Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 13-May-14 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ANTB | ' |
Entity Common Stock, Shares Outstanding | ' | 17,723,989 |
Entity Registrant Name | 'AntriaBio, Inc. | ' |
Entity Central Index Key | '0001509261 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Current assets | ' | ' |
Cash | $5,641,627 | $527 |
Note receivable - related party | 0 | 163,829 |
Interest receivable - related party | 0 | 3,341 |
Inventory | 223,000 | 223,000 |
Due from related party | 0 | 183,346 |
Deferred financing, net | 0 | 146,037 |
Other current assets | 119,800 | 95,469 |
Total current assets | 5,984,427 | 815,549 |
Non-current assets | ' | ' |
Fixed assets, idle | 275,717 | 275,717 |
Intangibile assets, net | 10,047 | 12,705 |
Total non-current assets | 285,764 | 288,422 |
Total Assets | 6,270,191 | 1,103,971 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 645,696 | 188,346 |
Accounts payable and accrued expenses - related party | 1,122,839 | 807,001 |
Convertible notes payable | 657,500 | 3,732,500 |
Note payable - related party | 234,700 | 0 |
Interest payable | 98,718 | 380,575 |
Warrant derivative liability | 102,917 | 157,761 |
Total current liabilities | 2,862,370 | 5,266,183 |
Commitments and Contingencies (Note 10) | ' | ' |
Stockholders' equity (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; 14,617,629 and 6,666,667 shares issued and outstanding, March 31, 2014 and June 30, 2013 | 14,617 | 6,667 |
Additional paid-in capital | 19,134,897 | 3,847,591 |
Deficit accumulated during the development stage | -15,741,693 | -8,016,470 |
Total stockholders' equity (deficit) | 3,407,821 | -4,162,212 |
Total Liabilities and Stockholders' Equity (Deficit) | $6,270,191 | $1,103,971 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | 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 | 14,617,629 | 6,666,667 |
Common stock, shares outstanding | 14,617,629 | 6,666,667 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 48 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Operating expenses | ' | ' | ' | ' | ' |
Consulting fees | $221,263 | $266,164 | $383,288 | $494,319 | $1,283,792 |
Compensation and benefits | 591,023 | 3,473,499 | 1,361,355 | 3,867,370 | 5,997,232 |
Research and development | 2,246 | 3,025 | 2,246 | 3,025 | 5,740 |
Insurance | 33,645 | 44,146 | 122,722 | 52,762 | 241,592 |
Professional fees | 228,308 | 198,368 | 470,926 | 486,747 | 1,273,869 |
Rent | 23,001 | 16,038 | 61,750 | 50,362 | 193,702 |
Travel | 44,219 | 22,629 | 51,616 | 77,840 | 290,749 |
Amortization | 886 | 0 | 2,658 | 0 | 2,953 |
General and administrative | 450,788 | 30,412 | 489,759 | 60,301 | 622,827 |
Total operating expenses | 1,595,379 | 4,054,281 | 2,946,320 | 5,092,726 | 9,912,456 |
Loss from operations | -1,595,379 | -4,054,281 | -2,946,320 | -5,092,726 | -9,912,456 |
Other income (expense) | ' | ' | ' | ' | ' |
Interest income | 3,667 | 13,801 | 10,500 | 102,703 | 148,091 |
Interest expense | -3,441,448 | -181,703 | -4,229,612 | -396,022 | -5,259,776 |
Derivative expense | -53,970 | -311,794 | -559,791 | -311,794 | -717,552 |
Total other income (expense) | -3,491,751 | -479,696 | -4,778,903 | -605,113 | -5,829,237 |
Net loss | ($5,087,130) | ($4,533,977) | ($7,725,223) | ($5,697,839) | ($15,741,693) |
Net loss per common share - basic and diluted | ($0.76) | ($0.71) | ($1.16) | ($0.94) | ($2.58) |
Weighted average number of common shares outstanding - basic and diluted | 6,671,537 | 6,401,723 | 6,669,896 | 6,050,535 | 6,106,136 |
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 | 0 | 5,881 | -5,881 | 0 | 0 |
Issuance of common stock (in shares) | ' | 5,880,667 | ' | ' | ' |
Net loss | -505,630 | 0 | 0 | 0 | -505,630 |
Balance at Jun. 30, 2011 | -505,530 | 5,881 | -5,881 | 100 | -505,630 |
Balance (in shares) at Jun. 30, 2011 | ' | 5,880,667 | ' | ' | ' |
Net loss | -783,383 | 0 | 0 | 0 | -783,383 |
Balance at Jun. 30, 2012 | -1,288,913 | 5,881 | -5,881 | 100 | -1,289,013 |
Balance (in shares) at Jun. 30, 2012 | ' | 5,880,667 | ' | ' | ' |
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 | -24,470 | 786 | 5,881 | -31,137 | 0 |
Conversion of equity in reverse merger acquisition (in shares) | ' | 786,000 | ' | ' | ' |
Net loss | -6,727,457 | 0 | 0 | 0 | -6,727,457 |
Balance at Jun. 30, 2013 | -4,162,212 | 6,667 | 0 | 3,847,591 | -8,016,470 |
Balance (in shares) at Jun. 30, 2013 | ' | 6,666,667 | ' | ' | ' |
Stock-based compensation (Unaudited) | 495,120 | 0 | 0 | 495,120 | 0 |
Beneficial conversion feature (Unaudited) | 2,922,938 | 0 | 0 | 2,922,938 | 0 |
Fair value of warrants for financing and conversion | 4,863,979 | 0 | 0 | 4,863,979 | 0 |
Issuance of common stock | 2,306,276 | 3,186 | 0 | 2,303,090 | 0 |
Issuance of common stock (in shares) | ' | 3,186,222 | ' | ' | ' |
Issuance of common stock for note conversions | 4,431,943 | 4,588 | 0 | 4,427,355 | 0 |
Issuance of common stock for note conversions (in shares) | ' | 4,588,457 | ' | ' | ' |
Issuance of common stock as repayment of related party balance | 275,000 | 176 | 0 | 274,824 | 0 |
Issuance of common stock as repayment of related party balance (in shares) | ' | 176,283 | ' | ' | ' |
Net loss | -7,725,223 | 0 | 0 | 0 | -7,725,223 |
Balance at Mar. 31, 2014 | $3,407,821 | $14,617 | $0 | $19,134,897 | ($15,741,693) |
Balance (in shares) at Mar. 31, 2014 | ' | 14,617,629 | ' | ' | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Deficit) (Parenthetical) (Common Stock, USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Common stock, par value | $0.00 | $0.00 | $0.00 | $0.00 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 48 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($7,725,223) | ($5,697,839) | ($15,741,693) |
Amortization of notes payable discount | 3,356,000 | 19,312 | 3,643,500 |
