Document And Entity Information
Document And Entity Information | 12 Months Ended |
Jun. 30, 2016 | |
Document Information [Line Items] | |
Document Type | POS AM |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2016 |
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, 2016 | Jun. 30, 2015 |
Current assets | ||
Cash | $ 4,062,013 | $ 5,278,706 |
Restricted cash | 0 | 450,167 |
Other current assets | 430,094 | 387,511 |
Total current assets | 4,492,107 | 6,116,384 |
Non-current assets | ||
Fixed assets, net | 5,984,670 | 4,524,912 |
Intangible assets, net | 51,614 | 58,906 |
Deposit | 375,000 | 563,000 |
Total non-current assets | 6,411,284 | 5,146,818 |
Total Assets | 10,903,391 | 11,263,202 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,500,650 | 1,408,399 |
Convertible notes payable | 60,000 | 60,000 |
Deferred lease liability, current portion | 119,688 | 98,671 |
Lease payable, current portion | 23,128 | 93,852 |
Interest payable | 15,079 | 13,079 |
Warrant derivative liability | 11,955 | 31,777 |
Total current liabilities | 1,730,500 | 1,705,778 |
Non-current liabilities: | ||
Deferred lease liability, less current portion | 400,038 | 480,490 |
Lease payable, less current portion | 0 | 23,127 |
Total non-current liabilities | 400,038 | 503,617 |
Total Liabilities | 2,130,538 | 2,209,395 |
Commitments and Contingencies (Note 13) | ||
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; 35,110,916 and 24,338,219 shares issued and outstanding, June 30, 2016 and 2015, respectively | 35,114 | 24,341 |
Additional paid-in capital | 52,782,569 | 38,138,754 |
Accumulated deficit | (44,044,830) | (29,109,288) |
Total stockholders' equity | 8,772,853 | 9,053,807 |
Total Liabilities and Stockholders' Equity | $ 10,903,391 | $ 11,263,202 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Jun. 30, 2015 |
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 | 35,110,916 | 24,338,219 |
Common stock, shares outstanding | 35,110,916 | 24,338,219 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Research and development | ||
Compensation and benefits | $ 4,374,763 | $ 2,068,236 |
Consultants and outside costs | 1,317,465 | 742,229 |
Material manufacturing costs | 2,414,708 | 1,355,882 |
Facilities and other costs | 1,341,452 | 534,862 |
Research and development | 9,448,388 | 4,701,209 |
General and administrative | ||
Consulting fees | 0 | 349,633 |
Compensation and benefits | 3,891,916 | 3,778,791 |
Professional fees | 441,978 | 526,257 |
Investor relations | 259,351 | 523,345 |
General and administrative | 909,657 | 818,647 |
General and Administrative | 5,502,902 | 5,996,673 |
Total operating expenses | 14,951,290 | 10,697,882 |
Loss from operations | (14,951,290) | (10,697,882) |
Other income (expense) | ||
Interest income | 965 | 4,970 |
Interest expense | (5,039) | (6,729) |
Derivative income (loss) | 19,822 | (662,723) |
Total other income (expense) | 15,748 | (664,482) |
Net loss | (14,935,542) | (11,362,364) |
Cummulative Preferred Stock Dividend | (5,974,385) | 0 |
Net Loss attributable to common stock | $ (20,909,927) | $ (11,362,364) |
Net loss per common share - basic and diluted | $ (0.84) | $ (0.54) |
Weighted average number of common shares outstanding - basic and diluted | 24,773,213 | 20,950,191 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
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 |
Issuance of common stock for services | 368,419 | $ 207 | 368,212 | 0 |
Issuance of common stock for services (in shares) | 205,506 | |||
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) | 6,040,921 | |||
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 | |||
Stock-based compensation | 3,761,837 | $ 0 | 3,761,837 | 0 |
Fair value of warrants issued | 5,523,706 | 0 | 5,523,706 | 0 |
Dividends on Series A Preferred Stock | (5,974,385) | 0 | (5,974,385) | 0 |
Conversion of Series A Preferred Stock into common stock | 5,307,909 | $ 5,897 | 5,302,012 | 0 |
Conversion of Series A Preferred Stock into common stock (in shares) | 5,897,677 | |||
Exchange on Series A Preferred Stock | 2,929,084 | $ 0 | 2,929,084 | 0 |
Issuance of common stock | 3,106,437 | $ 4,876 | 3,101,561 | 0 |
Issuance of common stock (in shares) | 4,875,020 | |||
Net loss | (14,935,542) | $ 0 | 0 | (14,935,542) |
Balance at Jun. 30, 2016 | $ 8,772,853 | $ 35,114 | $ 52,782,569 | $ (44,044,830) |
Balance (in shares) at Jun. 30, 2016 | 35,110,916 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Common Stock [Member] | ||
Payments of stock issuance costs | $ 1,053,748 | $ 3,144,479 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (14,935,542) | $ (11,362,364) |
Amortization of intangible asset | 7,292 | 5,255 |
Depreciation expense | 743,962 | 128,870 |
Stock-based compensation expense | 3,761,837 | 2,846,828 |
Stock issued for services | 0 | 298,419 |
Warrant expense | 72,972 | 93,564 |
Derivative (gains) losses | (19,822) | 662,723 |
Forgiveness of accounts payable and accrued expenses - related party | 0 | (132,339) |
Changes in operating assets and liabilities: | ||
(Increase) decrease in other assets | (42,083) | 172,514 |
Increase in accounts payable and accrued expenses | 26,370 | 436,688 |
(Decrease) in accounts payable and accrued expenses - related party | 0 | (264,716) |
Increase in interest payable | 2,000 | 2,000 |
(Decrease) increase in deferred lease liability | (105,484) | 33,664 |
Net Cash Used In Operating Activities | (10,488,498) | (7,078,894) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (2,091,790) | (3,107,957) |
Acquisition of intangibles | 0 | (55,000) |
Return of security deposit | 187,500 | 0 |
Decrease (increase) in restricted cash | 450,167 | (450,167) |
