Document And Entity Information
Document And Entity Information | 12 Months Ended |
Jun. 30, 2015 | |
Document Information [Line Items] | |
Document Type | POS AM |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2015 |
Entity Registrant Name | AntriaBio, Inc. |
Entity Central Index Key | 1,509,261 |
Entity Filer Category | Smaller Reporting Company |
Trading Symbol | ANTB |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Current assets | ||
Cash | $ 5,278,706 | $ 5,934,534 |
Restricted cash | 450,167 | 0 |
Inventory | 67,218 | 289,600 |
Other current assets | 320,293 | 83,425 |
Total current assets | 6,116,384 | 6,307,559 |
Non-current assets | ||
Fixed assets, net | 4,524,912 | 337,932 |
Intangible assets, net | 58,906 | 9,161 |
Deposit | 563,000 | 750,000 |
Total non-current assets | 5,146,818 | 1,097,093 |
Total Assets | 11,263,202 | 7,404,652 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,408,399 | 460,311 |
Accounts payable and accrued expenses - related party | 0 | 397,055 |
Convertible notes payable | 60,000 | 60,000 |
Deferred lease liability, current portion | 98,671 | 0 |
Lease payable, current portion | 93,852 | 0 |
Interest payable | 13,079 | 11,079 |
Warrant derivative liability | 31,777 | 35,595 |
Total current liabilities | 1,705,778 | 964,040 |
Non-current liabilities: | ||
Deferred lease liability, less current portion | 480,490 | 33,881 |
Lease payable, less current portion | 23,127 | 0 |
Total non-current liabilities | 503,617 | 33,881 |
Total Liabilities | $ 2,209,395 | $ 997,921 |
Commitments and Contingencies (Note 12) | ||
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; 24,338,219 and 18,091,792 shares issued and outstanding, June 30, 2015 and 2014, respectively | 24,341 | 18,092 |
Additional paid-in capital | 38,138,754 | 24,135,563 |
Accumulated deficit | (29,109,288) | (17,746,924) |
Total stockholders' equity | 9,053,807 | 6,406,731 |
Total Liabilities and Stockholders' Equity | $ 11,263,202 | $ 7,404,652 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
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) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 24,338,219 | 18,091,792 |
Common stock, shares outstanding | 24,338,219 | 18,091,792 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Research and development | ||
Compensation and benefits | $ 2,068,236 | $ 0 |
Consultants and outside costs | 742,229 | 34,317 |
Material manufacturing costs | 1,355,882 | 0 |
Facilities and other costs | 534,862 | 0 |
Research and development | 4,701,209 | 34,317 |
General and Administrative | ||
Consulting fees | 349,633 | 579,817 |
Compensation and benefits | 3,778,791 | 2,260,598 |
Professional fees | 526,257 | 724,385 |
Investor relations | 523,345 | 661,914 |
General and administrative | 818,647 | 915,002 |
General and Administrative | 5,996,673 | 5,141,716 |
Total operating expenses | 10,697,882 | 5,176,033 |
Loss from operations | (10,697,882) | (5,176,033) |
Other income (expense) | ||
Interest income | 4,970 | 12,180 |
Interest expense | (6,729) | (4,230,112) |
Derivative losses | (662,723) | (336,489) |
Total other income (expense) | (664,482) | (4,554,421) |
Net loss | $ (11,362,364) | $ (9,730,454) |
Net loss per common share - basic and diluted | $ (0.54) | $ (1.04) |
Weighted average number of common shares outstanding - basic and diluted | 20,950,191 | 9,384,662 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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 |
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 issued | 690,187 | 0 | 690,187 | 0 |
Issuance of common stock | 3,483,408 | $ 5,725 | 3,477,683 | 0 |
Issuance of common stock (in shares) | 5,725,327 | |||
Issuance of common stock for note conversions | 4,964,879 | $ 5,298 | 4,959,581 | 0 |
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 | |||
Issuance of common stock for services | 404,587 | $ 125 | 404,462 | 0 |
Issuance of common stock for services (in shares) | 125,001 | |||
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 | 2,846,828 | $ 0 | 2,846,828 | 0 |
Fair value of warrants issued | 6,026,070 | 0 | 6,026,070 | 0 |
Issuance of common stock | $ 4,768,123 | $ 6,042 | 4,762,081 | 0 |
Issuance of common stock (in shares) | 166,668 | 6,040,921 | ||
Issuance of common stock for services | $ 368,419 | $ 207 | 368,212 | 0 |
Issuance of common stock for services (in shares) | 205,506 | |||
Net loss | (11,362,364) | $ 0 | 0 | (11,362,364) |
Balance at Jun. 30, 2015 | $ 9,053,807 | $ 24,341 | $ 38,138,754 | $ (29,109,288) |
Balance (in shares) at Jun. 30, 2015 | 24,338,219 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Common Stock | ||
Payments of stock issuance costs | $ 3,144,479 | $ 2,263,804 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (11,362,364) | $ (9,730,454) |
Amortization of notes payable discount | 0 | 3,356,000 |
Amortization of deferred financing costs | 0 | 416,337 |
Amortization of intangible asset | 5,255 | 3,544 |
Depreciation expense | 128,870 | 7,759 |
Stock-based compensation expense | 2,846,828 | 1,081,792 |
Stock issued for services | 298,419 | 404,587 |
Warrant expense | 93,564 | 126,427 |
Derivative losses | 662,723 | 336,489 |
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 ) decrease in other assets | (49,868) | 12,044 |
(Increase) decrease in inventory | 222,382 | (66,600) |
Increase in due from related parties | 0 | 18,947 |
Increase in accounts payable and accrued expenses | 436,688 | 271,965 |
(Decrease) in accounts payable and accrued expenses - related party | (264,716) | (134,946) |
Increase in interest payable | 2,000 | 353,091 |
Deferred lease liability | 33,664 | 33,881 |
Net Cash Used In Operating Activities | (7,078,894) | (3,167,357) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (3,107,957) | (69,974) |
Payment of deposit | 0 | (750,000) |
Acquisition of intangibles | (55,000) | 0 |
Increase in restricted cash | (450,167) | 0 |
Decrease in interest receivable - related party | 0 | (10,211) |
Net Cash Used In Investing Activities | (3,613,124) | (830,185) |
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 |
Repayments of notes payable - related party | 0 | (234,700) |
Payments on lease payable | (67,898) | 0 |
Proceeds from issuance of equity financing | 11,175,656 | 8,931,434 |
Payment of placement agent compensation and issuance costs | (1,071,568) | (1,365,085) |
Net Cash Provided By Financing Activities | 10,036,190 | 9,931,549 |
Net increase (decrease) in cash | (655,828) | 5,934,007 |
Cash - Beginning of Year | 5,934,534 | 527 |
Cash - End of Year | 5,278,706 | 5,934,534 |
Cash Paid During the Period for: | ||
Taxes | 0 | 0 |
Interest | 0 | 15,726 |
Non-Cash Transactions: | ||
Conversion of convertible notes payable to common stock | 0 | 6,308,000 |
Conversion of interest payable to common stock | 0 | 722,587 |
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 derivative liability reclassified as equity | 2,342,039 | 1,407,739 |
Warrant value recorded as issuance costs | 1,745,498 | 898,719 |
Accounts payable and Accrued expenses | ||
Non-Cash Transactions: | ||
Fixed assets acquired | 511,400 | 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 | 12 Months Ended |
