potential magnitude of contingent liabilities and the valuation allowance for deferred tax assets due to continuing and expected future operating losses. | |||||
Depreciation, Depletion, and Amortization [Policy Text Block] | ' | ||||
Fixed Assets | |||||
Fixed assets are carried at cost less accumulated depreciation and amortization. The fixed assets primarily consist of lab and manufacturing equipment. Depreciation is computed using the straight-line method over the estimated useful lives. The fixed assets have not been placed into service as of September 30, 2013 as they are being stored until a lab facility has been established at which time the assets can be installed and placed into service. As the assets have not been placed into service they have not begun depreciating. | |||||
Risks and Uncertainties [Policy Text Block] | ' | ||||
Risks and Uncertainties | |||||
The Company's operations may be subject to significant risk and uncertainties including financial, operational, regulatory and other risks associated with a development stage company, including the potential risk of business failure. See above regarding change in business and see Note 3 regarding going concern matters. | |||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||
Fair Value of Financial Instruments | |||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company has consistently applied the valuation techniques discussed below in all periods presented. The standard describes three levels of inputs that may be used to measure fair value: | |||||
⋅ | Level 1: Quoted prices for identical assets and liabilities in active markets; | ||||
⋅ | Level 2: Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and | ||||
⋅ | Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||
The carrying amounts of financial instruments including cash, notes receivable – related party, due from related parties, and notes payable approximated fair value as of September 30, 2013 and June 30, 2013 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of September 30, 2013 and June 30, 2013 is recorded at an estimated fair value based on a Black-Scholes pricing model. The warrant derivative liability is a level 3 fair value instrument. See significant assumptions in Note 8. The following table sets forth a reconciliation of changes in the fair value of financial instruments classified as level 3 in the fair value hierarchy: | |||||
Balance as of June 30, 2013 | $ | -157,761 | |||
Total unrealized gains: | |||||
Included in earnings | 42,735 | ||||
Balance as of September 30, 2013 | $ | -115,026 | |||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||
Recent Accounting Pronouncements | |||||
There are no recent accounting pronouncements that are expected to have an effect on the Company’s financial statements. | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||
Sep. 30, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Schedule Of Fair Value Instruments Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block] | ' | ||||
The following table sets forth a reconciliation of changes in the fair value of financial instruments classified as level 3 in the fair value hierarchy: | |||||
Balance as of June 30, 2013 | $ | -157,761 | |||
Total unrealized gains: | |||||
Included in earnings | 42,735 | ||||
Balance as of September 30, 2013 | $ | -115,026 | |||
Acquisition_of_Assets_Tables
Acquisition of Assets (Tables) | 3 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||
As the purchase was treated as an asset acquisition, the value assigned for the assets acquired was based on the estimated fair value of the assets and liabilities. The allocation of the price paid in cash is as follows: | |||||
Material inventory | $ | 223,000 | |||
Fixed assets | 264,000 | ||||
Intangible assets | 13,000 | ||||
$ | 500,000 | ||||
Convertible_Notes_Payable_Tabl
Convertible Notes Payable (Tables) | 3 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Schedule Of Convertible Notes Outstanding [Table Text Block] | ' | ||||
The convertible notes outstanding as of September 30, 2013 and June 30, 2013 are: | |||||
2010 Notes (A) | $ | 562,500 | |||
2011 Notes (B) | 645,000 | ||||
2011 Notes (C) | 1,700,000 | ||||
2012 Notes (D) | 825,000 | ||||
