Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2017 | May 08, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Propanc Biopharma, Inc. | |
Entity Central Index Key | 1,517,681 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 3,751,876 | |
Trading Symbol | PPCH | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
CURRENT ASSETS: | ||
Cash | $ 9,058 | $ 121,070 |
GST tax receivable | 10,125 | 29,355 |
Prepaid expenses and other current assets | 12,029 | 210,122 |
Prepaid rent - related party | 2,220 | |
TOTAL CURRENT ASSETS | 31,212 | 362,767 |
Security deposit | 1,628 | |
Security deposit - related party | 2,291 | 2,220 |
Property and equipment, net | 11,283 | 12,527 |
TOTAL ASSETS | 44,786 | 379,142 |
CURRENT LIABILITIES: | ||
Accounts payable | 452,144 | 250,403 |
Accounts payable - related parties | 15,617 | 119,690 |
Accrued expenses and other payables | 334,860 | 137,487 |
Convertible notes and related accrued interest, net of discount and premiums | 2,651,423 | 1,202,523 |
Loans payable | 2,291 | 2,220 |
Embedded conversion option liabilities | 1,081,387 | 994,343 |
Warrant derivative liability | 16,200 | 55,839 |
Due to directors - related parties | 35,030 | 33,943 |
Loans from directors and officer - related parties | 56,521 | 54,767 |
Employee benefit liability | 114,079 | 93,220 |
TOTAL CURRENT LIABILITIES | 4,759,552 | 2,944,435 |
Commitments and Contingencies (See Note 7) | ||
STOCKHOLDERS' DEFICIT: | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; 3,744,095 and 2,914,465 shares issued and outstanding as of March 31, 2017 and June 30, 2016, respectively | 3,744 | 2,914 |
Additional paid-in capital | 31,972,357 | 27,671,552 |
Accumulated other comprehensive income (loss) | (85,836) | 131,264 |
Accumulated deficit | (36,610,031) | (30,376,023) |
TOTAL STOCKHOLDERS' DEFICIT | (4,714,766) | (2,565,293) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | 44,786 | 379,142 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' DEFICIT: | ||
Preferred stock value | 5,000 | 5,000 |
Series B Preferred Stock [Member] | ||
STOCKHOLDERS' DEFICIT: | ||
Preferred stock value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Jun. 30, 2016 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 3,744,095 | 2,914,465 |
Common stock, shares outstanding | 3,744,095 | 2,914,465 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,500,000 | 1,500,000 |
Preferred stock, shares issued | 500,000 | 500,000 |
Preferred stock, shares outstanding | 500,000 | 500,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5 | 5 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUE | ||||
Revenue | ||||
OPERATING EXPENSES | ||||
Administration expenses | 1,153,138 | 775,216 | 3,893,534 | 2,620,324 |
Occupancy expenses | 7,649 | 5,235 | 22,237 | 15,062 |
Research and development | 386,490 | 510,301 | 714,889 | 806,578 |
TOTAL OPERATING EXPENSES | 1,547,277 | 1,290,752 | 4,630,660 | 3,441,964 |
LOSS FROM OPERATIONS | (1,547,277) | (1,290,752) | (4,630,660) | (3,441,964) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (798,361) | (1,104,315) | (2,525,375) | (2,678,604) |
Interest income | 648 | 661 | 2,027 | |
Change in fair value of derivative liabilities | 273,545 | 57,118 | 603,938 | (494,772) |
Loss on debt settlements, net | (343) | (131,900) | (58,893) | |
Foreign currency transaction gain | 394,503 | 186,070 | 143,169 | 47,366 |
TOTAL OTHER INCOME (EXPENSE) | (130,008) | (861,127) | (1,909,507) | (3,182,876) |
LOSS BEFORE INCOME TAXES | (1,677,285) | (2,151,879) | (6,540,167) | (6,624,840) |
INCOME TAX BENEFIT (EXPENSE) | 306,159 | (30) | 306,159 | 71,970 |
NET LOSS | $ (1,371,126) | $ (2,151,909) | $ (6,234,008) | $ (6,552,870) |
BASIC AND DILUTED NET LOSS PER SHARE | $ (0.38) | $ (1.05) | $ (1.86) | $ (3.90) |
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 3,653,154 | 2,043,235 | 3,347,593 | 1,679,829 |
NET LOSS | $ (1,371,126) | $ (2,151,909) | $ (6,234,008) | $ (6,552,870) |
OTHER COMPREHENSIVE LOSS | ||||
Unrealized foreign currency translation loss | (473,998) | (238,292) | (217,100) | (126,413) |
TOTAL OTHER COMPREHENSIVE LOSS | (473,998) | (238,292) | (217,100) | (126,413) |
TOTAL COMPREHENSIVE LOSS | $ (1,845,124) | $ (2,390,201) | $ (6,451,108) | $ (6,679,283) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (6,234,008) | $ (6,552,870) |
Adjustments to Reconcile Net loss to Net Cash Used in Operating Activities: | ||
Issuance and amortization of common stock for services | 531,958 | 1,359,874 |
Issuance of convertible promissory notes for services | 500,000 | |
Warrant modification expense | 23,495 | |
Loss on settlement | 131,900 | 58,893 |
Foreign currency transaction gain | (143,169) | (47,366) |
Depreciation expense | 1,628 | 507 |
Amortization of debt discount | 1,835,899 | 2,235,257 |
Change in fair value of derivative liabilities | (603,938) | 494,772 |
Stock option expense | 1,473,174 | |
Accretion of put premium | 619,436 | 914,412 |
Changes in Assets and Liabilities: | ||
GST receivable | 19,953 | (9,961) |
Prepaid expenses and other assets | (246,311) | |
Prepaid expenses and other assets - related parties | 2,267 | |
Accounts payable | 119,443 | (77,543) |
Accounts payable - related parties | 15,450 | |
Employee benefit liability | 17,682 | 19,060 |
Payment for security deposit | 1,662 | |
Accrued expenses | 190,899 | (326,341) |
Accrued interest | 47,189 | (27,527) |
NET CASH USED IN OPERATING ACTIVITIES | (1,449,080) | (2,205,144) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | (676) | |
NET CASH USED IN INVESTING ACTIVITIES | (676) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Loan repayments to principal stockholder | (21,491) | |
Loan repayments | (23,843) | |
Proceeds from convertible promissory notes | 923,750 | 4,177,500 |
Repayments of convertible promissory notes | (463,976) | |
Proceeds from the exercise of warrants | 464,286 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,388,036 | 3,668,190 |
Effect of exchange rate changes on cash | (50,968) | (90,971) |
NET INCREASE (DECREASE) IN CASH | (112,012) | 1,371,399 |
CASH AT BEGINNING OF PERIOD | 121,070 | 107,627 |
CASH AT END OF PERIOD | 9,058 | 1,479,026 |
Cash paid during the period: | ||
Interest | ||
Income Tax | ||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Prepaid common stock issued for services | 72,757 | |
Cancellation of shares for convertible note payable | 112,500 | |
Reduction of put premium related to conversions of convertible note | 132,955 | 1,034,454 |
Conversion of convertible notes and accrued interest to common stock | 934,241 | 3,817,285 |
Discounts related to warrants issued with convertible debenture | 910,178 | 1,666,635 |
Discounts related to derivative liability | 650,000 | 2,205,925 |
Settlement of accounts payable for shares of common stock | $ 50,000 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting and Reporting Policies | 9 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies | NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES Nature of Operations Propanc Biopharma, Inc. (the “Company,” “we,” “us,” “our”) was originally incorporated in Melbourne, Victoria Australia on October 15, 2007 as Propanc PTY LTD, and continues to be based in Camberwell, Victoria Australia. Since its inception, substantially all of the operations of the Company have been focused on the development of new cancer treatments targeting high-risk patients, particularly cancer survivors, who need a follow-up, non-toxic, long-term therapy designed to prevent the cancer from returning and spreading. The Company anticipates establishing global markets for its technologies. Our lead product candidate, which we refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes acting synergistically. It is currently in the preclinical phase of development. On November 23, 2010, the Company was incorporated in the state of Delaware as Propanc Health Group Corporation. In January 2011, to reorganize the Company, we acquired all of the outstanding shares of Propanc PTY LTD on a one-for-one basis making it a wholly-owned subsidiary. Effective April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to better reflect the Company’s stage of growth and development. Basis of Presentation The interim unaudited consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) necessary to present fairly our results of operations for the three and nine months ended March 31, 2017 and 2016 and cash flows for the nine months ended March 31, 2017 and 2016 and our financial position as of March 31, 2017 have been made. The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year. Reference is frequently made herein to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative US GAAP recognized by the FASB to be applied to non-governmental entities. Each ASC reference in this filing is presented with a three-digit number, which represents its Topic. As necessary for explanation and as applicable, an ASC topic may be followed with a two-digit subtopic, a two-digit section or a two-or-three digit paragraph. Certain information and disclosures normally included in the notes to the annual audited consolidated financial statements have been condensed or omitted from these interim unaudited consolidated financial statements. Accordingly, these interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2016. The June 30, 2016 balance sheet is derived from those statements. On April 20, 2017, the Company effected a one-for-two hundred and fifty (1:250) reverse stock split whereby the Company (i) decreased the number of authorized shares of common stock, par value $0.001 per share (the “Common Stock”) to 100,000,000 (ii) decreased the number of authorized shares of preferred stock to 1,500,005 and (iii) decreased, by a ratio of one-for-two hundred and fifty (1:250) the number of retroactively issued and outstanding shares of Common Stock. Proportional adjustments for the reverse stock split were made to the Company’s outstanding stock options, warrants and equity incentive plans, including all share and per-share data, for all amounts and periods presented in the consolidated financial statements. Principles of Consolidation The unaudited consolidated financial statements include the accounts of Propanc Health Group Corporation and its wholly-owned subsidiary, Propanc PTY LTD. All inter-company balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates in the accompanying unaudited consolidated financial statements include the estimates of useful lives for depreciation, valuation of derivatives, valuation of beneficial conversion features on convertible debt, allowance for uncollectable receivables, valuation of equity based instruments issued for other than cash, the valuation allowance on deferred tax assets and foreign currency translation due to certain average exchange rates applied in lieu of spot rates on transaction dates. Foreign Currency Translation and Other Comprehensive Income (Loss) The Company’s functional currency is the Australian dollar (AUD). For financial reporting purposes, the Australian dollar has been translated into United States dollars ($) and/or (USD) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity (deficit) as “accumulated other comprehensive income (loss).” Gains and losses resulting from foreign currency transactions are included in the statement of operations and comprehensive loss as other income (expense). There have been no significant fluctuations in the exchange rate for the conversion of Australian dollars to USD after the balance sheet date. Other Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses). Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the consolidated balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the consolidated results of operations as incurred. As of March 31, 2017 and June 30, 2016, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the unaudited consolidated financial statements were as follows: March 31, 2017 June 30, 2016 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7638 0.7401 Average exchange rate for the period USD : AUD exchange rate 0.7556 0.7282 Changes in Accumulated Other Comprehensive Income (Loss) by Component during the nine months ended March 31, 2017 was as follows: Foreign Currency Items: Beginning balance, June 30, 2016 $ 131,264 Foreign currency translation loss (217,100 ) Ending balance, March 31, 2017 $ (85,836 ) Fair Value of Financial Instruments and Fair Value Measurements The Company measures its financial assets and liabilities in accordance with US GAAP. For certain of the Company’s financial instruments, including cash and cash equivalents, accounts and other receivables, accounts payable and accrued expenses and other liabilities, the carrying amounts approximate fair value due to their short maturities. Amounts recorded for loans payable, also approximate fair value because current interest rates available to us for debt with similar terms and maturities are substantially the same. The Company has adopted ASC 820, “ Fair Value Measurement, Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. The estimated fair value of certain financial instruments, including accounts receivable and accounts payable are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The cost basis of notes and convertible debentures approximates fair value due to the market interest rates carried for these instruments. Also see Note 10 - Derivative Financial Instruments. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of six months or less with financial institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the balance sheets. There were no cash equivalents as of March 31, 2017 or June 30, 2016. Patents Patents are stated at cost and reclassified to intangible assets and amortized on a straight-line basis over the estimated future periods if and once the patent has been granted by a regulatory agency. However, the Company will expense any product costs as long as we are in the startup stage. Accordingly, as the Company’s products were and are not currently approved for market, all patent costs incurred from 2013 through 2017 were expensed immediately. This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency. The Company has filed six patent applications relating to its lead product, PRP. The first application was filed in October 2010 in each of the countries listed in the table below. This application has been granted and remains in force in Australia, Japan, Indonesia, Israel, New Zealand, Singapore and South Africa. In the United States, the application has been allowed by the U.S. Patent and Trademark Office but has not yet been issued pending the payment of the issue fee. In Brazil, Canada, China, Europe, Malaysia, Mexico and South Korea, the patent application remains under examination. In 2016 and early 2017 we filed five other patent applications, as indicated below. Two applications were filed in Spain, where one is currently under examination, and one was filed in the United States. Two others were filed under the PCT. The PCT assists applicants in seeking patent protection by filing one international patent application under the PCT, applicants can simultaneously seek protection for an invention in over 150 countries. Once filed, the application is placed under the control of the national or regional patent offices, as applicable, in what is called the national phase. No. Title Country Case Status Date Filed 1. A pharmaceutical composition for treating cancer comprising trypsinogen and/or chymotrypsinogen and an active agent selected from a selenium compound, a vanilloid compound and a cytoplasmic reduction agent. Australia, Japan, Indonesia, Israel, New Zealand, Singapore and South Africa Granted Oct-22-2010 Brazil, Canada, China, Europe, Malaysia, Mexico, Republic of Korea, USA Under Examination 2. Proenzyme composition PCT Application filed and pending Nov-11-2016 3. Compositions and their use for manufacturing a medicament for treating cancer Spain Application filed and pending Dec-22-2016 4. Compositions and their use for manufacturing a medicament for treating cancer Spain Under examination Jan-29-2016 5. Cancer Treatment PCT Application filed and pending Jan-27-2017 6. Composition of proenzymes for cancer treatment USA Application filed and pending Apr-12-2016 Further patent applications are expected to be filed to capture and protect additional patentable subject matter based on the Company’s field of technology relating to pharmaceutical compositions of proenzymes for treating cancer. Impairment of Long-Lived Assets In accordance with ASC 360-10, “ Long-lived assets,” Australian Goods and Services Tax (GST) Revenues, expenses and balance sheet items are recognized net of the amount of GST, except payable and receivable balances which are shown inclusive of GST. The GST incurred is payable on revenues to, and recoverable on purchases from, the Australian Taxation Office. Cash flows are presented in the statements of cash flow on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. As of March 31, 2017 and June 30, 2016, the Company was owed $10,125 and $29,355, respectively, from the Australian Taxation Office. These amounts were fully collected subsequent to the balance sheet reporting dates. Convertible Notes With Variable Conversion Options The Company has entered into convertible notes, some of which contain variable conversion options, whereby the outstanding principal and accrued interest may be converted, by the holder, into common shares at a fixed discount to the price of the common stock at the time of conversion. The Company treats these convertible notes as stock settled debt under ASC 480, “ Distinguishing Liabilities from Equity Income Taxes The Company is governed