Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2017 | May 15, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DanDrit Biotech USA, Inc. | |
Entity Central Index Key | 1,527,728 | |
Trading Symbol | DDRT | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock Shares Outstanding | 12,433,290 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
CURRENT ASSETS: | ||
Cash | $ 33,699 | $ 23,368 |
Other Receivables | 194,309 | 695,418 |
Prepaid Expenses | 6,666 | 13,693 |
Total Current Assets | 234,674 | 732,479 |
PROPERTY AND EQUIPMENT, Net accumulated Depreciation | ||
OTHER ASSETS | ||
Definite Life Intangible Assets | 120,046 | 135,743 |
Deferred stock offering costs | 25,000 | |
Deposits | 2,565 | 2,609 |
Total Other Assets | 147,611 | 138,352 |
TOTAL ASSETS | 382,285 | 870,831 |
CURRENT LIABILITIES: | ||
Notes Payable - Related Party | 104,003 | 102,882 |
Convertible Notes Payable, Current Portion (Net of discounts of $35,072 and $0, respectively) | 258,298 | |
Convertible Notes Payable - Related Party, (Net of discounts of $42,550 and $0, respectively) | 77,750 | |
Accounts Payable | 844,894 | 1,087,758 |
Accounts Payable - Related Party | 383,372 | 97,357 |
Accrued Expenses | 320,064 | 220,232 |
Total Current Liabilities | 1,988,381 | 1,508,229 |
Total Liabilities | 1,988,381 | 1,508,229 |
STOCKHOLDER'S EQUITY(Deficit): | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, par value $0.0001, 100,000,000 shares authorized, 9,533,290, and 9,533,290 issued and outstanding at March 31, 2017 and June 30, 2016, respectively | 953 | 953 |
Additional paid-in capital | 25,816,325 | 25,098,050 |
Accumulated Deficit | (28,258,650) | (26,300,694) |
Other comprehensive income, net | 835,276 | 564,293 |
Total Stockholder's Equity (Deficit) | (1,606,096) | (637,398) |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 382,285 | $ 870,831 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Balance Sheets [Abstract] | ||
Convertible Notes Payable, Current Portion, Net of discounts | $ 35,072 | $ 0 |
Convertible Notes Payable - Related Party, Net of discounts | $ 42,550 | $ 0 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 9,533,290 | 9,533,290 |
Common stock, shares outstanding | 9,533,290 | 9,533,290 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Operations [Abstract] | ||||
Revenues | $ 42,525 | |||
Cost of Goods Sold | 5,244 | |||
Gross profit (Loss) | 37,281 | |||
Operating Expenses | ||||
General and Administrative Expenses | 168,503 | 257,461 | 722,051 | 783,941 |
Non-cash compensation expenses | 626,487 | |||
Research and Development Expenses | 16,290 | 235,927 | 47,181 | 615,334 |
Depreciation and Amortization | 3,498 | 3,642 | 10,869 | 23,571 |
Consulting Expenses | 162,739 | 16,574 | 345,518 | 64,374 |
Total Operating Expense | 351,030 | 513,604 | 1,752,106 | 1,487,220 |
(LOSS) FROM OPERATIONS | (351,030) | (513,604) | (1,752,106) | (1,449,939) |
Other Income (Expense) | ||||
Interest (expense) | (2,217) | (5,430) | ||
Interest (expense) - Related Party | (3,818) | (585) | (11,019) | (1,769) |
(Loss) on Currency Transactions | 96,816 | 272,818 | (256,801) | 74,242 |
Interest and Other Income | 1 | |||
Total Other Income (Expense) | 90,781 | 272,233 | (273,250) | 72,474 |
(Loss) Before Income Taxes | (260,249) | (241,371) | (2,025,356) | (1,377,465) |
Income Tax Expense (Benefit) | (14,078) | (33,808) | (67,400) | (397,824) |
NET (LOSS) | $ (246,171) | $ (207,563) | $ (1,957,956) | $ (979,641) |
BASIC AND DILUTED LOSS PER SHARE | $ (0.03) | $ (0.02) | $ (0.21) | $ (0.1) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 9,533,290 | 9,533,290 | 9,533,290 | 9,533,290 |
Statements of Other Comprehensi
Statements of Other Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statements of Other Comprehensive Loss [Abstract] | ||||
Net Loss | $ (246,171) | $ (207,563) | $ (1,957,956) | $ (979,641) |
Currency Translation, Net of Taxes | (107,576) | (297,600) | 270,983 | (160,890) |
Other Comprehensive Loss | $ (353,747) | $ (505,163) | $ (1,686,973) | $ (1,140,531) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Cash Flows [Abstract] | ||
NET (LOSS) | $ (1,957,956) | $ (979,641) |
ADJUSTMENT TO RECONCILE NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES: | ||
Depreciation and Amortization | 10,869 | 21,289 |
Non-cash compensation | 626,487 | |
Accrued Interest on Notes Payable - Related Party | 1,763 | 2,098 |
Accretion of discount on notes payable | 14,166 | |
CHANGES IN ASSETS AND LIABILITIES: | ||
(Increase) Decrease in Other Receivables | 501,109 | (211,822) |
(Increase) Decrease in Prepaid Expenses/Deposits | 7,071 | (40,017) |
Increase (Decrease) in Accounts Payable | (267,864) | 250,977 |
Increase (Decrease) in Accounts Payable - Related Party | 286,015 | (335,112) |
Increase (Decrease) in Accrued Expenses | 99,832 | 130,206 |
Total Adjustments | 1,279,448 | (182,381) |
NET CASH USED IN OPERATING ACTIVITIES | (678,508) | (1,162,022) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net (Increase) Decrease in Cash Held in Escrow | 1,052,989 | |
NET CASH USED BY INVESTING ACTIVITIES | 1,052,989 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Notes Payable - Related Party | 120,300 | |
