Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Dec. 31, 2013 | Feb. 12, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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 $) | Dec. 31, 2013 | Jun. 30, 2013 |
Current assets | ' | ' |
Cash | $1,144,792 | $527 |
Note receivable - related party | 163,829 | 163,829 |
Interest receivable - related party | 10,174 | 3,341 |
Inventory | 223,000 | 223,000 |
Due from related party | 165,023 | 183,346 |
Deferred financing, net | 138,393 | 146,037 |
Other current assets | 13,969 | 95,469 |
Total current assets | 1,859,180 | 815,549 |
Non-current assets | ' | ' |
Fixed assets, idle | 275,717 | 275,717 |
Intangibile assets, net | 10,933 | 12,705 |
Total non-current assets | 286,650 | 288,422 |
Total Assets | 2,145,830 | 1,103,971 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 477,496 | 188,346 |
Accounts payable and accrued expenses - related party | 1,068,206 | 807,001 |
Convertible notes payable | 3,497,136 | 3,732,500 |
Note payable - related party | 234,700 | 0 |
Interest payable | 601,459 | 380,575 |
Warrant derivative liability | 663,582 | 157,761 |
Total current liabilities | 6,542,579 | 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, December 31, 2013 and June 30, 2013 | 40,000 | 40,000 |
Additional paid-in capital | 6,217,894 | 3,814,258 |
Deficit accumulated during the development stage | -10,654,643 | -8,016,470 |
Total stockholders' deficit | -4,396,749 | -4,162,212 |
Total Liabilities and Stockholders' Deficit | $2,145,830 | $1,103,971 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 6 Months Ended | 45 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Operating expenses | ' | ' | ' | ' | ' |
Consulting fees | $80,751 | $110,514 | $162,025 | $228,155 | $1,062,529 |
Compensation and benefits | 411,879 | 193,306 | 770,332 | 393,872 | 5,406,209 |
Research and development | 0 | 0 | 0 | 0 | 3,494 |
Insurance | 44,264 | 4,375 | 89,077 | 8,616 | 207,947 |
Professional fees | 76,968 | 138,471 | 242,617 | 292,879 | 1,045,560 |
Rent | 25,887 | 18,531 | 38,749 | 34,323 | 170,701 |
Travel | 1,941 | 11,630 | 7,396 | 55,211 | 246,529 |
Amortization | 886 | 0 | 1,772 | 0 | 2,067 |
General and administrative | 7,542 | 23,238 | 39,053 | 29,892 | 172,121 |
Total operating expenses | 650,118 | 500,065 | 1,351,021 | 1,042,948 | 8,317,157 |
Loss from operations | -650,118 | -500,065 | -1,351,021 | -1,042,948 | -8,317,157 |
Other income (expense) | ' | ' | ' | ' | ' |
Interest income | 3,379 | 71,972 | 6,833 | 88,902 | 144,424 |
Interest expense | -623,347 | -109,421 | -788,164 | -214,319 | -1,818,328 |
Derivative expense | -548,556 | 0 | -505,821 | 0 | -663,582 |
Total other income (expense) | -1,168,524 | -37,449 | -1,287,152 | -125,417 | -2,337,486 |
Net loss | ($1,818,642) | ($537,514) | ($2,638,173) | ($1,168,365) | ($10,654,643) |
Net loss per common share - basic and diluted | ($0.05) | ($0.02) | ($0.07) | ($0.03) | ($0.29) |
Weighted average number of common shares outstanding - basic and diluted | 40,000,000 | 35,284,000 | 40,000,000 | 35,284,000 | 36,415,569 |
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 (Unaudited) | 3,687,502 | 0 | 0 | 3,687,502 | 0 |
Warrant expense (Unaudited) | 191,126 | 0 | 0 | 191,126 | 0 |
Conversion of equity in reverse merger acquisition (in shares) | ' | 4,716,000 | ' | ' | ' |
Conversion of equity in reverse merger acquisition | -24,470 | 4,716 | 35,284 | -64,470 | 0 |
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 (Unaudited) | 330,636 | 0 | 0 | 330,636 | 0 |
Beneficial conversion feature (Unaudited) | 1,883,708 | 0 | 0 | 1,883,708 | 0 |
Warrant expense (Unaudited) | 189,292 | 0 | 0 | 189,292 | 0 |
Net loss | -2,638,173 | 0 | 0 | 0 | -2,638,173 |
Balance at Dec. 31, 2013 | ($4,396,749) | $40,000 | $0 | $6,217,894 | ($10,654,643) |
Balance (in shares) at Dec. 31, 2013 | ' | 40,000,000 | ' | ' | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Deficit) (Parenthetical) (USD $) | Dec. 31, 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 $) | 6 Months Ended | 45 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net Loss | ($2,638,173) | ($1,168,365) | ($10,654,643) |
Amortization of notes payable discount | 417,636 | 17,029 | 705,136 |
Amortization of deferred financing costs | 149,644 | 87,429 | 511,733 |
Amortization of intangible asset | 1,772 | 0 | 2,067 |
Stock-based compensation expense | 330,636 | 0 | 4,018,138 |
Derivative expense | 505,821 | 0 | 663,582 |
Changes in operating assets and liabilities: | ' | ' | ' |
(Increase) decrease in other assets | 81,500 | -120,000 | -88,969 |