by Australia and United States income tax laws, which are administered by the Australian Taxation Office and the United States Internal Revenue Service, respectively. The Company follows ASC 740 “ Accounting for Income Taxes The Company adopted provisions of ASC 740, Sections 25 through 60, “ Accounting for Uncertainty in Income Taxes Research and Development Costs and Tax Credits In accordance with ASC 730-10, “Research and Development-Overall,” The Company may apply for research and development tax concessions with the Australian Taxation Office on an annual basis. Although the amount is possible to estimate at year end, the Australian Taxation Office may reject or materially alter the claim amount. Accordingly, the Company does not recognize the benefit of the claim amount until cash receipt since collectability is not certain until such time. The tax concession is a refundable credit. If the Company has net income then the Company can receive the credit which reduces its income tax liability. If the Company has net losses, then the Company may still receive a cash payment for the credit, however, the Company’s net operating loss carryforwards are reduced by the gross equivalent loss that would produce the credit amount when the income tax rate is applied to that gross amount. The concession is recognized as an income tax benefit, in operations, upon receipt. During the nine months ended March 31, 2017 and 2016, the Company applied for and received from the Australian Taxation Office a research and development tax credit in the amount of $306,159 and $71,970 respectively, which is reflected as an income tax benefit in the accompanying consolidated statements of operations and comprehensive income (loss). Stock Based Compensation The Company records stock based compensation in accordance with ASC 718, “ Stock Compensation Share Based Payment The Company accounts for non-employee share-based awards in accordance with the measurement and recognition criteria of ASC 505-50 “ Equity-Based Payments to Non-Employees Revenue Recognition In accordance with SEC Staff Accounting Bulletin No. 104, Revenue Recognition Basic and Diluted Net Loss Per Common Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. As a result, the basic and diluted per share amounts for all periods presented are identical. For the nine months ended March 31, 2017, there were 149,517 warrants outstanding, 572,000 stock options and ten convertible notes payable that are convertible into 1,600,288 common shares, respectively which are considered dilutive securities which were excluded from the computation since the effect is anti-dilutive. Recently Adopted Accounting Pronouncements Certain FASB Accounting Standard Updates (“ASU”) which are not effective until after March 31, 2017 are not expected to have a significant effect on the Company’s consolidated financial position or results of operations. The Company is evaluating or has implemented the following at March 31, 2017: In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” In February 2016, the FASB issued ASU 2016-02, “Leases,” In November 2015, the FASB issued ASU No. 2015-17, “ Balance Sheet Classification of Deferred Taxes In August 2014, the FASB issued ASU 2014-15, “ Presentation of Financial Statements – Going Concern |
Going Concern
Going Concern | 9 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Going Concern | NOTE 2 – GOING CONCERN The accompanying unaudited consolidated financial statements have been prepared in conformity with US GAAP, which contemplate continuation of the Company as a going concern. For the nine months ended March 31, 2017, the Company had no revenues, had a net loss of $6,234,008 and had net cash used in operations of $1,449,080. Additionally, as of March 31, 2017, the Company had a working capital deficit, stockholders’ deficit and accumulated deficit of $4,728,340, $4,714,766 and $36,610,031, respectively. It is management’s opinion that these conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the date of this filing. The unaudited consolidated financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of this uncertainty. Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing to fulfill its development activities, acceptance of the Company’s patent applications and ultimately achieving a level of sales adequate to support the Company’s cost structure. However, there can be no assurances that the Company will be able to secure additional equity investments or achieve an adequate sales level. |
Due to Directors - Related Part
Due to Directors - Related Parties | 9 Months Ended |
Mar. 31, 2017 | |
Due to Related Parties [Abstract] | |
Due to Directors - Related Parties | NOTE 3 – DUE TO DIRECTORS - RELATED PARTIES Due to directors - related parties represents unsecured advances made primarily by a former director for operating expenses on behalf of the Company such as intellectual property and formation expenses. The expenses were paid for on behalf of the Company and are due upon demand. The Company is currently not being charged interest under these advances. The total amount owed the former director at March 31, 2017 and June 30, 2016 is $35,030 and $33,943, respectively. |
Loans and Notes Payable
Loans and Notes Payable | 9 Months Ended |
Mar. 31, 2017 | |
Notes and Loans Payable [Abstract] | |
Loans and Notes Payable | NOTE 4 – LOANS AND NOTES PAYABLE Loans from Directors and Officer - Related Parties Loans from Directors and Officer at March 31, 2017 and June 30, 2016 were $56,521 and $54,767, respectively. The loans bear no interest and are all past their due date and in default. The Company did not repay any amount on these loans during the nine months ended March 31, 2017. Other Loans from Unrelated Parties As of March 31, 2017 and June 30, 2016, other loans from unrelated parties had a balance of $2,291 and $2,220, respectively. The Company did not repay any money toward these loans and a foreign currency transaction loss of $71 was recorded in connection with these loans for the nine months ended March 31, 2017. |
Convertible Notes
Convertible Notes | 9 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Convertible Notes | NOTE 5 – CONVERTIBLE NOTES Convertible notes at March 31, 2017 were as follows: Convertible notes and debenture $ 2,534,294 Unamortized discounts (542,459 ) Accrued interest 40,152 Premium 619,436 Convertible notes, net $ 2,651,423 May 2015 Securities Purchase Agreement On May 19, 2015, the Company entered into a Securities Purchase Agreement with a third-party lender (the “SPA”). Pursuant to the SPA, on the date of the agreement the Company issued convertible promissory notes to the lender in return for cash. The Company also issued nine convertible promissory notes in the principal amount of $782,500 (the “ Back-End Notes On July 14, 2015, the lender redeemed three of its promissory notes totaling $352,500 and three of the Back-End Notes of the same principal amount it received from the Company automatically became convertible. On October 14 and October 15, 2015, the lender redeemed the remaining six of its promissory notes totaling $430,000 and the corresponding Back-End Notes of the same principal amount became convertible. Through June 30, 2016, the lender converted $620,000 in principal of the Back-End Notes into an equivalent amount of shares of the Company’s common stock. From June 30, 2016 through March 31, 2017, the remaining $162,500 in principal of the Back-End notes was converted (See Note 6). As of March 31, 2017, these Back-End Notes have been fully converted. Since the Back-End Notes the Company issued were not convertible until the notes the lender issued were redeemed in cash, the Back-End Notes and accrued interest receivable and payable have been netted for presentation purposes on the accompanying balance sheet. Delafield Financing Agreements On October 28, 2015 (the “Closing Date”), the Company entered into a securities purchase agreement dated as of the Closing Date (the “Purchase Agreement”) with Delafield Investments Limited (the “Purchaser” or “Delafield”). The Purchase Agreement provided that, upon the terms and subject to the conditions set forth therein, the Purchaser would invest $4,000,000 (“Investment Amount”) in exchange for a Convertible Debenture (the “Debenture”) in the principal amount of $4,400,000 (the “Principal Amount”) and a warrant to purchase an aggregate of 104,762 shares of the Company’s common stock, par value $0.001 per share, for an exercise price of $150 per share for a period of four (4) years from the Closing Date (the “Warrant”). Pursuant to the Purchase Agreement, on the Closing Date, the Company issued the Debenture and Warrant to the Purchaser. Under the terms of the Purchase Agreement, the Purchaser agreed to deliver a promissory note entered into by the Company and Purchaser on September 24, 2015 with a principal amount of $1,200,000 (the “Prior Note”). The parties further agreed that the Prior Note was deemed cancelled upon the delivery by the Purchaser to the Company and the amount of the Prior Note is included in the Investment Amount under the Purchase Agreement. Under the terms of the Purchase Agreement and Debenture, $2,800,000 of the Investment Amount was deposited into a deposit control account and such amount was to remain in the deposit control account pending the achievement of certain milestones by the Company and the satisfaction of certain equity conditions set forth in the Debenture. Additionally, under the Debenture, the Principal Amount would be reduced by $25,000 if the Company filed a registration statement with the SEC within 30 days following the Closing Date. The Principal Amount would be reduced by an additional $25,000 if the registration statement was deemed effective within 100 days after the Closing Date. On November 23, 2015, the Company filed a registration statement with the SEC and on December 10, 2015, the registration statement was declared effective. As both of these conditions were met, the Principal amount was reduced by $50,000, which was credited to interest expense such that the aggregate principal amount was $4,350,000. The Purchase Agreement contains customary representations, warranties and covenants by, among and for the benefit of the parties. The Company also agreed to pay up to $50,000 of reasonable attorneys’ fees and expenses incurred by the Purchaser in connection with the transaction. The Purchase Agreement also provides for indemnification of the Purchaser and its affiliates in the event that the Purchaser incurs losses, liabilities, obligations, claims, contingencies, damages, costs and expenses related to a breach by the Company of any of its representations, warranties or covenants under the Purchase Agreement. The Debenture has a 10% original issue discount and was originally schedule to mature on October 28, 2016. The principal amount of the Debenture accrues interest at the rate of 5% per annum based on the $4,350,000 note agreement with a one year value guarantee of $217,500, payable quarterly in cash (or if certain conditions are met, in stock at the Company’s option) on January 1, April 1, July 1 and October 1. The Debenture was, prior to the Addendum (as defined below), convertible at any time, in whole or in part, at the Purchaser’s option into shares of the Company’s Common Stock at a conversion price equal to $10.50, which is the VWAP of the Company’s Common Stock five days prior to the execution of the Debenture (subject to adjustment) (the “Conversion Price”). At any time after the effective date of the registration statement, the Purchaser had the opportunity to convert up to an aggregate of $2,090,000 of the Debenture, at one or more conversion dates, into shares of Common Stock at a conversion price equal to the VWAP of the Common Stock over the five (5) trading days prior to such Effective Date. The Purchaser’s option to convert at such a conversion price expired when the Purchaser converted an aggregate of $2,090,000 of the Debenture using such conversion price. If the VWAP of the Company’s Common Stock on any trading day was less than the Conversion Price, the Purchaser could convert at a price per share equal to a twenty percent (20%) discount to the average of the two lowest closing prices during the five trading days prior to the date of conversion. During the year ended June 30, 2016, the Company withdrew a principal amount of $2,800,000 from the deposit control account of which $269,976 was paid directly as partial payment of a note dated June 4, 2015 and $33,437 was paid directly to legal fees resulting in net cash proceeds of $2,496,587 received by the Company. An aggregate total of $1,955,300 was bifurcated with the embedded conversion option recorded as a derivative liability at fair value (See Note 10). During the year ended June 30, 2016, the Purchaser converted $2,790,806 of principal and $108,750 of accrued interest into shares of the Company’s Common Stock (See Note 6). During the nine months ended March 31, 2017, the holder converted $647,900 of principal and accrued interest of $108,750 into shares of the Company’s Common Stock (See Note 6). Total principal outstanding as of March 31, 2017 is $911,294. Accrued interest as of March 31, 2017 was $3,869 and was accrued in connection with a letter agreement revising the original terms of the agreement as documented below, which after multiple amendments has a due date of September 30, 2017. The above conversions relate to additional proceeds received under the Debenture as documented below. The Debenture includes customary event of default provisions and provides for a default interest rate of 18%. Upon the occurrence of an event of default, the Purchaser may convert the Debenture into shares of Common Stock at a price per share equal to a thirty percent (30%) discount to the average volume weighted average price of the shares for the six trading days prior to conversion. Subject to the conditions set forth in the Debenture, the Company has the right at any time to redeem some or all of the total outstanding amount then remaining under the Debenture in cash at a price equal to 125% of the total amount of the Debenture outstanding on the twentieth (20th) trading date following the date the Company delivers notice of such redemption to the Purchaser. The Warrant was exercisable in whole or in part, at an initial exercise price per share of $150, subject to adjustment. The exercise price and number of shares of the Company’s Common Stock issuable under the Warrant (the “Warrant Shares”) were subject to adjustments for stock dividends, splits, combinations, subsequent rights offerings and pro rata distributions. Any adjustment to the exercise price shall similarly cause the number of Warrant Shares to be adjusted so that the total value of the Warrants would have increased. In the event that the Warrant Shares were not included in an effective registration statement, the Warrants could be exercised on a cashless basis. The Company calculated the warrant at relative fair value, which was $712,110 and amortized to interest expense during the year ended June 30, 2016. This Warrant was fully exercised during the period ending March 31, 2017 (see the “July Letter Agreement” below). In connection with the execution of the Purchase Agreement, on the Closing Date, the Company and the Purchaser also entered into a registration rights agreement dated as of the Closing Date (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, the Company agreed to file an initial registration statement with the SEC to register the resale of the Common Stock into which the Debenture may be converted or the Warrant may be exercised, within 30 days following the Closing Date. The registration statement had to be declared effective by the 100th calendar day after the Closing Date, subject to a 20-day extension as requested by the Company and consented to by the Purchaser. On November 23, 2015, the Company filed the registration statement with the SEC and on December 10, 2015, the registration statement was declared effective. If at any time all of the shares of Common Stock underlying the Debenture or the Warrant are not covered by the initial registration statement, the Company agreed to file with the SEC one or more additional registration statements so as to cover all of the shares of Common Stock underlying the Debenture or the Warrant not covered by such initial Registration Statement, in each case, as soon as practicable, but in no event later than the applicable filing deadline for such additional registration statements as provided in the Registration Rights Agreement. In connection with the Purchase Agreement, the Company entered into a Security Agreement dated as of even date therewith with the Purchaser whereby the Company agreed to grant to Purchaser an unconditional and continuing, first priority security interest in all of the assets and property of the Company to secure the prompt payment, performance and discharge in full of all of the Company’s obligations under the Debentures, Warrants and the other transaction documents until ten days following such time as the registration statement was declared effective by the SEC and the equity conditions set forth in the Debenture are met. On March 11, 2016, the Company entered into an Addendum (the “Addendum”) as discussed below with the Purchaser pursuant to which the Company and the Purchaser agreed to new terms with respect to the Purchase Agreement. Addendum Under the Addendum, the Company and the Purchaser agreed that the balance of the deposit control account, after giving effect to the amounts released from such account as of the date of the Addendum, would be released to the Company