Amortization of deferred financing costs | 416,337 | 188,511 | 778,426 |
Amortization of intangible asset | 2,658 | 0 | 2,953 |
Stock-based compensation expense | 495,120 | 3,269,893 | 4,182,622 |
Warrant expense | 76,064 | 0 | 76,064 |
Derivative expense | 559,791 | 311,794 | 717,552 |
Bad debt expense | 341,780 | 0 | 341,780 |
Changes in operating assets and liabilities: | ' | ' | ' |
Increase in other assets | -24,331 | -188,444 | -194,800 |
Increase in due from related parties | 18,948 | -151,809 | -187,661 |
Increase in accounts payable and accrued expenses | 457,350 | 142,067 | 646,729 |
Increase in accounts payable and accrued expenses - related party | 590,838 | 522,893 | 1,395,699 |
Increase in interest payable | 365,485 | 188,399 | 746,060 |
Net Cash Used In Operating Activities | -1,069,183 | -1,395,223 | -3,592,769 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of fixed assets | 0 | -11,717 | -11,717 |
Acquisition of assets | 0 | -500,000 | -500,000 |
(Increase) decrease in interest receivable - related party | -10,212 | 31,547 | -13,553 |
Issuance of note receivable - related party | 0 | -305,603 | -1,138,057 |
Payments on note receivable - related party | 0 | 974,228 | 974,228 |
Net Cash Provided by (Used In) Investing Activities | -10,212 | 188,455 | -689,099 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Payments of financing costs | -270,300 | 0 | -512,300 |
Proceeds from issuance of convertible notes payable | 2,703,000 | 1,575,000 | 6,183,500 |
Repayments of convertible notes payable | -67,500 | 0 | -103,000 |
Proceeds from issuance of notes payable - related party | 234,700 | 0 | 234,700 |
Proceeds from issuance of equity financing | 4,970,453 | 0 | 4,970,453 |
Payment of placement agent compensation and issuance costs | -849,858 | 0 | -849,858 |
Net Cash Provided By Financing Activities | 6,720,495 | 1,575,000 | 9,923,495 |
Net increase in cash | 5,641,100 | 368,232 | 5,641,627 |
Cash - Beginning of Period | 527 | 25,878 | 0 |
Cash - End of Period | 5,641,627 | 394,110 | 5,641,627 |
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 | 1,207 | 1,207 |
Assumption of due to/from related party in reverse merger | 0 | 23,263 | 23,263 |
Conversion of convertible notes payable to common stock | 5,710,500 | 0 | 5,710,500 |
Conversion of interest payable to common stock | 647,342 | 0 | 647,342 |
Conversion of accounts payable and accrued expense - related party to common stock | 275,000 | 0 | 275,000 |
Beneficial conversion feature recorded as a debt discount | 2,922,938 | 0 | 2,922,938 |
Warrant value recorded as a debt discount | 433,062 | 0 | 433,062 |
Assets acquired in asset acquisition: | ' | ' | ' |
Inventory | 0 | 223,000 | 223,000 |
Fixed assets | 0 | 264,000 | 264,000 |
Intangible assets | 0 | 13,000 | 13,000 |
Cash paid for asset acquisition | $0 | $500,000 | $500,000 |
Nature_of_Operations
Nature of Operations | 9 Months Ended |
Mar. 31, 2014 | |
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 5,880,667 shares of common stock of AntriaBio (the “Reverse Merger”). After the consummation of the Reverse Merger, stockholders of Antria Delaware owned 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. | |
Effective May 1, 2014, the Company effected a 6 to 1 reverse stock split of the Company’s common stock, in which for every six (6) shares of common combined into one (1) share of common stock. All share and per share amounts in this Quarterly Report on Form 10-Q have been retroactively restated to reflect the forward split. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
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 March 31, 2014 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 Note 3 regarding going concern matters. | |||||
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 in service as of March 31, 2014 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 reduction of 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 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, accounts payable and accrued expenses, and notes payable approximated fair value as of March 31, 2014 and June 30, 2013 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of March 31, 2014 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 | -559,791 | ||||
Warrant reclassified to equity | 614,635 | ||||
Balance as of March 31, 2014 | $ | -102,917 | |||
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 | 9 Months Ended |
Mar. 31, 2014 | |
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 $7,725,223 and net cash used in operations of $1,069,183 for the nine months ended March 31, 2014, and working capital equity of $3,122,057 and stockholders’ equity of $3,407,821 and a deficit accumulated during the development stage of $15,741,693 at March 31, 2014. 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 capital through equity and debt based financings. | |
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 | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
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 asset purchase 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 | 9 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014 and June 30, 2013 was zero and $163,829, respectively, plus accrued interest of zero 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 March 31, 2014) plus 5%. The interest rate at March 31, 2014 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 March 31, 2014, the Company wrote off the entire balance due from the related party of $163,829 for the receivable balance and $13,553 for the accrued interest balance. | |