Jun. 30, 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”. Effective May 1, 2014, the Company effected a 6 to 1 reverse split of the Company’s common stock, in which for every six (6) shares of common stock combined into one (1) share of common stock. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies The principal accounting policies applied in the preparation of these financial statements are set out below. - The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These consolidated financial statements include the accounts of AntriaBio, Inc. and its wholly owned subsidiary. All material intercompany transactions and balances have been eliminated. - The preparation of financial statements in conformity with GAAP 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: the useful lives of depreciable assets, the fair value of share-based payments and warrants, fair value of derivative instruments, 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. Actual results could differ from those estimates. - 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. - In the statement of cash flows, cash includes cash in hand and other short-term highly liquid investments with original maturities of three months or less. The Company places its cash on deposit with financial institutions it believes to be of high quality. At times such cash investments may be in excess of the Federal Deposit Insurance Corporation (FDIC) insurance limits. Restricted cash consists of cash held in a joint account with our general contractor until the completion of the construction in progress. Inventory is stated at the lower of cost or market. Inventory consists of inventory purchased to make new material. All inventory is recorded at its acquisition cost. Fixed Assets 2,315,803 23,012 . Costs of establishing patents, consisting of legal and filing fees paid to third parties, are expensed as incurred. The value of the current intangible asset is based on the asset values assigned in the asset acquisition discussed in Note 5. The intangible assets are being amortized over 11 7,292 Deposits represent amounts paid as a security deposit on the lease of the facilities and is recorded at cost. Borrowings are recognized initially at the principal amount received. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized as interest expense in the statements of operation over the period of the borrowings using the effective interest method. The Company records a beneficial conversion feature (“BCF”) related to the issuance of a convertible note when issued. Beneficial conversion features that are contingent upon the occurrence of a future event are recorded when the contingency is resolved. The value of the BCF is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense. - 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 related costs. These costs relate to research and development costs without an allocation of general and administrative expenses. Expenses necessary to generate revenue are expensed in the period incurred. The Company accounts for income taxes under an asset and liability approach. This process involves calculating the temporary and permanent differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The temporary differences result in deferred tax assets and liabilities, which would be recorded on the Company’s balance sheets in accordance with ASC 740, which established financial accounting and reporting standards for the effect of income taxes. The Company must assess the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes that recovery is not likely, the Company must establish a valuation allowance. Changes in the Company’s valuation allowance in a period are recorded through the income tax provision on the statements of operations. The Company adopted ASC 740 (formerly known as FIN No. 48, Accounting for Uncertainty in Income Taxes An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer and the board of directors that makes strategic decisions. The Company operates one segment. Comprehensive income (loss) is defined as all changes in stockholders’ equity from transactions and other events and circumstances. Therefore, comprehensive income (loss) includes our net loss and all charges and credits made directly to stockholders’ equity other than stockholders’ contributions and distributions. As of June 30, 2015 and 2014, the Company has no items other than net loss affecting comprehensive income (loss). Basic income (loss) per common share is calculated by dividing the net income (loss) available to the common shareholders by the weighted average number of common shares outstanding during that period. Diluted earnings per share is calculated on the treasury stock method, by dividing income available to common shareholders, adjusted for the effects of dilutive convertible securities, by the weighted average number of shares of common shares outstanding during the period and all additional common shares that would have been outstanding had all potential dilutive common shares been issued. 21,556,142 12,420,943 - From inception, the Company adopted ASC 820, Fair Value Measurements and Disclosures ⋅ 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, restricted cash, accounts payable, and convertible notes payable approximated fair value as of June 30, 2015 and 2014 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of June 30, 2015 and 2014 is recorded at an estimated fair value based on a Black-Scholes pricing model. The warrant derivative liability recorded in the current period was recorded at an estimated fair value when recorded 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 instrument with the entire change in the balance recorded through earnings. See significant assumptions in Note 10. Balance as of June 30, 2014 $ (35,595) Total unrealized gains (losses): Included in earnings (662,723) Warrant recorded as derivative liability (1,675,498) Warrant reclassified to equity 2,342,039 Balance as of June 30, 2015 $ (31,777) - In June 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915) In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern In January 2015, the FASB issued ASU 2015-01, Income Statement Extraordinary and Unusual Items (Subtopic 225-20) Certain amounts reported in prior years in the Consolidated Financial Statements have been reclassified to conform to the current year’s presentation. The Company has considered subsequent events through the date of issuance of this Report on Form 10-K, and has determined no additional disclosure is necessary, other than those disclosed in the footnotes. |
Going Concern
Going Concern | 12 Months Ended |
Jun. 30, 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 $ 11,362,364 7,078,894 9,053,807 29,109,288 The Company expects that its current cash resources as well as expected lack of operating cash flows will not be sufficient to sustain operations for a period greater than one year. The ability of the Company to continue its operations is dependent on Management's plans, which include continuing to raise equity based financing. There is no assurance that the Company will be successful in accomplishing this objective. 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. |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgments | 12 Months Ended |
Jun. 30, 2015 | |