in two installments as follows: (1) up to $1,200,000 would be released to the Company upon full execution of the Addendum, which occurred on March 16, 2016, and (2) up to $375,000 within 60 days of the full execution of the Addendum as long as certain conditions were met, which occurred on May 19, 2016 . The Company and the Purchaser agreed that the new conversion price would be $7.50; provided that in the event that the VWAP per share on any trading day is less than such conversion price, the conversion price would be adjusted to a price per share that was equal to a 22.5% discount to the lowest trading price of the common stock in the ten trading days prior to the date of conversion. The Company evaluated this note modification under ASC 470-50-40-10 and concluded that it does not apply since the conversion option is bifurcated and the 10% cash flow test was not met under ASC 470-50. Under the Addendum, the Purchaser agreed to limit the number of shares of Common Stock it sells on any trading day to an amount of shares that is less than 25% of the trading volume of the Common Stock on that same trading day. The Purchaser and the Company may agree otherwise with respect to this trading limitation. The Company also agreed to reserve an additional 1,200,000 shares for issuance and to file a registration statement on Form S-1 to register shares covering the resale of all of the additional shares of common stock that are issuable upon conversion of the Debenture, as modified by this Addendum. On March 25, 2016, the Company filed a registration statement with the SEC and on April 19, 2016, the registration statement was deemed effective. The Company and the Purchaser agreed that the initial stock purchase agreement and the Debenture, as applicable, would continue in effect and remain in place, except to the extent modified by the Addendum. July and August Letter Agreements On July 1, 2016, the Company entered into a Letter Agreement (the “July Letter Agreement”) with the Purchaser, and the parties then entered in a second letter agreement dated August 3, 2016 (the “August Letter Agreement”), pursuant to the Purchase Agreement. Pursuant to the original Purchase Agreement, the Purchaser agreed to invest $4,000,000 in exchange for an Original Issue Senior Discount Secured Debenture (the “Debenture”) and a common stock purchase warrant (the “2015 Warrant”) to purchase 104,762 shares of the Company’s common stock (the “2015 Warrant Shares”). Under the July Letter Agreement, the Purchaser agreed to exercise the 2015 Warrant with respect to all 104,762 shares of common stock underlying the 2015 Warrant. In consideration for the Purchaser’s exercise of the 2015 Warrant, the Company agreed to adjust the exercise price from $150 per share to $3.00 per share. In addition, the Company and the Purchaser agreed to modify the July 1, 2016 “Interest Payment Date” and the October 1, 2016 “Interest Payment Date” as such terms are defined in the Debenture. Pursuant to the July Letter Agreement, the Company delayed the interest payment due on the July 1, 2016 Interest Payment Date by a minimum of 30 calendar days (the “Minimum Extension Date”) and up to 60 calendar days, provided that the Purchaser could demand payment any time after the Minimum Extension Date. The Company also may delay the interest payment due on the October 1, 2016 Interest Payment Date to the October 28, 2016 maturity date (the “Maturity Date”) unless the Purchaser demands earlier payment; provided however, that if the Purchaser has not demanded payment by October 27, 2016, the Maturity Date would have been extended until December 31, 2016 (or such earlier date as the parties mutually agreed) and the interest payment that would have been due on the October 1, 2016 would become due on December 31, 2016, unless the Purchaser demanded earlier payment. The note was further extended to September 30, 2017 as discussed below. On July 8, 2016, the 2015 Warrant for 104,762 shares was fully exercised at a price of $3 per share for a total of $314,286, see above. The Company revalued the warrants on the modification date at the new exercise price and recorded an additional expense of approximately $21,000 related to the incremental increase in value (See Note 6). Pursuant to the August Letter Agreement, the Maturity Date of the Debenture was extended until February 28, 2017 and did not accrue interest from October 28, 2016 through the Maturity Date (provided that all accrued but unpaid interest prior to October 28, 2016 (the original maturity date) will be due and payable pursuant to the terms of the Debenture). The note was further extended to September 30, 2017 as discussed below. The Debenture is convertible at any time, in whole or in part, at the Purchaser’s option into shares of Common Stock at a conversion price equal to $7.50 per share; provided that in the event that the volume weighted average price per share on any trading day is less than such conversion price, the conversion price will be adjusted to a price per share that is equal to a 22.5% discount to the lowest trading price of the Common Stock in the ten trading days prior to the date of conversion. Warrants Pursuant to the August Letter Agreement and in consideration for extending the Maturity Date of the Debenture as noted above, the Company issued the Purchaser warrants to purchase up to 960,000 shares of Common Stock (the “2016 Warrants”). The 2016 Warrants entitle the holder to purchase (i) up to 800,000 shares of Common Stock at exercise prices ranging from $3.00 to $5.00 per share (the “Five Month Warrant”), and (ii) up to 160,000 shares of Common Stock at an exercise price of $25.00 per share (the “Two Year Warrant”). The Company also agreed to file a registration statement with the SEC, to register for resale the 960,000 shares of Common Stock underlying the 2016 Warrants. The Company calculated the 960,000 warrants at relative fair value, which was $910,178 and will be amortized to interest expense over the remaining term of the debenture in accordance with ASC 470-50-40-17. The 2016 Warrants were subsequently cancelled as part of the “December Letter Agreement” (see below.) The 2016 Warrants were immediately exercisable. On August 18, 2016, the Purchaser notified the Company of its exercise of 50,000 shares of Common Stock under the first tranche of the Five Month Warrant at a purchase price of $3.00 per share or $150,000 in the aggregate (See Note 6). These shares were later redeemed by the Company as part of the “December Letter Agreement”. Pursuant to the Five Month Warrant, if the VWAP of the Common Stock for five consecutive days equaled or exceeded the exercise price of any tranche of the Five Month Warrant (each, as applicable, a “Callable Tranche”), and provided that the Company was in compliance with the Call Conditions as defined in the August Letter Agreement, the Company had the right to call on the Purchaser to exercise any warrants under a Callable Tranche up to an aggregate exercise price of $350,000. The Five Month Warrant generally limited the Company to one such call within a twenty trading day period. However, if the VWAP of the Common Stock for five consecutive trading days was at least 200% of the exercise price of any warrants under a Callable Tranche, the Company could make an additional call for the exercise of additional warrants under such Callable Tranche up to an aggregate exercise price of $600,000 prior to the passage of the twenty trading day period. If Delafield did not exercise the 2016 Warrants under a Callable Tranche when called by the Company under the terms of the August Letter Agreement, the Company could, at its option, cancel any or all outstanding warrants under the Five Month Warrant. The exercise price and number of shares of the Common Stock issuable under the 2016 Warrants were subject to adjustments for stock dividends, splits, combinations and pro rata distributions. Any adjustment to the exercise price could similarly cause the number of shares underlying the 2016 Warrants to be adjusted so that the total value of the 2016 Warrants could have increased. The Purchaser was subject to a beneficial ownership limitation under the 2016 Warrants such that the Company and the Purchaser would not affect any exercise of the 2016 Warrants that would cause the Purchaser (together with its affiliates) to beneficially own in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the exercise of the warrant. The Purchaser, upon notice to the Company, could increase or decrease the beneficial ownership limitation, provided that the beneficial ownership limitation may not exceed 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the exercise of the warrant. The Five Month Warrant required us to file a registration statement covering the resale of the shares underlying the warrant within 15 days after August 3, 2016, and to use our commercially reasonable efforts to have the registration statement declared effective by the SEC promptly thereafter and to remain effective for a period of at least twelve months from the date of effectiveness. This registration statement was filed on August 19, 2016, but was subsequently withdrawn as described below. In the event that a registration statement registering the resale of the shares underlying the Five Month Warrant was not effective on or before October 15, 2016, or was not maintained effective thereafter, the termination date of the Five Month Warrant would have been extended until such date that the shares were registered for at least a period of 90 days, but in no event later than April 30, 2017. The Two Year Warrant required us to file a registration statement covering the resale of the shares underlying the warrant within 15 days after August 3, 2016, and to use our commercially reasonable efforts to have the registration statement declared effective by the SEC promptly thereafter and to remain effective for a period of at least six years from the date of effectiveness. The registration statement was filed on August 19, 2016, but was subsequently withdrawn as described below. Additional Issuance Debenture As of September 13, 2016, the Company entered into an Additional Issuance Agreement (the “Additional Issuance Agreement”) with the Purchaser pursuant to the Purchase Agreement. Pursuant to the Additional Issuance Agreement, Delafield agreed to loan an additional $150,000 in exchange for a 5% Original Issue Discount Senior Secured Convertible Debenture of the Company in the principal amount of $165,000 (the “Additional Issuance Debenture”). An aggregate total of $199,585 of this note was bifurcated with the embedded conversion option recorded as a derivative liability at fair value (See Note 10). As of March 31, 2017, the Company recorded accrued interest of $6,188 and the $165,000 remained outstanding. The rights and obligations of the Purchaser and the Company with respect to the Additional Issuance Debenture and the shares of Common Stock issuable under the Additional Issuance Debenture (the “New Underlying Shares”) are identical in all respects to the rights and obligations of the Purchaser and the Company with respect to the Debenture and the shares of Common Stock issued and issuable thereunder, except that the Purchaser will not receive any registration rights with respect to the New Underlying Shares and except as otherwise noted in the governing documents. The Additional Issuance Agreement contains customary representations, warranties and covenants by, among and for the benefit of the parties. We also agreed to pay all reasonable out-of-pocket costs or expenses (including, without limitation, reasonable legal fees and disbursements) incurred or sustained by the Purchaser, in connection with the transaction. The Additional Issuance Debenture has a 10% original issue discount and matures on September 13, 2017. The principal amount of the Additional Issuance Debenture accrues interest at the rate of 5% per annum, payable quarterly in cash (or if certain conditions are met, in stock at the Company’s option) on January 1, April 1, July 1 and October 1. The Additional Issuance Debenture is convertible at any time, in whole or in part, at Delafield’s option into shares of Common Stock at a conversion price equal to $7.50 (subject to adjustment) (the “Conversion Price”). If the volume weighted average price of the Common Stock on any trading day is less than the then-current Conversion Price, the Purchaser may convert at a price per share equal to a twenty two and one half percent (22.5%) discount to the lowest trading price of the Common Stock in the ten trading days prior to the date of conversion. The Purchaser is subject to the same ownership limitation in connection with the Additional Issuance Debenture as for the 2016 Warrants as described above. The Additional Issuance Debenture includes customary event of default provisions and provides for a default interest rate of 18%. Upon the occurrence of an event of default, the Purchaser may convert the Additional Issuance Debenture into shares of Common Stock at a price per share equal to a thirty percent (30%) discount to the average volume weighted average price of the shares for the six trading days prior to conversion. Subject to the conditions set forth in the Additional Issuance Debenture, we have the right at any time after the earlier of (i) the six month anniversary of the original issuance of the Additional Issuance Debenture or (ii) the date on which the New Underlying Shares are registered pursuant to an effective registration statement, to redeem some or all of the total outstanding amount then remaining under the Additional Issuance Debenture in cash at a price equal to 125% of the total amount of the Additional Issuance Debenture outstanding on the twentieth (20th) trading date following the date the Company delivers notice of such redemption to Delafield. At the sole election of the Purchaser, in lieu of receiving a cash payment for any principal amounts due on the Additional Issuance Debenture, the Purchaser may use all or any portion of any principal amounts owed to it to exercise outstanding warrants of the Company held by the Purchaser. The issuance of the Additional Issuance Debenture to the Purchaser under the Additional Issuance Agreement was exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act. The Company made this determination based on the representations of the Purchaser that it was acquiring the Additional Issuance Debenture for its own account with no intent to distribute the Additional Issuance Debenture. No general solicitation or general advertising was used in connection with the sale of the Additional Issuance Debenture and the Company had a pre-existing relationship with the Purchaser. Our obligations under the Additional Issuance Debenture are secured by an unconditional and continuing, first priority security interest in all of the assets and property (as originally stated in the October 2015 agreement) of the Company until ten days following such time as the equity conditions set forth in the Additional Issuance Debenture are met, pursuant to the terms of the existing Security Agreement. December Letter Agreement On December 2, 2016, the Company entered into a Letter Agreement (the “December Letter Agreement”) with the Purchaser pursuant to which the parties agreed to cancel both the Two Year Warrant to purchase up to 160,000 shares of common stock, par value $0.001 per share of the Company at an exercise price of $25.00 per share, and the Five Month Warrant to purchase in five tranches, at exercise prices between $3.00 and $5.00 per share, up to 800,000 shares of common stock, originally issued to the Purchaser on August 3, 2016. Pursuant to the December Letter Agreement, the 50,000 restricted shares held by the Purchaser pursuant to its August 2016 exercise of such shares under the first tranche of the Five Month Warrant at a purchase price of $3.00 per share or $150,000 in the aggregate, were redeemed by the Company at a fair value of $112,500 upon the issuance and in exchange for an 8% convertible redeemable promissory note in the principal amount of $150,000 (the “Delafield Note”) due December 2, 2018. The Company recorded a $37,500 loss on settlement related to the cancellation of shares and issuance of the note. The note matures two years from the issuance date at which time any outstanding principal and interest is then due and payable. The Delafield Note is convertible into shares of Common Stock at a conversion price equal to 65% of the average of the three lowest closing bid prices of the Common Stock for the ten trading days prior to the conversion, subject to adjustment in certain events. The Delafield Note may be prepaid at any time at 135% of the principal amount plus any accrued interest. Upon an event of default, principal and accrued interest will become immediately due and payable and interest will accrue at a default interest rate of 18% per annum or the highest rate of interest permitted by law. This convertible notes is treated as stock settled debt under ASC 480 and accordingly the Company is recording an $80,769 put premium. As of March 31, 2017, the Company recorded accrued interest of $3,945 and the $150,000 remained outstanding. In addition, the Company issued the Purchaser a two-year common stock purchase warrant to purchase 104,000 shares of Common Stock at an exercise price of $12.50 per share (the “New Warrant”). The exercise price and number of shares of Common Stock issuable under the New Warrant are subject to adjustments for certain reclassifications, subdivision or combination of shares. The New Warrant is being treated as a modification of an existing warrant under ASC 