During the three and nine months ended March 31, 2014, the Company incurred consulting expenses of $172,530 and $334,205, respectively and professional expenses of none and $51,000, respectively, for services performed by related parties of the Company and included in the statements of operations. As of March 31, 2014 and June 30, 2013, $1,122,839 and $807,001, respectively, of related party expenses are recorded in accounts payable and accrued expense – related party. | |
During the three and nine months ended March 31, 2013, the Company incurred consulting expenses of $266,164 and $445,389, respectively, and professional expenses of $25,500 and $109,500, respectively, for services performed by related parties of the Company and included in the statements of operations. | |
As of March 31, 2014 and June 30, 2013, the due from related party was zero and $183,346 for expenses paid on behalf of related parties. As of March 31, 2014, $164,398 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. On March 31, 2014, the Company wrote off the entire balance due from the related party. | |
Convertible_Notes_Payable
Convertible Notes Payable | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 authorizes the issuance of up to $2,000,000 of convertible notes payable 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 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 $4.50 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 holders of 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 $1.50 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. Through March 31, 2014, $3,007,500 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 March 31, 2014, $653,000 of the debt discount has been amortized into interest expense as these all amortized as part of the conversion. | ||||||||
2013 Notes – In December 2013 and January 2014, the Company issued $2,703,000 of 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 $1.26 per share. The notes also allow the investor to convert at any time prior to maturity at $1.26 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 $1.89 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. | ||||||||
On March 31, 2014, the Company closed on an equity transaction which qualified as a “qualified financing”. As such the $2,703,000 in 2013 Notes and the accrued interest was converted into 2,186,847 shares of our common stock. The Company also converted $3,007,500 of the 2010, 2011 and 2012 Notes and accrued interest into 2,401,610 shares of our common stock. The remaining $1,458,417 of debt discounts on the notes converted was recorded into interest expense at the time of the conversion. | ||||||||
The convertible notes outstanding as of March 31, 2014 and June 30, 2013 are: | ||||||||
March 31, 2014 | June 30, 2013 | |||||||
2010 Notes (A) | $ | 407,500 | $ | 562,500 | ||||
2011 Notes (B) | - | 645,000 | ||||||
2011 Notes (C) | 50,000 | 1,700,000 | ||||||
2012 Notes (D) | 200,000 | 825,000 | ||||||
$ | 657,500 | $ | 3,732,500 | |||||
The notes originated at various dates from April 2010 through December 2013 and mature at various dates from February 2012 to January 2014. | ||||||||
As of March 31, 2014, all of the outstanding convertible notes have matured and payments were due. The convertible notes were not repaid or converted continue to accrue interest at a rate of 8% for the 2010 notes and 12% for the 2011 notes that had matured. Since March 31, 2014, the remaining note holders have agreed to convert all but $211,966 of the remaining principal and interest into shares of the Company’s common stock. | ||||||||
Note Payable – Related Party – On November 14, 2013, the Company issued 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 also issued a warrant for one share of common stock for each dollar of principal loaned. The warrant was issued on March 1, 2014 for option to purchase up to 39,117 shares of common stock. The warrant exercise price will be $7.50 per share and will be exercisable for five years. As of March 31, 2014, the outstanding balance on the note is $234,700 and the accrued interest is $12,895 as of March 31, 2014. The warrants were issued on March 26, 2014 for a fair value of $76,062. The total principal and interest balance was paid in full on April 1, 2014. | ||||||||
Shareholders_Equity_Deficit
Shareholders' Equity (Deficit) | 9 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders Equity Note Disclosure [Text Block] | ' |
Note 7 Shareholders’ Equity (Deficit) | |
On March 31, 2014, the Company completed an initial close of a private placement transaction in which the Company issued 3,186,222 units to accredited investors. Each unit consists of one share of our common stock and one common share purchase warrant. Each warrant entitles the holder to purchase one share of common stock at a price of $2.34 per share and the warrant will expire 36 months following the issuance. The Company received net proceeds of $4.1 million after the placement agent compensation and issuance costs of $849,858. | |
In addition to the units issued, the Company also issued 530,300 additional warrants to investors who invested in the 2013 Notes and also in the private placement. For each dollar that was invested in the 2013 Notes, the Company would issue one-half of one common share purchase warrant for their investment in the private placement transaction for up to 150% of their investment in the 2013 Notes. The warrants will be exercisable at $2.34 per share and will expire 36 months after they were issued. | |
In April 2014, the Company completed its final close of the private placement in which the Company issued an additional 2,539,136 units to accredited investors for net proceeds of approximately $3.4 million after placement agent compensation of $515,226. | |
The Company issued no shares of preferred stock during the nine month period ended March 31, 2014. The Company has not declared or paid any dividends or returned any capital to shareholders as of March 31, 2014. | |