(Increase) decrease in due from related parties | 18,323 | -15,868 | -188,286 |
Increase in accounts payable and accrued expenses | 289,150 | 346,366 | 478,529 |
Increase in accounts payable and accrued expenses - related party | 261,205 | 0 | 1,066,066 |
Increase in interest payable | 220,884 | 109,861 | 601,459 |
Net Cash Used In Operating Activities | -361,602 | -743,548 | -2,885,188 |
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 | -6,833 | 723 | -10,174 |
Issuance of note receivable - related party | 0 | -283,128 | -1,138,057 |
Payments on note receivable - related party | 0 | 23,378 | 974,228 |
Net Cash Used In Investing Activities | -6,833 | -259,027 | -685,720 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Payments of financing costs | -142,000 | -145,000 | -384,000 |
Proceeds from issuance of convertible notes payable | 1,420,000 | 1,450,000 | 4,900,500 |
Repayments of convertible notes payable | 0 | 0 | -35,500 |
Proceeds from issuance of notes payable - related party | 234,700 | 0 | 234,700 |
Net Cash Provided By Financing Activities | 1,512,700 | 1,305,000 | 4,715,700 |
Net increase in cash | 1,144,265 | 302,425 | 1,144,792 |
Cash - Beginning of Period | 527 | 25,878 | 0 |
Cash - End of Period | 1,144,792 | 328,303 | 1,144,792 |
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 | 6 Months Ended |
Dec. 31, 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 | 6 Months Ended | ||||
Dec. 31, 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 December 31, 2013 are not necessarily indicative of results for the full fiscal year. | |||||
Development Stage | |||||
The Company's financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include equity and debt based financing and the development of the business plan. | |||||
Use of Estimates | |||||
The preparation of 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. | |||||
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. | |||||
Fixed Assets, idle | |||||
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 in service as of December 31, 2013 as they are being stored until a lab facility has been established at which time the assets can be installed and placed in service. As the assets have not been placed into service they have not begun depreciating. | |||||
Beneficial Conversion Feature of Convertible Notes Payable | |||||
The Company accounts for convertible notes payable in accordance with the guidelines established by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 470-20, Debt with Conversion and Other Options, Emerging Issues Task Force ("EITF") 98-5, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, and EITF 00-27, Application of Issue No 98-5 To Certain Convertible Instruments. The Beneficial Conversion Feature ("BCF") of a convertible note is normally characterized as the convertible portion or feature of certain notes payable that provide a rate of conversion that is below market value or in-the-money when issued. The Company records a BCF related to the issuance of a convertible note when issued and also records the estimated fair value of any warrants issued with those convertible notes. Beneficial conversion features that are contingent upon the occurrence of a future event are recorded when the contingency is resolved. | |||||
The BCF of a convertible note is measured by allocating a portion of the note's proceeds to the warrants, if applicable, and as a discount on the carrying amount of the convertible note equal to the intrinsic value of the conversion feature, both of which are credited to additional paid-in-capital. The value of the proceeds received from a convertible note is then allocated between the conversion features and warrants and the debt on an allocated fair value basis. The allocated fair value is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense. | |||||
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 December 31, 2013 and June 30, 2013 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of December 31, 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 (losses): | |||||
Included in earnings | -505,821 | ||||
Balance as of December 31, 2013 | $ | -663,582 | |||
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 | 6 Months Ended |
Dec. 31, 2013 | |
Going Concern [Abstract] | ' |
Going Concern Disclosure [Text Block] | ' |
Note 3 Going Concern | |
As reflected in the accompanying financial statements, the Company has a net loss of $2,638,173 and net cash used in operations of $361,602 for the six months ended December 31, 2013, and a working capital deficit of $4,683,399 and stockholders’ deficit of $4,396,749 and a deficit accumulated during the development stage of $10,654,643 at December 31, 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 Management's plans, which include continuing to raise equity and debt based financing. | |