Proceeds from Notes Payables | 293,370 | |
NET CASH PROVIDED BY (USED BY) FINANCING ACTIVITIES | 413,670 | |
Gain (Loss) on Currency Translation | 275,169 | (160,890) |
NET INCREASE (DECREASE) IN CASH | 10,331 | (269,923) |
CASH, BEGINNING OF PERIOD | 23,368 | 421,145 |
CASH, END OF PERIOD | 33,699 | 151,222 |
Cash paid during the periods for: | ||
Interest | ||
Income Taxes | ||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Discount for imputed interest on non-interest bearing Convertible Notes Payable | 14,888 | |
Discount for beneficial conversion feature of Convertible Notes Payable | 17,294 | |
Amortization of discount on convertible notes payable | 14,166 | |
Compensation for the issuance of stock options to the Board | $ 626,487 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statements are unaudited. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at March 31, 2017 and 2016 and for the periods then ended have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s June 30, 2016 audited financial statements. The results of operations for the periods ended March 31, 2017 and 2016 are not necessarily indicative of the operating results for the full year. Business and Basis of Presentation DanDrit Biotech USA, Inc. (“DanDrit USA” or the “Parent”, “we”, “us”, “our”) was originally incorporated in the state of Delaware on January 18, 2011 as a vehicle to pursue a business combination through the acquisition of, or merger with, an operating business. DanDrit BioTech A/S, a Danish corporation was incorporated on April 1, 2001 (“DanDrit Denmark”) and is treated as a wholly owned subsidiary of Parent (together with Parent, the “Company”). On February 12, 2014, pursuant to the terms and conditions of a Share Exchange Agreement (the "Share Exchange Agreement"), Parent acquired approximately 100% of the issued and outstanding capital stock of DanDrit BioTech A/S, a Danish corporation (“DanDrit Denmark”) and as a result became the parent of DanDrit Denmark (the “Share Exchange”). Prior to the Share Exchange there were 5,000,000 shares of the common stock, par value $0.0001 per share of Parent outstanding. The Parent and a shareholder agreed to cancel 4,400,000 shares of its common stock and issued 1,440,000 shares of common stock for legal and consulting services related to the Share Exchange and a future financing. At the time of the Share Exchange, the outstanding shares of the common stock of DanDrit Denmark were exchanged for 1.498842 shares of Parent’s common stock, for a total of 6,000,000 shares of common stock (including 185,053 shares of common stock reserved for issuance in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark to the Non-Consenting Shareholders, deemed issued and outstanding for accounting purposes). Following the closing of the Share Exchange, DanDrit Biotech USA, Inc., the wholly owned subsidiary of the Company, merged with and into the Company, thereby changing the Company’s name to “DanDrit Biotech USA, Inc.” DanDrit Denmark engages in the research and development, manufacturing and clinical trials of pharmaceutical and biological products for the human treatment of cancer using the dendritic cell technology. Fiscal Year End Reverse Acquisition — On February 12, 2014, pursuant to the Share Exchange Agreement, DanDrit USA completed the acquisition of 100% of the issued and outstanding capital stock of DanDrit Denmark and as a result became DanDrit Denmark’s parent company. Prior to such Share Exchange there were 5,000,000 shares of Common Stock outstanding. Parent and an existing shareholder agreed to cancel 4,400,000 shares of its common stock and issued 1,440,000 shares of its common stock for legal and consulting services related to the Share Exchange and a future public offering. At the time of the Share Exchange each outstanding share of common stock of DanDrit Denmark was exchanged for 1.498842 shares of Parent’s common stock, for a total of 6,000,000 shares, resulting in 8,040,000 shares of the Parent’s common stock outstanding immediately following the Share Exchange, including 185,053 shares of common stock reserved for issuance in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark to the DanDrit Denmark shareholders who have not consented to the Share Exchange (the “Non-Consenting Shareholders”), and deemed issued and outstanding for accounting purposes. Consolidation Functional Currency / Foreign currency translation Cash and Cash Equivalents — The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. At March 31, 2017 and 2016 the Company had balances held in financial institutions in Denmark of $33,699 and $23,368, respectively. Property and Equipment Intangible Assets Impairment of Long-Lived Assets Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The depreciable basis of assets that are impaired and continue in use is their respective fair values. Revenue Recognition and Sales Value Added Tax— Research and Development Expenses Our research and development expenses may fluctuate substantially from quarter to quarter depending on the clinical studies and the timing of samples supporting the clinical studies. Income