On July 3, 2012 the Company issued warrants to a placement agent to purchase 233,334 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 41,424 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 18,334 shares of common stock from the date of issuance through five years when the warrants expire. In December 2013 and January 2014, the Company issued warrants in connection with the convertible notes to purchase up to 225,259 shares of common stock from the date of issuance through three years when the warrants expire. On March 31, 2014, the Company issued warrants to Konus Advisory Group, Inc. in connection with their debt agreement to purchase up to 39,117 shares of common stock from the issue date through five years when the warrants expire. On March 31, 2014, the Company issued warrants in connection with the private placement and the additional incentive warrants. The Company issued warrants to purchase up to 3,716,522 shares of commons stock from the date of issuance through three years when the warrants expire. | |
Equity Incentive Plan - The Company granted 1,508,334 stock options to four officers and/or directors of the Company and to two contractors of the Company. On March 26, 2014, the Company adopted the AntriaBio, Inc. 2014 Stock and Incentive Plan which allows the Company to issue up to 3,750,000 of common stock in the form of stock options, incentive options or common stock. On March 31, 2014, subject to the effectiveness of stockholder approval pursuant to Rule 14c-2 of the Exchange Act which occurred on April 30, 2014, the Company granted 2,680,000 of these shares to current employees and directors of the Company. | |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
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 1,500,000 option shares with an exercise price of $4.50 per share. Options to purchase 819,445 shares vested immediately, options to purchase 541,667 shares vest monthly over 3 years and 138,888 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 8,334 shares with an exercise price of $4.50 per share. Option to purchase 2,084 shares vested immediately with the remaining shares vesting at various dates through October 2014. | |||||||||||
On March 26, 2014, the Company adopted the AntriaBio, Inc. 2014 Stock and Incentive Plan which allows the Company to issue up to 3,750,000 of common stock in the form of stock options, incentive options or common stock. On March 31, 2014, subject to the effectiveness of stockholder approval pursuant to Rule 14c-2 of the Exchange Act which occurred on April 30, 2014, the Company granted 2,680,000 of these shares to current employees and directors of the Company. The options have an exercise price of $3.12 per share. The options vest monthly over 4 years. | |||||||||||
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. | |||||||||||
Stock option activity is as follows: | |||||||||||
Weighted | Weighted Average | ||||||||||
Number of | Average | Remaining | |||||||||
Options | Exercise Price | Contractual Life | |||||||||
Outstanding, June 30, 2012 | - | $ | - | - | |||||||
Granted | 1,508,334 | $ | 4.5 | ||||||||
Outstanding, June 30, 2013 | 1,508,334 | $ | 4.5 | 4.6 | |||||||
Granted | 2,680,000 | $ | 3.12 | ||||||||
Outstanding, March 31, 2014 | 4,188,334 | $ | 3.62 | 4.6 | |||||||
Exercisable at March 31, 2014 | 1,174,190 | $ | 4.5 | 3.9 | |||||||
Stock-based compensation expense related to the fair value of stock options was included in the statement of operations as payroll expense of $164,484 and $495,120 for the three and nine months ended March 31, 2014, respectively. The unrecognized stock-based compensation expense at March 31, 2014 is $6,887,183. 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 | 41,424 | $ | 1.98 | ||||||||
Warrants issued to placement agent | 233,334 | $ | 1.5 | ||||||||
Warrants issued to placement agent | 18,334 | $ | 4.95 | ||||||||
Outstanding, June 30, 2013 | 293,092 | $ | 1.8 | 4.1 | |||||||
Warrants issued to note holders | 225,259 | $ | 1.89 | ||||||||
Warrants issued to note holders | 3,657,205 | $ | 2.04 | ||||||||
Warrants issued to related party | 39,117 | $ | 7.5 | ||||||||
Warrants issued in private placement | 3,716,522 | $ | 2.34 | ||||||||
Outstanding, March 31, 2014 | 7,931,195 | $ | 2.19 | 3 | |||||||
The Company issued warrants to purchase 41,424 shares of common stock at a price of $1.98 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 233,334 shares of common stock at a price of $1.50 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 18,334 shares of common stock at a price of $4.95 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 225,259 shares of common stock at a price of $1.89 per share, exercisable from December 2013 through January 2017 in connection with the issuance of convertible notes. The Company issued warrants to a related party to purchase 39,117 shares of common stock at a price of $7.50 per share, exercisable from March 2014 through March 2019. The Company issued warrants to purchase 3,657,205 shares of common stock at an average price of $2.04 per share of common stock, exercisable through March 2017 in connection with the conversion of convertible notes payable into equity. The Company issued warrants to purchase 3,716,522 shares of common stock at a price of $2.34 per share, exercisable through March 2017 in connection with the issuance of units in the private placement that was closed in March. | |||||||||||