The accompanying 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 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 | 6 Months Ended | ||||
Dec. 31, 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 has 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 one 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 | 6 Months Ended |
Dec. 31, 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 December 31, 2013 and June 30, 2013 was $163,829 and $163,829, respectively, plus accrued interest of $10,174 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 December 31, 2013) plus 5%. The interest rate at December 31, 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 December 31, 2013, there was no allowance for note loss recorded on the receivable. | |
During the three and six months ended December 31, 2013, the Company incurred consulting expenses of $80,401 and $162,025, respectively and professional expenses of $25,500 and $51,000, respectively, for services performed by related parties of the Company and included in the statements of operations. As of December 31, 2013 and June 30, 2013, $1,068,206 and $807,001, respectively, of related party expenses are recorded in accounts payable and accrued expense – related party. | |
During the three and six months ended December 31, 2012, the Company incurred consulting expenses of $86,574 and $179,225, respectively, and professional expenses of $40,500 and $88,500, respectively, for services performed by related parties of the Company and included in the statements of operations. | |
As of December 31, 2013 and June 30, 2013, the due from related party was $165,023 and $183,346 for expenses paid on behalf of related parties. As of December 31, 2013, $165,023 of the due from related party balance is amounts due from a company owned by a Director of the Company on a non-interest bearing basis. On January 31, 2014, the Board of Directors ratified the amount lent to the Company owned by the Director with a repayment term of six months. | |
Convertible_Notes_Payable
Convertible Notes Payable | 6 Months Ended | |||||||
Dec. 31, 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. These terms were modified as disclosed below. | ||||||||
2011 Notes (See (B) below.) – During June 2011, the Company issued 8% convertible notes payable via Private Placement Memorandum (“PPM”). The PPM offered investors the opportunity to purchase up to $2,000,000 of convertible notes payable for which principal and interest was due one year after date of issuance. Pursuant to the terms of the PPM, upon an offering by the Company of common stock totalling 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. These terms were modified as disclosed below. | ||||||||
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 payable 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 payable 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 payable 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. | ||||||||
In the second fiscal quarter, the Company sent letters to the investors in the 2010, 2011 and 2012 notes requesting amendment of their convertible notes payable. The convertible notes payable were amended to: (i) fix the conversion price of the notes into common stock at $0.25 per share, (ii) require mandatory conversion of principal and interest, and (iii) change the definition of a qualified financing to an equity financing of at least three million dollars. As of December 31, 2013, $2,932,500 of the convertible notes payable balances outstanding had signed and returned the amendment letter. Based on the fixed conversion price, the intrinsic value of the beneficial conversion feature of $653,000 was calculated and recorded as a discount to the notes payable. As of December 31, 2013, $417,636 of the debt discount has been amortized into interest expense. | ||||||||
2013 Notes (See (E) below) – In December 2013, the Company issued 8% convertible promissory notes payable for which principal and interest is due six months after the date of issuance. Pursuant to the note agreements, if the Company issues equity securities in a transaction resulting in gross proceeds of at least $3 million, the promissory note and accrued interest will automatically convert to common stock at a conversion price of $0.21 per share. The notes also allow the investor to convert at any time prior to maturity at $0.21 per share at their option. With the promissory note, the investor will also receive a warrant to purchase common stock equal to one-half of the principal amount of the promissory note. The warrant will have an exercise price of $0.315 per share and will be exercisable for three years from date of issuance. | ||||||||