718-20-35-3 and has determined that since the valuation of the New Warrant does not exceed the value of the 2016 Warrants, the Company will continue to amortize the remainder of the $910,178 value of the 2016 Warrant. The total principal amount outstanding under the above October 2015 SPA, related addendum, July and August letter agreements, additional issuance debenture and December letter agreement was $1,226,294 as of March 31, 2017. March Letter Agreement On March 17, 2017, the Company entered into a Letter Agreement (the “March Letter Agreement”) with the Purchaser pursuant to which the parties have agreed to revise certain terms of the Debenture. The Company and the Purchaser have agreed to extend the maturity date of the Debenture to September 30, 2017. In consideration for the extension of the maturity date, the Company began incurring interest on the aggregate unconverted and outstanding principal amount of the debenture as of February 28, 2017 ($911,294) based on the terms of the original debenture. Interest began accruing on February 28, 2017 and will accrue through and including September 30, 2017. At no time is the Purchaser entitled to convert any portion of the Debenture to the extent that after such conversion, the Purchaser (together with its affiliates) would beneficially own more than 4.99% of the outstanding shares of Common Stock as of such date. October 31, 2016 Securities Purchase Agreement On October 31, 2016, the Company entered into a Securities Purchase Agreement with Eagle Equities, LLC (“Eagle Equities”), pursuant to which Eagle Equities purchased two 8% convertible redeemable junior subordinated promissory notes, each in the principal amount of $100,000. The first note (the “October Note”) was funded with cash and the second note (the “October Eagle Back-End Note”) was initially paid for by an offsetting promissory note issued by Eagle Equities to the Company (the “October Note Receivable”). The terms of the Eagle Back-End Note require cash funding prior to any conversion thereunder. The October Note Receivable is due June 30, 2017, unless certain conditions are not met, in which case both the October Eagle Back-End Note and the October Note Receivable may both be cancelled. Both the October Note and the October Eagle Back-End Note have a maturity date one year from the date of issuance upon which any outstanding principal and interest is due and payable. The amounts cash funded plus accrued interest under both the October Note and the October Eagle Back-End Note are convertible into Common Stock at a conversion price equal to 60% of the lowest closing bid price of the Common Stock for the ten trading days prior to the conversion, subject to adjustment in certain events. The October Note and the October Eagle Back-End Note are treated as stock settled debt under ASC 480 and accordingly the Company is recording a $66,667 put premium. The Company has recorded $3,332 of accrued interest as of March 31, 2017. Total principal outstanding as of March 31, 2017 |
Stockholders' Deficit
Stockholders' Deficit | 9 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Deficit | NOTE 6 – STOCKHOLDERS’ DEFICIT Preferred Stock: The total number of preferred shares authorized and that may be issued by the Company is 1,500,005 preferred shares with a par value of $0.01. These preferred shares have no rights to dividends, profit sharing or liquidation preferences. Of the total preferred shares authorized, pursuant to the Certificate of Designation filed on December 9, 2014, 500,000 have been designated as Series A preferred stock, with a par value of $0.01 (“Series A Preferred Stock”). Of the total preferred shares authorized, pursuant to the Certificate of Designation filed on June 16, 2015, up to five shares have been designated as Series B preferred stock, with a par value of $0.01 (“Series B Preferred Stock”). Each holder of outstanding shares of Series B Preferred Stock shall be entitled to voting power equivalent to the number of votes equal to the total number of shares of common stock outstanding as of the record date for the determination of stockholders entitled to vote at each meeting of stockholders of the Company and entitled to vote on all matters submitted or required to be submitted to a vote of the stockholders of the Company. Common Stock: Shares issued for services On November 1, 2015, the Company entered into an agreement with a consultant to provide services over a nine month period. On August 8, 2016, the Board of Directors authorized the issuance of 8,480 shares of common stock valued at $3.75 per share to the consultant. The Company has recorded $3,495 of consulting expense for the nine months ended March 31, 2017 related to this agreement as the majority of the expense was recorded in fiscal 2016. On January 31, 2016, the Company entered into an agreement with a consultant to provide services over a five month period in exchange for 36,000 shares of common stock. On August 23, 2016, the Board of Directors authorized the issuance of 36,000 shares of common stock valued at $2.60 per share to the consultant. These services were expensed during the year ended June 30, 2016. On July 14, 2016, the Company agreed to an addendum with a consultant to two consulting agreements entered into on May 7, 2015 and April 22, 2016, respectively. The Company currently owed the consultant $60,000 related to the May 7, 2015 agreement for monthly consulting fees and $100,000 related to the April 22, 2016 agreement, which was comprised of a $10,000 retainer and $90,000 for three reports issued by the consultant. The Company has agreed to issue 24,000 shares of common stock in consideration of the $60,000 in outstanding fees related to the May 7, 2015 agreement and an additional 24,000 shares in forgiveness of future monthly consulting fees, valued at $95,400. In addition, the Company has agreed to issue 40,000 shares of common stock in consideration for the $100,000 in outstanding fees related to the April 22, 2016 agreement. The shares were issued on November 4, 2016 and an additional loss on settlement of debt was recorded of $94,400 based on the fair market value of $349,800 for 88,000 shares on July 14, 2016 (a share price of $3.98). On October 27, 2016, the Company entered into an agreement with a third party for professional services over a six month period commencing on October 10, 2016 in exchange for a monthly fee of $22,500, of which $10,000 a month is in cash and $12,500 per month is in shares of common stock. Additionally, the Company acknowledges an existing outstanding balance due of $20,500 for September services. The Company has recorded $75,000 of consulting expense related to the shares of common stock for the nine months ended March 31, 2017 related to this agreement. On March 2, 2017 the Company issued 30,000 shares of common stock as consideration for the $75,000 of consulting expense (a share price of $2.50). On February 13, 2017, the Company entered into an agreement with a third party whereby the Company would issue and deliver to the third party, in payment of $50,000 of existing accounts payable, shares of the Company’s common stock. On March 2, 2017, the Company issued 16,667 shares at a per share price of $3.00 in consideration for the $50,000 in accounts payable. The Company recorded $198,064 of expense related to prior share grants for services previously recorded as prepaid expenses at June 30, 2016. Shares issued for conversion of convertible debt On August 18, 2016, pursuant to a conversion notice, $32,500 of principal and $2,885 of interest was converted at $2.06 into 17,156 shares of common stock. On August 25, 2016, pursuant to a conversion notice, $54,375 of interest was converted at $2.91 into 18,710 shares of common stock. On September 21, 2016, pursuant to a conversion notice, $25,000 of principal was converted at $2.73 into 9,151 shares of common stock. On September 28, 2016, pursuant to a conversion notice, $20,000 of principal was converted at $2.73 into 7,321 shares of common stock. On September 30, 2016, pursuant to a conversion notice, $17,500 of principal and $1,350 of interest was converted at $1.95 into 9,654 shares of common stock. On October 4, 2016, pursuant to a conversion notice, $25,000 of principal was converted at $2.54 into 9,848 shares of common stock. On October 6, 2016, pursuant to a conversion notice, $1,000 of principal and $79 of interest was converted at $1.77 into 608 shares of common stock. On October 7, 2016, pursuant to a conversion notice, $25,000 of principal was converted at $2.36 into 10,576 shares of common stock. On October 7, 2016, pursuant to a conversion notice, $1,000 of principal and $79 of interest was converted at $1.68 into 643 shares of common stock. On October 14, 2016, pursuant to a conversion notice, $25,000 of principal was converted at $2.36 into 10,576 shares of common stock. On October 19, 2016, pursuant to a conversion notice, $25,000 of principal was converted at $2.03 into 12,288 shares of common stock. On October 21, 2016, pursuant to a conversion notice, $50,000 of principal was converted at $1.94 into 25,806 shares of common stock. On November 9, 2016, pursuant to a conversion notice, $54,375 of interest was converted at $2.07 into 26,227 shares of common stock. On November 21, 2016, pursuant to a conversion notice, $50,000 of principal was converted at $2.03 into 24,576 shares of common stock. On December 2, 2016, pursuant to a conversion notice, $25,000 of principal was converted at $1.88 into 13,301 shares of common stock. On December 8, 2016, pursuant to a conversion notice, $25,000 of principal was converted at $1.30 into 19,257 shares of common stock. On December 8, 2016, pursuant to a conversion notice, $36,500 of principal and $3,368 of interest was converted at $1.06 into 37,656 shares of common stock. On December 9, 2016, pursuant to a conversion notice, $1,000 of principal and $93 of interest was converted at $1.06 into 1,032 shares of common stock. On December 15, 2016, pursuant to a conversion notice, $35,000 of principal was converted at $1.30 into 26,959 shares of common stock. On December 16, 2016, pursuant to a conversion notice, $20,000 of principal and $1,881 of interest was converted at $1.06 into 20,666 shares of common stock. On December 23, 2016, pursuant to a conversion notice, $20,000 of principal was converted at $1.30 into 15,405 shares of common stock. On January 10, 2017, pursuant to a conversion notice, $16,500 of principal and $1,645 of interest was converted at $1.17 into 15,526 shares of common stock. On January 11, 2017, pursuant to a conversion notice, $136,400 of principal was converted at $1.57 into 86,907 shares of common stock. On January 19, 2017, pursuant to a conversion notice, $36,500 of principal and $3,712 of interest was converted at $1.17 into 34,406 shares of common stock. On January 20, 2017, pursuant to a conversion notice, $31,500 of principal was converted at $1.57 into 20,070 shares of common stock. On January 25, 2017, pursuant to a conversion notice, $55,000 of principal was converted at $1.72 into 31,893 shares of common stock. On February 21, 2017, pursuant to a conversion notice, $75,000 of principal was converted at $1.90 into 39,500 shares of common stock. Options: On April 14, 2016 (“Grant Date”), the Board of Directors of the Company, through unanimous written consent, granted 286,000 and 286,000 stock options at an exercise price of $7.50 (market value of the Company’s stock on Grant Date), to its CEO and to a director, respectively. 95,333 of such stock options vested on April 14, 2016 and expire on April 14, 2021, 95,333 of such stock options shall vest on April 14, 2017 (first anniversary of Grant Date) and expire on April 14, 2021 and 95,333 of such stock options shall vest on April 14, 2018 (second anniversary of Grant Date) and expire on April 14, 2021. The fair value of each of the 286,000 options at Grant Date was $1,962,440 (aggregate total of $3,924,880). The Company expensed $1,473,174 for these stock options during the nine months ended March 31, 2017. Warrants: On July 8, 2016, the 2015 Warrant for 104,762 shares was fully exercised at a price of $3.00 per share for a total of $314,286 in connection with the July Letter Agreement (See Note 5). On August 3, 2016, pursuant to the August Letter Agreement, the Company issued 960,000 warrants to purchase common stock. 800,000 of these warrants have exercise prices ranging from $3.00 to $5.00 per share and expire five months from the date of issuance. 160,000 of these warrants have an exercise price of $25.00 per share and expire two years from the date of issuance. These warrants were subsequently cancelled as discussed in Note 5. On August 18, 2016, pursuant to the August Letter Agreement, 50,000 shares were exercised at a price of $3.00 per share under the first tranche of the Five Month Warrant or $150,000 in the aggregate. These shares were subsequently cancelled and a loss of $37,500 was recorded (See Note 5). On November 9, 2016, the Company entered into an agreement (the “November Agreement”) to adjust the exercise price of a warrant, issued September 30, 2013, to purchase 12,000 shares of common stock of the Company. Under the terms of the November Agreement, the exercise price for the shares underlying the warrant was reduced to $3.75 AUD or $2.88 USD per share. The November Agreement did not affect the remaining terms of the warrant. The Company recorded an additional expense of $3,299 AUD related to the repricing. As of March 31, 2017, there were 960,000 warrants cancelled and 149,517 warrants outstanding and exercisable with expiration dates commencing December 2018 and continuing through November 2020. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7 – COMMITMENTS AND CONTINGIENCIES Legal Matters From time to time, the Company may be involved in litigation relating to claims arising out of the Company’s operations in the normal course of business. As of March 31, 2017, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company’s operations. Operating Agreements In November 2009, the Company entered into a commercialization agreement with the University of Bath (UK) (the “University”) whereby the Company and the University co-owned the intellectual property relating to the Company’s pro-enzyme formulations. In June 2012, the Company and the University entered into an assignment and amendment whereby the Company assumed full ownership of the intellectual property while agreeing to pay royalties of 2% of net revenues to the University. Additionally, the Company agreed to pay 5% of each and every license agreement subscribed for. The contract is cancellable at any time by either party. To date, no amounts are owed under the agreement. Operating Leases On May 4, 2016, the Company entered into a new five-year operating lease agreement with a related party with monthly rent of $3,300 AUD, inclusive of GST (See Note 8). Future minimum operating lease commitments consisted of the following at March 31, 2017: Year Ended June 30, Amount (USD) Remainder 2017 $ 7,562 2018 $ 30,246 2019 $ 30,246 2020 $ 30,246 2021 $ 25,205 Rent expense for the nine months ended March 31, 2017 and 2016 were $22,237 and $15,062, respectively. Q-Biologicals Agreement The Company entered into a Manufacturing Services Agreement (the “MSA”) and Quality Assurance Agreement (the “QAA”), each with an effective date of August 12, 2016, with Q-Biologicals NV (“Q-Biologicals”), a contract manufacturing organization located in Belgium. Pursuant to the MSA, Q-Biologicals will produce certain drug substances and product containing certain enzymes at its facility in Belgium. The Company will use these substances and products for development purposes, including but not limited to clinical trials. The MSA contemplates payment to Q-Biologicals pursuant to a pre-determined fee schedule based on the completion of certain milestones that depend on our manufacturing requirements and final batch yield. We anticipate that our payments to Q-Biologicals under the MSA will range between $2.5 million and $5.0 million over five years, with the majority of the expenditures occurring during the first two years of the MSA when the finished drug product is manufactured and released for clinical trials, including a pre-payment to Q-Biologicals of $124,158. The MSA shall continue for a term of six years unless extended by mutual agreement in writing. We can terminate the MSA early for any reason upon the required notice period, however, in such event, the pre-payment paid upon signing the MSA is considered non-refundable. The QAA sets forth the parties respective obligations and responsibilities relating to the manufacturing and testing of the products under the MSA. The agreements with Q-Biologicals contain certain customary representations, warranties and limitations of liabilities, and confidentiality and indemnity obligations. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 8 – RELATED PARTY TRANSACTIONS Since its inception, the Company has conducted transactions with directors and director-related entities. These transactions have included the following: As of March 31, 2017 and June 30, 2016, the Company owed a current and former director a total of $56,521 and $54,767, respectively, for money loaned to the Company throughout the years. The loan balance owed at March 31, 2017 was not interest bearing (See Note 4). As of March 31, 2017 and June 30, 2016, the Company owed its two current directors a total of $35,030 and $33,943, respectively, related to expenses paid on behalf of the Company related to corporate startup costs and intellectual property (See Note 4). Effective May 5, 2016, we entered into an agreement for the lease of our principal executive offices with North Horizon Pty Ltd., of which Mr. Nathanielsz and his wife are owners and directors. The lease has a five year term and provides for annual rental payments of $39,600 AUD, which includes $3,600 of goods and service tax for total payments of $198,000 AUD during the term of the lease. As of March 31, 2017, total payments of $161,700 AUD remain on the lease. Mr. Nathanielsz’s wife, Sylvia Nathanielsz, is and has been an employee of ours since October 2015. Mrs. Nathanielsz receives an annual salary of $57,285 and is entitled to customary benefits. According to a February 25, 2016 board resolution, James Nathanielsz shall be paid $4,481 AUD, on a monthly basis for the purpose of acquiring and maintaining an automobile. For the nine months ended March 31, 2017, a total of $30,470 in payments have been made with regards to the board resolution. As per the unanimous written consent of the Board of Directors, on August 15, 2016, James Nathanielsz was granted a $250,000 bonus for accomplishments obtained while operating as the chief executive officer. As of March 31, 2017, a total of $50,000 in payments have been made. During the nine months ended March 31, 2017, the Company expensed $152,289 and had accounts payable of $57,784, to vendors who are both associated with two of the members of the Scientific Advisory Board of the Company. During the nine months ended March 31, 2017, the Company expensed $18,304 and had accounts payable of $16,492 to a vendor who is associated with the Company’s chief medical officer. During the nine months ended March 31, 2017, the Company expensed $1,717 to a vendor that is owned by relatives of Mr. Nathanielsz. |