Taxes Loss Per Share Fair Value of Financial Instruments ● Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities. Accounting Estimates Recent Accounting Pronouncements In 2015, the FASB issued an amended standard requiring that we classify all deferred tax assets and liabilities as non-current on the balance sheet instead of separating deferred taxes into current and non-current. The amended standard was adopted effective January 1, 2017 by the Company on a prospective basis and prior periods were not retrospectively adjusted. Adoption of the standard had no effect on the accompanying financial statements. In February 2016, the FASB issued changes to the accounting for leases that primarily affect presentation and disclosure requirements. The new standard will require the recognition of a right to use asset and underlying lease liability for operating leases with an initial life in excess of one year. This standard is effective for us beginning in the first quarter of 2019. We have not yet determined the impact of the new standard on our consolidated financial statements. Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company's present or future financial statements. Reclassification The financial statement for the periods ended December 31, 2016 and June 30, 2016 have been reclassified to conform to the headings and classifications used in the March 31, 2017 financial statements. |
Going Concern
Going Concern | 9 Months Ended |
Mar. 31, 2017 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2 — GOING CONCERN The accompanying unaudited consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has incurred significant losses, has not yet been successful in establishing profitable operations and has short-term obligations in excess of anticipated cash. These factors raise substantial doubt about the ability of the Company to continue as a going concern. In this regard, management plans to mitigate this doubt by raising additional funds through debt and/or equity offerings. The Company is attempting to raise capital through a private placement offering, and as of May 15, 2017 has raised $3,510,000 from the sale of 2,700,000 shares of common stock at $1.30 per share together with warrants to purchase 5,400,000 shares of common stock having a strike price of $1.30 per share. There is no assurance that the Company will be successful in raising funds through the debt or equity or achieving profitable operations. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Mar. 31, 2017 | |
Property and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 3 — PROPERTY AND EQUIPMENT Property and equipment consisted of the following at March 31, 2017 and June 30, 2016: Useful March 31, June 30, Lab equipment and instruments 4-6 $ 157,919 $ 163,959 Computer equipment 4-6 54,086 56,155 212,005 220,114 Less Accumulated Depreciation (212,005 ) (220,114 ) Net Property and Equipment $ - $ - Depreciation expense amounted to $0 and $0 for the three and nine month periods ended March 31, 2017 and $0 and $0 for the three and nine month periods ended March 31, 2016, respectively. |
Definite-Life Intangible Assets
Definite-Life Intangible Assets | 9 Months Ended |
Mar. 31, 2017 | |
Definite-Life Intangible Assets [Abstract] | |
DEFINITE-LIFE INTANGIBLE ASSETS | NOTE 4 — DEFINITE-LIFE INTANGIBLE ASSETS At March 31, 2017 and June 30, 2016, definite-life intangible assets, net of accumulated amortization, consist of patents on the Company’s products and processes of $120,046 and $135,743, respectively. The patents are recorded at cost and amortized over twenty years from the date of application. Amortization expense for the three and nine months ended March 31, 2017 amounted to $3,498 and $10,869, respectively. For the three and nine months ended March, 2016 amortization expense amounted to $3,642 and $23,571, respectively, including $12,048 in losses on abandoned assets. Expected future amortization expense for the years ended are as follows: Year ending June 30, 2017 $ 3,553 2018 14,249 2019 14,249 2020 14,289 2021 14,249 Thereafter 59,457 $ 120,046 |
Notes Payable - Related Party
Notes Payable - Related Party | 9 Months Ended |
Mar. 31, 2017 | |
Notes Payable - Related Party [Abstract] | |
NOTES PAYABLE - RELATED PARTY | NOTE 5 — NOTES PAYABLE – RELATED PARTY Notes payable to related parties consists of the following as of March 31, 2017 and June 30, 2016: December 31, June 30, Non-Interest Bearing Loan Payable Sunrise Financial Group Inc. $ 38,235 $ 38,235 Note Payable ML Group 16,772 17,414 6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC 48,996 47,233 Total Notes Payable – Related Party 104,003 102,882 Less Current Maturities (104,003 ) (102,882 ) Note Payables – Related Party Long Term $ - $ - The following represents the future maturities of short-term debt as of March 31, 2017: Year ending June 30, 2017 104,003 2018 - 2019 - 2020 - 2021 - Thereafter - 104,003 As of March 31, 2017, the outstanding balance of $38,235 for professional fees paid by a related party and amounts advanced to the Parent are reported as loan payable - related party. The $38,235 loan payable was acquired in the reverse acquisition. The amount is unsecured, non-interest bearing and has no stipulated repayment terms. A 6% Promissory Note payable (the “Note”) to NLBDIT 2010 Enterprises, LLC, an entity controlled by a shareholder of the Company, was acquired by the Company in the reverse acquisition, payable on February 12, 2014 upon the completion date of the Share Exchange. As of March 31, 2017, the outstanding balance on the Note, including accrued interest, was $48,996. During the three and nine months ended March 31, 2017, the Company recorded related party interest on the Note of $579, and $1,763, respectively and during the three and nine months ended March 31, 2016, $585, and $1,769, respectively. |