The value of the proceeds of the notes was allocated to the warrants as discussed in Note 8 and the remaining balance was allocated to the beneficial conversion feature as the intrinsic value of the beneficial conversion feature is greater than the remaining value of the notes. The discount on the notes is being amortized into interest expense over the remaining life of the notes. | ||||||||
The convertible notes outstanding consisted of: | ||||||||
December 31, 2013 | June 30, 2013 | |||||||
2010 Notes (A) | $ | 562,500 | $ | 562,500 | ||||
2011 Notes (B) | 645,000 | 645,000 | ||||||
2011 Notes (C) | 1,700,000 | 1,700,000 | ||||||
2012 Notes (D) | 825,000 | 825,000 | ||||||
2013 Notes (E) | 1,420,000 | - | ||||||
5,152,500 | 3,732,500 | |||||||
Discount on 2013 Notes (E) | -1,655,364 | - | ||||||
$ | 3,497,136 | $ | 3,732,500 | |||||
The notes originated at various dates from April 2010 through December 2013 and mature at various dates from April 2012 to June 2014. | ||||||||
As of December 31, 2013, $2,012,500 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 and 12% for the 2011 notes that had matured. On January 2, 2014 a payment of $39,303 was paid to one investor for a 2010 Note for their accrued interest and loan fee. The loan balance remained outstanding. | ||||||||
Note Payable – Related Party – On November 14, 2013, the Company entered into a 14% promissory note with a related party. The note allows funds to be borrowed until March 1, 2014 up to $250,000. The note matures on the earlier of November 1, 2014 or when the Company closes on an equity financing of at least $3 million. The Company is also to issue a warrant for the purchase of one share of common stock for each dollar of principal loaned. The warrant exercise price will be $1.25 per share and will be exercisable for five years. As of December 31, 2013, the outstanding balance on the note is $234,700 and the accrued interest is $4,681 as of December 31, 2013. The warrants have not yet been issued or recorded since the number of warrants to be issued is not yet known. When issued, the estimated fair value of the warrants will be recorded as a debt discount and amortized to interest expense over the remaining term of the note. | ||||||||
Shareholders_Equity_Deficit
Shareholders' Equity (Deficit) | 6 Months Ended |
Dec. 31, 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 six month period ended December 31, 2013. The Company has not declared or paid any dividends or returned any capital to shareholders as of December 31, 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. In December 2013, the Company issued warrants in connection with the convertible notes to purchase up to 710,000 shares of common stock from the date of issuance through three years when the warrants expire. | |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||
Dec. 31, 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 vest 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. Option 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 six months ended December 31, 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, December 31, 2013 | 9,050,000 | $ | 0.75 | 4.1 | |||||||
Exercisable at December 31, 2013 | 6,768,058 | $ | 0.75 | 4.1 | |||||||
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 and $330,636 for the three and six months ended December 31, 2013, respectively. The unrecognized stock-based compensation expense at December 31, 2013 is $1,352,452. 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 and note holders 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 | $ | 0.25 | ||||||||
Warrants issued to placement agent | 110,000 | $ | 0.85 | ||||||||
Outstanding, June 30, 2013 | 1,758,542 | $ | 0.3 | 4.1 | |||||||
Warrants issued to note holders | 710,000 | $ | 0.32 | ||||||||
Outstanding, December 31, 2013 | 2,468,542 | $ | 0.3 | 3.4 | |||||||
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 convertible notes payable on specific PPMs. The Company issued a warrant to purchase 1,400,000 shares of common stock at a price of $0.25 per share, exercisable from August 2012 through August 2017 in connection with the closing of over one million dollars in convertible notes payable. 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 convertible notes payable on specific PPMs. The Company issued warrants to purchase 710,000 shares of common stock at a price of $0.315 per share, exercisable from December 2013 through December 2016 in connection with the issuance of convertible notes. | |||||||||||