The warrants exercisable for the 41,424 shares of common stock are accounted for under liability accounting and are fair valued at each reporting period. The warrants to purchase 41,424 shares value as of March 31, 2014 and June 30, 2013 was $102,917 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 warrants exercisable for the 233,334 shares of common stock were accounted for under liability accounting and were fair valued at each reporting period until March 31, 2014 when the warrants were recorded under equity treatment as the exercise price became fixed. The value of the warrants to purchase 233,334 shares as of March 31, 2014 was $614,635, which was recorded as additional paid-in-capital, 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 exercisable for the 18,334 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 225,259 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 $524,594 and the allocated fair value of $433,062 was recorded into additional paid-in capital and as a discount to the note payable balance. | |||||||||||
The warrants exercisable for the 3,657,205 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 $8,621,881 and the allocated fair value of $1,814,319 was recorded into additional paid-in capital. The warrants for the 3,716,522 shares of common stock are accounted for under the equity treatment and were recorded at the allocated fair value as of the date of issuance. The fair value of the warrants was $9,951,620 and the allocated fair value of $1,925,901 was recorded into additional paid-in capital. The warrants for the 39,117 was accounted for under the equity treatment and fair valued as of the date of issuance. The fair value of the warrants was valued at $76,062 and recorded as additional paid-in capital and interest expense. | |||||||||||
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 | 93% - 97 | % | |||||||||
Risk free interest rate | 0.78% - 1.46 | % | |||||||||
Warrant term (years) | 5-Mar | ||||||||||
Dividend yield | 0 | % | |||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2014 | |
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 nine months ended March 31, 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 | 9 Months Ended |
Mar. 31, 2014 | |
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 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 March 26, 2014, we entered into an amended and restated employment agreement which removed the pension benefit owed to the Chief Scientific Officer. | |
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. | |
On March 26, 2014, we entered into an amended and restated employment agreement with our Chief Executive Officer. The Amended and Restated Employment Agreement provides, among other things, for: (i) an increase in Mr. Elam’s base salary from $230,000 to $390,000; (ii) a termination of the bonus due to Mr. Elam under the Employment Agreement upon the Company raising at least $5,000,000 in an equity financing; and (iii) a termination of the car allowance granted to Mr. Elam under the Employment Agreement. | |
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 Agreements – On March 31, 2014, the Company entered into a services agreement whereby the Company receives assistance with investor relations relating to digital strategy, website and investor materials, market awareness and other services. The compensation for these services will be 500,000 shares of common stock to be issued over a twelve-month period. | |
On April 1, 2014, the Company entered into a services agreement whereby the Company receives assistance with strategic media placement, third –party research, e-mail blasts and media buys to generate awareness of the Company. The Company agreed to pay $20,000 per month plus expenses for these services through March 31, 2015, and can be renewed on a monthly basis at that point in time. | |
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 March 31, 2014, 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 | 9 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 11 Subsequent Events | |
No events occurred subsequent to March 31, 2014 that would require adjustment to the accompanying financial statements or footnotes other than those disclosed in the notes above and the events listed below: | |
On May 5, 2014, the Company entered into a lease agreement for approximately 27,000 square feet of office, lab and clean room space in Louisville, Colorado. The lease is for 72 months with a base rent starting at $12.74 per square foot with annual rent escalations. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
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 March 31, 2014 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 Note 3 regarding going concern matters. | |||||
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 in service as of March 31, 2014 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 reduction of 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 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, accounts payable and accrued expenses, and notes payable approximated fair value as of March 31, 2014 and June 30, 2013 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of March 31, 2014 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 | -559,791 | ||||
Warrant reclassified to equity | 614,635 | ||||
Balance as of March 31, 2014 | $ | -102,917 | |||
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) | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
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 | -559,791 | ||||
Warrant reclassified to equity | 614,635 | ||||
Balance as of March 31, 2014 | $ | -102,917 | |||
Acquisition_of_Assets_Tables
Acquisition of Assets (Tables) | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
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) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Convertible Notes Outstanding [Table Text Block] | ' | |||||||
The convertible notes outstanding as of March 31, 2014 and June 30, 2013 are: | ||||||||
March 31, 2014 | June 30, 2013 | |||||||
2010 Notes (A) | $ | 407,500 | $ | 562,500 | ||||
2011 Notes (B) | - | 645,000 | ||||||