Net Cash Used In Investing Activities | (1,454,123) | (3,613,124) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on lease payable | (93,851) | (67,898) |
Proceeds from issuance of equity financing | 5,362,521 | 11,175,656 |
Proceeds from issuance of preferred stock | 6,347,615 | 0 |
Payment of placement agent compensation and issuance costs | (890,357) | (1,071,568) |
Net Cash Provided By Financing Activities | 10,725,928 | 10,036,190 |
Net decrease in cash | (1,216,693) | (655,828) |
Cash - Beginning of Year | 5,278,706 | 5,934,534 |
Cash - End of Year | 4,062,013 | 5,278,706 |
Cash Paid During the Period for: | ||
Taxes | 0 | 0 |
Interest | 0 | 0 |
Non-Cash Transactions: | ||
Conversion of preferred stock to common stock | 5,923,200 | 0 |
Deemed dividend on conversion of preferred stock | 5,811,708 | 0 |
Series A Preferred Stock dividend paid in stock | 162,677 | 0 |
Warrant derivative liability reclassified as equity | 0 | 2,342,039 |
Warrant value recorded as issuance costs | 750,484 | 1,745,498 |
Lease Payable | ||
Non-Cash Transactions: | ||
Fixed assets acquired | 0 | 184,877 |
Tenant Improvements | ||
Non-Cash Transactions: | ||
Fixed assets acquired | 46,049 | 511,616 |
Accounts payable and Accrued expenses | ||
Non-Cash Transactions: | ||
Fixed assets acquired | $ 65,881 | $ 511,400 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Jun. 30, 2016 | |
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”. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
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. 11 7,292 General and Administrative Expenses Impairment of Long-Lived Assets The Company follows 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. Although there were common stock equivalents of 33,462,014 21,556,142 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, 2016 and 2015 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of June 30, 2016 and 2015 is recorded at an estimated fair value based on a Black-Scholes pricing model. The warrant derivative liability is a level 3 fair value instrument with the entire change in the balance recorded through earnings. See significant assumptions in Note 11. Balance as of June 30, 2015 $ (31,777) Total unrealized gains (losses): Included in earnings 19,822 Balance as of June 30, 2016 $ (11,955) 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) In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes, In January 2016, the FASB issued ASU 2016-01, Financial Instruments Overall Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09. Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. |
Going Concern
Going Concern | 12 Months Ended |
Jun. 30, 2016 | |
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 $ 14,935,542 10,488,498 8,772,853 44,044,830 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, 2016 | |
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 and Impairment of Depreciable Assets Share-based Payments and Warrants Warrant Derivative Liability Contingent Liabilities Income Taxes |
Acquisition of Assets
Acquisition of Assets | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6 Fixed Assets Useful Life June 30, 2016 June 30, 2015 Furniture and fixtures 5 - 7 years $ 62,730 $ 55,330 Lab equipment 3 - 15 years 3,585,590 889,672 Lab equipment (not yet placed in service) 3 - 15 years 4,025 1,371,440 Leasehold Improvements 3 - 7 years 3,211,575 29,296 Construction in process - - 2,315,803 6,863,920 4,661,541 Less: accumulated depreciation and amortization (879,250) (136,629) $ 5,984,670 $ 4,524,912 The fixed assets as of June 30, 2015 included $ 2,315,803 743,962 128,870 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 7 Related Party Transactions During the year ended June 30, 2016, there were no related party expenses. During the year ended June 30, 2015, the Company incurred consulting expenses of $ 99,000 132,339 On February 29, 2016, we entered into a Strategic Collaboration and License Agreement (“Collaboration Agreement”) with pH Pharma Co., Ltd. (“PH”). Dr. Huh, an officer and Director of the Company is also the CEO of PH and a majority owner. Pursuant to the Collaboration Agreement, the Company conditionally granted PH an exclusive, transferable, license under AB101 patents, patent applications and all other relevant Company intellectual property to manufacture and or offer for sale the Company’s lead product candidate, AB101, in Korea, Cambodia, Laos, Myanmar, Thailand, Malaysia, Singapore and Vietnam (the “License”). The License shall only become effective when PH has purchased a minimum of $ 8 2 License to become effective, PH must purchase at least $6 million of the Company’s common stock in one or more private placement transactions at prices to be negotiated in good faith by the parties based on commercially reasonable terms. On July 1, 2016, the Company and PH entered into a Master Services Agreement in which PH will perform business development services in Korea for the Company at a fee of $ 10,350 |
Convertible Notes Payable
Convertible Notes Payable | 12 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 8 Convertible Notes Payable From 2010 to January 2014, 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. 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 4,275,172 3,111,126 As of June 30, 2016 and 2015, the convertible notes outstanding balance was $ 60,000 60,000 8 |
Series A Convertible Preferred