Convertible Notes Payable - Rel
Convertible Notes Payable - Related Party | 9 Months Ended |
Mar. 31, 2017 | |
Convertible Notes Payable - Related Party [Abstract] | |
CONVERTIBLE NOTES PAYABLE - RELATED PARTY | NOTE 6 — CONVERTIBLE NOTES PAYABLE – RELATED PARTY Convertible Notes payable to related parties consist of the following as of March 31, 2017 and June 30, 2016: March 31, June 30, Non-Interest Bearing Notes Payable Paseco ApS $ 120,300 $ - Less Discount (42,550 ) - Total Convertible Notes Payable – Related Party 77,750 $ - Less Current Maturities (77,750 ) - Net Convertible Note Payables – Related Party Long Term $ - - The following represents the future maturities of short-term debt as of March 31, 2017: Year ending June 30, 2017 - 2018 120,300 2019 - 2020 - 2021 - Thereafter - 120,300 On July 1, 2016, the Company entered into a non-interest bearing convertible note for $60,150, with a shareholder of the Company. The note matures December 31, 2017. The note is convertible into shares of common stock at $2.00 per share. As the Company’s common stock was trading at $2.05 on August 24, 2016, the Company bifurcated the intrinsic value of the beneficial conversion feature and recorded a discount of $15,038. As the note is non-interest bearing the Company imputed the interest at 3% and further recorded a discount of $2,639. The interest is being amortized to expense using the effective interest method through the December 31, 2017 maturity. For the three and nine months ended March 31, 2017, interest expense of $2,807 and $8,040, respectively, was recorded for the amortization of the discount. On July 19, 2016, the Company entered into a non-interest bearing convertible note for $60,150, with a shareholder of the Company. The note matures December 31, 2017. The note is convertible into shares of common stock at $2.00 per share. As the note is non-interest bearing the Company imputed the interest at 3% and further recorded a discount of $2,555. The interest will be amortized to expense using the effective interest method through the December 31, 2017 maturity. For the three and nine months ended March 31, 2017, interest expense of $432 and $1,216, respectively, was recorded for the amortization of the discount. |
Convertible Notes Payable
Convertible Notes Payable | 9 Months Ended |
Mar. 31, 2017 | |
Notes Payable - Related Party [Abstract] | |
CONVERTIBLE NOTES PAYABLE | NOTE 7 — CONVERTIBLE NOTES PAYABLE Convertible Notes payable consist of the following as of March 31, 2017 and June 30, 2016: March 31, June 30, Non-Interest Bearing Notes Payable Equine Invest Aps $ 240,600 $ - Non-Interest Bearing Notes Payable TBC A/S 52,770 Less Discounts (35,072 ) - Total Convertible Notes Payable 258,298 Less Current Maturities (258,298 ) - Net Convertible Note Payables – Long Term $ - $ - The following represents the future maturities of short-term debt as of March 31, 2017: Year ending June 30, 2017 52,770 2018 240,600 2019 - 2020 - 2021 - Thereafter - 293,370 On August 24, 2016, the Company entered into a non-interest bearing convertible note for $90,225. The note matures December 31, 2017. The note is convertible into shares of common stock at $2.00 per share. As the Company’s common stock was trading at $2.05 on August 24, 2016 the Company bifurcated the intrinsic value of the beneficial conversion feature and recorded a discount of $2,256. As the note is non-interest bearing the Company imputed the interest at 3% and further recorded a discount of $3,577. The interest will be amortized to expense using the effective interest method through the December 31, 2017 maturity. For the three and nine months ended March 31, 2017, interest expense of $1,052 and $2,539, respectively, was recorded for the amortization of the discount. On September 21, 2016 the Company entered into a non-interest bearing convertible note for $150,375. The note matures December 31, 2017. The note is convertible into shares of common stock at $2.00 per share. As the note is non-interest bearing the Company imputed the interest at 3% and further recorded a discount of $5,630. The interest will be amortized to expense using the effective interest method through the December 31, 2017 maturity. For the three and nine months ended March 31, 2017, interest expense of $1,080 and $2,282, respectively, was recorded for the amortization of the discount. On March 9, 2017 the Company entered into a non-interest bearing convertible note for $52,770. The note matures June 30, 2017. The note is convertible into shares of common stock at $2.00 per share. As the note is non-interest bearing the Company imputed the interest at 3% and further recorded a discount of $486. The interest will be amortized to expense using the effective interest method through the June 30, 2017 maturity. For the three and nine months ended March 31, 2017, interest expense of $90 and 90, respectively, was recorded for the amortization of the discount. |