Critical Accounting Estimates And Judgments [Abstract] | |
Critical Accounting Estimates And Judgments [Text Block] | Note 4 Critical Accounting Estimates and Judgments Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: Useful Life of Depreciable Assets The Company is required to exercise judgment in determining the estimated useful life of depreciable assets. The useful life is determined based on management’s judgement. The useful lives are reviewed on a regular basis to determine that the useful life is consistent with current economic events and historical events. Share-based Payments and Warrants The Company is required to exercise judgment in calculating the fair value of share based payments and warrants. The fair value calculation includes several inputs that are subject to management’s judgement. Management reviews these inputs on a regular basis to determine that the values used in the calculation are consistent with current economic events and historical events. Warrant Derivative Liability The Company is required to exercise judgment in calculating the fair value of the warrant derivative liability. The fair value calculation includes several inputs that are subject to management’s judgement. Management reviews these inputs on a regular basis to determine that the values used in the calculation are consistent with current economic events and historical events. Contingent Liabilities - The Company is required to make judgments about contingent liabilities including the probability of pending and potential future litigation outcomes that, by their nature, are dependent on future events that are inherently uncertain. In making its determination of possible scenarios, management considers the evaluation of outside counsel knowledgeable about each matter, as well as known outcomes in case law. Income Taxes - Significant judgement is involved in determining the Company’s provision for income taxes, including any valuation allowance on deferred income tax assets. There are certain transactions and computations for which the ultimate tax determination is uncertain during the normal course of business. The Company recognizes liabilities for expected tax issues based upon estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such difference will impact the income tax and deferred tax positions in the year in which such determination is made. |
Acquisition of Assets
Acquisition of Assets | 12 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 5 Acquisition of Assets On January 30, 2013, the Company closed on an asset purchase agreement with the Chapter 7 Estate of PR Pharmaceuticals, Inc. (PRP). Pursuant to the agreement, the Company has acquired certain tangible and intangible assets in exchange for $ 400,000 100,000 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 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6 Fixed Assets Useful Life June 30, 2015 June 30, 2014 Furniture and fixtures 5 - 7 years $ 55,330 $ 6,728 Lab equipment 3 - 15 years 889,672 315,951 Lab equipment (not yet placed in service) 3 - 15 years 1,371,441 - Leasehold Improvements 3 - 7 years 29,296 - Construction in process - 2,315,803 23,012 4,661,542 345,691 Less: accumulated depreciation and amortization (136,629) (7,759) $ 4,524,913 $ 337,932 Depreciation expense was $ 128,870 7,759 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 7 Related Party Transactions Effective September 1, 2011, the Company issued a $ 1,000,000 177,382 During the year ended June 30, 2015, the Company incurred consulting expenses of $ 99,000 132,339 During the year ended June 30, 2014, the Company incurred consulting expenses of $ 321,205 57,345 As of June 30, 2015 and 2014, the due from related party was zero for expenses paid on behalf of related parties. On March 31, 2014, $ 164,398 |
Convertible Notes Payable
Convertible Notes Payable | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 8 Convertible Notes Payable From 2010 to 2012, the Company issued several series of convertible promissory notes for which principal and interest were due between six months and two years after issuance. The convertible notes allowed investors to convert their shares into common stock at the time of certain qualifying events with some of the notes also issuing warrants at the time of conversion. During 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 convertible notes payable were amended to: (i) fix the conversion price of the notes into common stock at $ 1.50 3,032,500 653,000 653,000 2013 Notes 8 3 1.26 1.26 1.89 The value of the proceeds of the notes was allocated to the warrants as discussed in Note 9 and the remaining balance was allocated to the beneficial conversion feature as the intrinsic value of the beneficial conversion feature is greater than the remaining value of the notes. The discount on the notes is being amortized into interest expense over the remaining life of the notes. On March 31, 2014, the Company closed on an equity transaction which qualified as a “qualified financing.” As such the $ 2,703,000 2,186,838 3,111,126 As of June 30, 2015 and 2014, the convertible notes outstanding balance was $ 60,000 60,000 8 Note Payable Related Party On November 14, 2013, the Company issued a 14 250,000 3 39,117 7.50 234,700 12,895 76,062 |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) | 12 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | Note 9 Shareholders’ Equity (Deficit) Common Stock - The Company is authorized to issue 200,000,000 0.001 a. One non-cumulative vote for each share held of record on all matters submitted to a vote of the stockholders; b. To participate equally and to receive any and all such dividends as may be declared by the Board of Directors out of funds legally available therefore; and c. To participate pro rata in any distribution of assets available for distribution upon liquidation. Stockholders have no pre-emptive rights to acquire additional shares of common stock or any other securities. Common shares are not subject to redemption and carry no subscription or conversion rights. Preferred Stock The Company is authorized to issue 20,000,000 0.001 During 2014, the Company completed a private placement transaction in which the Company issued 5,725,327 2.34 36 7.6 1,365,085 898,719 In addition to the units issued, the Company also issued 562,352 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. 2.34 On March 26, 2014, the Company entered into a repayment agreement with a related party to issue 176,283 275,000 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 500,000 125,001 404,587 166,668 296,669 During 2015, the Company completed two private placement transactions in which the Company issued 6,040,921 2.50 10.1 1,071,568 2,072,911 37,838 70,000 The Company issued no shares of preferred stock during the years ended June 30, 2015 and 2014. The Company has not declared or paid any dividends or returned any capital to shareholders as of June 30, 2015 and 2014. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation [Text Block] | Note 10 Stock-Based Compensation Options - 1,500,000 4.50 819,445 541,667 138,888 8,334 4.50 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 2,835,000 1.29 3.44 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 4,112,000 1.50 2.06 4 AntriaBio has computed the fair value of all options granted using the Black-Scholes option pricing model. In order to calculate the fair value of the options, certain assumptions are made regarding components of the model, including the estimated fair value of the underlying common stock, risk-free interest rate, volatility, expected dividend yield and expected option life. Changes to the assumptions could cause significant adjustments to valuation. AntriaBio estimated a volatility factor utilizing a comparable published volatility of a peer company. Due to the small number of option holders and all options being to officers, directors, or high level employees 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. Expected volatility 90 - 103 % Risk free interest rate 1.31% - 2.38 % Expected term (years) 5 - 7 Dividend yield 0 % Weighted Weighted Average Number of Average Remaining Options Exercise Price Contractual Life Outstanding, June 30, 2013 1,508,334 $ 4.50 4.6 Granted 2,835,000 $ 3.14 Outstanding, June 30, 2014 4,343,334 $ 3.61 5.6 Granted 4,572,000 $ 2.02 Forfeited (212,916) $ 3.57 Outstanding, June 30, 2015 8,702,418 $ 2.78 7.1 Exercisable at June 30, 2015 2,539,751 $ 3.72 4.6 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 $ 671,958 2,174,870 1,081,792 11,465,433 Warrants - 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 $ 7.50 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 $ 3.44 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 6,040,921 $ 2.50 Warrants issued to placement agent 1,824,489 $ 2.50 Warrants issued for investor relations 111,000 $ 1.63 Warrants cancelled (59,758) $ 2.92 Outstanding, June 30, 2015 19,016,391 $ 2.33 3.0 Year Ended June 30, 2013: The Company issued warrants to purchase 41,424 2.03 233,334 2.03 1,000,000 18,334 4.95 Year Ended June 30, 2014: 225,259 1.89 39,117 7.50 4,039,184 1.98 6,287,679 2.34 2017 2014 290,861 1.56 66,667 3.44 Year Ended June 30, 2015: 6,040,921 2.50 1,824,489 2.50 105,000 1.65 6,000 1.38 The warrants exercisable for the 41,424 41,424 102,917 233,334 614,635 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 14,432,123 3,184,222 4,039,184 11,111,739 2,065,708 39,117 76,062 290,861 290,861 898,719 290,861 690,187 The warrants exercisable for the 66,667 50,365 31,777 35,595 The warrants exercisable for the 4,968,482 3,527,816 2,597,932 1,072,439 1,009,433 595,184 105,000 80,677 The warrants exercisable for the 1,477,287 58,914 92,111 1,418,373 1,498,809 2,217,605 347,202 247,552 309,121 99,650 172,809 124,434 On May 2, 2014, an investor elected to exercise their warrant under a net issue exercise in which 100,550 41,570 These warrants were valued using the Black-Scholes option pricing model on the date of issuance except for the warrants to purchase 290,861 1,518,387 The Black-Scholes valuation methodology was used because that model embodies all of the relevant assumptions that address the features underlying these instruments. Expected volatility 89% - 97 % Risk free interest rate 0.56% - 2.21 % Warrant term (years) 2 - 7 Dividend yield 0 % We utilize a Lattice model to determine the fair market value of the warrants to purchase 290,861 898,719 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 1,498,809 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 99,650 172,809 Expected volatility 90 % Risk free interest rate 1.71 % Warrant term (years) 7 Dividend yield 0 % |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 11 Income Taxes Year Ended June 30, 2015 2014 Current tax benefit Federal $ - $ - State - - - - Deferred tax benefit Federal 3,774,110 2,006,831 State 432,092 79,548 Change in valuation allowance (4,206,202) (2,086,379) - - Total tax expense $ - $ - As of June 30, 2015 2014 Deferred tax assets Net operating loss carryforward $ 5,170,221 $ 2,267,379 Start-up and organizational expenses 181,154 457,495 Stock-based compensation 3,080,604 1,683,247 Derivative expense 12,275 129,986 Other 317,150 17,093 Total deferred tax assets 8,761,404 4,555,200 Valuation allowance (8,761,404) (4,555,200) Net deferred taxes $ - $ - The valuation allowance was established because the Company had not reported earnings in order to support the recognition of the deferred tax asset. The Company has net operating loss carryforwards of approximately $ 13,265,000 2031 6,281,000 34 Year Ended June 30, 2015 2014 Computed "expected" tax expense (benefit) $ (3,863,260) $ (3,308,354) Change in income taxes from: State taxes net of federal benefit (432,091) (79,549) Permanent differences 229,208 1,301,524 Prior period adjustment (140,059) - Change in valuation allowance 4,206,202 2,086,379 $ - $ - |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12 Commitments and Contingencies Lease Commitments 27,000 28,939 3 34,381 750,000 Year Ending June 30, 2016 359,468 2017 370,252 2018 381,360 2019 392,855 2020 335,747 $ 1,839,682 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 Year Ending June 30, 2016 $ 96,890 2017 24,223 Total rental commitments 121,113 Less: Interest payments (4,124) Total lease payable 116,989 Lease payable, current portion 93,852 Lease payable, less current portion $ 23,137 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 June 30, 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. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis Of Accounting, Policy [Policy Text Block] | Basis of Presentation - The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). |
Consolidation, Policy [Policy Text Block] | Principals of Consolidation These consolidated financial statements include the accounts of AntriaBio, Inc. and its wholly owned subsidiary. All material intercompany transactions and balances have been eliminated. |
Use Of Estimates, Policy [Policy Text Block] | Accounting Estimates - The preparation of financial statements in conformity with GAAP 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: the useful lives of depreciable assets, the fair value of share-based payments and warrants, fair value of derivative instruments, 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. Actual results could differ from those estimates. |
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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash - In the statement of cash flows, cash includes cash in hand and other short-term highly liquid investments with original maturities of three months or less. The Company places its cash on deposit with financial institutions it believes to be of high quality. At times such cash investments may be in excess of the Federal Deposit Insurance Corporation (FDIC) insurance limits. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [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. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of cost or market. Inventory consists of inventory purchased to make new material. All inventory is recorded at its acquisition cost. |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets 2,315,803 23,012 . |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Costs of establishing patents, consisting of legal and filing fees paid to third parties, are expensed as incurred. The value of the current intangible asset is based on the asset values assigned in the asset acquisition discussed in Note 5. The intangible assets are being amortized over 11 7,292 |