Series A Convertible Preferred Stock | 12 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Series A Convertible Preferred Stock [Text Block] | Note 9 Series A Convertible Preferred Stock On December 7, 2015, the Board of Directors authorized fifteen million shares of Series A Convertible Preferred Stock (“Series A Stock”). The Series A Stock had a conversion feature at the option of the holder that could be converted at any time at a conversion rate of $1.95, subject to adjustment, into common stock. The shares also had a mandatory conversion feature at the same conversion rate if one of the following events occurs: 1) Upon vote or consent of 2/3 of the then outstanding Series A Stock; 2) Upon the Company’s listing to NASDAQ Stockmarket or the NYSE MKT and the Company’s common stock trades for 30 days for at least 155% of the Series A Stock conversion price; or 3) the Company closes an underwritten public offering of at least $15 million in gross proceeds with an offering price of at least 155% of the Series A Stock conversion price. The Series A Stock’s conversion price was subject to weighted average anti-dilution protection, as defined, and was subject to adjustments for stock splits, dividends, and similar events. 6 On December 10, 2015, the Company closed an initial offering of its Series A Stock with an offering price of $ 1.95 1,025,699 1,803,548 105,715 90,852 1.95 1,716,487 2,956,975 231,214 159,311 1.95 512,820 1,000,000 22,846 Through June 24, 2016, the Company declared and issued 71,708 On June 24, 2016, the Company and the stockholders of the Series A Preferred Stock consented to convert all of the shares of Series A Preferred Stock into common stock. The conversion occurred at a conversion price of $ 1.95 Series A stockholder to exchange the Conversion Shares into shares of common stock and related warrants equal to the Series A Preferred Stock purchase price plus accrued dividends at an exchange rate of $1.10 per Exchange Share and related Exchange Warrant. 3,326,714 5,897,677 5,811,700 2,929,084 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 12 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | Note 10 Stockholders’ Equity (Deficit) Common Stock - 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 20,000,000 0.001 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 was up to 500,000 166,668 296,669 During 2015, the Company completed two private placement transactions in which the Company issued 6,040,921 2.50 36 10.1 1,071,568 2,072,911 37,838 70,000 During 2016, the Company entered into a private placement transaction in which the Company issued 4,875,020 1.65 60 4.8 553,428 500,321 On July 29, 2016, the Company completed an additional close of the private placement transaction in which the Company issued 418,182 460 The Company has not declared or paid any dividends or returned any capital to common stock stockholders as of June 30, 2016 and 2015. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation [Text Block] | Note 11 Stock-Based Compensation Options 1,500,000 4.50 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 2,835,000 460,000 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 4,112,000 285,000 1.00 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 97 - 100 % Risk free interest rate 1.69% - 1.91 % Expected term (years) 7 Dividend yield 0 % AntriaBio 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 % Weighted Weighted Average Number of Average Remaining Options Exercise Price Contractual Life 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 Granted 285,000 $ 1.07 Forfeited (40,000) $ 1.66 Outstanding, June 30, 2016 8,947,418 $ 2.73 6.2 Exercisable at June 30, 2016 4,497,646 $ 3.18 4.9 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 $ 1,218,040 671,958 2,543,797 2,174,870 7,902,071 - Weighted Weighted Average Number of Average Remaining Warrants Exercise Price Contractual Life 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 Warrants issued in stock conversion 5,897,677 $ 1.65 Warrants issued in private placements 3,043,669 $ 1.65 Warrants issued to placement agent 933,639 $ 1.61 Warrants issued for investor relations 103,000 $ 1.60 Warrants cancelled (30,000) $ 3.44 Outstanding, June 30, 2016 28,964,376 $ 2.11 3.1 Year Ended June 30, 2015: 6,040,921 2.50 1,824,489 2.50 105,000 1.65 6,000 1.38 Year ended June 30, 2016: 5,897,677 1.65 3,043,669 1.65 184,490 2.34 327,046 1.32 87,500 2.50 519,093 1.65 9,000 1.38 24,000 1.34 60,000 1.85 10,000 0.96 The warrants exercisable for the 66,667 50,365 30,000 11,955 31,777 4,968,482 3,527,816 2,597,932 1,072,439 1,009,433 595,184 105,000 80,677 6,000 9,006 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 The warrants exercisable for the 5,897,677 3,497,914 3,043,558 1,667,630 1,202,336 The warrants exercisable for 184,490 184,673 327,046 113,521 87,500 65,490 519,093 386,800 The warrants exercisable for the 9,000 11,407 24,000 20,943 60,000 34,122 10,000 6,500 These warrants were valued using the Black-Scholes option pricing model on the date of issuance except for the warrants to purchase 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. Significant assumptions were as follows: Expected volatility 87% - 151 % Risk free interest rate 0.45% - 2.03 % Warrant term (years) 1 - 7.5 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, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 12 Income Taxes Year Ended June 30, 2016 2015 Current tax benefit Federal $ - $ - State - - - - Deferred tax benefit Federal 5,065,733 3,774,110 State 339,091 432,092 Change in valuation allowance (5,404,824) (4,206,202) - - Total tax expense $ - $ - As of June 30, 2016 2015 Deferred tax assets Net operating loss carryforward $ 10,602,681 $ 5,170,221 Start-up and organizational expenses 577,110 614,059 Stock-based compensation 4,395,306 3,080,604 Other 265,809 412,783 Total deferred tax assets 15,840,906 9,277,667 Deferred tax liabilities Fixed Assets 1,072,872 83,360 Federal