Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Mar. 31, 2015 | 15-May-15 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | AntriaBio, Inc. | |
Entity Central Index Key | 1509261 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | ANTB | |
Entity Common Stock, Shares Outstanding | 24,338,219 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Current assets | ||
Cash | $8,224,718 | $5,934,534 |
Restricted cash | 450,055 | 0 |
Inventory | 92,425 | 289,600 |
Other current assets | 175,023 | 83,425 |
Total current assets | 8,942,221 | 6,307,559 |
Non-current assets | ||
Fixed assets, net | 2,303,080 | 337,932 |
Intangible assets, net | 60,729 | 9,161 |
Deposit | 750,000 | 750,000 |
Total non-current assets | 3,113,809 | 1,097,093 |
Total Assets | 12,056,030 | 7,404,652 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,325,754 | 460,311 |
Accounts payable and accrued expenses - related party | 0 | 397,055 |
Convertible notes payable | 60,000 | 60,000 |
Deferred lease liability, current portion | 96,015 | 0 |
Lease payable, current portion | 92,912 | 0 |
Interest payable | 12,579 | 11,079 |
Warrant derivative liability | 211,221 | 35,595 |
Total current liabilities | 1,798,481 | 964,040 |
Non-current liabilities: | ||
Deferred lease liability, less current portion | 506,499 | 33,881 |
Lease payable, less current portion | 46,946 | 0 |
Total non-current liabilities | 553,445 | 33,881 |
Total Liabilities | 2,351,926 | 997,921 |
Commitments and Contingencies (Note 10) | ||
Stockholders' equity: | ||
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; 23,535,740 and 18,091,792 shares issued and outstanding, March 31, 2015 and June 30, 2014, respectively | 23,536 | 18,092 |
Additional paid-in capital | 35,750,392 | 24,135,563 |
Accumulated deficit | -26,069,824 | -17,746,924 |
Total stockholders' equity | 9,704,104 | 6,406,731 |
Total Liabilities and Stockholders' Equity | $12,056,030 | $7,404,652 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Preferred stock, par value (in dollars per share) | $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 (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 23,535,740 | 18,091,792 |
Common stock, shares outstanding | 23,535,740 | 18,091,792 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Research and development | ||||
Compensation and benefits | $628,252 | $0 | $1,306,806 | $0 |
Consultants and outside costs | 166,472 | 0 | 425,891 | 0 |
Material manufacturing costs | 296,385 | 2,246 | 871,308 | 2,246 |
Facilites and other costs | 199,686 | 0 | 365,511 | 0 |
Research and development | 1,290,795 | 2,246 | 2,969,516 | 2,246 |
General and Administrative | ||||
Consulting fees | 33,000 | 221,263 | 349,633 | 383,288 |
Compensation and benefits | 780,500 | 591,023 | 2,828,032 | 1,361,355 |
Professional fees | 72,270 | 228,308 | 362,339 | 470,926 |
Investor relations | 36,602 | 0 | 468,047 | 0 |
General and administrative | 87,033 | 552,539 | 626,777 | 728,505 |
General and Administrative | 1,009,405 | 1,593,133 | 4,634,828 | 2,944,074 |
Total operating expenses | 2,300,200 | 1,595,379 | 7,604,344 | 2,946,320 |
Loss from operations | -2,300,200 | -1,595,379 | -7,604,344 | -2,946,320 |
Other income (expense) | ||||
Interest income | 1,093 | 3,667 | 4,062 | 10,500 |
Interest expense | -2,086 | -3,441,448 | -4,885 | -4,229,612 |
Derivative losses | -871,447 | -53,970 | -717,733 | -559,791 |
Total other expense | -872,440 | -3,491,751 | -718,556 | -4,778,903 |
Net loss | ($3,172,640) | ($5,087,130) | ($8,322,900) | ($7,725,223) |
Net loss per common share - basic and diluted | ($0.14) | ($0.76) | ($0.42) | ($1.16) |
Weighted average number of common shares outstanding - basic and diluted | 22,542,821 | 6,671,537 | 19,840,425 | 6,669,896 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (Deficit) (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Jun. 30, 2013 | ($4,162,212) | $6,667 | $3,847,591 | ($8,016,470) |
Balance (in shares) at Jun. 30, 2013 | 6,666,667 | |||
Stock-based compensation | 1,081,792 | 0 | 1,081,792 | 0 |
Issuance of common stock for services | 404,587 | 125 | 404,462 | 0 |
Issuance of common stock (in shares) | 5,725,327 | |||
Beneficial conversion feature | 2,922,938 | 0 | 2,922,938 | 0 |
Fair value of warrants for financing and conversion | 6,476,606 | 0 | 6,476,606 | 0 |
Fair value of warrants to be issued | 690,187 | 0 | 690,187 | 0 |
Issuance of common stock | 3,483,408 | 5,725 | 3,477,683 | 0 |
Issuance of common stock for note conversions | 4,964,879 | 5,298 | 4,959,581 | 0 |
Issuance of common stock for services (in shares) | 125,001 | |||
Issuance of common stock for note conversions (in shares) | 5,297,964 | |||
Issuance of common stock as repayment of related party balance | 275,000 | 176 | 274,824 | 0 |
Issuance of common stock as repayment of related party balance (in shares) | 176,283 | |||
Cashless exercise of warrants | 0 | 101 | -101 | 0 |
Cashless exercise of warrants (in shares) | 100,550 | |||
Net loss | -9,730,454 | 0 | 0 | -9,730,454 |
Balance at Jun. 30, 2014 | 6,406,731 | 18,092 | 24,135,563 | -17,746,924 |
Balance (in shares) at Jun. 30, 2014 | 18,091,792 | |||
Stock-based compensation | 1,864,226 | 0 | 1,864,226 | 0 |
Issuance of common stock for services | 298,418 | 168 | 298,250 | 0 |
Issuance of common stock (in shares) | 5,276,280 | |||
Fair value of warrants to be issued | 5,169,743 | 0 | 5,169,743 | 0 |
Issuance of common stock | 4,287,886 | 5,276 | 4,282,610 | 0 |
Issuance of common stock for services (in shares) | 167,668 | |||
Net loss | -8,322,900 | 0 | 0 | -8,322,900 |
Balance at Mar. 31, 2015 | $9,704,104 | $23,536 | $35,750,392 | ($26,069,824) |
Balance (in shares) at Mar. 31, 2015 | 23,535,740 |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Jun. 30, 2014 | |
Payments of stock issuance costs | $2,693,836 | $2,263,804 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | ($8,322,900) | ($7,725,223) |
Amortization of notes payable discount | 0 | 3,356,000 |
Amortization of deferred financing costs | 0 | 416,337 |
Amortization of intangible asset | 3,432 | 2,658 |
Depreciation expense | 91,021 | 0 |
Stock-based compensation expense | 1,864,226 | 495,120 |
Stock issued for services | 298,418 | 0 |
Derivative losses | 717,733 | 559,791 |
Warrant expense | 84,558 | 76,064 |
Bad debt expense | 0 | 341,780 |
Forgiveness of accounts payable and accrued expenses - related party | 132,339 | 0 |
Changes in operating assets and liabilities: | ||
Increase in other assets | -91,598 | -24,331 |
Decrease in inventory | 197,175 | 0 |
Increase in due from related parties | 0 | 18,948 |
Increase in accounts payable and accrued expenses | 380,727 | 457,350 |
(Decrease) increase in accounts payable and accrued expenses - related party | -529,394 | 590,838 |
Increase in interest payable | 1,500 | 365,485 |
Deferred lease liability | 57,017 | 0 |
Net Cash Used In Operating Activities | -5,115,746 | -1,069,183 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | -874,960 | 0 |
Acquisition of intangibles | -55,000 | 0 |
Increase in restricted cash | -450,055 | 0 |
Decrease in interest receivable - related party | 0 | -10,212 |
Net Cash Used In Investing Activities | -1,380,015 | -10,212 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments of financing costs | 0 | -270,300 |
Proceeds from issuance of convertible notes payable | 0 | 2,703,000 |
Repayments of convertible notes payable | 0 | -67,500 |
Proceeds from issuance of notes payable - related party | 0 | 234,700 |
Payments on lease payable | -45,019 | 0 |
Proceeds from issuance of equity financing | 9,761,070 | 4,970,453 |
Payment of placement agent compensation and issuance costs | -930,106 | -849,858 |
Net Cash Provided By Financing Activities | 8,785,945 | 6,720,495 |
Net increase in cash | 2,290,184 | 5,641,100 |
Cash - Beginning of Period | 5,934,534 | 527 |
Cash - End of Period | 8,224,718 | 5,641,627 |
Cash Paid During the Period for: | ||
Taxes | 0 | 0 |
Interest | 0 | 0 |
Non-Cash Transactions: | ||
Conversion of convertible notes payable to common stock | 0 | 5,710,500 |
Conversion of interest payable to common stock | 0 | 647,342 |
Conversion of accounts payable and accrued expense - related party to common stock | 0 | 275,000 |
Beneficial conversion feature recorded as a debt discount | 0 | 2,922,938 |
Warrant value recorded as a debt discount | 0 | 433,062 |