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 December 31, 2013 and June 30, 2013 was $95,964 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 as of December 31, 2013 was $567,155 and was not valued as of June 30, 2013 as the value could not be determined as an exercise price had not yet been fixed. | |||||||||||
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. The warrants for the 710,000 shares of common stock are accounted for under equity treatment and were recorded at the allocated fair value as of the date of issuance. The fair value of the warrants was $218,406 and the allocated fair value of $189,292 was recorded into additional paid-in capital and as a discount to the note payable balance. | |||||||||||
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 warrant term. 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 | 97% - 111% | ||||||||||
Risk free interest rate | 0.78% - 1.41% | ||||||||||
Warrant term (years) | 5-Mar | ||||||||||
Dividend yield | 0% | ||||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 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 and second quarter of 2014, the Company did not record any income tax provision due to continuing the expected future losses and full valuation allowance on its deferred tax assets. | |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 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 December 31, 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. | |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 11 Subsequent Events | |
On January 15, 2014, the Company closed the Bridge Financing with total gross proceeds received in the financing of $2,703,000, before placement agent compensation, transaction costs, fees and expenses. | |
On December 13, 2013, the Board of Directors and majority shareholders approved a one for six reverse stock split so that every six shares of common stock shall represent one share of common stock. The execution of the reverse split will occur upon receipt of all regulatory approvals. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||||
Dec. 31, 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 December 31, 2013 are not necessarily indicative of results for the full fiscal year. | |||||
Development Stage Policy [Policy Text Block] | ' | ||||
Development Stage | |||||
The Company's financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include equity and debt based financing and the development of the business plan. | |||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||
Use of Estimates | |||||
The preparation of 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. | |||||
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. | |||||
Depreciation, Depletion, and Amortization [Policy Text Block] | ' | ||||
Fixed Assets, idle | |||||
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 in service as of December 31, 2013 as they are being stored until a lab facility has been established at which time the assets can be installed and placed in service. As the assets have not been placed into service they have not begun depreciating. | |||||
Beneficial Conversion Feature of Convertible Notes Payable [Policy Text Block] | ' | ||||
Beneficial Conversion Feature of Convertible Notes Payable | |||||
The Company accounts for convertible notes payable in accordance with the guidelines established by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 470-20, Debt with Conversion and Other Options, Emerging Issues Task Force ("EITF") 98-5, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, and EITF 00-27, Application of Issue No 98-5 To Certain Convertible Instruments. The Beneficial Conversion Feature ("BCF") of a convertible note is normally characterized as the convertible portion or feature of certain notes payable that provide a rate of conversion that is below market value or in-the-money when issued. The Company records a BCF related to the issuance of a convertible note when issued and also records the estimated fair value of any warrants issued with those convertible notes. Beneficial conversion features that are contingent upon the occurrence of a future event are recorded when the contingency is resolved. | |||||