Balance at September 30, 2013 and June 30, 2013 | $ | 3,732,500 | |||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Share-Based Compensation [Abstract] | ' | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
Stock option activity is as follows: | |||||||||
Weighted | Weighted Average | ||||||||
Number of | Average | Remaining | |||||||
Options | Exercise Price | Contractual Life | |||||||
Outstanding, June 30, 2012 | - | $ | - | - | |||||
Granted | 9,050,000 | $ | 0.75 | ||||||
Outstanding, June 30, 2013 | 9,050,000 | $ | 0.75 | 4.6 | |||||
Outstanding, September 30, 2013 | 9,050,000 | $ | 0.75 | 4.3 | |||||
Exercisable at September 30, 2013 | 6,490,974 | $ | 0.75 | 4.3 | |||||
Schedule Of Warrants Issued To Agents Activity [Table Text Block] | ' | ||||||||
AntriaBio issued warrants to agents in conjunction with the closing of its convertible notes payable as follows: | |||||||||
Weighted | Weighted Average | ||||||||
Number of | Average | Remaining | |||||||
Warrants | Exercise Price | Contractual Life | |||||||
Outstanding, June 30, 2012 | - | $ | - | - | |||||
Warrants issued to placement agents | 248,542 | $ | 0.33 | ||||||
Warrants issued to placement agent | 1,400,000 | $ | - | ||||||
Warrants issued to placement agent | 110,000 | $ | 0.85 | ||||||
Outstanding, June 30, 2013 | 1,758,542 | $ | 0.31 | 4.1 | |||||
Outstanding, September 30, 2013 | 1,758,542 | $ | 0.31 | 3.9 | |||||
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | ' | ||||||||
Significant assumptions were as follows: | |||||||||
Expected volatility | 100% - 111 | % | |||||||
Risk free interest rate | 0.88% - 1.41 | % | |||||||
Expected term (years) | 3.9 - 5 | ||||||||
Dividend yield | 0 | % | |||||||
Nature_of_Operations_Details_T
Nature of Operations (Details Textual) | 0 Months Ended |
Jan. 31, 2013 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 35,284,000 |
Business Acquisition, Percentage of Voting Interests Acquired | 88.20% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Balance as of June 30, 2013 | ($157,761) |
Total unrealized gains: | ' |
Included in earnings | 42,735 |
Balance as of September 30, 2013 | ($115,026) |
Going_Concern_Details_Textual
Going Concern (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 16 Months Ended | 42 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2013 | Mar. 09, 2010 | |
Net Loss | $819,531 | $630,850 | $6,727,457 | $783,383 | $505,630 | $8,836,001 | ' |
Net cash provided by operations | 3,671 | -345,039 | ' | ' | ' | -2,519,915 | ' |
Total Stockholders' Equity (Deficit) | 4,816,425 | ' | 4,162,212 | 1,288,913 | 505,530 | 4,816,425 | -100 |
Deficit Accumulated During The Development Stage | 8,836,001 | ' | 8,016,470 | ' | ' | 8,836,001 | ' |
Working Capital Deficit | $5,103,961 | ' | ' | ' | ' | $5,103,961 | ' |
Acquisition_of_Assets_Details
Acquisition of Assets (Details) (USD $) | 1 Months Ended |
Jan. 30, 2013 | |
Material inventory | $223,000 |
Fixed assets | 264,000 |
Intangible assets | 13,000 |
Business acquisition, cost of acquired entity, cash paid | $500,000 |
Acquisition_of_Assets_Details_
Acquisition of Assets (Details Textual) (USD $) | 1 Months Ended |
Jan. 30, 2013 | |
Business Acquisition, Cost of Acquired Entity, Cash Paid | $500,000 |
Asset purchase agreement | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | 400,000 |
Business Acquisition Purchases Price Allocation Assets Acquired | 100,000 |
Asset purchase agreement | Licensee | ' |
Cumulative Sales Amount | 500,000,000 |
Asset purchase agreement | Maximum | ' |
Business Acquisition Contingent Consideration At Fair Values | 44,000,000 |
Asset purchase agreement | Exclusive license of multi day injectable insulin in us | ' |
Business Acquisition Contingent Consideration At Fair Values | 2,000,000 |
Business Acquisition Contingent Consideration Amount Payment Period | '30 days |
Business Combination, Contingent Consideration Arrangements, Description | 'Two million dollars ($2,000,000) to be paid within 30 days after the exclusive license of the multi-day injectable insulin in the United States to a commercial pharmaceutical company. |
Asset purchase agreement | Phase 2b Ccinical studies for multi day injectable insulin | ' |
Business Acquisition Contingent Consideration At Fair Values | 2,000,000 |
Business Acquisition Contingent Consideration Amount Payment Period | '30 days |