2011 Notes (C) | 50,000 | 1,700,000 | ||||||
2012 Notes (D) | 200,000 | 825,000 | ||||||
$ | 657,500 | $ | 3,732,500 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
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 | 1,508,334 | $ | 4.5 | ||||||||
Outstanding, June 30, 2013 | 1,508,334 | $ | 4.5 | 4.6 | |||||||
Granted | 2,680,000 | $ | 3.12 | ||||||||
Outstanding, March 31, 2014 | 4,188,334 | $ | 3.62 | 4.6 | |||||||
Exercisable at March 31, 2014 | 1,174,190 | $ | 4.5 | 3.9 | |||||||
Schedule Of Warrants Issued To Agents Activity [Table Text Block] | ' | ||||||||||
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 | 41,424 | $ | 1.98 | ||||||||
Warrants issued to placement agent | 233,334 | $ | 1.5 | ||||||||
Warrants issued to placement agent | 18,334 | $ | 4.95 | ||||||||
Outstanding, June 30, 2013 | 293,092 | $ | 1.8 | 4.1 | |||||||
Warrants issued to note holders | 225,259 | $ | 1.89 | ||||||||
Warrants issued to note holders | 3,657,205 | $ | 2.04 | ||||||||
Warrants issued to related party | 39,117 | $ | 7.5 | ||||||||
Warrants issued in private placement | 3,716,522 | $ | 2.34 | ||||||||
Outstanding, March 31, 2014 | 7,931,195 | $ | 2.19 | 3 | |||||||
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | ' | ||||||||||
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 | 93% - 97 | % | |||||||||
Risk free interest rate | 0.78% - 1.46 | % | |||||||||
Warrant term (years) | 5-Mar | ||||||||||
Dividend yield | 0 | % | |||||||||
Nature_of_Operations_Details_T
Nature of Operations (Details Textual) | 1 Months Ended | 3 Months Ended |
Jan. 31, 2013 | Mar. 31, 2013 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 5,880,667 | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 88.20% | ' |
Stockholders Equity, Reverse Stock Split | ' | '6 to 1 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Summary of Significant Accounting Policies [Line Items] | ' |
Balance as of June 30, 2013 | ($157,761) |
Total unrealized gains (losses): | ' |
Included in earnings | -559,791 |
Warrant reclassified to equity | 614,635 |
Balance as of March 31, 2014 | ($102,917) |
Going_Concern_Details_Textual
Going Concern (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 16 Months Ended | 48 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Mar. 31, 2014 | Mar. 09, 2010 | |
Net Loss | $5,087,130 | $4,533,977 | $7,725,223 | $5,697,839 | $6,727,457 | $783,383 | $505,630 | $15,741,693 | ' |
Net Cash Used In Operating Activities | ' | ' | 1,069,183 | 1,395,223 | ' | ' | ' | 3,592,769 | ' |
Total Stockholders' Equity | 3,407,821 | ' | 3,407,821 | ' | -4,162,212 | -1,288,913 | -505,530 | 3,407,821 | 100 |
Deficit accumulated during the development stage | 15,741,693 | ' | 15,741,693 | ' | 8,016,470 | ' | ' | 15,741,693 | ' |
Working Capital | $3,122,057 | ' | $3,122,057 | ' | ' | ' | ' | $3,122,057 | ' |
Acquisition_of_Assets_Details
Acquisition of Assets (Details) (USD $) | Jan. 30, 2013 |
Material inventory | $223,000 |
Fixed assets | 264,000 |
Intangible assets | 13,000 |
Business Acquisitions Cost Of Acquired Entity Purchase Price | $500,000 |
Acquisition_of_Assets_Details_
Acquisition of Assets (Details Textual) (Asset Purchase Agreement, USD $) | 1 Months Ended |
Jan. 30, 2013 | |
Business Acquisition, Cost of Acquired Entity, Cash Paid | $400,000 |
Business Acquisition Purchases Price Allocation Assets Acquired | 100,000 |
Licensee | ' |
Cumulative Sales Amount | 500,000,000 |
Maximum | ' |
Business Acquisition Contingent Consideration At Fair Values | 44,000,000 |
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. |
Phase Two B 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. |
Phase Three B Clinical Studies For 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. |
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. |
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 | 9 Months Ended | 48 Months Ended | |||
Sep. 01, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | |
Line of credit issued to related party | $1,000,000 | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | 0 | ' | 0 | ' | 0 | 163,829 |
Line of credit facility accrued interest | ' | 0 | ' | 0 | ' | 0 | 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 March 31, 2014) 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 | ' | 172,530 | 266,164 | 334,205 | 445,389 | ' | ' |
Professional fees | ' | 228,308 | 198,368 | 470,926 | 486,747 | 1,273,869 | ' |
Related party expenses | ' | 1,122,839 | ' | 1,122,839 | ' | 1,122,839 | 807,001 |
Due from related parties | ' | 0 | ' | 0 | ' | 0 | 183,346 |
Write off balances due from related party | ' | ' | ' | 163,829 | ' | ' | ' |
Interest income, related party | ' | ' | ' | 13,553 | ' | ' | ' |
Board of Directors Chairman | ' | ' | ' | ' | ' | ' | ' |
Due from related parties | ' | 164,398 | ' | 164,398 | ' | 164,398 | ' |
Related Parties | ' | ' | ' | ' | ' | ' | ' |
Professional fees | ' | $0 | $25,500 | $51,000 | $109,500 | ' | ' |
Convertible_Notes_Payable_Deta
Convertible Notes Payable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
Unpaid Principal | $657,500 | $2,703,000 | $3,732,500 |
2010 Notes (A) | ' | ' | ' |
Unpaid Principal | 407,500 | ' | 562,500 |
2011 Notes (B) | ' | ' | ' |
Unpaid Principal | 0 | ' | 645,000 |
2011 Notes (C) | ' | ' | ' |
Unpaid Principal | 50,000 | ' | 1,700,000 |
2012 Notes (D) | ' | ' | ' |
Unpaid Principal | $200,000 | ' | $825,000 |
Convertible_Notes_Payable_Deta1
Convertible Notes Payable (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 48 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