Concentrations and Risks
Concentrations and Risks | 9 Months Ended |
Mar. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentrations and Risks | NOTE 9 – CONCENTRATIONS AND RISKS Concentration of Credit Risk The Company maintains its cash in banks and financial institutions in Australia. Bank deposits in Australian banks are uninsured. The Company has not experienced any losses in such accounts through March 31, 2017. Receivable Concentration As of March 31, 2017 and June 30, 2016, the Company’s receivables were 100% related to reimbursements on GST taxes paid. Patent and Patent Concentration The Company has filed six patent applications relating to its lead product, PRP. This application has been granted and remains in force in Australia, Japan, Indonesia, Israel, New Zealand, Singapore and South Africa. In the United States, the application has been allowed by the U.S. Patent and Trademark Office but has not yet been issued pending the payment of the issue fee. In Brazil, Canada, China, Europe, Malaysia, Mexico and South Korea, the patent application remains under examination. In 2016 and early 2017 we filed five other patent applications. Two applications were filed in Spain, where one is currently under examination, and one was filed in the United States. Two others were filed under the Patent Cooperation Treaty (the “PCT”). The PCT assists applicants in seeking patent protection by filing one international patent application under the PCT, applicants can simultaneously seek protection for an invention in over 150 countries. Once filed, the application is placed under the control of the national or regional patent offices, as applicable, in what is called the national phase. Further patent applications are expected to be filed to capture and protect additional patentable subject matter based on the Company’s field of technology relating to pharmaceutical compositions of proenzymes for treating cancer. Foreign Operations As of March 31, 2017 and June 30, 2016, the Company’s operations are based in Australia. On July 22, 2016, the Company formed a wholly owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose of submitting an orphan drug application to the European Medicines Agency as a small and medium-sized enterprise. As of March 31, 2017, there has been no activity within this entity. |
Derivative Financial Instrument
Derivative Financial Instruments and Fair Value Measurements | 9 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Fair Value Measurements | NOTE 10 - DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS Derivative Financial Instruments: The Company applies the provisions of ASC 815-40, Contracts in Entity’s Own Equity The Company calculates the estimated fair values of the liabilities for derivative instruments using the Binomial Trees Method. The closing price of the Company’s common stock at March 31, 2017 was $2.28. Volatility, expected remaining term and risk free interest rates used to estimate the fair value of derivative liabilities at March 31, 2017, are indicated in the table that follows. The volatility was based on historical volatility at March 31, 2017, the expected term is equal to the remaining term of the warrants and the risk free rate is based upon rates for treasury securities with the same term. Warrants March 31, 2017 Volatility 137.6 % Expected remaining term (in years) 1.5 Risk-free interest rate 1.27 % Expected dividend yield None Convertible Debt Initial Valuations (on new derivative instruments entered into during the nine months ended March 31, 2017) March 31, 2017 Volatility 219.33 % 117.47% – 144.2 % Expected Remaining Term (in years) 2.00 .45 - 1.88 Risk Free Interest Rate 1.22 % 1.03% - 1.27 % Expected dividend yield None None Fair Value Measurements: The Company measures and reports at fair value the liability for derivative instruments. The fair value liabilities for price adjustable warrants and embedded conversion options have been recorded as determined utilizing the Binomial Trees model. The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2017: Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable March 31, 2017 Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Embedded conversion option liabilities $ 1,081,387 $ — $ — $ 1,081,387 Fair value of liability for warrant derivative instruments $ 16,200 $ — $ — $ 16,200 Total $ 1,097,587 $ — $ — $ 1,097,587 The following is a roll forward for the nine months ended March 31, 2017 of the fair value liability of price adjustable derivative instruments: Fair Value of Liability for Derivative Instruments Balance at June 30, 2016 $ 1,050,182 Effects of foreign currency exchange rate changes 1,343 Initial fair value of embedded conversion option derivative liability recorded as debt discount 650,000 Initial fair value of embedded conversion option derivative liability recorded as change in fair value of embedded conversion option 214,758 Change in fair value included in statements of operations (818,696 ) Balance at March 31, 2017 $ 1,097,587 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11 – SUBSEQUENT EVENTS April Letter Agreement On April 7, 2017, the Company entered into a letter agreement with Delafield Investments Limited (“Delafield”) pursuant to which the Company and Delafield agreed that on April 5, 2017, Delafield rescinded its conversion notice and returned 24,478 shares of the Company’s Common Stock to the Company to be held in treasury. These shares were issued to Delafield on February 21, 2017 as a result of its conversion of a portion of the Debenture. Delafield further agreed that it will take no action to convert any further principal balance of the Debenture or sell any shares of the Company’s Common Stock until the earliest of April 10, 2017, or one trading day after the Company had anticipated effecting its planned reverse stock split at a ratio of 1-for-250. The remaining principal balance of the Debenture was increased by an amount equal to the number of shares of Common Stock being returned to the Company multiplied by the conversion price provided for in the Debenture on the date of conversion or $46,477, resulting in a new principal balance of $957,771 as of close of business on April 5, 2017. The Company will continue to pay interest on the aggregate unconverted and outstanding principal amount of the Debenture pursuant to its terms, with interest on the returned amount of principal beginning to accrue on April 5, 2017. Reverse Stock Split On April 20, 2017, the Company effected a one-for-two hundred and fifty (1:250) reverse stock split whereby the Company (i) decreased the number of authorized shares of common stock, par value $0.001 per share (the “Common Stock”) to 100,000,000 (ii) decreased the number of authorized shares of preferred stock to 1,500,005 and (iii) decreased, by a ratio of one-for-two hundred and fifty (1:250) the number of retroactively issued and outstanding shares of Common Stock. Proportional adjustments for the reverse stock split were made to the Company’s outstanding stock options, warrants and equity incentive plans, including all share and per-share data, for all amounts and periods presented in the consolidated financial statements. Conversion On April 24, 2017, pursuant to a conversion notice, $25,000 of principal was converted at $0.775 into 32,259 shares of Common Stock. Funding of Notes Receivable On May 4, 2017, the Company received payment of the December 21 Note Receivable in the amount of $157,500 that offset the December 21 Back-End Note. Proceeds from the Note Receivable of $7,500 were paid directly to legal fees resulting in net cash proceeds of $150,000 received by the Company. As a result, the December 21 Back-End Note is now convertible at a rate of 60% of the lowest trading bid price of the Common Stock for the ten prior trading days prior to the date the conversion notice is received (See Note 5). On May 4, 2017, the Company received a payment of the January Note Receivable in the amount of $40,000 that partially offset the January Back-End Note that was issued on January 27, 2017. As a result, the January Back-End Note is now convertible at a rate of 60% of the lowest trading bid price of the Common Stock for the ten prior trading days prior to the date the conversion notice is received (See Note 5). |
Nature of Operations and Summ17
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Policies) | 9 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Propanc Biopharma, Inc. (the “Company,” “we,” “us,” “our”) was originally incorporated in Melbourne, Victoria Australia on October 15, 2007 as Propanc PTY LTD, and continues to be based in Camberwell, Victoria Australia. Since its inception, substantially all of the operations of the Company have been focused on the development of new cancer treatments targeting high-risk patients, particularly cancer survivors, who need a follow-up, non-toxic, long-term therapy designed to prevent the cancer from returning and spreading. The Company anticipates establishing global markets for its technologies. Our lead product candidate, which we refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes acting synergistically. It is currently in the preclinical phase of development. On November 23, 2010, the Company was incorporated in the state of Delaware as Propanc Health Group Corporation. In January 2011, to reorganize the Company, we acquired all of the outstanding shares of Propanc PTY LTD on a one-for-one basis making it a wholly-owned subsidiary. Effective April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to better reflect the Company’s stage of growth and development. |
Basis of Presentation | Basis of Presentation The interim unaudited consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) necessary to present fairly our results of operations for the three and nine months ended March 31, 2017 and 2016 and cash flows for the nine months ended March 31, 2017 and 2016 and our financial position as of March 31, 2017 have been made. The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year. Reference is frequently made herein to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative US GAAP recognized by the FASB to be applied to non-governmental entities. Each ASC reference in this filing is presented with a three-digit number, which represents its Topic. As necessary for explanation and as applicable, an ASC topic may be followed with a two-digit subtopic, a two-digit section or a two-or-three digit paragraph. Certain information and disclosures normally included in the notes to the annual audited consolidated financial statements have been condensed or omitted from these interim unaudited consolidated financial statements. Accordingly, these interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2016. The June 30, 2016 balance sheet is derived from those statements. On April 20, 2017, the Company effected a one-for-two hundred and fifty (1:250) reverse stock split whereby the Company (i) decreased the number of authorized shares of common stock, par value $0.001 per share (the “Common Stock”) to 100,000,000 (ii) decreased the number of authorized shares of preferred stock to 1,500,005 and (iii) decreased, by a ratio of one-for-two hundred and fifty (1:250) the number of retroactively issued and outstanding shares of Common Stock. Proportional adjustments for the reverse stock split were made to the Company’s outstanding stock options, warrants and equity incentive plans, including all share and per-share data, for all amounts and periods presented in the consolidated financial statements. |
Principles of Consolidation | Principles of Consolidation The unaudited consolidated financial statements include the accounts of Propanc Health Group Corporation and its wholly-owned subsidiary, Propanc PTY LTD. All inter-company balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates in the accompanying unaudited consolidated financial statements include the estimates of useful lives for depreciation, valuation of derivatives, valuation of beneficial conversion features on convertible debt, allowance for uncollectable receivables, valuation of equity based instruments issued for other than cash, the valuation allowance on deferred tax assets and foreign currency translation due to certain average exchange rates applied in lieu of spot rates on transaction dates. |
Foreign Currency Translation and Other Comprehensive Income (Loss) | Foreign Currency Translation and Other Comprehensive Income (Loss) The Company’s functional currency is the Australian dollar (AUD). For financial reporting purposes, the Australian dollar has been translated into United States dollars ($) and/or (USD) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity (deficit) as “accumulated other comprehensive income (loss).” Gains and losses resulting from foreign currency transactions are included in the statement of operations and comprehensive loss as other income (expense). There have been no significant fluctuations in the exchange rate for the conversion of Australian dollars to USD after the balance sheet date. Other Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses). Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the consolidated balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the consolidated results of operations as incurred. As of March 31, 2017 and June 30, 2016, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the unaudited consolidated financial statements were as follows: March 31, 2017 June 30, 2016 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7638 0.7401 Average exchange rate for the period USD : AUD exchange rate 0.7556 0.7282 Changes in Accumulated Other Comprehensive Income (Loss) by Component during the nine months ended March 31, 2017 was as follows: Foreign Currency Items: Beginning balance, June 30, 2016 $ 131,264 Foreign currency translation loss (217,100 ) Ending balance, March 31, 2017 $ (85,836 ) |
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements The Company measures its financial assets and liabilities in accordance with US GAAP. For certain of the Company’s financial instruments, including cash and cash equivalents, accounts and other receivables, accounts payable and accrued expenses and other liabilities, the carrying amounts approximate fair value due to their short maturities. Amounts recorded for loans payable, also approximate fair value because current interest rates available to us for debt with similar terms and maturities are substantially the same. The Company has adopted ASC 820, “ Fair Value Measurement, Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. The estimated fair value of certain financial instruments, including accounts receivable and accounts payable are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The cost basis of notes and convertible debentures approximates fair value due to the market interest rates carried for these instruments. Also see Note 10 - Derivative Financial Instruments. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of six months or less with financial institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the balance sheets. There were no cash equivalents as of March 31, 2017 or June 30, 2016. |