Warrant value recorded as issuance costs | 1,671,618 | 0 |
Warrant derivative liability reclassified as equity | 2,217,605 | 0 |
Accounts payable and Accrued expenses | ||
Non-Cash Transactions: | ||
Fixed assets acquired | 484,716 | 0 |
Lease Payable | ||
Non-Cash Transactions: | ||
Fixed assets acquired | 184,877 | 0 |
Tenant Improvements | ||
Non-Cash Transactions: | ||
Fixed assets acquired | $511,616 | $0 |
Nature_of_Operations
Nature of Operations | 9 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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”. | |
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. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
Accounting Policies [Abstract] | |||||
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 29, 2014, 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, 2014. | |||||
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, 2015 are not necessarily indicative of results for the full fiscal year. | |||||
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 and warrants, 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 preclinical stage company, including the potential risk of business failure. See Note 3 regarding going concern matters. | |||||
Restricted Cash | |||||
Restricted cash consists of cash held in a joint account with our general contractor until the completion of the construction in progress. | |||||
Fixed Assets | |||||
Fixed assets are carried at cost less accumulated depreciation. The fixed assets as of March 31, 2015 and June 30, 2014 included $1,131,741 and $23,012, respectively, of construction in process in the buildout of our lab facilities and manufacturing suite. The Company estimates that the buildout will be completed early in fiscal year 2016 at which time they will begin to be depreciated. | |||||
Research and Development Costs | |||||
Research and development costs are expensed as incurred and include salaries, benefits and other staff-related costs; consultants and outside costs; material manufacturing costs; and facilities and other costs. These costs relate to research and development costs without an allocation of general and administrative expenses. | |||||
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 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 convertible notes payable approximated fair value as of March 31, 2015 and June 30, 2014 due to the relatively short maturity of the respective instruments. | |||||
The warrant derivative liability recorded as of March 31, 2015 and June 30, 2014 is recorded at an estimated fair value based on a Black-Scholes pricing model for some of the warrant derivative liability. The warrant derivative liability recorded in the current period was recorded at an estimated fair value both when recorded and as of March 31, 2015 using an income approach based on a Lattice Model due to a down round provision. The warrant derivative liability is a level 3 fair value measurement with the entire change in the balance recorded through earnings. 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, 2014 | $ | -35,595 | |||
Total unrealized gains (losses): | |||||
Included in earnings | -717,733 | ||||
Warrant recorded as derivative liability | -1,675,498 | ||||
Warrant reclassifed to equity | 2,217,605 | ||||
Balance as of March 31, 2015 | $ | -211,221 | |||
Recent Accounting Pronouncements | |||||
In June 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915). The objective of the amendments in this update is to improve financial reporting by reducing the cost and complexity associated with the incremental reporting requirements for development stage entities. The amendments in this update remove all incremental financial reporting requirements from US GAAP for development stage entities, thereby improving financial reporting by eliminating the cost and complexity associated with providing that information. The amendments are effective for annual reporting periods beginning after December 15, 2014, and interim reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company has elected to early adopt this guidance, and therefore is no longer presenting the financial statements in accordance with ASU 915, with inception to date disclosures. | |||||
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"), which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. We will be required to perform the going concern assessment under ASU 2014-15 beginning with the year ending June 30, 2017. | |||||
In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20), which eliminates the concept of extraordinary items. The new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015. The new guidance is to be applied prospectively but may also be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We expect to adopt the provisions of this new guidance on July 1, 2016. We do not expect the adoption of the new provisions to have a material impact on our financial condition or results of operations. | |||||
Going_Concern
Going Concern | 9 Months Ended |
Mar. 31, 2015 | |
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 $8,322,900 and net cash used in operations of $5,115,746 for the nine months ended March 31, 2015, working capital equity of $7,143,740, stockholders’ equity of $9,704,104, and an accumulated deficit of $26,069,824 at March 31, 2015. In addition, the Company is in the preclinical 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 based financings. | |
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. | |
Asset_Acquisition
Asset Acquisition | 9 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 4 Asset Acquisition |
Asset Acquisition - 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. | |
On November 6, 2014, the Company closed on an asset purchase agreement with the Chapter 7 Estate of PRP in which the Company acquired its contingent consideration payments in exchange for $55,000 in cash. The value paid for the contingent consideration was allocated to the intangible assets that were acquired from PRP. As of the closing, the Company is no longer obligated to make any contingent consideration payments. | |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 5 Related Party Transactions |
During the three and nine months ended March 31, 2015, the Company incurred consulting expenses of $33,000 and $99,000, respectively, for services performed by related parties of the Company and included in the statements of operations. As of March 31, 2015 and June 30, 2014, $0 and $397,055, respectively, of related party expenses are recorded in accounts payable and accrued expense – related party. During the three months ended March 31, 2015, the accounts payable and accrued expense – related party balance outstanding of $132,339 was forgiven and written off. | |
During the three and nine months ended March 31, 2014, the Company incurred consulting expenses of $172,530 and $334,204, respectively, and professional expenses of $0 and $51,000, respectively, for services performed by related parties of the Company and included in the statements of operations. | |
Convertible_Notes_Payable
Convertible Notes Payable | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 $5,000,000 (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 $20,000,000, 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 $5,000,000 to $2,500,000. 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 of 2014, 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 $3,000,000. Note holders of $3,032,500 of the convertible notes payable balances outstanding had signed and returned the amendment letter as of March 31, 2014. 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 June 30, 2014, $653,000 of the debt discount has been amortized into interest expense as these all amortized as part of the conversion. | ||||||||
2013 Notes (See (E) below) – In December 2013 and January 2014, the Company issued 8% convertible promissory notes payable for which principal and interest is due six months after the date of issuance. Pursuant to the note agreements, if the Company issues equity securities in a transaction resulting in gross proceeds of at least $3,000,000, 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 also received a warrant to purchase common stock equal to one-half of the principal amount of the promissory note. The warrant has an exercise price of $1.89 per share and is 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 7 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 using the effective interest method. | ||||||||