Dec. 31, 2012 | Jul. 31, 2012 | Jun. 30, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Jul. 31, 2012 | Jul. 31, 2012 | Mar. 31, 2014 | Mar. 26, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 14, 2013 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Interest Expense | Maximum | Minimum | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | 2013 Notes | 2013 Notes | 2013 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Qualified offering common stock | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum conversion pre money valuation | ' | 20,000,000 | 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 | 2,703,000 | ' | ' | ' | ' |
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 $4.50 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% | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | ' | ' | ' | ' | ' |
Debt instrument, convertible, conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion, converted instrument, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,007,500 | ' | ' | ' | ' | 2,186,847 | ' | ' | ' | ' |
Beneficial conversion feature recorded as a debt discount | ' | ' | ' | 2,922,938 | 0 | 2,922,938 | ' | ' | ' | ' | ' | ' | 653,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of notes payable discount | ' | ' | ' | 3,356,000 | 19,312 | 3,643,500 | ' | ' | ' | 1,458,417 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities, equity securities, current, total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 3,000,000 | ' | ' |
Common stock convertible conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.26 | $1.26 | ' | ' |
Investment option convertible conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.26 | $1.26 | ' | ' |
Class of warrant or right, exercise price of warrants or rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | 7.5 | ' | ' | 1.89 | 1.89 | ' | ' |
Line of credit facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' |
Notes payable, related parties, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,700 | 234,700 | ' | ' | ' | ' | ' | ' |
Accrued interest payable to related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,895 | ' | ' | ' | ' | ' | ' |
Warrant exercisable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' |
Warrants to options issued upon purchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,117 | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 211,966 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,062 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument convertible number of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,401,610 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | $657,500 | ' | $657,500 | ' | $2,703,000 | $3,732,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Deficit_De
Shareholders' Equity (Deficit) (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Feb. 02, 2013 | Aug. 15, 2012 | Jul. 03, 2012 | Mar. 26, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
2014 Stock and Incentive Plan | Konus Advisory Group Inc | Employees and Directors | Related Party | 2013 Notes | 2013 Notes | Private Placement | Private Placement | Private Placement | ||||||||||
2014 Stock and Incentive Plan | 2014 Stock and Incentive Plan | 2013 Notes | ||||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | ' | ' | ' | ' | 225,259 | 225,259 | 18,334 | 41,424 | 233,334 | ' | 39,117 | ' | ' | ' | ' | ' | 3,716,522 | ' |
Stock issued during period, shares, new issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,539,136 | 3,186,222 | ' |
Sale of stock, price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.34 | ' |
Proceeds from issuance of private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,400,000 | $4,100,000 | ' |
Payments of stock issuance costs | ' | ' | $849,858 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $515,226 | $849,858 | ' |
Description on additional warrants issuance to investors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'For each dollar that was invested in the 2013 Notes, the Company would issue one-half of one common share purchase warrant for their investment in the private placement transaction for up to 150% of their investment in the 2013 Notes. |
Class of warrant or right of warrants or rights expiring period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | '3 years | '36 months |
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | ' | 8,334 | 2,680,000 | 1,508,334 | ' | ' | ' | ' | ' | ' | ' | 2,680,000 | 1,508,334 | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, number of shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,750,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right, exercise price of warrants or rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.89 | 1.89 | ' | ' | 2.34 |
Additional Warrants Issued | 530,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Number of Options | ' | ' | ' | ' |
Outstanding | ' | 1,508,334 | 0 | ' |
Granted | 8,334 | 2,680,000 | 1,508,334 | ' |
Outstanding | 1,508,334 | 4,188,334 | 1,508,334 | 0 |
Exercisable | ' | 1,174,190 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Outstanding | ' | $4.50 | $0 | ' |
Granted | $4.50 | $3.12 | $4.50 | ' |
Outstanding | $4.50 | $3.62 | $4.50 | $0 |
Exercisable | ' | $4.50 | ' | ' |
Weighted Average Remaining Contractual Life | ' | ' | ' | ' |
Outstanding | ' | '4 years 7 months 6 days | '4 years 7 months 6 days | '0 years |
Exercisable | ' | '3 years 10 months 24 days | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Number of Warrants - Outstanding | 293,092 | 0 | ' |
Number of Warrants - Warrants issued to placement agents | ' | 41,424 | ' |
Number of Warrants - Warrants issued to placement agent | ' | 233,334 | ' |
Number of Warrants - Warrants issued to placement agent | ' | 18,334 | ' |
Number of Warrants - Warrants issued to note holders | 225,259 | ' | ' |
Number of Warrants - Warrants issued to note holders | 3,657,205 | ' | ' |
Number of Warrants - Warrants issued to related party | 39,117 | ' | ' |