Beneft for state deferred taxex 601,808 432,905 Total deferred tax liabilities 1,674,680 516,265 Valuation allowance (14,166,226) (8,761,402) 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 $ 27,446,000 2031 6,281,000 34 Year Ended June 30, 2016 2015 Computed "expected" tax expense (benefit) $ (5,078,084) $ (3,863,260) Change in income taxes from: State taxes net of federal benefit (339,091) (432,092) Permanent differences 12,351 229,209 Prior period adjustment - (140,059) Change in valuation allowance (5,404,824) 4,206,202 $ - $ - |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 13 Commitments and Contingencies Lease Commitments 27,000 28,939 3 33,325 750,000 187,500 Year Ending June 30, 2017 370,252 2018 381,360 2019 392,855 2020 335,747 $ 1,480,214 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 Legal Matters |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis Of Accounting, Policy [Policy Text Block] | Basis of Presentation |
Consolidation, Policy [Policy Text Block] | |
Use Of Estimates, Policy [Policy Text Block] | |
Risks and Uncertainties [Policy Text Block] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | 11 7,292 |
Security Deposit [Policy Text Block] | Deposits |
Convertible Notes Payable [Policy Text Block] | Convertible Notes Payable |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | General and Administrative Expenses |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company follows 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 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Common Share Although there were common stock equivalents of 33,462,014 21,556,142 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments 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, 2016 and 2015 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of June 30, 2016 and 2015 is recorded at an estimated fair value based on a Black-Scholes pricing model. The warrant derivative liability is a level 3 fair value instrument with the entire change in the balance recorded through earnings. See significant assumptions in Note 11. Balance as of June 30, 2015 $ (31,777) Total unrealized gains (losses): Included in earnings 19,822 Balance as of June 30, 2016 $ (11,955) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements 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) In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes, In January 2016, the FASB issued ASU 2016-01, Financial Instruments Overall Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09. Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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, 2015 $ (31,777) Total unrealized gains (losses): Included in earnings 19,822 Balance as of June 30, 2016 $ (11,955) |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016 June 30, 2015 Furniture and fixtures 5 - 7 years $ 62,730 $ 55,330 Lab equipment 3 - 15 years 3,585,590 889,672 Lab equipment (not yet placed in service) 3 - 15 years 4,025 1,371,440 Leasehold Improvements 3 - 7 years 3,211,575 29,296 Construction in process - - 2,315,803 6,863,920 4,661,541 Less: accumulated depreciation and amortization (879,250) (136,629) $ 5,984,670 $ 4,524,912 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected volatility 97 - 100 % Risk free interest rate 1.69% - 1.91 % Expected term (years) 7 Dividend yield 0 % AntriaBio 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, 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 Granted 285,000 $ 1.07 Forfeited (40,000) $ 1.66 Outstanding, June 30, 2016 8,947,418 $ 2.73 6.2 Exercisable at June 30, 2016 4,497,646 $ 3.18 4.9 |
Schedule Of Warrants Issued To Agents Activity [Table Text Block] | Warrants - Weighted Weighted Average Number of Average Remaining Warrants Exercise Price Contractual Life 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 Warrants issued in stock conversion 5,897,677 $ 1.65 Warrants issued in private placements 3,043,669 $ 1.65 Warrants issued to placement agent 933,639 $ 1.61 Warrants issued for investor relations 103,000 $ 1.60 Warrants cancelled (30,000) $ 3.44 Outstanding, June 30, 2016 28,964,376 $ 2.11 3.1 |
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] | Expected volatility 87% - 151 % Risk free interest rate 0.45% - 2.03 % Warrant term (years) 1 - 7.5 Dividend yield 0 % |
Lattice Model Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | Expected volatility 90 % Risk free interest rate 1.71 % Warrant term (years) 7 Dividend yield 0 % |
Lattice Model One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | Expected volatility 90% - 91 % Risk free interest rate 1.89% - 1.98 % Warrant term (years) 7 Dividend yield 0 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016 2015 Current tax benefit Federal $ - $ - State - - - - Deferred tax benefit Federal 5,065,733 3,774,110 State 339,091 432,092 Change in valuation allowance (5,404,824) (4,206,202) - - 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, 2016 and 2015: As of June 30, 2016 2015 Deferred tax assets Net operating loss carryforward $ 10,602,681 $ 5,170,221 Start-up and organizational expenses 577,110 614,059 Stock-based compensation 4,395,306 3,080,604 Other 265,809 412,783 Total deferred tax assets 15,840,906 9,277,667 Deferred tax liabilities Fixed Assets 1,072,872 83,360 Federal Beneft for state deferred taxex 601,808 432,905 Total deferred tax liabilities 1,674,680 516,265 Valuation allowance (14,166,226) (8,761,402) 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, 2016 2015 Computed "expected" tax expense (benefit) $ (5,078,084) $ (3,863,260) Change in income taxes from: State taxes net of federal benefit (339,091) (432,092) Permanent differences 12,351 229,209 Prior period adjustment - (140,059) Change in valuation allowance (5,404,824) 4,206,202 $ - $ - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending June 30, 2017 370,252 2018 381,360 2019 392,855 2020 335,747 $ 1,480,214 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |
Balance as of June 30, 2015 | $ (31,777) |
Total unrealized gains (losses): | |
Included in earnings | 19,822 |
Balance as of June 30, 2016 | $ (11,955) |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
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 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 33,462,014 | 21,556,142 |
Patents [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 11 years |
Going Concern (Details Textual)
Going Concern (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Going Concern [Line Items] | |||
Net Loss | $ (14,935,542) | $ (11,362,364) | |
Net Cash Used In Operating Activities | (10,488,498) | (7,078,894) | |
Total Stockholders' Equity | 8,772,853 | 9,053,807 | $ 6,406,731 |
Accumulated deficit | $ (44,044,830) | $ (29,109,288) |
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, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 6,863,920 | $ 4,661,541 |
Less: accumulated depreciation and amortization | (879,250) | (136,629) |
Property, Plant and Equipment, Net | 5,984,670 | 4,524,912 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 62,730 | 55,330 |
Furniture and fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Furniture and fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Lab equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,585,590 | 889,672 |
Lab equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Lab equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Lab equipment (not yet placed in service) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 4,025 | 1,371,440 |
Lab equipment (not yet placed in service) [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Lab equipment (not yet placed in service) [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,211,575 | 29,296 |
Leasehold improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Leasehold improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Construction in process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 0 | $ 2,315,803 |
Property, Plant and Equipment, Useful Life | 0 years |
Fixed Assets (Details Textual)
Fixed Assets (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 743,962 | $ 128,870 |
Property, Plant and Equipment, Gross | 6,863,920 | 4,661,541 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 0 | $ 2,315,803 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Related Party Transaction [Line Items] | |||
Consulting expenses | $ 99,000 | ||
Forgiveness of accounts payable and accrued expenses - related party | $ 0 | $ (132,339) | |
Minimum Securities Value, Purchase Commitments | $ 8,000,000 | ||
Subsequent Event [Member] | |||
Related Party Transaction [Line Items] | |||
Consulting Agreement Fees Per Month | $ 10,350 | ||
PH Pharma Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Intellectual Property License Effective Terms | License to become effective, PH must purchase at least $6 million of the Companys common stock in one or more private placement transactions at prices to be negotiated in good faith by the parties based on commercially reasonable terms. | ||
Equity Method Investments | $ 2,000,000 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Textual) - USD ($) | 1 Months Ended | ||
Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | |
Convertible Notes Payable | |||
Convertible Notes Payable [Line Items] | |||
Debt instrument, interest rate, stated percentage | 8.00% | ||
Debt conversion, converted instrument, amount | $ 4,275,172 | ||
Debt instrument convertible number of common stock | 3,111,126 | ||
Debt Instrument, Face Amount | $ 60,000 | $ 60,000 | |
2013 Notes | |||
Convertible Notes Payable [Line Items] | |||
Debt conversion, converted instrument, amount | $ 2,703,000 | ||
Debt instrument convertible number of common stock | 2,186,838 |
Series A Convertible Preferre35
Series A Convertible Preferred Stock (Details Textual) - USD ($) | Apr. 12, 2016 | Dec. 10, 2015 | Dec. 07, 2015 | Mar. 31, 2016 | Jun. 30, 2016 | Mar. 02, 2016 | Jun. 30, 2015 |
Series A Convertible Preferred Stock [Line Items] | |||||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | |||||
Preferred Stock, Conversion Basis | The Series A Stock had a conversion feature at the option of the holder that could be converted at any time at a conversion rate of $1.95, subject to adjustment, into common stock. The shares also had a mandatory conversion feature at the same conversion rate if one of the following events occurs: 1) Upon vote or consent of 2/3 of the then outstanding Series A Stock; 2) Upon the Companys listing to NASDAQ Stockmarket or the NYSE MKT and the Companys common stock trades for 30 days for at least 155% of the Series A Stock conversion price; or 3) the Company closes an underwritten public offering of at least $15 million in gross proceeds with an offering price of at least 155% of the Series A Stock conversion price. The Series A Stocks conversion price was subject to weighted average anti-dilution protection, as defined, and was subject to adjustments for stock splits, dividends, and similar events. | ||||||
Preferred Stock, Redemption Price Per Share | $ 1.95 | ||||||
Preferred Stock Shares Issued | 512,820 | 0 | 0 | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 1,000,000 | ||||||
Series A Convertible Preferred Stock [Member] | |||||||
Series A Convertible Preferred Stock [Line Items] | |||||||