Security Deposit [Policy Text Block] | Deposits Deposits represent amounts paid as a security deposit on the lease of the facilities and is recorded at cost. |
Convertible Notes Payable [Policy Text Block] | Convertible Notes Payable - Borrowings are recognized initially at the principal amount received. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized as interest expense in the statements of operation over the period of the borrowings using the effective interest method. The Company records a beneficial conversion feature (“BCF”) related to the issuance of a convertible note when issued. Beneficial conversion features that are contingent upon the occurrence of a future event are recorded when the contingency is resolved. The value of the BCF is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense. |
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 related costs. These costs relate to research and development costs without an allocation of general and administrative expenses. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | General and Administrative Expenses - Expenses necessary to generate revenue are expensed in the period incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes under an asset and liability approach. This process involves calculating the temporary and permanent differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The temporary differences result in deferred tax assets and liabilities, which would be recorded on the Company’s balance sheets in accordance with ASC 740, which established financial accounting and reporting standards for the effect of income taxes. The Company must assess the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes that recovery is not likely, the Company must establish a valuation allowance. Changes in the Company’s valuation allowance in a period are recorded through the income tax provision on the statements of operations. The Company adopted ASC 740 (formerly known as FIN No. 48, Accounting for Uncertainty in Income Taxes An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer and the board of directors that makes strategic decisions. The Company operates one segment. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) is defined as all changes in stockholders’ equity from transactions and other events and circumstances. Therefore, comprehensive income (loss) includes our net loss and all charges and credits made directly to stockholders’ equity other than stockholders’ contributions and distributions. As of June 30, 2015 and 2014, the Company has no items other than net loss affecting comprehensive income (loss). |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Common Share Basic income (loss) per common share is calculated by dividing the net income (loss) available to the common shareholders by the weighted average number of common shares outstanding during that period. Diluted earnings per share is calculated on the treasury stock method, by dividing income available to common shareholders, adjusted for the effects of dilutive convertible securities, by the weighted average number of shares of common shares outstanding during the period and all additional common shares that would have been outstanding had all potential dilutive common shares been issued. Although there were common stock equivalents of 21,556,142 12,420,943 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments - From inception, the Company adopted ASC 820, Fair Value Measurements and Disclosures ⋅ 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, restricted cash, accounts payable, and convertible notes payable approximated fair value as of June 30, 2015 and 2014 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of June 30, 2015 and 2014 is recorded at an estimated fair value based on a Black-Scholes pricing model. The warrant derivative liability recorded in the current period was recorded at an estimated fair value when recorded 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 instrument with the entire change in the balance recorded through earnings. See significant assumptions in Note 10. Balance as of June 30, 2014 $ (35,595) Total unrealized gains (losses): Included in earnings (662,723) Warrant recorded as derivative liability (1,675,498) Warrant reclassified to equity 2,342,039 Balance as of June 30, 2015 $ (31,777) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements - In June 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915) In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern In January 2015, the FASB issued ASU 2015-01, Income Statement Extraordinary and Unusual Items (Subtopic 225-20) |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain amounts reported in prior years in the Consolidated Financial Statements have been reclassified to conform to the current year’s presentation. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company has considered subsequent events through the date of issuance of this Report on Form 10-K, and has determined no additional disclosure is necessary, other than those disclosed in the footnotes. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 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 (662,723) Warrant recorded as derivative liability (1,675,498) Warrant reclassified to equity 2,342,039 Balance as of June 30, 2015 $ (31,777) |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The following is a summary of fixed assets and accumulated depreciation: Useful Life June 30, 2015 June 30, 2014 Furniture and fixtures 5 - 7 years $ 55,330 $ 6,728 Lab equipment 3 - 15 years 889,672 315,951 Lab equipment (not yet placed in service) 3 - 15 years 1,371,441 - Leasehold Improvements 3 - 7 years 29,296 - Construction in process - 2,315,803 23,012 4,661,542 345,691 Less: accumulated depreciation and amortization (136,629) (7,759) $ 4,524,913 $ 337,932 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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 year ended June 30, 2015 using the following assumptions: Expected volatility 90 - 103 % Risk free interest rate 1.31% - 2.38 % Expected term (years) 5 - 7 Dividend yield 0 % |
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 $ 4.50 4.6 Granted 2,835,000 $ 3.14 Outstanding, June 30, 2014 4,343,334 $ 3.61 5.6 Granted 4,572,000 $ 2.02 Forfeited (212,916) $ 3.57 Outstanding, June 30, 2015 8,702,418 $ 2.78 7.1 Exercisable at June 30, 2015 2,539,751 $ 3.72 4.6 |
Schedule Of Warrants Issued To Agents Activity [Table Text Block] | AntriaBio issued warrants to agents in conjunction with the closing of various financings and issued warrants in note conversions and private placements 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 $ 7.50 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 $ 3.44 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 6,040,921 $ 2.50 Warrants issued to placement agent 1,824,489 $ 2.50 Warrants issued for investor relations 111,000 $ 1.63 Warrants cancelled (59,758) $ 2.92 Outstanding, June 30, 2015 19,016,391 $ 2.33 3.0 |
Black Scholes Pricing Model | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | Significant assumptions were as follows: Expected volatility 89% - 97 % Risk free interest rate 0.56% - 2.21 % Warrant term (years) 2 - 7 Dividend yield 0 % |