Leases
Leases | 9 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
LEASES | NOTE 8 — LEASES Operating Leases On March 25, 2015, the Company entered into an agreement for use of virtual office space at a rate of $425/month on a month-to-month basis, which can be terminated by either party on one month’s notice. Lease expense charged to operations was $4,451 and $12,027 for the three and nine months ended March 31, 2017, respectively and $3,916 and $11,756 for the three and nine months ended December 31, 2015, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 9 — INCOME TAXES The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes; which requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carry forwards. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which cannot be determined. As of March 31, 2017, the Company had net operating loss carry-forwards of approximately $10,786,786 at an estimated effective tax rate of 22% or approximately $2,373,093 for Danish tax purposes which do not expire and net operating loss carry-forwards of approximately $1,220,612 at an estimated effective tax rate of 34% or approximately $463,231 for U.S. Federal Tax purposes which expire through 2034, a portion of which shall be limited due to the change in control of the Parent. The Company files U.S. and Danish income tax returns, and they are generally no longer subject to tax examinations for years prior to 2012 and 2008, respectively. The temporary differences, tax credits and carry forwards gave rise to the following deferred tax asset (liabilities) at March 31, 2017 and June 30, 2016: March 31, June 30, Excess of Tax over book depreciation Fixed assets $ 6,238 $ 7,660 Excess of Tax over book depreciation Patents (1,786 ) 870 Net Operating Loss Carry forward 2,836,324 2,558,080 Valuation Allowance (2,840,776 ) (2,566,610 ) Total Deferred Tax Asset (Liabilities) $ - $ - In accordance with prevailing accounting guidance, the Company is required to recognize and disclose any income tax uncertainties. The guidance provides a two-step approach to recognize and disclose any income tax uncertainties. The guidance provides a two-step approach to recognizing and measuring tax benefits and liabilities when realization of the tax position is uncertain. The first step is to determine whether the tax position meet the more-likely-than-not condition for recognition and the second step is to determine the amount to be recognized based on the cumulative probability that exceeds 50%. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which can be difficult to determine and can only be estimated. Management estimates that it is more likely than not that the Company will not generate adequate net profits to use the deferred tax assets; and consequently, a valuation allowance was recorded for all deferred tax assets. A reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows at March 31, 2017 and 2016: March 31, March 31, Computed Tax at Expected Statutory Rate $ (688,621 ) $ (468,338 ) Non-US Income Taxed at Different Rates 119,117 148,517 Non-Deductible expenses 215,966 - Differences in tax rates (64,647 ) Valuation allowance 286,138 (13,356 ) Income Tax Expense $ (67,400 ) $ (397,824 ) The components of income tax expense (benefit) from continuing operations for the nine months ended March 31, 2017 and 2016 consisted of the following: 2017 2016 Current Tax Expense Danish Income Tax $ (67,400 ) $ (397,824 ) Total Current Tax Expense (67,400 ) (397,824 ) Deferred Income Tax Expense (Benefit) Excess of Tax over Book Depreciation Fixed Assets 1,422 1,837 Excess of Tax over Book Depreciation Patents 2,656 3,253 Net Operating Loss Carry forwards (278,243 ) 8,266 Change in the Valuation allowance 274,165 (13,356 ) Total Deferred Tax Expense $ - $ - Deferred income tax expense / (benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income. |
Loss Per Share
Loss Per Share | 9 Months Ended |
Mar. 31, 2017 | |
Loss Per Share [Abstract] | |