Preferred Stock, Shares Authorized | 15,000,000 | ||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||||
Preferred Stock, Redemption Price Per Share | $ 1.95 | $ 1.95 | |||||
Preferred Stock Shares Issued | 1,025,699 | 1,716,487 | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 1,803,548 | $ 2,956,975 | |||||
Preferred Stock, Accretion of Redemption Discount | $ 22,846 | ||||||
Dividends Preferred Stock, Shares | 71,708 | ||||||
Conversion of Stock, Shares Converted | 3,326,714 | ||||||
Conversion Of Stock, Conversion Price | $ 1.95 | ||||||
Conversion Of Stock, Exchange Shares And Exchange Warrants Issued | 5,897,677 | ||||||
Conversion Of Stock, Excess Fair Value Of Securities | $ 5,811,700 | ||||||
Conversion Of Stock, Gain On Conversion Of Stock | $ 2,929,084 | ||||||
Convertible Preferred Stock, Terms of Conversion | Series A stockholder to exchange the Conversion Shares into shares of common stock and related warrants equal to the Series A Preferred Stock purchase price plus accrued dividends at an exchange rate of $1.10 per Exchange Share and related Exchange Warrant. | ||||||
Series A Convertible Preferred Stock [Member] | Warrant [Member] | |||||||
Series A Convertible Preferred Stock [Line Items] | |||||||
Payments of Debt Issuance Costs | 90,852 | 159,311 | |||||
Series A Convertible Preferred Stock [Member] | Private Placement [Member] | |||||||
Series A Convertible Preferred Stock [Line Items] | |||||||
Payments of Debt Issuance Costs | $ 105,715 | $ 231,214 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 29, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2014 | |
Class of Stock [Line Items] | ||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 5,523,706 | $ 6,026,070 | ||
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 | ||
Compensation For Services [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock To Be Issued | 500,000 | |||
Warrant | ||||
Class of Stock [Line Items] | ||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 500,321 | |||
Investor Relations | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Other | 166,668 | |||
Stock Issued During Period, Value, Other | $ 296,669 | |||
Private Placement | ||||
Class of Stock [Line Items] | ||||
Payments of stock issuance costs | $ 553,428 | $ 1,071,568 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.65 | $ 2.50 | ||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 2,072,911 | |||
Stock Issued During Period, Shares, Issued for Services | 37,838 | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 70,000 | |||
Class Of Warrant Or Right Of Warrants Or Rights Expiring Period | 60 months | 36 months | ||
Issuance Of Common Stock Shares | 4,875,020 | 6,040,921 | ||
Proceeds from Issuance of Private Placement | $ 4,800,000 | $ 10,100,000 | ||
Private Placement | Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Issuance Of Common Stock Shares | 418,182 | |||
Proceeds from Issuance of Private Placement | $ 460,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 7 years | |
Dividend yield | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 97.00% | 90.00% |
Risk free interest rate | 1.69% | 1.31% |
Expected term (years) | 5 years | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 100.00% | 103.00% |
Risk free interest rate | 1.91% | 2.38% |
Expected term (years) | 7 years |
Stock-Based Compensation (Det38
Stock-Based Compensation (Details 1) - Stock Option - $ / shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Number of Options | |||
Outstanding | 8,702,418 | 4,343,334 | |
Granted | 285,000 | 4,572,000 | |
Forfeited | (40,000) | (212,916) | |
Outstanding | 8,947,418 | 8,702,418 | 4,343,334 |
Exercisable | 4,497,646 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 2.78 | $ 3.61 | |
Granted | 1.07 | 2.02 | |
Forfeited | 1.66 | 3.57 | |
Outstanding | 2.73 | $ 2.78 | $ 3.61 |
Exercisable | $ 3.18 | ||
Weighted Average Remaining Contractual Life | |||
Outstanding | 6 years 2 months 12 days | 7 years 1 month 6 days | 5 years 7 months 6 days |
Exercisable | 4 years 10 months 24 days |
Stock-Based Compensation (Det39
Stock-Based Compensation (Details 2) - Warrant - $ / shares | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Number of Warrants - Outstanding | 19,016,391 | 11,099,739 | ||
Number of Warrants - issued in stock conversion | 5,897,677 | |||
Number of Warrants - Warrants issued in private placements | 3,043,669 | 6,040,921 | ||
Number of Warrants - Warrants issued to placement agent | 933,639 | 1,824,489 | ||
Number of Warrants - Warrants issued for investor relations | 103,000 | 111,000 | ||
Number of Warrants - Warrants cancelled | (30,000) | (30,000) | (59,758) | |
Number of Warrants - Outstanding | 28,964,376 | 19,016,391 | 11,099,739 | |
Weighted Average Exercise Price - Outstanding | $ 2.33 | $ 2.21 | ||
Weighted Average Exercise Price - Warrants issued in stock conversion | 1.65 | |||
Weighted Average Exercise Price - Warrants issued in private placement | 1.65 | 2.5 | ||
Weighted Average Exercise Price - Warrants issued to placement agent | 1.61 | 2.5 | ||
Weighted Average Exercise Price - Warrants issued for investor relations | 1.6 | 1.63 | ||
Weighted Average Exercise Price - Warrants cancelled | 3.44 | 2.92 | ||
Weighted Average Exercise Price - Outstanding | $ 2.11 | $ 2.33 | $ 2.21 | |
Weighted Average Remaining Contractual Life - Outstanding | 3 years 1 month 6 days | 3 years | 3 years 7 months 6 days |
Stock-Based Compensation (Det40
Stock-Based Compensation (Details 3) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrant term (years) | 7 years | |
Dividend yield | 0.00% | 0.00% |
Black Scholes Pricing Model | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 97.00% | 90.00% |