Number of Warrants - Warrants issued in private placement | 3,716,522 | ' | ' |
Number of Warrants - Outstanding | 7,931,195 | 293,092 | 0 |
Weighted Average Exercise Price - Outstanding | $1.80 | $0 | ' |
Weighted Average Exercise Price - Warrants issued to placement agents | ' | $1.98 | ' |
Weighted Average Exercise Price - Warrants issued to placement agent | ' | $1.50 | ' |
Weighted Average Exercise Price - Warrants issued to placement agent | ' | $4.95 | ' |
Weighted Average Exercise Price - Warrants issued to note holders | $1.89 | ' | ' |
Weighted Average Exercise Price - Warrants issued to note holders | $2.04 | ' | ' |
Weighted Average Exercise Price - Warrants issued to related party | $7.50 | ' | ' |
Weighted Average Exercise Price - Warrants issued in private placement | $2.34 | ' | ' |
Weighted Average Exercise Price - Outstanding | $2.19 | $1.80 | $0 |
Weighted Average Remaining Contractual Life - Outstanding | ' | ' | '0 years |
Weighted Average Remaining Contractual Life - Outstanding | '3 years | '4 years 1 month 6 days | ' |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) | 9 Months Ended |
Mar. 31, 2014 | |
Expected term (years) | '5 years |
Dividend yield | 0.00% |
Maximum | ' |
Expected volatility | 97.00% |
Risk free interest rate | 1.46% |
Minimum | ' |
Expected volatility | 93.00% |
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 | 9 Months Ended | 12 Months Ended | 48 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||||||||||||
Jun. 30, 2013 | Jan. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | 31-May-13 | Feb. 02, 2013 | Aug. 15, 2012 | Jul. 03, 2012 | Mar. 26, 2014 | Mar. 31, 2014 | Jan. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
2014 Stock and Incentive Plan | Employees and Directors | Employee Stock Option | Warrant One | Warrant Two | Warrant Two | Warrant Three | Warrant Four | Warrant Five | Warrant Six | Warrant Seven | Warrant Eight | Warrant Nine | Warrant Ten | Warrant Eleven | Warrant Twelve | ||||||||||||||
2014 Stock and Incentive Plan | |||||||||||||||||||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 8,334 | ' | ' | 2,680,000 | ' | 1,508,334 | ' | ' | ' | ' | ' | ' | ' | ' | 2,680,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $4.50 | ' | ' | $3.12 | ' | $4.50 | ' | ' | ' | ' | ' | ' | ' | ' | $3.12 | $4.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award options shares purchased vested immediately | 2,084 | 819,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award options shares purchased vested monthly | ' | 541,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award options shares purchased vested monthly term | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award options vested in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,888 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | $164,484 | $495,120 | $3,269,893 | ' | $4,182,622 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, stock options | ' | ' | 6,887,183 | 6,887,183 | ' | ' | 6,887,183 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right, number of securities called by warrants or rights | ' | ' | ' | ' | ' | ' | ' | 225,259 | 225,259 | ' | 18,334 | 41,424 | 233,334 | ' | ' | ' | 41,424 | 233,334 | ' | 18,334 | 225,259 | 39,117 | 3,657,205 | 3,716,522 | 18,334 | 225,259 | 3,657,205 | 3,716,522 | 39,117 |
Class of warrant or right, exercise price of warrants or rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.98 | 1.5 | ' | 4.95 | 1.89 | 7.5 | 2.04 | 2.34 | ' | ' | ' | ' | ' |
Fair value of class of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,126 | ' | ' | ' | ' |
Fair value of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 524,594 | 8,621,881 | 9,951,620 | 76,062 |
Fair value adjustment of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 433,062 | 1,814,319 | 1,925,901 | ' |
Share-based compensation arrangement by share-based payment award, number of shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant exercisable warrants or rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,424 | 233,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants to purchase common stock value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $102,917 | $614,635 | $157,761 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
Mar. 26, 2014 | Jun. 18, 2012 | Apr. 01, 2014 | Jul. 31, 2012 | Mar. 26, 2014 | Jul. 31, 2012 | Jul. 31, 2012 | Jun. 18, 2012 | Dec. 31, 2012 | Apr. 01, 2012 | |
Subsequent Event | Advisory Agreement | Amended and Restated Employment Agreement | Minimum | Maximum | Chief Executive Officer | Chief Executive Officer | Chief Scientific Officer | |||
Advisory Agreement | Advisory Agreement | |||||||||
Initial salary paid | $230,000 | ' | ' | ' | ' | ' | ' | $230,000 | ' | $275,000 |
Increase decrease in base salary | ' | ' | ' | ' | 390,000 | ' | ' | 350,000 | ' | 295,000 |
Percentage of annual performance bonus | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | 40.00% |
Sharebased compensation arrangement by sharebased payment award options vested percentage | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Bonus paid | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | 275,000 |
Minimum value of financing activities | 5,000,000 | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
Proceeds from issuance of stock option to purchase of common stock | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Services agreement expenses | ' | ' | $20,000 | $9,000 | ' | $100 | $700 | ' | ' | ' |
Subsequent_Events_Details_Text
Subsequent Events - (Details Textual) (Subsequent Event [Member]) | 0 Months Ended |
5-May-14 | |
acre | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Area of Land | 27,000 |
Land lease period, months | '72 months |
Land lease base rent price per square foot | 12.74 |