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 2,186,838 shares of our common stock. The Company also converted $4,275,172 of the 2010, 2011 and 2012 Notes and accrued interest into 3,111,126 shares of our common stock. The remaining balance of any 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, 2015 and June 30, 2014 are: | ||||||||
March 31, 2015 | June 30, 2014 | |||||||
2010 Notes (A) | $ | 60,000 | $ | 60,000 | ||||
2011 Notes (B) | - | - | ||||||
2011 Notes (C) | - | - | ||||||
2012 Notes (D) | - | - | ||||||
$ | 60,000 | $ | 60,000 | |||||
The notes originated at various dates from April 2010 through January 2013 and mature at various dates from February 2012 to June 2014. | ||||||||
As of March 31, 2015, all of the outstanding convertible notes have matured and payments were due on demand and remains convertible at the holders option. The convertible notes which have not been repaid continue to accrue interest at a rate of 8%. | ||||||||
Shareholders_Equity_Deficit
Shareholders' Equity (Deficit) | 9 Months Ended |
Mar. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | Note 7 Shareholders’ Equity (Deficit) |
During the fiscal year 2014, the Company completed a private placement transaction in which the Company issued 5,725,327 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 $7.6 million after the placement agent compensation and issuance costs paid of $1,365,085 and $898,719 of warrant expense recorded as issuance costs. | |
In addition to the units issued, the Company also issued 562,352 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. | |
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. As of March 31, 2015, 291,669 shares of common stock have been issued under the agreement and $296,669 has been recorded as investor relations expense during the nine months ended March 31, 2015. On November 1, 2014 the agreement was terminated and no additional compensation will be paid. | |
During the nine months ended March 31, 2015, the Company completed a private placement transaction in which the Company issued 4,968,482 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 $2.50 per share and the warrant will expire 36 months following the issuance. The Company received net proceeds of $6.7 million after the placement agent compensation and issuance costs paid of $873,164 and $1,590,920 of warrant expense recorded as issuance costs. | |
In the third quarter of fiscal 2015, the Company completed an initial close of a private placement transaction in which the Company issued 307,798 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 $2.50 per share and the warrant will expire 36 months following the issuance. The Company received net proceeds of $339 thousand after the placement agent compensation and issuance costs paid of $56,943 and $172,809 of warrant expense recorded as issuance costs. The Company completed the final close on the private placement transaction on April 6, 2015 in which another $1.4 million of gross proceeds were received. | |
The Company issued no shares of preferred stock during the three and nine month period ended March 31, 2015. The Company has not declared or paid any dividends or returned any capital to shareholders as of March 31, 2015. | |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [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. As of March 31, 2015, the Company granted 3,295,000 of these shares to current employees and directors of the Company. The options have an exercise price from $1.29 to $3.44 per share. The options vest monthly over 4 years with some options subject to a one year cliff before options begin to vest monthly. | |||||||||||
On February 23, 2015, the Company adopted the AntriaBio, Inc. 2015 Non Qualified Stock Option Plan which allows the Company to issue up to 6,850,000 of common stock in the form of stock options. As of March 31, 2015, the Company granted 4,072,000 of these shares to current employees and directors of the Company. The options have an exercise price of $2.06 per share. The options vest monthly over 4 years with some options subject to a one year cliff before options begin to vest monthly. | |||||||||||
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 used could cause significant differences in a valuation calculation. AntriaBio estimated a volatility factor utilizing a comparable published volatility of a peer company. Due to the small number of option holders, 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. | |||||||||||
AntriaBio has computed the fair value of all options granted during the nine months ended March 31, 2015 using the following assumptions: | |||||||||||
Expected volatility | 90 - 92 | % | |||||||||
Risk free interest rate | 1.31% - 1.88 | % | |||||||||
Expected term (years) | 7-May | ||||||||||
Dividend yield | 0 | % | |||||||||
Stock option activity is as follows: | |||||||||||
Weighted | Weighted Average | ||||||||||
Number of | Average | Remaining | |||||||||
Options | Exercise Price | Contractual Life | |||||||||
Outstanding, June 30, 2013 | 1,508,334 | $ | 4.5 | 4.6 | |||||||
Granted | 2,835,000 | $ | 3.14 | ||||||||
Outstanding, June 30, 2014 | 4,343,334 | $ | 3.61 | 5.6 | |||||||
Granted | 4,532,000 | $ | 2.03 | ||||||||
Forfeited | -212,916 | $ | 3.57 | ||||||||
Outstanding, March 31, 2015 | 8,662,418 | $ | 2.78 | 7.4 | |||||||
Exercisable at March 31, 2015 | 2,065,147 | $ | 3.95 | 4.1 | |||||||
Stock-based compensation expense related to the fair value of stock options was included in the statement of operations as research and development – compensation and benefits expense of $224,029 and $362,369 and as general and administrative – compensation and benefits expense of $484,676 and $1,501,857 for the three and nine months ended March 31, 2015, respectively. The unrecognized stock-based compensation expense at March 31, 2015 is $12,397,853. 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 and equity financings as follows: | |||||||||||
Weighted | Weighted Average | ||||||||||
Number of | Average | Remaining | |||||||||
Warrants | Exercise Price | Contractual Life | |||||||||
Outstanding, June 30, 2013 | 293,092 | $ | 2.21 | 4.1 | |||||||
Warrants issued to note holders | 225,259 | $ | 1.89 | ||||||||
Warrants issued to note holders | 4,039,184 | $ | 1.98 | ||||||||
Warrants issued to related party | 39,117 | $ | 7.5 | ||||||||
Warrants issued in private placement | 6,287,679 | $ | 2.34 | ||||||||
Warrants issued to placement agent | 290,861 | $ | 1.56 | ||||||||
Warrants issued for investor relations | 66,667 | $ | 3.34 | ||||||||
Warrants exercised | -100,550 | $ | 1.17 | ||||||||
Warrants forfeited | -41,570 | $ | 1.17 | ||||||||
Outstanding, June 30, 2014 | 11,099,739 | $ | 2.21 | 3.6 | |||||||
Warrants issued in private placements | 5,276,280 | $ | 2.5 | ||||||||
Warrants issued to placement agent | 1,576,937 | $ | 2.5 | ||||||||
Warrants issued for investor relations | 105,000 | $ | 1.65 | ||||||||
Warrants cancelled | -59,758 | $ | 2.92 | ||||||||
Outstanding, March 31, 2015 | 17,998,198 | $ | 2.31 | 3 | |||||||
Year Ended June 30, 2014: The Company issued warrants to purchase 41,424 shares of common stock at a price of $2.03 per share, exercisable from August 2012 through August 2017 to a placement agent in connection with the closing of convertible notes payable on specific private placements. The Company issued a warrant to purchase 233,334 shares of common stock at a price of $2.03 per share, exercisable from August 2012 through August 2017 to a placement agent in connection with the closing of over $1,000,000 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 private placements. The Company issued warrants to various note holders 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 as part of a settlement of debt 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 various note holders to purchase 4,039,184 shares of common stock at an average price of $1.98 per share of common stock, exercisable through April 2019 in connection with the conversion of convertible notes payable into equity. The Company issued warrants to purchase 6,287,679 shares of common stock at a price of $2.34 per share, exercisable through April 2017 in connection with the issuance of units in the private placement that was closed in April of 2014. The Company issued warrants to placement agent to purchase 290,861 shares of common stock at a price of $1.56 per share, exercisable through April 2021 in connection with the private placement that closed in April of 2014. The Company issued warrants to purchase 66,667 shares of common stock at a price of $3.44 per share, exercisable through May 2017 and 2019 in connection with investor relations activities that were performed. | |||||||||||