Lattice Model | |
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 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 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Taxing jurisdictions related to income taxes are the Unites States Federal Government, the State of Colorado and the State of California. The provision for income taxes is as follows: Year Ended June 30, 2015 2014 Current tax benefit Federal $ - $ - State - - - - Deferred tax benefit Federal 3,774,110 2,006,831 State 432,092 79,548 Change in valuation allowance (4,206,202) (2,086,379) - - Total tax expense $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred taxes are a result of differences between income tax accounting and GAAP with respect to income and expenses. The following is a summary of the components of deferred taxes recognized in the financial statements as of June 30, 2015 and 2014: As of June 30, 2015 2014 Deferred tax assets Net operating loss carryforward $ 5,170,221 $ 2,267,379 Start-up and organizational expenses 181,154 457,495 Stock-based compensation 3,080,604 1,683,247 Derivative expense 12,275 129,986 Other 317,150 17,093 Total deferred tax assets 8,761,404 4,555,200 Valuation allowance (8,761,404) (4,555,200) Net deferred taxes $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate of 34 Year Ended June 30, 2015 2014 Computed "expected" tax expense (benefit) $ (3,863,260) $ (3,308,354) Change in income taxes from: State taxes net of federal benefit (432,091) (79,549) Permanent differences 229,208 1,301,524 Prior period adjustment (140,059) - Change in valuation allowance 4,206,202 2,086,379 $ - $ - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending June 30, 2016 359,468 2017 370,252 2018 381,360 2019 392,855 2020 335,747 $ 1,839,682 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | As of June 30, 2015, minimum rental commitment under the leases is as follows: Year Ending June 30, 2016 $ 96,890 2017 24,223 Total rental commitments 121,113 Less: Interest payments (4,124) Total lease payable 116,989 Lease payable, current portion 93,852 Lease payable, less current portion $ 23,137 |
Nature of Operations (Details T
Nature of Operations (Details Textual) | 12 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity, Reverse Stock Split | Effective May 1, 2014, the Company effected a 6 to 1 reverse split of the Company’s common stock, in which for every six (6) shares of common stock combined into one (1) share of common stock. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |
Balance as of June 30, 2014 | $ (35,595) |
Total unrealized gains (losses): | |
Included in earnings | (662,723) |
Warrant recorded as derivative liability | (1,675,498) |
Warrant reclassified to equity | 2,342,039 |
Balance as of June 30, 2015 | $ (31,777) |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment, Gross | $ 4,661,542 | $ 345,691 |
Income Tax Examination, Likelihood of Unfavorable Settlement | An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 7,292 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7,292 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7,292 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7,292 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 7,292 | |
Construction in Process [Member] | ||
Property, Plant and Equipment, Gross | $ 2,315,803 | $ 23,012 |
Employee Stock Option [Member] | ||
Weighted Average Number of Shares Outstanding, Diluted | 21,556,142 | 12,420,943 |
Patents [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 11 years |
Going Concern (Details Textual)
Going Concern (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net Loss | $ (11,362,364) | $ (9,730,454) | |
Net Cash Used In Operating Activities | (7,078,894) | (3,167,357) | |
Total Stockholders' Equity | 9,053,807 | 6,406,731 | $ (4,162,212) |
Deficit accumulated during the development stage | $ (29,109,288) | $ (17,746,924) |
Acquisition of Assets (Details
Acquisition of Assets (Details Textual) - USD ($) | 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 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment, Gross | $ 4,661,542 | $ 345,691 |
Less: accumulated depreciation and amortization | (136,629) | (7,759) |
Property, Plant and Equipment, Net | 4,524,912 | 337,932 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | $ 55,330 | 6,728 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 889,672 | 315,951 |
Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Equipment 1 [Member] | ||
Property, Plant and Equipment, Gross | $ 1,371,441 | 0 |
Equipment 1 [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment 1 [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 29,296 | 0 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | $ 2,315,803 | $ 23,012 |
Fixed Assets (Details Textual)
Fixed Assets (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Depreciation | $ 128,870 | $ 7,759 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2011 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | |
Consulting expenses | $ 99,000 | $ 321,205 | ||
Professional fees | 526,257 | 724,385 | ||
Forgiveness of accounts payable and accrued expenses - related party | (132,339) | 0 | ||
Line Of Credit Issued To Related Party | $ 1,000,000 | |||
Due from Related Parties | $ 0 | 0 | $ 164,398 | |
Accounts Payable and Accrued Liabilities [Member] | ||||
Related party expenses | 397,055 | |||
Accrued interest | ||||
Allowance for Loan and Lease Losses, Write-offs | 177,382 | |||
Related Parties | ||||
Professional fees | $ 57,345 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Textual) - USD ($) | Nov. 14, 2013 | Mar. 31, 2014 | Mar. 26, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jan. 31, 2014 | Dec. 31, 2013 |
Debt instrument, convertible, conversion price | $ 1.50 | ||||||
Beneficial conversion feature recorded as a debt discount | $ 0 | $ 2,922,938 | |||||
Amortization of Debt Discount (Premium) | 0 | 3,356,000 | |||||
Interest Paid | 0 | 15,726 | |||||
Fair Value Of Warrants | $ 31,777 | $ 35,595 | |||||
Convertible Notes Payable | |||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||
Debt instrument, convertible, conversion price | $ 1.50 | ||||||
Debt conversion, converted instrument, amount | $ 3,032,500 | ||||||
Beneficial conversion feature recorded as a debt discount | $ 653,000 | ||||||
Debt instrument convertible number of common stock | 3,111,126 | ||||||
Amortization of Debt Discount (Premium) | $ 653,000 | ||||||
Debt Instrument, Face Amount | $ 60,000 | 60,000 | |||||
Convertible Notes Payable | Related Party | |||||||
Qualified offering common stock | $ 3,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 14.00% | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 7.50 | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 250,000 | ||||||
Warrants To Options Issued Upon Purchase Of Common Stock | 39,117 | ||||||
Notes Payable, Related Parties, Current | 234,700 | ||||||
Interest Paid | 12,895 | ||||||
Fair Value Of Warrants | $ 76,062 | ||||||
2013 Notes | |||||||
Qualified financing | $ 2,703,000 | ||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||
Marketable securities, equity securities, current, total | $ 3,000,000 | ||||||