The BCF of a convertible note is measured by allocating a portion of the note's proceeds to the warrants, if applicable, and as a discount on the carrying amount of the convertible note equal to the intrinsic value of the conversion feature, both of which are credited to additional paid-in-capital. The value of the proceeds received from a convertible note is then allocated between the conversion features and warrants and the debt on an allocated fair value basis. The allocated fair value is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense. | |||||
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 December 31, 2013 and June 30, 2013 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of December 31, 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 (losses): | |||||
Included in earnings | -505,821 | ||||
Balance as of December 31, 2013 | $ | -663,582 | |||
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) | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Fair Value, Instruments Classified in Shareholders Equity 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 (losses): | |||||
Included in earnings | -505,821 | ||||
Balance as of December 31, 2013 | $ | -663,582 | |||
Acquisition_of_Assets_Tables
Acquisition of Assets (Tables) | 6 Months Ended | ||||
Dec. 31, 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) | 6 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Convertible Notes Outstanding [Table Text Block] | ' | |||||||
The convertible notes outstanding consisted of: | ||||||||
December 31, 2013 | June 30, 2013 | |||||||
2010 Notes (A) | $ | 562,500 | $ | 562,500 | ||||
2011 Notes (B) | 645,000 | 645,000 | ||||||
2011 Notes (C) | 1,700,000 | 1,700,000 | ||||||
2012 Notes (D) | 825,000 | 825,000 | ||||||
2013 Notes (E) | 1,420,000 | - | ||||||
5,152,500 | 3,732,500 | |||||||
Discount on 2013 Notes (E) | -1,655,364 | - | ||||||
$ | 3,497,136 | $ | 3,732,500 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||
Dec. 31, 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, December 31, 2013 | 9,050,000 | $ | 0.75 | 4.1 | |||||||
Exercisable at December 31, 2013 | 6,768,058 | $ | 0.75 | 4.1 | |||||||
Schedule Of Warrants Issued To Agents Activity [Table Text Block] | ' | ||||||||||
AntriaBio issued warrants to agents and note holders 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 | $ | 0.25 | ||||||||
Warrants issued to placement agent | 110,000 | $ | 0.85 | ||||||||
Outstanding, June 30, 2013 | 1,758,542 | $ | 0.3 | 4.1 | |||||||
Warrants issued to note holders | 710,000 | $ | 0.32 | ||||||||
Outstanding, December 31, 2013 | 2,468,542 | $ | 0.3 | 3.4 | |||||||
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | ' | ||||||||||
Significant assumptions were as follows: | |||||||||||
Expected volatility | 97% - 111% | ||||||||||
Risk free interest rate | 0.78% - 1.41% | ||||||||||
Warrant term (years) | 5-Mar | ||||||||||
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 $) | 6 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Line Items] | ' |
Balance as of June 30, 2013 | ($157,761) |
Total unrealized gains (losses): | ' |
Included in earnings | -505,821 |
Balance as of December 31, 2013 | ($663,582) |
Going_Concern_Details_Textual
Going Concern (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 16 Months Ended | 45 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Dec. 31, 2013 | Mar. 09, 2010 | |
Net Loss | $1,818,642 | $537,514 | $2,638,173 | $1,168,365 | $6,727,457 | $783,383 | $505,630 | $10,654,643 | ' |
Net Cash Used In Operating Activities | ' | ' | 361,602 | 743,548 | ' | ' | ' | 2,885,188 | ' |
Total Stockholders' Equity (Deficit) | 4,396,749 | ' | 4,396,749 | ' | 4,162,212 | 1,288,913 | 505,530 | 4,396,749 | -100 |
Deficit accumulated during the development stage | 10,654,643 | ' | 10,654,643 | ' | 8,016,470 | ' | ' | 10,654,643 | ' |
Working Capital Deficit | $4,683,399 | ' | $4,683,399 | ' | ' | ' | ' | $4,683,399 | ' |
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 Clinical 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 one 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 | 6 Months Ended | 12 Months Ended | 45 Months Ended | |||
Sep. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 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 | 163,829 |
Line of credit facility accrued interest | ' | 10,174 | ' | 10,174 | ' | ' | 10,174 | 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 December 31, 2013) plus 5% | ' | ' | ' | ' |
Line of credit facility, interest rate at period end | ' | 8.25% | ' | 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 | ' | 80,401 | 86,574 | 162,025 | 179,225 | ' | ' | ' |