LOSS PER SHARE | NOTE 10 — LOSS PER SHARE The following data shows the amounts used in computing loss per share and the effect on income and the weighted average number of shares of potential dilutive common stock for the three and nine month periods ended March 31, 2017, and 2016: For the 3 Months Ended For the 9 Months Ended March 31, March 31, 2017 2016 2017 2016 Net (Loss) $ (246,171 ) $ (207,563 ) $ (1,957,956 ) $ (979,641 ) Weighted average number of common shares used in basic earnings per share 9,533,290 9,533,290 9,533,290 9,533,290 Effect of dilutive securities, stock options and warrants - - - - Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share 9,533,290 9,533,290 9,533,290 9,533,290 The Company subsequently issued 2,700,000 common shares and warrants to purchase 5,400,000 common shares at $1.30 pursuant to a private placement offering. At March 31, 2017, the Company had convertible notes payable totaling $413,670 convertible into 206,835 shares of common stock and 900,000 options to purchase common stock at $2.00 per share that were not included in the calculation of weighted average shares of common stock and potential dilutive common shares as their effect is anti-dilutive. At March 31, 2016, the Company had no common stock equivalents. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 11 — STOCKHOLDERS’ EQUITY Common Stock Common Stock Offering Share Exchange Agreement Reverse Acquisition Voting — Dividends — Liquidation Rights — Stock Options — The Company recognizes compensation costs for stock option awards to employees based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions used to estimate the fair values of the stock options granted using the Black-Scholes option-pricing model are as follows: DanDrit Biotech USA, Inc. Expected term (in years) 3.29 Volatility 189.65 % Risk free interest rate 0.87 % Dividend yield 0 % The Company recognized stock based compensation expense related to the options of $0 and $626,487 for the three and nine months ended March 31, 2017, respectively, and $0 and $0 for the three and nine months ended March 31, 2016, respectively. At March 31, 2017 the Company had approximately $0 of unrecognized compensation cost related to non-vested options. A summary of the status of the options outstanding at March 31, 2017 is presented below: Options Outstanding Options Exercisable Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 2.00 900,000 2.75 $ 2.00 900,000 $ 2.00 Total 900,000 2.75 $ 2.00 900,000 $ 2.00 A summary of the status of the options for the nine months ended March 31, 2017, and changes during the period are presented below: March 31, 2017 Shares Weighted Average Exercise Price Average Remaining Life Weighted Average Intrinsic Value Outstanding at beginning of period 0 $ - - $ - Granted 900,000 2.00 2.75 - Exercised - - - - Forfeited - - - - Expired - - - - Outstanding at end of period 900,000 $ 2.00 2.75 $ - Vested and expected to vest 900,000 $ 2.00 2.75 $ - Exercisable end of period 900,000 $ 2.00 2.75 $ - At March 31, 2017, all options issued are exercisable. The total intrinsic value of options at March 31, 2017 was $0. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at March 31, 2017 (for outstanding options), less the applicable exercise price. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 12 — COMMITMENTS AND CONTINGENCIES Shares held for non-consenting shareholders — Clinical Trial Agreements — DanDrit Denmark signed a contract of collaboration with the University Hospital IRCCS “San Martino” - IST – National Institute for Cancer Research, known as the San Martino Hospital of Genoa. Dr. Alberto Sobrero, the Head of the Medical Oncology Unit at the San Martino Hospital, is principal investigator of the randomized multicenter study. The collaboration relates to a Phase III adjuvant study of DanDrit’s vaccine in patients with no evident disease (“NED”) stage IV colorectal cancer (“CRC”). The primary goal of the study is to evaluate the efficacy of DanDrit’sMelCancerVac® (“MCV”) in stage IV CRC patients rendered disease free after the completion of standard treatments in accordance with local practices. On April 28, 2015 the Company entered into a service agreement with Fondazione Giscad per la Ricerca sui Tumori to support Dandrit in a clinical trial to be conducted in Italy. Patient Name Use Program Agreements On April 23, 2015, the Company entered into a collaboration agreement with Riyadh Pharma in Saudi Arabia to promote cooperation in the manufacturing and marketing of DanDrit's dendritic cell cancer vaccine. Manufacturing Agreements — On August 8, 2014, the Company entered into an agreement with Cellin Technologies for the manufacture of the Melanoma Cell Lysate. The agreement has expired as of the filing date. Food and Drug Administration (FDA) — Product liability — Employment Agreements On March 30, 2017, the Board of Directors of the Company terminated Eric J. Leire as Chief Executive Officer and Chief Financial Officer of the Company, effective immediately, and Mr. Leire resigned, effective immediately, as a director of the Company. The Board appointed Mr. Aldo Petersen, a Director of the Company, to serve as Chief Executive Officer and for Soren Degn to serve as Chief Financial Officer of the Company, effective immediately. Contingencies |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 13 — RELATED PARTY TRANSACTIONS At March 31, 2017 and 2016, the Company had various notes payable with shareholders of the Company (See Note 5 and 6). During the three and nine months ended March 31, 2017 the Company paid $0 and $0 respectively, for medical consultancy services to JARO Holding ApS and in the same periods in 2016, $0 and $44,365, respectively. JARO Holding ApS is an entity owned by a director of the Company. During the three and nine months ended March 31, 2017, a law firm partially owned by the Company’s Chairman of the Board of Directors