Nine Months Ended March 31, 2015: The Company issued warrants to purchase 4,968,482 shares of common stock at a price of $2.50 per share, exercisable through February 2018 in connection with the issuance of units in a private placement. The Company issued warrants to the placement agent to purchase agent to purchase 1,477,287 shares of common stock at a price of $2.50 per share, exercisable through February 2022 in connection with the private placement that occurred from November 2014 through February 2015. The Company issued warrants to purchase 105,000 shares of common stock at a price of $1.65 per share in connection with investor relations services. The Company issued warrants to purchase 307,798 shares of common stock at a price of $2.50 per share, exercisable through March 2018 in connection with the issuance of units in a private placement. The Company issued warrants to the placement agent to purchase agent to purchase 99,650 shares of common stock at a price of $2.50 per share, exercisable through March 2022 in connection with the private placement that occurred in March 2015. | |||||||||||
The warrants exercisable for the 41,424 shares of common stock were accounted for under liability accounting and were fair valued at each reporting period until April 1, 2014 when the warrants were reclassified to equity as the exercise price became fixed. The value of the warrants to purchase 41,424 shares as of April 1, 2014 was $102,917, which was the fair value of the warrant on the date it was reclassified to additional paid-in capital. 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 reclassified to equity 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. | |||||||||||
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 were being amortized over the term of the notes associated with the warrants and were fully amortized as of June 30, 2014. 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 unamortized discount was fully expensed into interest upon the conversion of the bridge notes in fiscal 2014. | |||||||||||
The warrants exercisable for the 6,287,679 shares of common stock were accounted for under equity treatment and were recorded at the allocated fair value as of the date of issuance. The estimated fair value of the warrants was $14,432,123 and the allocated fair value of $3,184,222 was recorded into additional paid-in capital. The warrants for the 4,039,184 shares of common stock were accounted for under the equity treatment and were recorded at the allocated fair value as of the date of issuance. The estimated fair value of the warrants was $11,111,739 and the allocated fair value of $2,065,708 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 estimated fair value of the warrants was $76,062 and recorded as additional paid-in capital and interest expense. The warrants exercisable for the 290,861 shares were accounted for under liability accounting on the date they were recorded. The warrants to purchase 290,861 shares had a value of $898,719 when recorded using a Lattice pricing model. On May 16, 2014, the warrants to purchase 290,861 shares terms were fixed and the warrants were fair valued at $690,187 using a Black-Scholes pricing model and reclassified into equity with the fair value adjustment recorded as derivative expense on the consolidated statement of operations. | |||||||||||
The warrants exercisable for the 66,667 shares of common stock are accounted for under liability accounting for the shares that have vested and were recorded at their fair value on the date of issuance of $50,365 as a liability and as professional fees and investor relation expense. The fair value as of March 31, 2015 and June 30, 2014 were $38,412 and $35,595, respectively which is reflected as a liability with the fair value adjustment recorded as a derivative expense on the consolidated statements of operations. | |||||||||||
The warrants exercisable for the 4,968,482 shares of common stock were accounted for under equity treatment and were recorded at the allocated fair value as of the date of issuance. The estimated fair value of the warrants was $3,527,816 and the allocated fair value of $2,597,932 was recorded into additional paid-in capital. The warrants exercisable for the 307,798 shares of common stock were accounted for under equity treatment and were recorded at the allocated fair value as of the date of issuance. The estimated fair value of the warrants was $379,694 and the allocated fair value of $181,418 was recorded into additional paid-in capital. The warrants exercisable for the 105,000 shares of common stock were accounted for under equity treatment and were fair valued as of the date of issuance. The fair value of the warrants was valued at $80,677 and recorded as additional paid-in-capital and professional fees. | |||||||||||
The warrants exercisable for the 1,477,287 shares were accounted for under liability accounting on the date they were recorded, except for 58,914 shares which were recorded directly into equity using the Black-Scholes pricing model on February 23, 2015 at a fair value of $92,111. The warrants to purchase 1,418,373 shares had a value of $1,498,809 when originally recorded using a Lattice pricing model and $2,217,605 as of February 23, 2015 using a Black-Scholes pricing model and reclassified into equity with the fair value adjustment recorded as derivative expense on the consolidated statement of operations. The warrants exercisable for the 99,650 shares were accounted for under liability accounting on March 31, 2015. The warrants to purchase 99,650 shares had a value of $172,809 when recorded using a Lattice pricing model. | |||||||||||
On May 2, 2014, an investor elected to exercise their warrant under a net issue exercise in which 100,550 shares of common stock were issued and 41,570 warrant shares were forfeited. | |||||||||||
These warrants were valued using the Black-Scholes option pricing model on the date of issuance except for the warrants to purchase 290,861 shares and the warrants to purchase 1,518,387 shares which were valued using a Lattice pricing model. In order to calculate the fair value of the warrants in both models, 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 | 89% - 97 | % | |||||||||
Risk free interest rate | 0.56% - 2.21 | % | |||||||||
Warrant term (years) | 7-Feb | ||||||||||
Dividend yield | 0 | % | |||||||||
We utilize a Lattice model to determine the fair market value of the warrants to purchase 290,861 shares on the day they were issued. The warrants issued resulted in a warrant derivative liability of $898,719 as of April 16, 2014. The Lattice model accommodates the probability of exercise price adjustment features as outlined in the warrant agreement. Under the terms of the warrant agreement, at any time while the warrant is outstanding, the exercise price per share can be reduced in proportion to the exercise price per share of future warrants issued that is lower than the exercise price per share as stated in the warrant agreement. The estimated fair value was derived using the lattice model with the following assumptions: | |||||||||||
Expected volatility | 93 | % | |||||||||
Risk free interest rate | 2.21 | % | |||||||||
Warrant term (years) | 7 | ||||||||||
Dividend yield | 0 | % | |||||||||
We utilize a Lattice model to determine the fair market value of the warrants to purchase 1,418,373 shares on the day they were issued. The warrants issued resulted in a warrant derivative liability of $1,498,809 on the dates they were issued. The Lattice model accommodates the probability of exercise price adjustment features as outlined in the placement agent agreement. Under the terms of the placement agent agreement, until the final close of the private placement financing under the agreement, the exercise price per share can be reduced in proportion to the exercise price per share of warrants issued in the private placement that is lower than the exercise price per share as stated in the warrant agreement. The estimated fair value was derived using the lattice model with the following assumptions: | |||||||||||