Risk free interest rate | 1.69% | 1.31% |
Warrant term (years) | 5 years | |
Minimum | Black Scholes Pricing Model | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 87.00% | |
Risk free interest rate | 0.45% | |
Warrant term (years) | 1 year | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 100.00% | 103.00% |
Risk free interest rate | 1.91% | 2.38% |
Warrant term (years) | 7 years | |
Maximum | Black Scholes Pricing Model | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 151.00% | |
Risk free interest rate | 2.03% | |
Warrant term (years) | 7 years 6 months |
Stock-Based Compensation (Det41
Stock-Based Compensation (Details 4) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrant term (years) | 7 years | |
Dividend yield | 0.00% | 0.00% |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 100.00% | 103.00% |
Risk free interest rate | 1.91% | 2.38% |
Warrant term (years) | 7 years | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 97.00% | 90.00% |
Risk free interest rate | 1.69% | 1.31% |
Warrant term (years) | 5 years | |
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% | |
Lattice Model One | Warrant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrant term (years) | 7 years | |
Dividend yield | 0.00% |
Stock-Based Compensation (Det42
Stock-Based Compensation (Details 5) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrant term (years) | 7 years | |
Dividend yield | 0.00% | 0.00% |
Lattice Model Two [Member] | 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 ($) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Feb. 23, 2015 | Jan. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Apr. 06, 2015 | Mar. 31, 2015 | Mar. 26, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation | $ 3,761,837 | $ 2,846,828 | |||||||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, stock options | 7,902,071 | ||||||||
Fair value of warrants | 11,955 | 31,777 | |||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 5,523,706 | $ 6,026,070 | |||||||
Black Scholes Pricing Model | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 58,914 | ||||||||
Class of warrant exercisable warrants or rights | 247,552 | ||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 92,111 | ||||||||
Lattice Model Two [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 99,650 | ||||||||
Warrants to purchase common stock value | $ 309,121 | ||||||||
Warrant derivative liability | $ 172,809 | ||||||||
Lattice Model [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 99,650 | ||||||||
Warrants to purchase common stock value | $ 172,809 | ||||||||
Lattice Model One [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,418,373 | ||||||||
Warrant derivative liability | $ 1,498,809 | ||||||||
2014 Stock and Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
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 [Line Items] | |||||||||
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] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation | 2,543,797 | $ 2,174,870 | |||||||
Employees and Directors | Research and Development Expense [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation | $ 1,218,040 | $ 671,958 | |||||||
Employees and Directors | 2014 Stock and Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 460,000 | ||||||||
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 | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 1.29 | ||||||||
Employees and Directors | 2014 Stock and Incentive Plan | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 3.44 | ||||||||
Employee Stock Option | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 285,000 | 4,572,000 | |||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 1.07 | $ 2.02 | |||||||
Employee Stock Option | Employees and Directors | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 1,500,000 | 4,112,000 | 2,835,000 | ||||||
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, number of shares authorized | 6,850,000 | ||||||||
Employee Stock Option | Employees and Directors | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 1 | ||||||||
Employee Stock Option | Employees and Directors | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
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 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrants to purchase common stock value | $ 80,677 | ||||||||
Warrant | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 500,321 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Warrants cancelled In Period | 30,000 | 30,000 | 59,758 | ||||||
Warrant | Lattice Model [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,518,387 | ||||||||
Warrant | Additional Paid-in Capital and Professional Fee | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrants to purchase common stock value | $ 9,006 | ||||||||
Warrant One | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 5,897,677 | 6,040,921 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.65 | $ 2.50 | |||||||
Class of warrant exercisable warrants or rights | 5,897,677 | ||||||||
Warrants to purchase common stock value | $ 3,497,914 | ||||||||
Warrant Two | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 3,043,669 | 1,824,489 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.65 | $ 2.50 | |||||||
Class of warrant exercisable warrants or rights | 3,043,558 | ||||||||
Warrants to purchase common stock value | $ 1,667,630 | ||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 1,202,336 | ||||||||
Warrant Three | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 184,490 | 105,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.34 | $ 1.65 | |||||||