provided legal services of $7,156 and $44,032, respectively, to the Company and in the same periods in 2016, $0 and $29,765, respectively. At March 31, 2017 the Company had a payable to the firm in the amount of $148,372. On July 1, 2016, the Board of DanDrit Denmark entered into a financial services agreement on behalf of the Company, with APE Invest AS (an entity owned by a director of the Company) for consulting services related to the Company raising additional equity financing in the US and Danish Capital Markets. The agreement calls for monthly payment of $20,000 with a $100,000 retainer payment which was due on November 1, 2016. At March 31, 2017 the Company had a payable to the firm in the amount of $235,000. On July 1, 2016, the Company entered into a non-interest bearing convertible note for $60,150, with a shareholder of the Company. The note matures December 31, 2017. The note is convertible into shares of common stock at $2.00 per share. As the Company’s stock was trading at $2.05 on August 24, 2016, the Company bifurcated the intrinsic value of the beneficial conversion feature and recorded a discount of $15,038. As the note is non-interest bearing the Company imputed the interest at 3% and further recorded a discount of $2,639. The interest is being amortized to expense using the effective interest method through the December 31, 2017 maturity. For the three and nine months ended March 31, 2017, interest expense of $2,807 and $8,040, respectively, was recorded for the amortization of the discount. On July 19, 2016, the Company entered into a non-interest bearing convertible note for $60,150, with a shareholder of the Company. The note matures December 31, 2017. The note is convertible into shares of common stock at $2.00 per share. As the note is non-interest bearing the Company imputed the interest at 3% and further recorded a discount of $2,555. The interest will be amortized to expense using the effective interest method through the December 31, 2017 maturity. For the three and nine months ended March 31, 2017, interest expense of $432 and $1,216, respectively, was recorded for the amortization of the discount. On September 15, 2016, the Company recorded $626,487 in non-cash compensation for the grant of 900,000 stock options to employees, officers, and directors of the Company, which shall be fully vested upon grant, to purchase shares of common stock of the Company at $2.00 per share, and expire December 31, 2019. The options contain certain anti-dilution provisions. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14 — SUBSEQUENT EVENTS The Company’s management reviewed material events through May 15, 2017. On May 15, 2017 the Company completed a private placement offering of units, with each unit consisting of one share of the Company’s common stock and two warrants to purchase one share of common stock at a strike price of $1.30 per share (each, a “Unit”), for $1.30 per Unit. In total, the Company issued and sold 2,700,000 shares of common stock and warrants to acquire 5,400,000 shares of common stock for total proceeds to the Company of $3,510,000. Immediately prior to the closing of the private placement, the Company had 9,733,290 In connection with the private placement, each investor executed a subscription agreement. Each subscription agreement contains customary representations and warranties of the Company and of each investor, including that all investors purchasing Units pursuant to Rule 506 of Regulation D are “accredited investors” as defined by Rule 501 of Regulation D and all investors purchasing Units pursuant to Regulation S are not “U.S. persons” as defined by Rule 902 of Regulation S. The Warrants are freely exercisable, in whole or in part at any time until the fifth anniversary of the date of issuance. The private placement was made directly by the Company and no underwriter or placement agent was engaged by the Company. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation DanDrit Biotech USA, Inc. (“DanDrit USA” or the “Parent”, “we”, “us”, “our”) was originally incorporated in the state of Delaware on January 18, 2011 as a vehicle to pursue a business combination through the acquisition of, or merger with, an operating business. DanDrit BioTech A/S, a Danish corporation was incorporated on April 1, 2001 (“DanDrit Denmark”) and is treated as a wholly owned subsidiary of Parent (together with Parent, the “Company”). On February 12, 2014, pursuant to the terms and conditions of a Share Exchange Agreement (the "Share Exchange Agreement"), Parent acquired approximately 100% of the issued and outstanding capital stock of DanDrit BioTech A/S, a Danish corporation (“DanDrit Denmark”) and as a result became the parent of DanDrit Denmark (the “Share Exchange”). Prior to the Share Exchange there were 5,000,000 shares of the common stock, par value $0.0001 per share of Parent outstanding. The Parent and a shareholder agreed to cancel 4,400,000 shares of its common stock and issued 1,440,000 shares of common stock for legal and consulting services related to the Share Exchange and a future financing. At the time of the Share Exchange, the outstanding shares