Business Combination, Contingent Consideration Arrangements, Description | 'Two million dollars ($2,000,000) related to the initiation of Phase 2b clinical studies for a multi-day injectable insulin, payable 30 days after the first dosing of a patient in a formal Phase 2b clinical study; |
Asset purchase agreement | Phase 3 clinical studies for the multi-day injectable insulin | ' |
Business Acquisition Contingent Consideration At Fair Values | 5,000,000 |
Business Acquisition Contingent Consideration Amount Payment Period | '30 days |
Business Combination, Contingent Consideration Arrangements, Description | 'Five million dollars ($5,000,000) after the initiation of Phase 3 clinical studies for the multi-day injectable insulin by the Company or a licensee of the Company, payable 30 days after the first dosing of a patient in a formal Phase 3 clinical study. |
Asset purchase agreement | Approval by fda or emea to allow marketing and sales of multi day injectable insulin | ' |
Business Acquisition Contingent Consideration At Fair Values | 10,000,000 |
Business Acquisition Contingent Consideration Amount Payment Period | '30 days |
Business Combination, Contingent Consideration Arrangements, Description | 'Ten million dollars ($10,000,000) upon the approval by the FDA or EMEA to allow the marketing and sales of the multi-day injectable insulin by the Company or a licensee of the Company, payable 30 days after the receipt of the approval letter or notice from the FDA or EMEA. |
Asset purchase agreement | Twelve month cumulative sales of multi day injectable insulin | ' |
Business Acquisition Contingent Consideration At Fair Values | $25,000,000 |
Business Acquisition Contingent Consideration Amount Payment Period | '90 days |
Business Combination, Contingent Consideration Arrangements, Description | 'Twenty five million dollars ($25,000,000) if the twelve month cumulative sales of the multi-day injectable insulin by the Company or a licensee of the Company reaches five hundred million dollars ($500,000,000) in any given twelve consecutive month period, so long as such period occurs during the life of the patents included in the purchased assets, payable 90 days after the twelfth month in which sales equaled or exceeded five hundred million dollars. |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 42 Months Ended | |||
Dec. 31, 2012 | Sep. 01, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | |
Line of credit issued to related party | ' | $1,000,000 | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | ' | 163,829 | ' | 163,829 | 163,829 |
Line of credit facility accrued interest | ' | ' | 6,795 | ' | 6,795 | 3,341 |
Line of credit facility, interest rate description | ' | ' | 'The line of credit bears interest equal to the lower of 10%, or the Wall Street Journal Prime Rate (3.25% at September 30, 2013), plus 5%. | ' | ' | ' |
Line of credit facility, interest rate at period end | ' | ' | 8.25% | ' | 8.25% | ' |
Line of credit facility, interest rate during period | 5.00% | ' | ' | ' | ' | ' |
Line of credit facility, description | ' | ' | 'The line of credit matured on August 31, 2012 and the Company has no further obligations to fund the credit line. | ' | ' | ' |
Consulting expenses | ' | ' | 81,274 | 92,651 | ' | ' |
Professional fees | ' | ' | 165,649 | 154,408 | 968,592 | ' |
Related party expenses | ' | ' | 953,701 | ' | 953,701 | 807,001 |
Due from related parties | ' | ' | 60,919 | ' | 60,919 | 183,346 |
Board of Directors Chairman | ' | ' | ' | ' | ' | ' |
Due from related parties | ' | ' | 34,072 | ' | 34,072 | ' |
Related parties | ' | ' | ' | ' | ' | ' |
Professional fees | ' | ' | $25,500 | $48,000 | ' | ' |
Convertible_Notes_Payable_Deta
Convertible Notes Payable (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Unpaid Principal | $3,732,500 | $3,732,500 |
2010 Notes (A) | ' | ' |
Unpaid Principal | 562,500 | 562,500 |
2011 Notes (B) | ' | ' |
Unpaid Principal | 645,000 | 645,000 |
2011 Notes (C) | ' | ' |
Unpaid Principal | 1,700,000 | 1,700,000 |
2012 Notes (D) | ' | ' |
Unpaid Principal | $825,000 | $825,000 |
Convertible_Notes_Payable_Deta1
Convertible Notes Payable (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2011 | Dec. 31, 2012 | Jul. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | |
Third party capital investment | ' | ' | ' | $2,500,000 | ' | ' |
Percentage of common share price of financing | 65.00% | ' | ' | 65.00% | ' | ' |
Maximum convertible notes payable issuance | 2,000,000 | 1,000,000 | 2,000,000 | ' | ' | ' |
Qualified offering common stock | 5,000,000 | ' | ' | ' | ' | ' |
Share based compensation arrangement by sharebased payment award options vested percentage | 20,000,000 | ' | ' | ' | ' | ' |
Percentage of exercise per share on price per common share | 135.00% | ' | ' | ' | ' | ' |
Description of convertible notes | ' | 'On the date of a Qualified Financing, the lenders are permitted an elective conversion option to convert the outstanding principal and interest at the lower of 50% of the price per share of common stock in the Qualified Financing or $0.75 per share. | 'On the maturity date of the convertible notes, or the closing of a Sale of the Company, whichever occurs first, the lenders are permitted an elective conversion option to convert the outstanding principal and interest on the convertible notes at the lower of 65% of the price per share of common stock in the Qualified Financing or 65% of the common stock price using a pre-money valuation of the Company of $20 million. | ' | ' | ' |
Percentage of price per common share on warrant to purchase two shares of common stock | ' | ' | 135.00% | ' | ' | ' |
Percentage of price per common share on warrant to purchase one share of common stock | ' | 150.00% | ' | ' | ' | ' |
Percentage of accrued interest on convertible notes payable | ' | ' | ' | ' | 12.00% | 8.00% |
Debt instrument, interest rate, stated percentage | 8.00% | 8.00% | 8.00% | ' | 8.00% | 8.00% |
Convertible notes matured amount | ' | ' | ' | 2,907,500 | ' | ' |
Maximum | ' | ' | ' | ' | ' | ' |
Qualified financing | ' | ' | 5,000,000 | ' | ' | ' |
Minimum | ' | ' | ' | ' | ' | ' |
Qualified financing | ' | ' | $2,500,000 | ' | ' | ' |
Shareholders_Equity_Deficit_De
Shareholders' Equity (Deficit) (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Feb. 02, 2013 | Aug. 15, 2012 | Jul. 03, 2012 | |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | ' | ' | ' |
Common stock, par or stated value per share | $0.00 | $0.00 | $0.00 | ' | ' | ' |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ' | ' | ' |
Preferred stock, par or stated value per share | $0.00 | $0.00 | $0.00 | ' | ' | ' |
Class of warrant or right, number of securities called by warrants or rights | ' | ' | ' | 110,000 | 248,542 | 1,400,000 |
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 50,000 | 9,050,000 | 9,050,000 | ' | ' | ' |
Antriabio Delaware Inc | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 90,000,000 | ' | ' | ' | ' |
Common stock, par or stated value per share | ' | $0.00 | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | 10,000,000 | ' | ' | ' | ' |
Preferred stock, par or stated value per share | ' | $0.01 | ' | ' | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | |
Number of Options | ' | ' | ' | ' |
Outstanding | ' | 9,050,000 | ' | 0 |
Granted | 50,000 | 9,050,000 | 9,050,000 | ' |
Outstanding | 9,050,000 | 9,050,000 | 9,050,000 | ' |
Exercisable | ' | 6,490,974 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Outstanding | ' | $0.75 | ' | $0 |
Granted | $0.75 | ' | $0.75 | ' |
Outstanding | $0.75 | $0.75 | $0.75 | ' |
Exercisable | ' | $0.75 | ' | ' |
Weighted Average Remaining Contractual Life | ' | ' | ' | ' |
Outstanding | ' | '4 years 3 months 18 days | '4 years 7 months 6 days | '0 years |
Exercisable | ' | '4 years 3 months 18 days | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (Warrant, USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | |
Warrant | ' | ' | ' |
Number of Warrants - Outstanding | 1,758,542 | ' | 0 |
Number of Warrants - Warrants issued to placement agents | ' | 248,542 | ' |
Number of Warrants - Warrants issued to placement agent | ' | 1,400,000 | ' |
Number of Warrants - Warrants issued to placement agent | ' | 110,000 | ' |
Number of Warrants - Outstanding | 1,758,542 | 1,758,542 | ' |
Weighted Average Exercise Price - Outstanding | $0.31 | ' | $0 |
Weighted Average Exercise Price - Warrants issued to placement agents | ' | $0.33 | ' |
Weighted Average Exercise Price - Warrants issued to placement agent | ' | $0 | ' |