Common stock convertible conversion price | $ 1.26 | ||||||
Investment option convertible conversion price | 1.26 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.89 | ||||||
Debt instrument convertible number of common stock | 2,186,838 | ||||||
Convertible Notes Payable | $ 2,703,000 | $ 2,703,000 | |||||
2010 Notes | |||||||
Debt conversion, converted instrument, amount | 1.50 | ||||||
2011 Notes | |||||||
Debt conversion, converted instrument, amount | 1.50 | ||||||
2012 Notes | |||||||
Debt conversion, converted instrument, amount | $ 1.50 |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May. 16, 2014 | Mar. 31, 2014 | Mar. 26, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | |
Stock issued during period, shares, new issues | 166,668 | |||||
Additional Warrants Issued | 562,352 | |||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 690,187 | $ 6,026,070 | $ 690,187 | |||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | ||||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | ||||
Preferred Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||
Accounts Payable and Accrued Liabilities [Member] | ||||||
Stock Issued During Period, Shares, Other | 176,283 | |||||
Stock Issued During Period, Value, Other | $ 275,000 | |||||
Compensation For Services [Member] | ||||||
Stock Issued During Period, Shares, Other | 500,000 | |||||
Warrant | ||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 2,072,911 | $ 898,719 | ||||
Investor Relations | ||||||
Stock Issued During Period, Shares, Other | 166,668 | 125,001 | ||||
Stock Issued During Period, Value, Other | $ 296,669 | $ 404,587 | ||||
2013 Notes | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.89 | |||||
Private Placement | ||||||
Stock issued during period, shares, new issues | 6,040,921 | 5,725,327 | ||||
Sale of stock, price per share | $ 2.34 | |||||
Proceeds from issuance of private placement | $ 10,100,000 | $ 7,600,000 | ||||
Payments of stock issuance costs | $ 1,071,568 | $ 1,365,085 | ||||
Class of warrant or right of warrants or rights expiring period | 36 months | |||||
Share Price | $ 2.50 | |||||
Stock Issued During Period, Shares, Issued for Services | 37,838 | |||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 70,000 | |||||
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 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 12 Months Ended |
Jun. 30, 2015 | |
Dividend yield | 0.00% |
Minimum | |
Expected volatility | 90.00% |
Risk free interest rate | 1.31% |
Expected term (years) | 5 years |
Maximum | |
Expected volatility | 103.00% |
Risk free interest rate | 2.38% |
Expected term (years) | 7 years |
Stock-Based Compensation (Det37
Stock-Based Compensation (Details 1) - Stock Option - $ / shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Number of Options | |||
Outstanding | 4,343,334 | 1,508,334 | |
Granted | 4,572,000 | 2,835,000 | |
Forfeited | (212,916) | ||
Outstanding | 8,702,418 | 4,343,334 | 1,508,334 |
Exercisable | 2,539,751 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 3.61 | $ 4.50 | |
Granted | 2.02 | 3.14 | |
Forfeited | 3.57 | ||
Outstanding | 2.78 | $ 3.61 | $ 4.50 |
Exercisable | $ 3.72 | ||
Weighted Average Remaining Contractual Life | |||
Outstanding | 7 years 1 month 6 days | 5 years 7 months 6 days | 4 years 7 months 6 days |
Exercisable | 4 years 7 months 6 days |
Stock-Based Compensation (Det38
Stock-Based Compensation (Details 2) - Warrant - $ / shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
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 | 6,040,921 | 6,287,679 | |
Number of Warrants - Warrants issued to placement agent | 1,824,489 | 290,861 | |
Number of Warrants - Warrants issued for investor relations | 111,000 | 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 | 19,016,391 | 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 | 1.63 | 3.44 | |
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 | $ 2.33 | $ 2.21 | $ 2.21 |
Weighted Average Remaining Contractual Life - Outstanding | 3 years | 3 years 7 months 6 days | 4 years 1 month 6 days |
Stock-Based Compensation (Det39
Stock-Based Compensation (Details 3) | 12 Months Ended |
Jun. 30, 2015 | |
Dividend yield | 0.00% |
Black Scholes Pricing Model | |
Dividend yield | 0.00% |
Maximum | |
Expected volatility | 103.00% |
Risk free interest rate | 2.38% |
Warrant term (years) | 7 years |
Maximum | Black Scholes Pricing Model | |
Expected volatility | 97.00% |
Risk free interest rate | 2.21% |
Warrant term (years) | 7 years |
Minimum | |
Expected volatility | 90.00% |
Risk free interest rate | 1.31% |
Warrant term (years) | 5 years |
Minimum | Black Scholes Pricing Model | |
Expected volatility | 89.00% |
Risk free interest rate | 0.56% |
Warrant term (years) | 2 years |
Stock-Based Compensation (Det40
Stock-Based Compensation (Details 4) | 12 Months Ended |
Jun. 30, 2015 | |
Dividend yield | 0.00% |
Lattice Model | Warrant | |
Expected volatility | 93.00% |
Risk free interest rate | 2.21% |
Warrant term (years) | 7 years |
Dividend yield | 0.00% |
Stock-Based Compensation (Det41
Stock-Based Compensation (Details 5) | 12 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 103.00% |
Risk free interest rate | 2.38% |
Warrant term (years) | 7 years |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 90.00% |
Risk free interest rate | 1.31% |
Warrant term (years) | 5 years |
Lattice Model One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrant term (years) | 7 years |
Lattice Model One | Warrant | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Lattice Model One | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 91.00% |
Risk free interest rate | 1.98% |
Lattice Model One | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 90.00% |
Risk free interest rate | 1.89% |
Stock-Based Compensation (Det42
Stock-Based Compensation (Details 6) | 12 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
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% |
Stock-Based Compensation (Det43
Stock-Based Compensation (Details Textual) - USD ($) | May. 02, 2014 | Feb. 23, 2015 | May. 16, 2014 | Mar. 26, 2014 | May. 31, 2013 | Jan. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Apr. 06, 2015 | Mar. 31, 2015 | Apr. 01, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 138,888 | ||||||||||||
Stock-based compensation | $ 2,846,828 | $ 1,081,792 | |||||||||||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, stock options | $ 11,465,433 | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 105,000 | ||||||||||||
Fair value of warrants | $ 31,777 | 35,595 | |||||||||||
Class of warrant exercisable warrants or rights | 6,000 | 41,424 | |||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 690,187 | $ 6,026,070 | 690,187 | ||||||||||
Maximum Convertible Notes Payable Issuance | $ 1,000,000 | ||||||||||||
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 | $ 309,121 | |||||||||||
Warrant derivative liability | $ 898,719 | ||||||||||||
Lattice Model One | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,418,373 | ||||||||||||
Warrant derivative liability | $ 1,498,809 | ||||||||||||
Lattice Model Two | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 99,650 | ||||||||||||