Patents | Patents Patents are stated at cost and reclassified to intangible assets and amortized on a straight-line basis over the estimated future periods if and once the patent has been granted by a regulatory agency. However, the Company will expense any product costs as long as we are in the startup stage. Accordingly, as the Company’s products were and are not currently approved for market, all patent costs incurred from 2013 through 2017 were expensed immediately. This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency. The Company has filed six patent applications relating to its lead product, PRP. The first application was filed in October 2010 in each of the countries listed in the table below. This application has been granted and remains in force in Australia, Japan, Indonesia, Israel, New Zealand, Singapore and South Africa. In the United States, the application has been allowed by the U.S. Patent and Trademark Office but has not yet been issued pending the payment of the issue fee. In Brazil, Canada, China, Europe, Malaysia, Mexico and South Korea, the patent application remains under examination. In 2016 and early 2017 we filed five other patent applications, as indicated below. Two applications were filed in Spain, where one is currently under examination, and one was filed in the United States. Two others were filed under the PCT. The PCT assists applicants in seeking patent protection by filing one international patent application under the PCT, applicants can simultaneously seek protection for an invention in over 150 countries. Once filed, the application is placed under the control of the national or regional patent offices, as applicable, in what is called the national phase. No. Title Country Case Status Date Filed 1. A pharmaceutical composition for treating cancer comprising trypsinogen and/or chymotrypsinogen and an active agent selected from a selenium compound, a vanilloid compound and a cytoplasmic reduction agent. Australia, Japan, Indonesia, Israel, New Zealand, Singapore and South Africa Granted Oct-22-2010 Brazil, Canada, China, Europe, Malaysia, Mexico, Republic of Korea, USA Under Examination 2. Proenzyme composition PCT Application filed and pending Nov-11-2016 3. Compositions and their use for manufacturing a medicament for treating cancer Spain Application filed and pending Dec-22-2016 4. Compositions and their use for manufacturing a medicament for treating cancer Spain Under examination Jan-29-2016 5. Cancer Treatment PCT Application filed and pending Jan-27-2017 6. Composition of proenzymes for cancer treatment USA Application filed and pending Apr-12-2016 Further patent applications are expected to be filed to capture and protect additional patentable subject matter based on the Company’s field of technology relating to pharmaceutical compositions of proenzymes for treating cancer. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with ASC 360-10, “ Long-lived assets,” |
Australian Goods and Services Tax (GST) | Australian Goods and Services Tax (GST) Revenues, expenses and balance sheet items are recognized net of the amount of GST, except payable and receivable balances which are shown inclusive of GST. The GST incurred is payable on revenues to, and recoverable on purchases from, the Australian Taxation Office. Cash flows are presented in the statements of cash flow on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. As of March 31, 2017 and June 30, 2016, the Company was owed $10,125 and $29,355, respectively, from the Australian Taxation Office. These amounts were fully collected subsequent to the balance sheet reporting dates. |
Convertible Notes With Variable Conversion Options | Convertible Notes With Variable Conversion Options The Company has entered into convertible notes, some of which contain variable conversion options, whereby the outstanding principal and accrued interest may be converted, by the holder, into common shares at a fixed discount to the price of the common stock at the time of conversion. The Company treats these convertible notes as stock settled debt under ASC 480, “ Distinguishing Liabilities from Equity |
Income Taxes | Income Taxes The Company is governed by Australia and United States income tax laws, which are administered by the Australian Taxation Office and the United States Internal Revenue Service, respectively. The Company follows ASC 740 “ Accounting for Income Taxes The Company adopted provisions of ASC 740, Sections 25 through 60, “ Accounting for Uncertainty in Income Taxes |
Research and Development Costs and Tax Credits | Research and Development Costs and Tax Credits In accordance with ASC 730-10, “Research and Development-Overall,” The Company may apply for research and development tax concessions with the Australian Taxation Office on an annual basis. Although the amount is possible to estimate at year end, the Australian Taxation Office may reject or materially alter the claim amount. Accordingly, the Company does not recognize the benefit of the claim amount until cash receipt since collectability is not certain until such time. The tax concession is a refundable credit. If the Company has net income then the Company can receive the credit which reduces its income tax liability. If the Company has net losses, then the Company may still receive a cash payment for the credit, however, the Company’s net operating loss carryforwards are reduced by the gross equivalent loss that would produce the credit amount when the income tax rate is applied to that gross amount. The concession is recognized as an income tax benefit, in operations, upon receipt. During the nine months ended March 31, 2017 and 2016, the Company applied for and received from the Australian Taxation Office a research and development tax credit in the amount of $306,159 and $71,970 respectively, which is reflected as an income tax benefit in the accompanying consolidated statements of operations and comprehensive income (loss). |
Stock Based Compensation | Stock Based Compensation The Company records stock based compensation in accordance with ASC 718, “ Stock Compensation Share Based Payment The Company accounts for non-employee share-based awards in accordance with the measurement and recognition criteria of ASC 505-50 “ Equity-Based Payments to Non-Employees |
Revenue Recognition | Revenue Recognition In accordance with SEC Staff Accounting Bulletin No. 104, Revenue Recognition |
Basic and Diluted Net Loss Per Common Share | Basic and Diluted Net Loss Per Common Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. As a result, the basic and diluted per share amounts for all periods presented are identical. For the nine months ended March 31, 2017, there were 149,517 warrants outstanding, 572,000 stock options and ten convertible notes payable that are convertible into 1,600,288 common shares, respectively which are considered dilutive securities which were excluded from the computation since the effect is anti-dilutive. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Certain FASB, Accounting Standard Updates (“ASU”) which are not effective until after March 31, 2017 are not expected to have a significant effect on the Company’s consolidated financial position or results of operations. The Company is evaluating or has implemented the following at March 31, 2017: In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” In February 2016, the FASB issued ASU 2016-02, “Leases,” In November 2015, the FASB issued ASU No. 2015-17, “ Balance Sheet Classification of Deferred Taxes In August 2014, the FASB issued ASU 2014-15, “ Presentation of Financial Statements – Going Concern |
Nature of Operations and Summ18
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Translation Exchange Rates | As of March 31, 2017 and June 30, 2016, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the unaudited consolidated financial statements were as follows: March 31, 2017 June 30, 2016 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7638 0.7401 Average exchange rate for the period USD : AUD exchange rate 0.7556 0.7282 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated Other Comprehensive Income (Loss) by Component during the nine months ended March 31, 2017 was as follows: Foreign Currency Items: Beginning balance, June 30, 2016 $ 131,264 Foreign currency translation loss (217,100 ) Ending balance, March 31, 2017 $ (85,836 ) |
Convertible Notes (Tables)
Convertible Notes (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes | Convertible notes at March 31, 2017 were as follows: Convertible notes and debenture $ 2,534,294 Unamortized discounts (542,459 ) Accrued interest 40,152 Premium 619,436 Convertible notes, net $ 2,651,423 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum operating lease commitments consisted of the following at March 31, 2017: Year Ended June 30, Amount (USD) Remainder 2017 $ 7,562 2018 $ 30,246 2019 $ 30,246 2020 $ 30,246 2021 $ 25,205 |
Derivative Financial Instrume21
Derivative Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Schedule of Fair Value, Assets and Liabilities Measured On Recurring Basis | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2017: Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable March 31, 2017 Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Embedded conversion option liabilities $ 1,081,387 $ — $ — $ 1,081,387 Fair value of liability for warrant derivative instruments $ 16,200 $ — $ — $ 16,200 Total $ 1,097,587 $ — $ — $ 1,097,587 |
Schedule of Derivative Liabilities at Fair Value | The following is a roll forward for the nine months ended March 31, 2017 of the fair value liability of price adjustable derivative instruments: Fair Value of Liability for Derivative Instruments Balance at June 30, 2016 $ 1,050,182 Effects of foreign currency exchange rate changes 1,343 Initial fair value of embedded conversion option derivative liability recorded as debt discount 650,000 Initial fair value of embedded conversion option derivative liability recorded as change in fair value of embedded conversion option 214,758 Change in fair value included in statements of operations (818,696 ) Balance at March 31, 2017 $ 1,097,587 |
Warrant [Member] | Convertible Debt [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | Warrants March 31, 2017 Volatility 137.6 % Expected remaining term (in years) 1.5 Risk-free interest rate 1.27 % Expected dividend yield None Convertible Debt Initial Valuations (on new derivative instruments entered into during the nine months ended March 31, 2017) March 31, 2017 Volatility 219.33 % 117.47% – 144.2 % Expected Remaining Term (in years) 2.00 .45 - 1.88 Risk Free Interest Rate 1.22 % 1.03% - 1.27 % Expected dividend yield None None |
Nature of Operations and Summ22
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||
Cash and cash equivalents | |||||
Value added tax receivable | 10,125 | 10,125 | $ 29,355 | ||
Research and development expense | $ 386,490 | $ 510,301 | $ 714,889 | $ 806,578 | |
Employee Stock Option [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, amount | 572,000 | ||||
Warrant [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, amount | 149,517 | ||||
Common Stock [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, amount | 1,600,288 | ||||
Australian Taxation Office [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Research and development expense | $ 306,159 | $ 71,970 | |||
April 20, 2017 [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reverse stock split | one-for-two hundred and fifty (1:250) | ||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||
Common stock, par value | $ 0.001 | $ 0.001 | |||
Preferred stock, shares authorized | 1,500,005 | 1,500,005 |
Nature of Operations and Summ23
Nature of Operations and Summary of Significant Accounting and Reporting Policies - Schedule of Translation Exchange Rates (Details) | Mar. 31, 2017 | Jun. 30, 2016 |
USD : AUD exchange rate | 0.7638 | 0.7401 |
Weighted Average [Member] | ||
USD : AUD exchange rate | 0.7556 | 0.7282 |
Nature of Operations and Summ24
Nature of Operations and Summary of Significant Accounting and Reporting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Accounting Policies [Abstract] | ||||
Beginning balance | $ 131,264 | |||
Foreign currency translation loss | $ (473,998) | $ (238,292) | (217,100) | $ (126,413) |
Ending balance | $ (85,836) | $ (85,836) |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Accounting Policies [Abstract] | |||||
Net loss | $ 1,371,126 | $ 2,151,909 | $ 6,234,008 | $ 6,552,870 | |
Net cash used in operating activities | 1,449,080 | $ 2,205,144 | |||
Working capital deficit | 4,728,340 | 4,728,340 | |||
Stockholders' deficit | 4,714,766 | 4,714,766 | $ 2,565,293 | ||
Accumulated deficit | $ 36,610,031 | $ 36,610,031 | $ 30,376,023 |
Due to Directors - Related Pa26
Due to Directors - Related Parties (Details Narrative) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Due to Related Parties, Current [Abstract] | ||
Due to directors - related parties | $ 35,030 | $ 33,943 |
Loans and Notes Payable (Detail
Loans and Notes Payable (Details Narrative) - USD ($) | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Long-term debt, gross | $ 2,534,294 | ||
Foreign currency transaction loss | 143,169 | $ 47,366 | |
Unrelated Parties [Member] | |||
Notes payable | 2,291 | $ 2,220 | |
Foreign currency transaction loss | 71 | ||
Directors and Officer [Member] | |||
Long-term debt, gross | $ 56,521 | $ 54,767 |
Convertible Notes (Details Narr
Convertible Notes (Details Narrative) - USD ($) | Mar. 02, 2017 | Feb. 16, 2017 | Jan. 27, 2017 | Dec. 21, 2016 | Dec. 12, 2016 | Dec. 02, 2016 | Nov. 18, 2016 | Oct. 31, 2016 | Sep. 13, 2016 | Aug. 18, 2016 | Oct. 28, 2015 | Jun. 04, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | Mar. 17, 2017 | Aug. 03, 2016 | Jul. 08, 2016 | Nov. 23, 2015 | Oct. 15, 2015 | Oct. 14, 2015 | Sep. 24, 2015 | Jul. 14, 2015 | May 19, 2015 |
Convertible debt principal amount | $ 269,976 | $ 911 | $ 911 | |||||||||||||||||||||||
Conversion of stock, amount converted | $ 132,955 | $ 1,034,454 | ||||||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||||||
Long-term debt | $ 2,534,294 | $ 2,534,294 | ||||||||||||||||||||||||
Accrued interest | 3,869 | 3,869 | ||||||||||||||||||||||||
Withdrew a principal amount | $ 2,800,000 | |||||||||||||||||||||||||
Legal fees | 33,437 | |||||||||||||||||||||||||
Net cash proceeds of convertible debt | $ 2,496,587 | 923,750 | 4,177,500 | |||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 1,081,387 | $ 1,081,387 | 1,955,300 | |||||||||||||||||||||||
Purchaser agreed that the balance of the deposit control account, description | (1) up to $1,200,000 would be released to the Company upon full execution of the Addendum, which occurred on March 16, 2016, and (2) up to $375,000 within 60 days of the full execution of the Addendum as long as certain conditions have been met, which occurred on May 19, 2016 . | |||||||||||||||||||||||||
Common stock, shares reserved for future issuance | 1,200,000 | 1,200,000 | ||||||||||||||||||||||||
Cancellation of shares for convertible notes payable | $ 112,500 | |||||||||||||||||||||||||
Loss on settlement debt | $ (343) | (131,900) | (58,893) | |||||||||||||||||||||||
Debt instrument, unamortized discount | $ 542,459 | 542,459 | ||||||||||||||||||||||||
Amortization of debt issuance costs and discounts | 650,000 | |||||||||||||||||||||||||
Amortization of debt discount | 1,835,899 | $ 2,235,257 | ||||||||||||||||||||||||
January Bank-End Notes [Member] | May 4, 2017 [Member] | ||||||||||||||||||||||||||
Payment of notes receivable | 40,000 | |||||||||||||||||||||||||
Five Month Warrant [Member] | ||||||||||||||||||||||||||
Number of common stock issued | $ 600,000 | |||||||||||||||||||||||||
New Warrant [Member] | ||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | 104,000 | 104,000 | ||||||||||||||||||||||||
Warrant exercise price, per share | $ 12.50 | $ 12.50 | ||||||||||||||||||||||||
Convertible Debt [Member] | ||||||||||||||||||||||||||
Common stock conversion price, per share | $ 7.50 | $ 7.50 | ||||||||||||||||||||||||
Weighted average discount rate, percent | 22.50% | |||||||||||||||||||||||||
Common stock beneficially ownership, percent | 10.00% | 10.00% | ||||||||||||||||||||||||
Convertible Debt [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Common stock trading volume, percent | 25.00% | |||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||
Accrued interest | $ 108,750 | $ 108,750 | 108,750 | |||||||||||||||||||||||
Debt conversion of converted amount | 647,900 | 2,790,806 | ||||||||||||||||||||||||
2016 Warrant [Member] | ||||||||||||||||||||||||||
Number of common stock issued, shares | 50,000 | |||||||||||||||||||||||||
2016 Warrant [Member] | Five Month Warrant [Member] | ||||||||||||||||||||||||||
Warrant exercise price, per share | $ 3 | |||||||||||||||||||||||||
Number of common stock issued | $ 150,000 | |||||||||||||||||||||||||
2016 Warrant [Member] | New Warrant [Member] | ||||||||||||||||||||||||||
Warrants to purchase of common stock | $ 910,178 | $ 910,178 | ||||||||||||||||||||||||
2016 Warrant [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 9.99% | |||||||||||||||||||||||||
2016 Warrant [Member] | Minimum [Member] | ||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | |||||||||||||||||||||||||
Three Back-End Notes [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 352,500 | |||||||||||||||||||||||||
Six Back-End Notes [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 430,000 | $ 430,000 | ||||||||||||||||||||||||
Back-End Notes [Member] | ||||||||||||||||||||||||||
Conversion of stock, amount converted | $ 162,500 | 620,000 | ||||||||||||||||||||||||
Debenture [Member] | ||||||||||||||||||||||||||
Debt original issue discount, rate | 10.00% | |||||||||||||||||||||||||
Debt maturity date | Oct. 28, 2016 | |||||||||||||||||||||||||
Debenture accrued interest rate per annum | 5.00% | |||||||||||||||||||||||||
Long-term debt | $ 4,350,000 | |||||||||||||||||||||||||
Common stock conversion price, per share | $ 10.50 | |||||||||||||||||||||||||
Debt conversion of convertible amount | $ 2,090,000 | |||||||||||||||||||||||||
Weighted average discount rate, percent | 20.00% | 30.00% | ||||||||||||||||||||||||
Debt instrument, default, interest rate | 18.00% | |||||||||||||||||||||||||
Debenture outstanding, percent | 125.00% | 125.00% | ||||||||||||||||||||||||
Debenture [Member] | Payment Guarantee [Member] | ||||||||||||||||||||||||||