Professional fees | ' | 76,968 | 138,471 | 242,617 | 292,879 | ' | 1,045,560 | ' |
Related party expenses | ' | 1,068,206 | ' | 1,068,206 | ' | ' | 1,068,206 | 807,001 |
Due from related parties | ' | 165,023 | ' | 165,023 | ' | ' | 165,023 | 183,346 |
Board of Directors Chairman [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Due from related parties | ' | 165,023 | ' | 165,023 | ' | ' | 165,023 | ' |
Related parties | ' | ' | ' | ' | ' | ' | ' | ' |
Professional fees | ' | $25,500 | $40,500 | $51,000 | $88,500 | ' | ' | ' |
Convertible_Notes_Payable_Deta
Convertible Notes Payable (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Unpaid Principal | $5,152,500 | $3,732,500 |
Convertible notes payable | 3,497,136 | 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 |
2013 Notes (E) | ' | ' |
Unpaid Principal | 1,420,000 | 0 |
Unamortized Discount | ($1,655,364) | $0 |
Convertible_Notes_Payable_Deta1
Convertible Notes Payable (Details Textual) (USD $) | 1 Months Ended | 6 Months Ended | 45 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||||||
Dec. 31, 2012 | Jul. 31, 2012 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 01, 2014 | Nov. 14, 2013 | Dec. 31, 2013 | Jan. 02, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Maximum | Minimum | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | 2013 Notes | 2010 Notes | 2010 Notes | 2011 Notes | |||||||||
Related Party | Related Party | Related Party | Related Party | ||||||||||||||||
Third party capital investment | ' | ' | ' | $2,500,000 | ' | $2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of common share price of financing | ' | ' | 65.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum convertible notes payable issuance | 1,000,000 | 2,000,000 | 2,000,000 | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Qualified offering common stock | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum conversion pre money valuation | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of exercise per share on price per common share | ' | ' | 135.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Qualified financing | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 2,500,000 | 3,000,000 | ' | ' | ' | 3,000,000 | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 12.00% |
Debt instrument, interest rate, stated percentage | 8.00% | 8.00% | 8.00% | ' | 8.00% | ' | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' | 14.00% | 8.00% | ' | ' | ' |
Convertible notes matured amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,012,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.25 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,932,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Beneficial Conversion Feature | ' | ' | ' | 1,883,708 | ' | ' | ' | ' | ' | ' | 653,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Of Debt Discount (Premium) | ' | ' | ' | 417,636 | 17,029 | 705,136 | ' | ' | ' | ' | 417,636 | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable Securities, Equity Securities, Current, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' |
Common Stock Convertible Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | ' | ' | ' |
Investment Option Convertible Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | ' | ' | ' |
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | 0.315 | ' | ' | ' |
Payments For Accrued Interest And Loan Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,303 | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' |
Notes Payable, Related Parties, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,700 | ' | ' | ' | ' | ' | ' | ' |
Accrued Interest Payable To Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,681 | ' | ' | ' | ' | ' | ' |
Warrant Exercisable Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Deficit_De
Shareholders' Equity Deficit (Details Textual) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 | Feb. 02, 2013 | Aug. 15, 2012 | Jul. 03, 2012 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | ' | ' | ' |
Common stock, par or stated value per share | $0.00 | $0.00 | ' | ' | ' |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | ' | ' | ' |
Preferred stock, par or stated value per share | $0.00 | $0.00 | ' | ' | ' |
Class of warrant or right, number of securities called by warrants or rights | 710,000 | ' | 110,000 | 248,542 | 1,400,000 |
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 | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | |
Number of Options | ' | ' | ' | ' |
Outstanding | ' | 9,050,000 | 0 | ' |