Expected volatility | 90% - 91 | % | |||||||||
Risk free interest rate | 1.89% - 1.98 | % | |||||||||
Warrant term (years) | 7 | ||||||||||
Dividend yield | 0 | % | |||||||||
We utilize a Lattice model to determine the fair market value of the warrants to purchase 96,650 shares on March 31, 2015, the day they were issued. The warrants issued resulted in a warrant derivative liability of $172,809 on the date they were issued. The Lattice model accommodates the probability of exercise price adjustment features as outlined in the placement agent agreement. Under the terms of the placement agent agreement, until the final close of the private placement financing under the agreement, the exercise price per share can be reduced in proportion to the exercise price per share of warrants issued in the private placement that is lower than the exercise price per share as stated in the warrant agreement. The estimated fair value was derived using the lattice model with the following assumptions: | |||||||||||
Expected volatility | 90 | % | |||||||||
Risk free interest rate | 1.71 | % | |||||||||
Warrant term (years) | 7 | ||||||||||
Dividend yield | 0 | % | |||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2015 | |
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 three and nine months ended March 31, 2015, the Company did not record any income tax provision due to the expected future losses and full valuation allowance on its deferred tax assets. | |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | Note 10 Commitments and Contingencies | ||||
Lease Commitments – In May 2014, the Company entered into a lease of approximately 27,000 square feet of office, laboratory and clean room space to be leased for seventy two months. The lease requires monthly payments of $28,939 adjusted annually by approximately 3% plus triple net expenses monthly of $34,381 adjusted annually. The Company also made a security deposit of $750,000 which is held by the landlord and will be returned gradually over the next several years. | |||||
As of March 31, 2015, minimum rental commitment under the lease is as follows: | |||||
Year Ending June 30, | |||||
2015 | $ | 88,552 | |||
2016 | 359,468 | ||||
2017 | 370,252 | ||||
2018 | 381,360 | ||||
2019 | 392,855 | ||||
Thereafter | 335,747 | ||||
$ | 1,928,234 | ||||
In September 2014, the Company entered into an equipment lease for laboratory equipment to be leased for twenty-four months with a bargain purchase option at the end of the lease. The equipment lease has been recorded as a capital lease with monthly payments of $8,075 per month to be made. | |||||
As of March 31, 2015, minimum rental commitment under the leases is as follows: | |||||
Year Ending June 30, | |||||
2015 | $ | 24,222 | |||
2016 | 96,890 | ||||
2017 | 24,223 | ||||
Total rental commitments | 145,335 | ||||
Less: Interest payments | -5,477 | ||||
Total lease payable | 139,858 | ||||
Lease payable, current portion | -92,912 | ||||
Lease payable, less current portion | $ | 46,946 | |||
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, 2015, 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, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 11 Subsequent Events |
No events occurred subsequent to March 31, 2015 that would require adjustment to the accompanying financial statements or footnotes other than those disclosed in the notes above. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
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 29, 2014, 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, 2014. | |||||
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, 2015 are not necessarily indicative of results for the full fiscal year. | |||||
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 and warrants, 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 preclinical stage company, including the potential risk of business failure. See Note 3 regarding going concern matters. | |||||
Restricted Cash [Policy Text Block] | Restricted Cash | ||||
Restricted cash consists of cash held in a joint account with our general contractor until the completion of the construction in progress. | |||||
Depreciation, Depletion, and Amortization [Policy Text Block] | Fixed Assets | ||||
Fixed assets are carried at cost less accumulated depreciation. The fixed assets as of March 31, 2015 and June 30, 2014 included $1,131,741 and $23,012, respectively, of construction in process in the buildout of our lab facilities and manufacturing suite. The Company estimates that the buildout will be completed early in fiscal year 2016 at which time they will begin to be depreciated. | |||||
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs | ||||
Research and development costs are expensed as incurred and include salaries, benefits and other staff-related costs; consultants and outside costs; material manufacturing costs; and facilities and other costs. These costs relate to research and development costs without an allocation of general and administrative expenses. | |||||
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 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 convertible notes payable approximated fair value as of March 31, 2015 and June 30, 2014 due to the relatively short maturity of the respective instruments. | |||||
The warrant derivative liability recorded as of March 31, 2015 and June 30, 2014 is recorded at an estimated fair value based on a Black-Scholes pricing model for some of the warrant derivative liability. The warrant derivative liability recorded in the current period was recorded at an estimated fair value both when recorded and as of March 31, 2015 using an income approach based on a Lattice Model due to a down round provision. The warrant derivative liability is a level 3 fair value measurement with the entire change in the balance recorded through earnings. 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, 2014 | $ | -35,595 | |||
Total unrealized gains (losses): | |||||
Included in earnings | -717,733 | ||||
Warrant recorded as derivative liability | -1,675,498 | ||||
Warrant reclassifed to equity | 2,217,605 | ||||
Balance as of March 31, 2015 | $ | -211,221 | |||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | ||||
In June 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915). The objective of the amendments in this update is to improve financial reporting by reducing the cost and complexity associated with the incremental reporting requirements for development stage entities. The amendments in this update remove all incremental financial reporting requirements from US GAAP for development stage entities, thereby improving financial reporting by eliminating the cost and complexity associated with providing that information. The amendments are effective for annual reporting periods beginning after December 15, 2014, and interim reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company has elected to early adopt this guidance, and therefore is no longer presenting the financial statements in accordance with ASU 915, with inception to date disclosures. | |||||
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"), which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. We will be required to perform the going concern assessment under ASU 2014-15 beginning with the year ending June 30, 2017. | |||||
In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20), which eliminates the concept of extraordinary items. The new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015. The new guidance is to be applied prospectively but may also be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We expect to adopt the provisions of this new guidance on July 1, 2016. We do not expect the adoption of the new provisions to have a material impact on our financial condition or results of operations. | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
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, 2014 | $ | -35,595 | |||
Total unrealized gains (losses): | |||||