Accrued interest | $ 217,500 | |||||||||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||
Amortized to interest expense | $ 712,110 | |||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Nine Back-End Notes [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 782,500 | |||||||||||||||||||||||||
Delafield Financing Agreements [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | 4,400,000 | |||||||||||||||||||||||||
Purchaser for investment amount | $ 4,000,000 | |||||||||||||||||||||||||
Warrants to purchase of common stock, shares | 104,762 | |||||||||||||||||||||||||
Common stock, par value | $ 0.001 | |||||||||||||||||||||||||
Warrant exercise price, per share | $ 150 | |||||||||||||||||||||||||
Warrant term | 4 years | |||||||||||||||||||||||||
Attorneys' fees | $ 50,000 | |||||||||||||||||||||||||
Delafield Financing Agreements [Member] | Prior Note [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 1,200,000 | |||||||||||||||||||||||||
Securities Purchase Agreement And Debenture [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | 25,000 | $ 50,000 | $ 50,000 | $ 4,350,000 | ||||||||||||||||||||||
Purchaser for investment amount | $ 2,800,000 | |||||||||||||||||||||||||
August Letter Agreement [Member] | ||||||||||||||||||||||||||
Purchaser for investment amount | $ 4,000,000 | |||||||||||||||||||||||||
August Letter Agreement [Member] | Five Month Warrant [Member] | ||||||||||||||||||||||||||
Number of common stock issued | $ 350,000 | |||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 200.00% | |||||||||||||||||||||||||
July and August Letter Agreements [Member] | ||||||||||||||||||||||||||
Common stock conversion price, per share | $ 7.50 | $ 7.50 | ||||||||||||||||||||||||
Common stock trading volume, percent | 22.50% | |||||||||||||||||||||||||
Debt maturity date, description | Pursuant to the August Letter Agreement, the Maturity Date of the Debenture was extended until February 28, 2017 and will not accrue interest from October 28, 2016 through the Maturity Date (provided that all accrued but unpaid interest prior to October 28, 2016 (the original maturity date) will be due and payable pursuant to the terms of the Debenture). The note was further extended to September 30, 2017 as discussed below. | |||||||||||||||||||||||||
Additional expense, warrants, incremental increase in value | $ 21,000 | |||||||||||||||||||||||||
July and August Letter Agreements [Member] | 2015 Warrant [Member] | ||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | 104,762 | 104,762 | 104,762 | |||||||||||||||||||||||
Warrant exercise price, per share | $ 3 | |||||||||||||||||||||||||
Warrants to purchase of common stock | $ 314,286 | |||||||||||||||||||||||||
July Letter Agreement [Member] | ||||||||||||||||||||||||||
Debt maturity date, description | Interest Payment Date and the October 1, 2016 Interest Payment Date as such terms are defined in the Debenture. Pursuant to the July Letter Agreement, the Company may delay the interest payment due on the July 1, 2016 Interest Payment Date by a minimum of 30 calendar days (the Minimum Extension Date) and up to 60 calendar days, provided that the Purchaser may demand payment any time after the Minimum Extension Date. The Company also may delay the interest payment due on the October 1, 2016 Interest Payment Date to the October 28, 2016 maturity date (the Maturity Date) unless the Purchaser demands earlier payment; provided however, that if the Purchaser has not demanded payment by October 27, 2016, the Maturity Date will be extended until December 31, 2016 (or such earlier date as the parties mutually agree) and the interest payment that would have been due on the October 1, 2016 will become due on December 31, 2016, unless the Purchaser demands earlier payment. The note was further extended to September 30, 2017 as discussed below. | |||||||||||||||||||||||||
July Letter Agreement [Member] | 2015 Warrant [Member] | ||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | 104,762 | 104,762 | ||||||||||||||||||||||||
July Letter Agreement [Member] | 2015 Warrant [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Warrant exercise price, per share | $ 3 | $ 3 | ||||||||||||||||||||||||
July Letter Agreement [Member] | 2015 Warrant [Member] | Minimum [Member] | ||||||||||||||||||||||||||
Warrant exercise price, per share | $ 1.50 | $ 1.50 | ||||||||||||||||||||||||
August Letter Agreements [Member] | 2016 Warrant [Member] | ||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | 960,000 | 960,000 | ||||||||||||||||||||||||
Amortized to interest expense | $ 910,178 | |||||||||||||||||||||||||
August Letter Agreements [Member] | 2016 Warrant [Member] | Five Month Warrant [Member] | ||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | 800,000 | 800,000 | ||||||||||||||||||||||||
August Letter Agreements [Member] | 2016 Warrant [Member] | Two Year Warrant [Member] | ||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | 160,000 | 160,000 | ||||||||||||||||||||||||
Warrant exercise price, per share | $ 25 | $ 25 | ||||||||||||||||||||||||
August Letter Agreements [Member] | 2016 Warrant [Member] | Maximum [Member] | Five Month Warrant [Member] | ||||||||||||||||||||||||||
Warrant exercise price, per share | 5 | 5 | ||||||||||||||||||||||||
August Letter Agreements [Member] | 2016 Warrant [Member] | Minimum [Member] | Five Month Warrant [Member] | ||||||||||||||||||||||||||
Warrant exercise price, per share | $ 3 | $ 3 | ||||||||||||||||||||||||
Additional Issuance Agreement [Member] | ||||||||||||||||||||||||||
Debt original issue discount, rate | 5.00% | |||||||||||||||||||||||||
Long-term debt | $ 150,000 | |||||||||||||||||||||||||
Additional Issuance Debenture [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | 165,000 | |||||||||||||||||||||||||
Debt original issue discount, rate | 10.00% | |||||||||||||||||||||||||
Debt maturity date | Sep. 13, 2017 | |||||||||||||||||||||||||
Debenture accrued interest rate per annum | 5.00% | 5.00% | ||||||||||||||||||||||||
Accrued interest | 6,188 | |||||||||||||||||||||||||
Common stock conversion price, per share | $ 7.50 | $ 7.50 | ||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | 199,585 | |||||||||||||||||||||||||
Debenture outstanding, percent | 125.00% | 125.00% | ||||||||||||||||||||||||
Common stock trading volume, percent | 2250.00% | |||||||||||||||||||||||||
Remaining outstanding, amount | $ 165,000 | |||||||||||||||||||||||||
Additional Issuance Debenture [Member] | 2016 Warrant [Member] | ||||||||||||||||||||||||||
Weighted average discount rate, percent | 30.00% | |||||||||||||||||||||||||
Debt instrument, default, interest rate | 18.00% | |||||||||||||||||||||||||
December Letter Agreement [Member] | ||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | 160,000 | 800,000 | ||||||||||||||||||||||||
Common stock, par value | $ 0.001 | |||||||||||||||||||||||||
Warrant exercise price, per share | $ 25 | |||||||||||||||||||||||||
Long-term debt | $ 1,226,294 | $ 1,226,294 | ||||||||||||||||||||||||
Accrued interest | 3,945 | 3,945 | ||||||||||||||||||||||||
Remaining outstanding, amount | 150,000 | 150,000 | ||||||||||||||||||||||||
Number of restricted shares, issued | 50,000 | |||||||||||||||||||||||||
December Letter Agreement [Member] | Five Month Warrant [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 150,000 | |||||||||||||||||||||||||
Warrant exercise price, per share | $ 3 | |||||||||||||||||||||||||
Debt maturity date | Dec. 2, 2018 | |||||||||||||||||||||||||
Common stock conversion price, per share | $ 0.65 | |||||||||||||||||||||||||
Debt instrument, default, interest rate | 18.00% | |||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | |||||||||||||||||||||||||
Number of restricted value, issued | $ 150,000 | |||||||||||||||||||||||||
Cancellation of shares for convertible notes payable | $ 112,500 | |||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | |||||||||||||||||||||||||
Loss on settlement debt | $ 37,500 | |||||||||||||||||||||||||
Debt instrument, term | 2 years | |||||||||||||||||||||||||
Debt instrument, payment terms | The Delafield Note may be prepaid at any time at 135% of the principal amount plus any accrued interest. | |||||||||||||||||||||||||
Additionally debt instrument unamortized premium | $ 80,769 | |||||||||||||||||||||||||
December Letter Agreement [Member] | Maximum [Member] | Five Month Warrant [Member] | ||||||||||||||||||||||||||
Warrant exercise price, per share | $ 5 | |||||||||||||||||||||||||
December Letter Agreement [Member] | Minimum [Member] | Five Month Warrant [Member] | ||||||||||||||||||||||||||
Warrant exercise price, per share | $ 3 | |||||||||||||||||||||||||
March Letter Agreement [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ (911,294) | |||||||||||||||||||||||||
March Letter Agreement [Member] | Minimum [Member] | ||||||||||||||||||||||||||
Common stock beneficially ownership, percent | 4.99% | |||||||||||||||||||||||||
October 31, 2016 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 100,000 | |||||||||||||||||||||||||
Debt maturity date | Jun. 30, 2017 | |||||||||||||||||||||||||
Accrued interest | 3,332 | $ 3,332 | ||||||||||||||||||||||||
Common stock beneficially ownership, percent | 8.00% | |||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | |||||||||||||||||||||||||
Common stock trading volume, percent | 60.00% | |||||||||||||||||||||||||
Remaining outstanding, amount | 100,000 | $ 100,000 | ||||||||||||||||||||||||
Additionally debt instrument unamortized premium | $ 66,667 | |||||||||||||||||||||||||
Regal Consulting Agreement [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 250,000 | |||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | |||||||||||||||||||||||||
Debt instrument, term | 2 years | |||||||||||||||||||||||||
Regal Consulting Agreement [Member] | First Convertible Note [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 250,000 | |||||||||||||||||||||||||
Accrued interest | 9,178 | 9,178 | ||||||||||||||||||||||||
Common stock conversion price, per share | $ 2.50 | |||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 255,757 | |||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | |||||||||||||||||||||||||
Remaining outstanding, amount | 250,000 | 250,000 | ||||||||||||||||||||||||
Regal Consulting Agreement [Member] | Second Convertible Note [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 250,000 | |||||||||||||||||||||||||
Accrued interest | 3,014 | 3,014 | ||||||||||||||||||||||||
Common stock conversion price, per share | $ 2.50 | |||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 409,416 | |||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | |||||||||||||||||||||||||
Remaining outstanding, amount | 250,000 | 250,000 | ||||||||||||||||||||||||
December 12, 2016 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 100,000 | |||||||||||||||||||||||||
Debt maturity date | Dec. 12, 2017 | |||||||||||||||||||||||||
Accrued interest | 2,411 | $ 2,411 | ||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | |||||||||||||||||||||||||
Common stock trading volume, percent | 60.00% | |||||||||||||||||||||||||
Remaining outstanding, amount | 100,000 | $ 100,000 | ||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | |||||||||||||||||||||||||
Additionally debt instrument unamortized premium | $ 66,667 | |||||||||||||||||||||||||
December 21, 2016 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 157,500 | |||||||||||||||||||||||||
Debt maturity date | Dec. 21, 2017 | |||||||||||||||||||||||||
Accrued interest | 3,487 | $ 3,487 | ||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | |||||||||||||||||||||||||
Common stock trading volume, percent | 60.00% | |||||||||||||||||||||||||
Remaining outstanding, amount | 157,500 | $ 157,500 | ||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | |||||||||||||||||||||||||
Additionally debt instrument unamortized premium | $ 105,000 | |||||||||||||||||||||||||
January 27, 2017 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 230,000 | |||||||||||||||||||||||||
Debt maturity date | Sep. 27, 2017 | |||||||||||||||||||||||||
Accrued interest | 3,226 | $ 3,226 | ||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | |||||||||||||||||||||||||
Common stock trading volume, percent | 60.00% | |||||||||||||||||||||||||
Remaining outstanding, amount | 230,000 | $ 230,000 | ||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | |||||||||||||||||||||||||
March 1, 2017 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | ||||||||||||||||||||||||||
Convertible debt principal amount | $ 220,500 | |||||||||||||||||||||||||
Debt maturity date | Mar. 1, 2018 | |||||||||||||||||||||||||
Accrued interest | 1,498 | $ 1,498 | ||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | |||||||||||||||||||||||||
Common stock trading volume, percent | 60.00% | |||||||||||||||||||||||||
Remaining outstanding, amount | $ 220,500 | $ 220,500 | ||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% |
Convertible Notes - Schedule of
Convertible Notes - Schedule of Convertible Notes (Details) | Mar. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
Convertible notes and debenture | $ 2,534,294 |
Unamortized discounts | (542,459) |
Accrued interest | 40,152 |
Premium | 619,436 |
Convertible notes, net | $ 2,651,423 |
Stockholders' Deficit (Details
Stockholders' Deficit (Details Narrative) | Mar. 02, 2017USD ($)$ / sharesshares | Feb. 21, 2017USD ($)$ / sharesshares | Jan. 25, 2017USD ($)$ / sharesshares | Jan. 20, 2017USD ($)$ / sharesshares | Jan. 19, 2017USD ($)$ / sharesshares | Jan. 11, 2017USD ($)$ / sharesshares | Jan. 10, 2017USD ($)$ / sharesshares | Dec. 23, 2016USD ($)$ / sharesshares | Dec. 16, 2016USD ($)$ / sharesshares | Dec. 15, 2016USD ($)$ / sharesshares | Dec. 09, 2016USD ($)$ / sharesshares | Dec. 08, 2016USD ($)$ / sharesshares | Dec. 02, 2016USD ($)$ / sharesshares | Nov. 21, 2016USD ($)$ / sharesshares | Nov. 09, 2016USD ($)$ / sharesshares | Nov. 09, 2016AUDshares | Oct. 27, 2016USD ($) | Oct. 21, 2016USD ($)$ / sharesshares | Oct. 19, 2016USD ($)$ / sharesshares | Oct. 14, 2016USD ($)$ / sharesshares | Oct. 07, 2016USD ($)$ / sharesshares | Oct. 06, 2016USD ($)$ / sharesshares | Oct. 04, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 28, 2016USD ($)$ / sharesshares | Sep. 21, 2016USD ($)$ / sharesshares | Aug. 25, 2016USD ($)$ / sharesshares | Aug. 18, 2016USD ($)$ / sharesshares | Aug. 03, 2016$ / sharesshares | Jul. 14, 2016USD ($)$ / sharesshares | Apr. 22, 2016USD ($)shares | Apr. 14, 2016USD ($)$ / sharesshares | Apr. 13, 2016 | Jan. 31, 2016shares | May 07, 2015USD ($)shares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($) | Feb. 13, 2017USD ($) | Nov. 09, 2016AUD / sharesshares | Aug. 23, 2016$ / sharesshares | Aug. 08, 2016$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 08, 2016USD ($)$ / sharesshares | Jun. 16, 2015$ / sharesshares | Dec. 09, 2014$ / sharesshares |
Share issued price per share | $ / shares | $ 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Consulting expenses | $ 3,495 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares issued for services | shares | 16,667 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares authorized | shares | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Loss on settlement of debt | $ (343) | $ (131,900) | $ (58,893) | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ 50,000 | $ 452,144 | 452,144 | $ 50,000 | $ 250,403 | ||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses | $ 198,064 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of shares vested | shares | 95,333 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock option expire date | Apr. 14, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation arrangement by share based payment award options grant date fair value | $ 3,924,880 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock or unit option plan expense | $ 1,473,174 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of warrant issued | shares | 12,000 | 12,000 | |||||||||||||||||||||||||||||||||||||||||||||
First Anniversary [Member] | April 14, 2017 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares vested | shares | 95,333 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock option expire date | Apr. 14, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Second Anniversary [Member] | April 14, 2018 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares vested | shares | 95,333 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock option expire date | Apr. 14, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Director [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares granted | shares | 286,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Granted exercise price | $ / shares | $ 7.50 | ||||||||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares granted | shares | 286,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Granted exercise price | $ / shares | $ 7.50 | ||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation arrangement by share based payment award options grant date fair value | $ 1,962,440 | ||||||||||||||||||||||||||||||||||||||||||||||
Consultant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | shares | 2.60 | 3.75 | |||||||||||||||||||||||||||||||||||||||||||||
Share issued price per share | $ / shares | $ 3.98 | $ 36,000 | $ 8,480 | ||||||||||||||||||||||||||||||||||||||||||||
Number of common shares issued for services | shares | 349,800 | 40,000 | 36,000 | 24,000 | |||||||||||||||||||||||||||||||||||||||||||
Accrued professional fees | $ 100,000 | $ 60,000 | |||||||||||||||||||||||||||||||||||||||||||||