Granted | 50,000 | ' | 9,050,000 | ' |
Outstanding | 9,050,000 | 9,050,000 | 9,050,000 | 0 |
Exercisable | ' | 6,768,058 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Outstanding | ' | $0.75 | $0 | ' |
Granted | $0.75 | ' | $0.75 | ' |
Outstanding | $0.75 | $0.75 | $0.75 | $0 |
Exercisable | ' | $0.75 | ' | ' |
Weighted Average Remaining Contractual Life | ' | ' | ' | ' |
Outstanding | ' | '4 years 1 month 6 days | '4 years 7 months 6 days | '0 years |
Exercisable | ' | '4 years 1 month 6 days | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (Warrant, USD $) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 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 - Warrants issued to note holders | 710,000 | ' | ' |
Number of Warrants - Outstanding | 2,468,542 | 1,758,542 | 0 |
Weighted Average Exercise Price - Outstanding | $0.30 | $0 | ' |
Weighted Average Exercise Price - Warrants issued to placement agents | ' | $0.33 | ' |
Weighted Average Exercise Price - Warrants issued to placement agent | ' | $0.25 | ' |
Weighted Average Exercise Price - Warrants issued to placement agent | ' | $0.85 | ' |
Weighted Average Exercise Price - Warrants issued to note holders | $0.32 | ' | ' |
Weighted Average Exercise Price - Outstanding | $0.30 | $0.30 | $0 |
Weighted Average Remaining Contractual Life - Outstanding | ' | ' | '0 years |
Weighted Average Remaining Contractual Life - Outstanding | '3 years 4 months 24 days | '4 years 1 month 6 days | ' |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (Warrant) | 6 Months Ended |
Dec. 31, 2013 | |
Dividend yield | 0.00% |
Maximum [Member] | ' |
Expected volatility | 111.00% |
Risk free interest rate | 1.41% |
Expected term (years) | '5 years |
Minimum [Member] | ' |
Expected volatility | 97.00% |
Risk free interest rate | 0.78% |
Expected term (years) | '3 years |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 45 Months Ended | ||||||
Jun. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 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 | ' | ' | ' | ' | ' |
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 | 12,500 | 4,916,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | $330,636 | $0 | ' | $4,018,138 | ' | ' | ' | ' |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, stock options | ' | ' | 1,352,452 | 1,352,452 | ' | ' | 1,352,452 | ' | ' | ' | ' |
Class of warrant or right, number of securities called by warrants or rights | ' | ' | 710,000 | 710,000 | ' | ' | 710,000 | ' | 110,000 | 248,542 | 1,400,000 |
Class Of Warrant, Value | 157,761 | ' | 95,964 | 95,964 | ' | 157,761 | 95,964 | ' | ' | ' | ' |
Fair Value Of Class Of Warrants | ' | ' | 191,126 | 191,126 | ' | ' | 191,126 | ' | ' | ' | ' |
Fair Value Of Warrants | ' | ' | ' | 218,406 | ' | ' | ' | ' | ' | ' | ' |
Fair Value Adjustment of Warrants | ' | ' | ' | 189,292 | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class Of Warrant, Value | ' | ' | $567,155 | $567,155 | ' | ' | $567,155 | ' | ' | ' | ' |
Warrant One | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right, number of securities called by warrants or rights | ' | ' | 248,542 | 248,542 | ' | ' | 248,542 | ' | ' | ' | ' |
Class of warrant or right, exercise price of warrants or rights | ' | ' | 0.33 | 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 | ' | ' | 1,400,000 | ' | ' | ' | ' |
Class of warrant or right, exercise price of warrants or rights | ' | ' | 0.25 | 0.25 | ' | ' | 0.25 | ' | ' | ' | ' |
Warrant Three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right, number of securities called by warrants or rights | ' | ' | 110,000 | 110,000 | ' | ' | 110,000 | ' | ' | ' | ' |
Class of warrant or right, exercise price of warrants or rights | ' | ' | 0.85 | 0.85 | ' | ' | 0.85 | ' | ' | ' | ' |
Warrant Four | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right, number of securities called by warrants or rights | ' | ' | 710,000 | 710,000 | ' | ' | 710,000 | ' | ' | ' | ' |
Class of warrant or right, exercise price of warrants or rights | ' | ' | 0.315 | 0.315 | ' | ' | 0.315 | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 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% | ' | ' | ' | ' |
Sharebased 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 | ' | ' | ' | ' | ' |
Subsequent_Events_Details_Text
Subsequent Events - (Details Textual) (Subsequent Event [Member], Bridge Loan [Member], USD $) | 0 Months Ended |
Jan. 15, 2014 | |
Subsequent Event [Member] | Bridge Loan [Member] | ' |
Subsequent Event [Line Items] | ' |
Bridge Financing with gross proceeds received | $2,703,000 |