Weighted Average Exercise Price - Warrants issued to placement agent | ' | $0.85 | ' |
Weighted Average Exercise Price - Outstanding | $0.31 | $0.31 | ' |
Weighted Average Remaining Contractual Life - Outstanding | ' | ' | '0 years |
Weighted Average Remaining Contractual Life - Outstanding | '3 years 10 months 24 days | '4 years 1 month 6 days | ' |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (Warrant) | 3 Months Ended |
Sep. 30, 2013 | |
Dividend yield | 0.00% |
Maximum | ' |
Expected volatility | 111.00% |
Risk free interest rate | 1.41% |
Expected term (years) | '5 years |
Minimum | ' |
Expected volatility | 100.00% |
Risk free interest rate | 0.88% |
Expected term (years) | '3 years 10 months 24 days |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 42 Months Ended | |||||
Jan. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | 31-May-13 | Feb. 02, 2013 | Aug. 15, 2012 | Jul. 03, 2012 | |
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | ' | 50,000 | 9,050,000 | ' | 9,050,000 | ' | ' | ' | ' | ' |
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | ' | $0.75 | ' | ' | $0.75 | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award options shares purchased vested immediately | 4,916,667 | 12,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award options shares purchased vested monthly | 3,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award options shares purchased vested monthly term | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award options vested in period | ' | ' | ' | ' | ' | ' | 833,333 | ' | ' | ' |
Stock-based compensation | ' | ' | $165,318 | $0 | ' | $3,852,820 | ' | ' | ' | ' |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, stock options | ' | ' | 1,517,077 | ' | ' | 1,517,077 | ' | ' | ' | ' |
Class of warrant or right, number of securities called by warrants or rights | ' | ' | ' | ' | ' | ' | ' | 110,000 | 248,542 | 1,400,000 |
Class of warrant, value | ' | 157,761 | 115,026 | ' | 157,761 | 115,026 | ' | ' | ' | ' |
Fair value of class of warrants | ' | ' | $191,126 | ' | ' | $191,126 | ' | ' | ' | ' |
Stock option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | 0.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant One | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right, number of securities called by warrants or rights | ' | ' | 248,542 | ' | ' | 248,542 | ' | ' | ' | ' |
Class of warrant or right, exercise price of warrants or rights | ' | ' | 0.33 | ' | ' | 0.33 | ' | ' | ' | ' |
Warrant Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right, number of securities called by warrants or rights | ' | ' | 1,400,000 | ' | ' | 1,400,000 | ' | ' | ' | ' |
Warrant Three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right, number of securities called by warrants or rights | ' | ' | 110,000 | ' | ' | 110,000 | ' | ' | ' | ' |
Class of warrant or right, exercise price of warrants or rights | ' | ' | 0.85 | ' | ' | 0.85 | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||
Apr. 01, 2012 | Jun. 18, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | Apr. 01, 2012 | Dec. 31, 2012 | Jun. 18, 2012 | Dec. 31, 2012 | Apr. 01, 2012 | |
Advisory Agreement | Consulting Agreement | Minimum | Maximum | Executive Chairman | Executive Chairman | Chief Executive Officer | Chief Executive Officer | Chief Scientific Officer | |||
Advisory Agreement | Advisory Agreement | ||||||||||
Initial salary paid | ' | ' | ' | ' | ' | ' | $250,000 | ' | $230,000 | ' | $275,000 |
Increase decrease in base salary | ' | ' | ' | ' | ' | ' | 325,000 | ' | 350,000 | ' | 295,000 |
Percentage of annual performance bonus | ' | ' | ' | ' | ' | ' | 30.00% | ' | 40.00% | ' | 40.00% |
Purchase of common stock shares percentage | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by sharebased payment award options vested percentage | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' |
Bonus paid | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | 275,000 |
Minimum value of financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
Proceeds from issuance of stock option to purchase of common stock | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Services agreement expenses | ' | ' | $9,000 | $9,000 | $100 | $700 | ' | ' | ' | ' | ' |