Number of common shares issued for services, value | $ 88,000 | 100,000 | $ 60,000 | ||||||||||||||||||||||||||||||||||||||||||||
Additional shares to be issued for forgiveness of consulting fees | shares | 24,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Additional shares to be issued for forgiveness of consulting fees, value | $ 95,400 | ||||||||||||||||||||||||||||||||||||||||||||||
Loss on settlement of debt | $ 94,400 | ||||||||||||||||||||||||||||||||||||||||||||||
Consultant [Member] | Retainer Payable [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Accrued professional fees | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Consultant [Member] | Payable For Reports [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Accrued professional fees | $ 90,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Third Party [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share issued price per share | $ / shares | $ 2.50 | ||||||||||||||||||||||||||||||||||||||||||||||
Consulting expenses | $ 75,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares issued for services | shares | 30,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares issued for services, value | $ 75,000 | $ 12,500 | |||||||||||||||||||||||||||||||||||||||||||||
Professional fees | 22,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Payments for fees | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | shares | 1,500,000 | 1,500,000 | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | shares | 500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | shares | 5 | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | shares | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | shares | 1,500,005 | 1,500,005 | |||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||||||||||||||||||||||||||||||||
September Services [Member] | Third Party [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Accrued professional fees | $ 20,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued One [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 32,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, periodic payment | $ 2,885 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 2.06 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 17,156 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Two [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, periodic payment | $ 54,375 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 2.91 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 18,710 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Three [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 2.73 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 9,151 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Four [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 2.73 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 7,321 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Five [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 17,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, periodic payment | $ 1,350 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.95 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 9,654 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Six [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 2.54 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 9,848 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Seven [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, periodic payment | $ 79 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.77 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 608 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Eight [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 2.36 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 10,576 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Nine [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, periodic payment | $ 79 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.68 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 643 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Ten [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 2.36 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 10,576 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Eleven [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 2.03 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 12,288 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Twelve [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.94 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 25,806 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Thirteen [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 54,375 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 2.07 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 26,227 | 26,227 | |||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Fourteen [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 2.03 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 24,576 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Fifteen [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.88 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 13,301 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Sixteen [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.30 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 19,257 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Seventeen [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 36,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, periodic payment | $ 3,368 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.06 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 37,656 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Eighteen [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, periodic payment | $ 93 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.06 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 1,032 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Nineteen [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 35,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.30 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 26,959 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Twenty [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, periodic payment | $ 1,881 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.06 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 20,666 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Twenty One [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.30 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 15,405 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Twenty Two [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 16,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, periodic payment | $ 1,645 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.17 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 15,526 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Twenty Three [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 136,400 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.57 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 86,907 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Twenty Four [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 36,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, periodic payment | $ 3,712 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.17 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 34,406 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Twenty Five [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 31,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.57 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 20,070 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Twenty Six [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 55,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.72 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 31,893 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued Twenty Seven [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion amount | $ 75,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ / shares | $ 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion shares | shares | 39,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of warrant of shares | shares | 104,762 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercise price per share | $ / shares | $ 25 | $ 3 | |||||||||||||||||||||||||||||||||||||||||||||
Number of warrant of shares, value | $ 314,286 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of warrant to purchase of common stock | shares | 800,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrant term | 5 months | ||||||||||||||||||||||||||||||||||||||||||||||
Number of warrant issued | shares | 160,000 | 149,517 | 149,517 | ||||||||||||||||||||||||||||||||||||||||||||
Number of warrants cancelled | shares | 960,000 | 960,000 | |||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercise price per share | $ / shares | $ 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercise price per share | $ / shares | $ 5 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | August Letter Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercise price per share | $ / shares | $ 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of warrant to purchase of common stock | shares | 50,000 | 960,000 | |||||||||||||||||||||||||||||||||||||||||||||
Warrant term | 5 months | ||||||||||||||||||||||||||||||||||||||||||||||
Number of warrant issued | shares | 150,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Loss on cancellation of warrants or rights | $ 37,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | November Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of warrant of shares | shares | 12,000 | 12,000 | |||||||||||||||||||||||||||||||||||||||||||||
Warrant exercise price per share | $ / shares | $ 2.88 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | November Agreement [Member] | Australia Dollar [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercise price per share | AUD / shares | AUD 3.75 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrant repricing expenses | AUD | AUD 3,299 |
Commitments and Contingencies31
Commitments and Contingencies (Details Narrative) | May 04, 2016AUD | Nov. 30, 2009 | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Aug. 12, 2016USD ($) |
Rent Expense | $ 22,237 | $ 15,062 | |||
Q-Biologicals [Member] | |||||
Pre-Payment To Be Made During First Two Years | $ 124,158 | ||||
Royalty Agreement Terms [Member] | |||||
Operating Leases Income Statement Revenue Percentage | 2.00% | ||||
License Agreement Terms [Member] | |||||
Operating Leases Income Statement Revenue Percentage | 5.00% | ||||
Operating Lease Agreement [Member] | Australia Dollar [Member] | |||||
Payments for Fees | AUD | AUD 3,300 | ||||
Quality Assurance Agreement [Member] | Minimum [Member] | |||||
Anticipated Payment | 2,500,000 | ||||
Quality Assurance Agreement [Member] | Maximum [Member] | |||||
Anticipated Payment | $ 5,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) | Mar. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder 2,017 | $ 7,562 |
2,018 | 30,246 |
2,019 | 30,246 |
2,020 | 30,246 |
2,021 | $ 25,205 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | Aug. 15, 2016USD ($) | May 05, 2016USD ($) | May 05, 2016AUD | Feb. 25, 2016AUD | Mar. 31, 2017USD ($) | Mar. 31, 2017AUD | Mar. 02, 2017USD ($) | Feb. 13, 2017USD ($) | Jun. 30, 2016USD ($) |
Loans from related party | $ 56,521 | $ 54,767 | |||||||
Due to related parties | 35,030 | 33,943 | |||||||
Accounts payable | 452,144 | $ 50,000 | $ 50,000 | 250,403 | |||||
Scientific Advisory Board [Member] | |||||||||
Payments to suppliers | 152,289 | ||||||||
Accounts payable | 57,784 | ||||||||
Chief Medical Officer [Member] | |||||||||
Payments to suppliers | 18,304 | ||||||||
Accounts payable | 16,492 | ||||||||
Mr. Nathanielsz [Member] | |||||||||
Payments to suppliers | 1,717 | ||||||||
Current and Former Director [Member] | |||||||||
Loans from related party | 56,521 | 54,767 | |||||||
Two Current Directors [Member] | |||||||||
Due to related parties | 35,030 | $ 33,943 | |||||||
Sylvia Nathanielsz [Member] | |||||||||
Compensation | 57,285 | ||||||||
James Nathanielsz [Member] | |||||||||
Payments for other fees | 30,470 | ||||||||
James Nathanielsz [Member] | Chief Executive Officer [Member] | |||||||||
Payments for other fees | $ 50,000 | ||||||||
Officers' compensation | $ 250,000 | ||||||||
Australia Dollar [Member] | James Nathanielsz [Member] | |||||||||
Related party transaction, amount | AUD | AUD 4,481 | ||||||||
North Horizon Pty Ltd [Member] | |||||||||
Lease term | 5 years | 5 years | |||||||
Goods and service tax | $ 3,600 | ||||||||
North Horizon Pty Ltd [Member] | Australia Dollar [Member] | |||||||||
Annual rental payments | AUD | AUD 39,600 | ||||||||
Future minimum payments due | AUD | AUD 198,000 | AUD 161,700 |
Concentrations and Risks (Detai
Concentrations and Risks (Details Narrative) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | ||
Reimbursement on goods and service tax receivable percentage | 100.00% | 100.00% |
Derivative Financial Instrume35
Derivative Financial Instruments and Fair Value Measurements (Details Narrative) | Mar. 31, 2017USD ($)$ / sharesshares |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Warrant outstanding | shares | 12,000 |
Convertible debt | $ | $ 1,576,294 |
Share price | $ / shares | $ 2.28 |
Derivative Financial Instrume36
Derivative Financial Instruments and Fair Value Measurements - Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques (Details) | 9 Months Ended |
Mar. 31, 2017 | |
Warrant [Member] | |
Volatility | 137.60% |
Expected remaining term (in years) | 1 year 6 months |
Risk-free interest rate | 1.27% |
Expected dividend yield | 0.00% |
Initial Valuations on Derivative [Member] | |
Volatility | 219.33% |
Expected remaining term (in years) | 2 years |
Risk-free interest rate | 1.22% |
Expected dividend yield | 0.00% |
Convertible Debt [Member] | |
Expected dividend yield | 0.00% |
Convertible Debt [Member] | Minimum [Member] | |
Volatility | 117.47% |
Expected remaining term (in years) | 5 months 12 days |
Risk-free interest rate | 1.03% |
Convertible Debt [Member] | Maximum [Member] | |
Volatility | 144.20% |
Expected remaining term (in years) | 1 year 10 months 17 days |
Risk-free interest rate | 1.27% |
Derivative Financial Instrume37
Derivative Financial Instruments and Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured On Recurring Basis (Details) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Embedded conversion option liabilities | $ 1,081,387 | $ 1,955,300 |
Fair value of liability for warrant derivative instruments | 16,200 | |
Total | 1,097,587 | $ 1,050,182 |
Fair Value, Inputs, Level 1 [Member] | ||
Embedded conversion option liabilities | ||
Fair value of liability for warrant derivative instruments | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | ||
Embedded conversion option liabilities | ||
Fair value of liability for warrant derivative instruments | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | ||
Embedded conversion option liabilities | 1,081,387 | |
Fair value of liability for warrant derivative instruments | 16,200 | |
Total | $ 1,097,587 |
Derivative Financial Instrume38
Derivative Financial Instruments and Fair Value Measurements - Schedule of Derivative Liabilities at Fair Value (Details) | 9 Months Ended |
Mar. 31, 2017USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Balance at Beginning | $ 1,050,182 |
Effects of foreign currency exchange rate changes | 1,343 |
Initial fair value of embedded conversion option derivative liability recorded as debt discount | 650,000 |
Initial fair value of embedded conversion option derivative liability recorded as change in fair value of embedded conversion option | 214,758 |
Change in fair value included in statements of operations | (818,696) |
Balance at Ending | $ 1,097,587 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | May 04, 2017 | Apr. 24, 2017 | Apr. 20, 2017 | Apr. 07, 2017 | Apr. 05, 2017 | Jun. 04, 2015 | Mar. 31, 2017 | Jun. 30, 2016 |
Common stock, par value | $ 0.001 | $ 0.001 | ||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||||
Note Receivables with Legal Fees | $ 33,437 | |||||||
Subsequent Event [Member] | ||||||||
Debt conversion amount | $ 25,000 | $ 46,477 | ||||||
Debt principal balance | $ 957,771 | |||||||
Conversion price per share | $ 0.775 | |||||||
Debt conversion shares | 32,259 | |||||||
Subsequent Event [Member] | December 21 Bank-End Notes [Member] | ||||||||
Payment of notes receivable | $ 157,500 | |||||||
Note Receivables with Legal Fees | 7,500 | |||||||
Proceeds from Sale of Notes Receivable | $ 150,000 | |||||||
debt conversion rate | 60.00% | |||||||
Subsequent Event [Member] | January Bank-End Notes [Member] | ||||||||
Payment of notes receivable | $ 40,000 | |||||||
debt conversion rate | 60.00% | |||||||
Subsequent Event [Member] | April Letter Agreement [Member] | ||||||||
Reverse stock split | one-for-two hundred and fifty (1:250) reverse stock split | |||||||
Common stock, par value | $ 0.001 | |||||||
Common stock, shares authorized | 100,000,000 | |||||||
Changes in preferred stock shares authorized | 1,500,005 | |||||||
Changes in reverse stock split | Decreased, by a ratio of one-for-two hundred and fifty (1:250) | |||||||
Subsequent Event [Member] | April Letter Agreement [Member] | Delafield Investments Limited [Member] | ||||||||
Number of common stock return | 24,478 | |||||||
Debt maturity date | Sep. 30, 2017 | |||||||
Reverse stock split | reverse stock split at a ratio of 1-for-250 |