Included in earnings | -717,733 | ||||
Warrant recorded as derivative liability | -1,675,498 | ||||
Warrant reclassifed to equity | 2,217,605 | ||||
Balance as of March 31, 2015 | $ | -211,221 | |||
Convertible_Notes_Payable_Tabl
Convertible Notes Payable (Tables) | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule Of Convertible Notes Outstanding [Table Text Block] | The convertible notes outstanding as of March 31, 2015 and June 30, 2014 are: | |||||||
March 31, 2015 | June 30, 2014 | |||||||
2010 Notes (A) | $ | 60,000 | $ | 60,000 | ||||
2011 Notes (B) | - | - | ||||||
2011 Notes (C) | - | - | ||||||
2012 Notes (D) | - | - | ||||||
$ | 60,000 | $ | 60,000 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
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, 2013 | 1,508,334 | $ | 4.5 | 4.6 | |||||||
Granted | 2,835,000 | $ | 3.14 | ||||||||
Outstanding, June 30, 2014 | 4,343,334 | $ | 3.61 | 5.6 | |||||||
Granted | 4,532,000 | $ | 2.03 | ||||||||
Forfeited | -212,916 | $ | 3.57 | ||||||||
Outstanding, March 31, 2015 | 8,662,418 | $ | 2.78 | 7.4 | |||||||
Exercisable at March 31, 2015 | 2,065,147 | $ | 3.95 | 4.1 | |||||||
Schedule Of Warrants Issued To Agents Activity [Table Text Block] | AntriaBio issued warrants to agents and note holders in conjunction with the closing of its convertible notes payable and equity financings as follows: | ||||||||||
Weighted | Weighted Average | ||||||||||
Number of | Average | Remaining | |||||||||
Warrants | Exercise Price | Contractual Life | |||||||||
Outstanding, June 30, 2013 | 293,092 | $ | 2.21 | 4.1 | |||||||
Warrants issued to note holders | 225,259 | $ | 1.89 | ||||||||
Warrants issued to note holders | 4,039,184 | $ | 1.98 | ||||||||
Warrants issued to related party | 39,117 | $ | 7.5 | ||||||||
Warrants issued in private placement | 6,287,679 | $ | 2.34 | ||||||||
Warrants issued to placement agent | 290,861 | $ | 1.56 | ||||||||
Warrants issued for investor relations | 66,667 | $ | 3.34 | ||||||||
Warrants exercised | -100,550 | $ | 1.17 | ||||||||
Warrants forfeited | -41,570 | $ | 1.17 | ||||||||
Outstanding, June 30, 2014 | 11,099,739 | $ | 2.21 | 3.6 | |||||||
Warrants issued in private placements | 5,276,280 | $ | 2.5 | ||||||||
Warrants issued to placement agent | 1,576,937 | $ | 2.5 | ||||||||
Warrants issued for investor relations | 105,000 | $ | 1.65 | ||||||||
Warrants cancelled | -59,758 | $ | 2.92 | ||||||||
Outstanding, March 31, 2015 | 17,998,198 | $ | 2.31 | 3 | |||||||
Black Scholes Pricing Model | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | AntriaBio has computed the fair value of all options granted during the nine months ended March 31, 2015 using the following assumptions: | ||||||||||
Expected volatility | 90 - 92 | % | |||||||||
Risk free interest rate | 1.31% - 1.88 | % | |||||||||
Expected term (years) | 7-May | ||||||||||
Dividend yield | 0 | % | |||||||||
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | The estimated fair value was derived using the lattice model with the following assumptions: | ||||||||||
Expected volatility | 93 | % | |||||||||
Risk free interest rate | 2.21 | % | |||||||||
Warrant term (years) | 7 | ||||||||||
Dividend yield | 0 | % | |||||||||
Lattice Model One | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | The estimated fair value was derived using the lattice model with the following assumptions: | ||||||||||
Expected volatility | 90% - 91 | % | |||||||||
Risk free interest rate | 1.89% - 1.98 | % | |||||||||
Warrant term (years) | 7 | ||||||||||
Dividend yield | 0 | % | |||||||||
Lattice Model Two | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | The estimated fair value was derived using the lattice model with the following assumptions: | ||||||||||
Expected volatility | 90 | % | |||||||||
Risk free interest rate | 1.71 | % | |||||||||
Warrant term (years) | 7 | ||||||||||
Dividend yield | 0 | % | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of March 31, 2015, minimum rental commitment under the lease is as follows: | ||||
Year Ending June 30, | |||||
2015 | $ | 88,552 | |||
2016 | 359,468 | ||||
2017 | 370,252 | ||||
2018 | 381,360 | ||||
2019 | 392,855 | ||||
Thereafter | 335,747 | ||||
$ | 1,928,234 | ||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | As of March 31, 2015, minimum rental commitment under the leases is as follows: | ||||
Year Ending June 30, | |||||
2015 | $ | 24,222 | |||
2016 | 96,890 | ||||
2017 | 24,223 | ||||
Total rental commitments | 145,335 | ||||
Less: Interest payments | -5,477 | ||||
Total lease payable | 139,858 | ||||
Lease payable, current portion | -92,912 | ||||
Lease payable, less current portion | $ | 46,946 | |||
Nature_of_Operations_Details_T
Nature of Operations (Details Textual) | 1 Months Ended |
Jan. 31, 2013 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 5,880,667 |
Business Acquisition, Percentage of Voting Interests Acquired | 88.20% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 9 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Line Items] | |
Balance as of June 30, 2014 | ($35,595) |
Total unrealized gains (losses): | |
Included in earnings | -717,733 |
Warrant recorded as derivative liability | -1,675,498 |
Warrant reclassifed to equity | 2,217,605 |
Balance as of March 31, 2015 | ($211,221) |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Property, Plant and Equipment, Gross | $1,131,741 | $23,012 |
Going_Concern_Details_Textual
Going Concern (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net Loss | ($3,172,640) | ($5,087,130) | ($8,322,900) | ($7,725,223) | ($9,730,454) | |
Net Cash Used In Operating Activities | -5,115,746 | -1,069,183 | ||||
Total Stockholders' Equity | 9,704,104 | 9,704,104 | 6,406,731 | -4,162,212 | ||
Deficit accumulated during the development stage | -26,069,824 | -26,069,824 | -17,746,924 | |||
Working Capital Deficit | $7,143,740 | $7,143,740 |
Asset_Acquisition_Details_Text
Asset Acquisition (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended |
Nov. 06, 2014 | Jan. 30, 2013 | |
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Gross | $400,000 | |
Business Acquisition Purchases Price Allocation Assets Acquired | 100,000 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | 55,000 | |
Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Current | $44,000,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Consulting expenses | $33,000 | $172,530 | $99,000 | $334,204 | |
Professional fees | 72,270 | 228,308 | 362,339 | 470,926 | |
Related party expenses | 0 | 0 | 397,055 | ||
Forgiveness of accounts payable and accrued expenses - related party | 132,339 | 0 | |||
Related Parties | |||||
Professional fees | $0 | $51,000 |
Convertible_Notes_Payable_Deta
Convertible Notes Payable (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Unpaid Principal | $60,000 | $60,000 |
2010 Notes (A) | ||
Unpaid Principal | 60,000 | 60,000 |
2011 Notes (B) | ||
Unpaid Principal | 0 | 0 |
2011 Notes (C) | ||
Unpaid Principal | 0 | 0 |
2012 Notes (D) | ||
Unpaid Principal | $0 | $0 |
Convertible_Notes_Payable_Deta1
Convertible Notes Payable (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2012 | Jul. 31, 2012 | Jun. 30, 2011 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | |
Third party capital investment | $2,500,000 | $2,500,000 | ||||||||
Percentage of common share price of financing | 65.00% | 65.00% | ||||||||
Maximum convertible notes payable issuance | 1,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | ||||||
Qualified offering common stock | 5,000,000 | |||||||||
Maximum conversion pre money valuation | 20,000,000 | |||||||||
Percentage of exercise per share on price per common share | 135.00% | |||||||||
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% | |||||||||
Debt instrument, interest rate, stated percentage | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | |||||
Beneficial conversion feature recorded as a debt discount | 0 | 2,922,938 | ||||||||
Percentage Of Price Per Common Share On Warrant To Purchase One Share Of Common Stock | 150.00% | |||||||||
Amortization of Debt Discount (Premium) | 0 | 3,356,000 | ||||||||
Maximum | ||||||||||
Qualified financing | 5,000,000 | |||||||||
Minimum | ||||||||||
Qualified financing | 2,500,000 | |||||||||
Convertible Notes Payable | ||||||||||
Debt instrument, convertible, conversion price | $1.50 | |||||||||