Class of warrant exercisable warrants or rights | 184,490 | ||||||||
Warrants to purchase common stock value | $ 184,673 | ||||||||
Warrant Four | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 327,046 | 6,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.32 | $ 1.38 | |||||||
Class of warrant exercisable warrants or rights | 327,046 | ||||||||
Warrants to purchase common stock value | $ 113,521 | ||||||||
Warrant Five | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 87,500 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.50 | ||||||||
Class of warrant exercisable warrants or rights | 87,500 | ||||||||
Warrants to purchase common stock value | $ 65,490 | ||||||||
Warrant Six | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 519,093 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.65 | ||||||||
Class of warrant exercisable warrants or rights | 519,093 | ||||||||
Warrants to purchase common stock value | $ 386,800 | ||||||||
Warrant Seven | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 9,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.38 | ||||||||
Class of warrant exercisable warrants or rights | 9,000 | ||||||||
Warrants to purchase common stock value | $ 11,407 | ||||||||
Warrant Eight | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 24,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.34 | ||||||||
Class of warrant exercisable warrants or rights | 24,000 | ||||||||
Warrants to purchase common stock value | $ 20,943 | ||||||||
Warrant Nine | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 60,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.85 | ||||||||
Class of warrant exercisable warrants or rights | 60,000 | ||||||||
Warrants to purchase common stock value | $ 34,122 | ||||||||
Warrant Ten | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 10,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.96 | ||||||||
Class of warrant exercisable warrants or rights | 10,000 | ||||||||
Warrants to purchase common stock value | $ 6,500 | ||||||||
Warrant Thirteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant exercisable warrants or rights | 66,667 | ||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 50,365 | ||||||||
Warrant Fourteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant exercisable 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 Fifteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant exercisable warrants or rights | 1,477,287 | ||||||||
Warrant Sixteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,072,439 | ||||||||
Class of warrant exercisable warrants or rights | 6,000 | ||||||||
Warrants to purchase common stock value | $ 1,009,433 | ||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 595,184 | ||||||||
Warrant Eighteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 105,000 | ||||||||
Warrant Eighteen | Lattice Model [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrant derivative liability | $ 1,498,809 | ||||||||
Warrant Eighteen | Derivative Expense | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrants to purchase common stock value | $ 2,217,605 | $ 124,434 | |||||||
Warrant Ninteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant exercisable warrants or rights | 347,202 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Current tax benefit | ||
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Current Income Tax Expense (Benefit) | 0 | 0 |
Deferred tax benefit | ||
Federal | 5,065,733 | 3,774,110 |
State | 339,091 | 432,092 |
Change in valuation allowance | (5,404,824) | (4,206,202) |
Deferred Income Tax Expense (Benefit) | 0 | 0 |
Total tax expense | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Deferred tax assets | ||
Net operating loss carryforward | $ 10,602,681 | $ 5,170,221 |
Start-up and organizational expenses | 577,110 | 614,059 |
Stock-based compensation | 4,395,306 | 3,080,604 |
Other | 265,809 | 412,783 |
Total deferred tax assets | 15,840,906 | 9,277,667 |
Deferred tax liabilities | ||
Fixed Assets | 1,072,872 | 83,360 |
Federal Beneft for state deferred taxex | 601,808 | 432,905 |
Total deferred tax liabilities | 1,674,680 | 516,265 |
Valuation allowance | (14,166,226) | (8,761,402) |
Net deferred taxes | $ 0 | $ 0 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Computed "expected" tax expense (benefit) | $ (5,078,084) | $ (3,863,260) |
Change in income taxes from: | ||
State taxes net of federal benefit | (339,091) | (432,092) |
Permanent differences | 12,351 | 229,209 |
Prior period adjustment | 0 | (140,059) |
Change in valuation allowance | 5,404,824 | 4,206,202 |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 12 Months Ended |
Jun. 30, 2016USD ($) | |
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 | $ 27,446,000 |
Commitments and Contingencies48
Commitments and Contingencies (Details) | Jun. 30, 2016USD ($) |
Operating Leased Assets [Line Items] | |
2,017 | $ 370,252 |
2,018 | 381,360 |
2,019 | 392,855 |
2,020 | 335,747 |
Operating Leases, Future Minimum Payments Due | $ 1,480,214 |
Commitments and Contingencies49
Commitments and Contingencies (Details Textual) | 1 Months Ended | 12 Months Ended | |
May 31, 2014USD ($)ft² | Jun. 30, 2016USD ($) | Sep. 30, 2014USD ($) | |
Commitments And Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $ 28,939 | ||
Payments Of Monthly Lease Adjusted Annually Percentage | 3.00% | ||
Adjusted Triple Net Expense Of Lease Payments | $ 33,325 | ||
Area of Land | ft² | 27,000 | ||
Security Deposit | $ 750,000 | ||
Proceeds from Other Deposits | $ 187,500 | ||
Capital Lease Obligations | |||
Commitments And Contingencies [Line Items] | |||
Capital Lease Obligations | $ 8,075 |