Warrant derivative liability | $ 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 | $ 671,958 | $ 0 | |||||||||||
Employees and Directors | 2014 Stock and Incentive Plan | |||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 8,334 | 460,000 | 2,835,000 | ||||||||||
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 | $ 1.50 | $ 1.29 | |||||||||||
Employee Stock Option | |||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 4,572,000 | 2,835,000 | |||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 2.02 | $ 3.14 | |||||||||||
Employee Stock Option | Research and Development Expense [Member] | |||||||||||||
Stock-based compensation | $ 2,174,870 | $ 1,081,792 | |||||||||||
Employee Stock Option | Maximum | |||||||||||||
Share based compensation arrangement by share based payment award options shares purchased vested immediately | 819,445 | ||||||||||||
Share based compensation arrangement by share based payment award options shares purchased vested monthly | 541,667 | ||||||||||||
Employee Stock Option | Employees and Directors | |||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 1,500,000 | 4,112,000 | |||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 4.50 | ||||||||||||
Share based compensation arrangement by share based payment award options shares purchased vested monthly term | 4 years | 0 years | |||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 6,850,000 | ||||||||||||
Employee Stock Option | Employees and Directors | Maximum | |||||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 2.06 | ||||||||||||
Additional Paid-in Capital and Professional Fee | |||||||||||||
Warrants to purchase common stock value | $ 80,677 | ||||||||||||
Warrant | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 99,650 | ||||||||||||
Fair value of class of warrants | $ 433,062 | ||||||||||||
Fair value of warrants | $ 524,594 | ||||||||||||
Class of warrant exercisable warrants or rights | 225,259 | 18,334 | 233,334 | ||||||||||
Warrants to purchase common stock value | $ 191,126 | ||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 2,072,911 | $ 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 | ||||||||||||
Warrant | Lattice Model | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 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 | Additional Paid-in Capital and Professional Fee | |||||||||||||
Warrants to purchase common stock value | $ 9,006 | ||||||||||||
Warrant One | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 6,040,921 | 225,259 | 41,424 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.50 | $ 1.89 | $ 2.03 | ||||||||||
Class of warrant exercisable warrants or rights | 41,424 | ||||||||||||
Warrants to purchase common stock value | $ 102,917 | ||||||||||||
Warrant Two | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,824,489 | 233,334 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.50 | $ 2.03 | |||||||||||
Warrants to purchase common stock value | $ 614,635 | ||||||||||||
Warrant Three | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 105,000 | 18,334 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.65 | $ 4.95 | |||||||||||
Fair value of class of warrants | $ 3.44 | ||||||||||||
Warrant Four | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 6,000 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.38 | ||||||||||||
Warrant Five | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 39,117 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 7.50 | ||||||||||||
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 | 2,017 | ||||||||||||
Fair value of warrants | $ 2,014 | ||||||||||||
Fair value adjustment of warrants | $ 290,861 | ||||||||||||
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 | ||||||||||||
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 | ||||||||||||
Warrant Sixteen | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 4,968,482 | ||||||||||||
Warrants to purchase common stock value | $ 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 | 1,072,439 | ||||||||||||
Fair value of class of warrants | $ 690,187 | ||||||||||||
Fair value adjustment of warrants | $ 290,861 | ||||||||||||
Class of warrant exercisable warrants or rights | 1,477,287 | ||||||||||||
Warrants to purchase common stock value | $ 1,009,433 | ||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 595,184 | ||||||||||||
Warrant Eighteen | Lattice Model | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,418,373 | ||||||||||||
Warrant derivative liability | $ 1,498,809 | ||||||||||||
Warrant Eighteen | Derivative Expense | |||||||||||||
Warrants to purchase common stock value | $ 2,217,605 | $ 124,434 | |||||||||||
Warrant Ninteen | |||||||||||||
Class of warrant exercisable warrants or rights | 347,202 | 247,552 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Current tax benefit | ||
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Current Income Tax Expense (Benefit) | 0 | 0 |
Deferred tax benefit | ||
Federal | 3,774,110 | 2,006,831 |
State | 432,092 | 79,548 |
Change in valuation allowance | (4,206,202) | (2,086,379) |
Deferred Income Tax Expense (Benefit) | 0 | 0 |
Total tax expense | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred tax assets | ||
Net operating loss carryforward | $ 5,170,221 | $ 2,267,379 |
Start-up and organizational expenses | 181,154 | 457,495 |
Stock-based compensation | 3,080,604 | 1,683,247 |
Derivative expense | 12,275 | 129,986 |
Other | 317,150 | 17,093 |
Total deferred tax assets | 8,761,404 | 4,555,200 |
Valuation allowance | (8,761,404) | (4,555,200) |
Net deferred taxes | $ 0 | $ 0 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Computed "expected" tax expense (benefit) | $ (3,863,260) | $ (3,308,354) |
Change in income taxes from: | ||
State taxes net of federal benefit | (432,091) | (79,549) |
Permanent differences | 229,208 | 1,301,524 |
Prior period adjustment | (140,059) | 0 |
Change in valuation allowance | 4,206,202 | 2,086,379 |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Operating Loss Carryforwards | $ 6,281,000 |
Operating Loss Carry forwards Expiration Year | 2,031 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% |
Operating Loss Carryforwards, Valuation Allowance | $ 13,265,000 |
Commitments and Contingencies48
Commitments and Contingencies (Details) | Jun. 30, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 359,468 |
2,017 | 370,252 |
2,018 | 381,360 |
2,019 | 392,855 |
2,020 | 335,747 |
Operating Leases, Future Minimum Payments Due | $ 1,839,682 |
Commitments and Contingencies49
Commitments and Contingencies (Details 1) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
2,016 | $ 96,890 | |
2,017 | 24,223 | |
Total rental commitments | 121,113 | |
Less: Interest payments | (4,124) | |
Total lease payable | 116,989 | |
Lease payable, current portion | 93,852 | $ 0 |
Lease payable, less current portion | $ 23,127 | $ 0 |
Commitments and Contingencies50
Commitments and Contingencies (Details Textual) | 1 Months Ended | ||
May. 31, 2014USD ($)ft² | Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
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 | ft² | 27,000 | ||
Security Deposit | $ 750,000 | ||
Capital Lease Obligations | $ 116,989 | ||
Capital Lease Obligations | |||
Capital Lease Obligations | $ 8,075 |