Debt conversion, converted instrument, amount | 4,275,172 | 3,032,500 | ||||||||
Beneficial conversion feature recorded as a debt discount | 653,000 | |||||||||
Marketable securities, equity securities, current, total | 3,000,000 | |||||||||
Debt instrument convertible number of common stock | 3,111,126 | |||||||||
Amortization of Debt Discount (Premium) | 653,000 | |||||||||
2013 Notes | ||||||||||
Qualified financing | 2,703,000 | 2,703,000 | ||||||||
Debt instrument, interest rate, stated percentage | 8.00% | 8.00% | ||||||||
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 | $1.89 | $1.89 | ||||||||
Debt instrument convertible number of common stock | 2,186,838 | |||||||||
2010 Notes | ||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | 8.00% |
Shareholders_Equity_Deficit_De
Shareholders' Equity (Deficit) (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||
16-May-14 | Mar. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 06, 2015 | Mar. 31, 2015 | Jan. 31, 2014 | Dec. 31, 2013 | |
Payments of stock issuance costs | $2,693,836 | $2,263,804 | |||||||
Additional Warrants Issued | 562,352 | ||||||||
Advertising Expenses For Common Stock | 296,669 | ||||||||
Services Agreement Expenses | 500,000 | ||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 690,187 | 5,169,743 | 690,187 | ||||||
Common Stock | |||||||||
Stock issued during period, shares, new issues | 5,276,280 | 5,725,327 | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 291,669 | ||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 0 | 0 | |||||||
Warrant | |||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 898,719 | ||||||||
2013 Notes | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.89 | $1.89 | |||||||
Private Placement | |||||||||
Stock issued during period, shares, new issues | 4,968,482 | 5,725,327 | |||||||
Sale of stock, price per share | $2.34 | ||||||||
Proceeds from issuance of private placement | 6,700,000 | 7,600,000 | |||||||
Payments of stock issuance costs | 873,164 | 1,365,085 | |||||||
Class of warrant or right of warrants or rights expiring period | 36 months | 36 months | |||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 1,590,920 | ||||||||
Private Placement | Subsequent Event | |||||||||
Stock issued during period, shares, new issues | 1.4 | 307,798 | |||||||
Sale of stock, price per share | $2.50 | $2.50 | |||||||
Proceeds from issuance of private placement | 1,400,000 | 339,000 | |||||||
Payments of stock issuance costs | 56,943 | ||||||||
Class of warrant or right of warrants or rights expiring period | 36 months | 36 months | |||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $172,809 | ||||||||
Private Placement | 2013 Notes | |||||||||
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, Exercise Price of Warrants or Rights | $2.34 | $2.34 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (Stock Option) | 9 Months Ended |
Mar. 31, 2015 | |
Dividend yield | 0.00% |
Minimum | |
Expected volatility | 90.00% |
Risk free interest rate | 1.31% |
Expected term (years) | 5 years |
Maximum | |
Expected volatility | 92.00% |
Risk free interest rate | 1.88% |
Expected term (years) | 7 years |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (Stock Option, USD $) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Option | |||
Number of Options | |||
Outstanding | 4,343,334 | 1,508,334 | |
Granted | 4,532,000 | 2,835,000 | |
Forfeited | -212,916 | ||
Outstanding | 8,662,418 | 4,343,334 | 1,508,334 |
Exercisable | 2,065,147 | ||
Weighted Average Exercise Price | |||
Outstanding | $3.61 | $4.50 | |
Granted | $2.03 | $3.14 | |
Forfeited | $3.57 | ||
Outstanding | $2.78 | $3.61 | $4.50 |
Exercisable | $3.95 | ||
Weighted Average Remaining Contractual Life | |||
Outstanding | 7 years 4 months 24 days | 5 years 7 months 6 days | 4 years 7 months 6 days |
Exercisable | 4 years 1 month 6 days |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (Warrant, USD $) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Warrant | |||
Number of Warrants - Outstanding | 11,099,739 | 293,092 | |
Number of Warrants - Warrants issued to note holders | 225,259 | ||
Number of Warrants - Warrants issued to note holders | 4,039,184 | ||
Number of Warrants - Warrants issued to related party | 39,117 | ||
Number of Warrants - Warrants issued in private placement | 5,276,280 | 6,287,679 | |
Number of Warrants - Warrants issued to placement agent | 1,576,937 | 290,861 | |
Number of Warrants - Warrants issued for investor relations | 105,000 | 66,667 | |
Number of Warrants - Warrants exercised | -100,550 | ||
Number of Warrants - Warrants forfeited | -41,570 | ||
Number of Warrants - Warrants cancelled | -59,758 | ||
Number of Warrants - Outstanding | 17,998,198 | 11,099,739 | 293,092 |
Weighted Average Exercise Price - Outstanding | $2.21 | $2.21 | |
Weighted Average Exercise Price - Warrants issued to note holders | $1.89 | ||
Weighted Average Exercise Price - Warrants issued to note holders | $1.98 | ||
Weighted Average Exercise Price - Warrants issued to related party | $7.50 | ||
Weighted Average Exercise Price - Warrants issued in private placement | $2.50 | $2.34 | |
Weighted Average Exercise Price - Warrants issued to placement agent | $2.50 | $1.56 | |
Weighted Average Exercise Price - Warrants issued for investor relations | $1.65 | $3.34 | |
Weighted Average Exercise Price - Warrants exercised | $1.17 | ||
Weighted Average Exercise Price - Warrants forfeited | $1.17 | ||
Weighted Average Exercise Price - Warrants cancelled | $2.92 | ||
Weighted Average Exercise Price - Outstanding | $2.31 | $2.21 | $2.21 |
Weighted Average Remaining Contractual Life - Outstanding | 3 years | 3 years 7 months 6 days | 4 years 1 month 6 days |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 3) (Warrant, Black Scholes Pricing Model) | 9 Months Ended |
Mar. 31, 2015 | |
Dividend yield | 0.00% |
Maximum | |
Expected volatility | 97.00% |
Risk free interest rate | 2.21% |
Warrant term (years) | 7 years |
Minimum | |
Expected volatility | 89.00% |
Risk free interest rate | 0.56% |
Warrant term (years) | 2 years |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details 4) (Lattice Model, Warrant) | 9 Months Ended |
Mar. 31, 2015 | |
Lattice Model | Warrant | |
Expected volatility | 93.00% |
Risk free interest rate | 2.21% |
Warrant term (years) | 7 years |
Dividend yield | 0.00% |
StockBased_Compensation_Detail5
Stock-Based Compensation (Details 5) (Lattice Model One, Warrant) | 9 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrant term (years) | 7 years |
Dividend yield | 0.00% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 91.00% |
Risk free interest rate | 1.98% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 90.00% |
Risk free interest rate | 1.89% |
StockBased_Compensation_Detail6
Stock-Based Compensation (Details 6) (Lattice Model Two, Warrant) | 9 Months Ended |
Mar. 31, 2015 | |
Lattice Model Two | Warrant | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 90.00% |
Risk free interest rate | 1.71% |
Warrant term (years) | 7 years |
Dividend yield | 0.00% |
StockBased_Compensation_Detail7
Stock-Based Compensation (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
16-May-14 | 31-May-13 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | Feb. 23, 2015 | Jun. 30, 2013 | Mar. 31, 2015 | Jan. 31, 2013 | 2-May-14 | Dec. 31, 2012 | Jul. 31, 2012 | Jun. 30, 2011 | Apr. 16, 2014 | Mar. 26, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 138,888 | ||||||||||||||
Stock-based compensation | $1,864,226 | $495,120 | |||||||||||||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, stock options | 12,397,853 | 12,397,853 | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 105,000 | 105,000 | |||||||||||||
Fair value of warrants | 38,412 | 35,595 | |||||||||||||
Class of warrant exercisable warrants or rights | 41,424 | 41,424 | |||||||||||||
Warrants to purchase common stock value | 80,677 | 80,677 | |||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 690,187 | 5,169,743 | 690,187 | ||||||||||||
Maximum Convertible Notes Payable Issuance | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | |||||||||||
Black Scholes Pricing Model | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 58,914 | ||||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 92,111 | ||||||||||||||
Lattice Model | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 290,861 | 290,861 | |||||||||||||
Warrants to purchase common stock value | 172,809 | 172,809 | |||||||||||||
Warrant derivative liability | 898,719 | ||||||||||||||
Lattice Model One | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,418,373 | 1,418,373 | |||||||||||||
Warrant derivative liability | 1,498,809 | 1,498,809 | |||||||||||||
Lattice Model Two | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 96,650 | 96,650 | |||||||||||||
Warrant derivative liability | 172,809 | 172,809 | |||||||||||||
2014 Stock and Incentive Plan | |||||||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 3,750,000 | ||||||||||||||
Two Consultants | |||||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 8,334 | ||||||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $4.50 | ||||||||||||||
Employees and Directors | General and Administrative Expense [Member] | |||||||||||||||
Stock-based compensation | 1,501,857 | 484,676 | |||||||||||||
Employees and Directors | 2014 Stock and Incentive Plan | |||||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 3,295,000 | ||||||||||||||
Share based compensation arrangement by share based payment award options shares purchased vested monthly term | 4 years | ||||||||||||||
Employees and Directors | 2014 Stock and Incentive Plan | Maximum | |||||||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $3.44 | ||||||||||||||
Employees and Directors | 2014 Stock and Incentive Plan | Minimum | |||||||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $1.29 | ||||||||||||||
Employee Stock Option | |||||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 4,532,000 | 2,835,000 | |||||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $2.03 | $3.14 | |||||||||||||
Employee Stock Option | Research and Development Expense [Member] | |||||||||||||||
Stock-based compensation | 362,369 | 224,029 | |||||||||||||
Employee Stock Option | Maximum | |||||||||||||||
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 | ||||||||||||||
Employee Stock Option | Employees and Directors | |||||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 4,072,000 | 1,500,000 | |||||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $2.06 | 4.5 | |||||||||||||
Share based compensation arrangement by share based payment award options shares purchased vested monthly term | 4 years | ||||||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 6,850,000 | ||||||||||||||
Warrant | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 99,650 | 99,650 | |||||||||||||
Class of warrant exercisable warrants or rights | 233,334 | 233,334 | |||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 898,719 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 41,570 | ||||||||||||||
Warrant | Black Scholes Pricing Model | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 290,861 | 290,861 | |||||||||||||
Warrant | Lattice Model | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,518,387 | 1,518,387 | |||||||||||||
Warrant | Investor | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 100,550 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 41,570 | ||||||||||||||
Warrant One | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 4,968,482 | 41,424 | 4,968,482 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $2.50 | $2.03 | $2.50 | ||||||||||||
Class of warrant exercisable warrants or rights | 41,424 | 41,424 | |||||||||||||
Warrants to purchase common stock value | 102,917 | 102,917 | |||||||||||||
Warrant Two | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,477,287 | 233,334 | 1,477,287 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $2.50 | $2.03 | $2.50 | ||||||||||||
Warrants to purchase common stock value | 614,635 | 614,635 | |||||||||||||
Warrant Three | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 105,000 | 18,334 | 105,000 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.65 | $4.95 | $1.65 | ||||||||||||
Class of warrant exercisable warrants or rights | 18,334 | 18,334 | |||||||||||||
Warrant Four | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 307,798 | 225,259 | 307,798 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $2.50 | $1.89 | $2.50 | ||||||||||||
Warrant Five | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 99,650 | 39,117 | 99,650 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $2.50 | $7.50 | $2.50 | ||||||||||||
Warrant Six | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 4,039,184 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.98 | ||||||||||||||
Warrant Seven | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 6,287,679 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $2.34 | ||||||||||||||
Warrant Eight | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 290,861 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.56 | ||||||||||||||
Warrant Nine | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 66,667 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3.44 | ||||||||||||||
Warrant Ten | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 225,259 | 225,259 | |||||||||||||
Fair value of class of warrants | 191,126 | 191,126 | |||||||||||||
Fair value of warrants | 524,594 | ||||||||||||||
Fair value adjustment of warrants | 433,062 | ||||||||||||||
Warrant Eleven | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 6,287,679 | ||||||||||||||
Fair value of warrants | 14,432,123 | ||||||||||||||
Fair value adjustment of warrants | 3,184,222 | ||||||||||||||
Warrant Twelve | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 4,039,184 | ||||||||||||||
Fair value of warrants | 11,111,739 | ||||||||||||||
Fair value adjustment of warrants | 2,065,708 | ||||||||||||||
Warrant Thirteen | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 39,117 | ||||||||||||||
Fair value of warrants | 76,062 | ||||||||||||||
Warrant Fourteen | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 290,861 | ||||||||||||||
Warrant Fifteen | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 66,667 | 66,667 | |||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 50,365 | ||||||||||||||
Warrant Fifteen | Lattice Model | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 290,861 | ||||||||||||||
Warrant derivative liability | 898,719 | 898,719 | |||||||||||||
Warrant Sixteen | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 4,968,482 | 4,968,482 | |||||||||||||
Warrants to purchase common stock value | 3,527,816 | 3,527,816 | |||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 2,597,932 | ||||||||||||||
Warrant Seventeen | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 307,798 | 307,798 | |||||||||||||
Class of warrant exercisable warrants or rights | 1,477,287 | 1,477,287 | |||||||||||||
Warrants to purchase common stock value | 379,694 | 379,694 | |||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 181,418 | ||||||||||||||
Warrant Eighteen | Lattice Model | |||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,418,373 | 1,418,373 | |||||||||||||
Warrant derivative liability | 1,498,809 | 1,498,809 | |||||||||||||
Warrant Eighteen | Derivative Expense | |||||||||||||||
Warrants to purchase common stock value | $2,217,605 | ||||||||||||||
Warrant Ninteen | |||||||||||||||
Class of warrant exercisable warrants or rights | 99,650 | 99,650 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Mar. 31, 2015 |
Operating Leased Assets [Line Items] | |
2015 | $88,552 |
2016 | 359,468 |
2017 | 370,252 |
2018 | 381,360 |
2019 | 392,855 |
Thereafter | 335,747 |
Operating Leases, Future Minimum Payments Due | $1,928,234 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 1) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 |
2015 | $24,222 | ||
2016 | 96,890 | ||
2017 | 24,223 | ||
Total rental commitments | 145,335 | ||
Less: Interest payments | -5,477 | ||
Total lease payable | 139,858 | 8,075 | |
Lease payable, current portion | 92,912 | 0 | |
Lease payable, less current portion | $46,946 | $0 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details Textual) (USD $) | 1 Months Ended | ||
31-May-14 | Mar. 31, 2015 | Sep. 30, 2014 | |
sqft | |||
Operating Leases, Rent Expense | $28,939 | ||
Payments Of Monthly Lease Adjusted Annually Percentage | 3.00% | ||
Adjusted Triple Net Expense Of Lease Payments | 34,381 | ||
Area of Land | 27,000 | ||
Security Deposit | 750,000 | ||
Capital Lease Obligations | $139,858 | $8,075 |