of the common stock of DanDrit Denmark were exchanged for 1.498842 shares of Parent’s common stock, for a total of 6,000,000 shares of common stock (including 185,053 shares of common stock reserved for issuance in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark to the Non-Consenting Shareholders, deemed issued and outstanding for accounting purposes). Following the closing of the Share Exchange, DanDrit Biotech USA, Inc., the wholly owned subsidiary of the Company, merged with and into the Company, thereby changing the Company’s name to “DanDrit Biotech USA, Inc.” DanDrit Denmark engages in the research and development, manufacturing and clinical trials of pharmaceutical and biological products for the human treatment of cancer using the dendritic cell technology. |
Fiscal Year End | Fiscal Year End |
Reverse Acquisition | Reverse Acquisition — On February 12, 2014, pursuant to the Share Exchange Agreement, DanDrit USA completed the acquisition of 100% of the issued and outstanding capital stock of DanDrit Denmark and as a result became DanDrit Denmark’s parent company. Prior to such Share Exchange there were 5,000,000 shares of Common Stock outstanding. Parent and an existing shareholder agreed to cancel 4,400,000 shares of its common stock and issued 1,440,000 shares of its common stock for legal and consulting services related to the Share Exchange and a future public offering. At the time of the Share Exchange each outstanding share of common stock of DanDrit Denmark was exchanged for 1.498842 shares of Parent’s common stock, for a total of 6,000,000 shares, resulting in 8,040,000 shares of the Parent’s common stock outstanding immediately following the Share Exchange, including 185,053 shares of common stock reserved for issuance in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark to the DanDrit Denmark shareholders who have not consented to the Share Exchange (the “Non-Consenting Shareholders”), and deemed issued and outstanding for accounting purposes. |
Consolidation | Consolidation |
Functional Currency / Foreign currency translation | Functional Currency / Foreign currency translation |
Cash and Cash Equivalents | Cash and Cash Equivalents — The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. At March 31, 2017 and 2016 the Company had balances held in financial institutions in Denmark of $33,699 and $23,368, respectively. |
Property and Equipment | Property and Equipment |
Intangible Assets | Intangible Assets |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The depreciable basis of assets that are impaired and continue in use is their respective fair values. |
Revenue Recognition and Sales | Revenue Recognition and Sales |
Value Added Tax | Value Added Tax — |
Research and Development Expenses | Research and Development Expenses Our research and development expenses may fluctuate substantially from quarter to quarter depending on the clinical studies and the timing of samples supporting the clinical studies. |
Income Taxes | Income Taxes |
Loss Per Share | Loss Per Share |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ● Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities. |
Accounting Estimates | Accounting Estimates |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In 2015, the FASB issued an amended standard requiring that we classify all deferred tax assets and liabilities as non-current on the balance sheet instead of separating deferred taxes into current and non-current. The amended standard was adopted effective January 1, 2017 by the Company on a prospective basis and prior periods were not retrospectively adjusted. Adoption of the standard had no effect on the accompanying financial statements. In February 2016, the FASB issued changes to the accounting for leases that primarily affect presentation and disclosure requirements. The new standard will require the recognition of a right to use asset and underlying lease liability for operating leases with an initial life in excess of one year. This standard is effective for us beginning in the first quarter of 2019. We have not yet determined the impact of the new standard on our consolidated financial statements. Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
Reclassification | Reclassification The financial statement for the periods ended December 31, 2016 and June 30, 2016 have been reclassified to conform to the headings and classifications used in the March 31, 2017 financial statements. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Property and Equipment [Abstract] | |
Summary of property and equipment | Useful March 31, June 30, Lab equipment and instruments 4-6 $ 157,919 $ 163,959 Computer equipment 4-6 54,086 56,155 212,005 220,114 Less Accumulated Depreciation (212,005 ) (220,114 ) Net Property and Equipment $ - $ - |
Definite-Life Intangible Asse23
Definite-Life Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Definite-Life Intangible Assets [Abstract] | |
Schedule of finite-lived intangible assets, future amortization expense | Year ending June 30, 2017 $ 3,553 2018 14,249 2019 14,249 2020 14,289 2021 14,249 Thereafter 59,457 $ 120,046 |
Notes Payable - Related Party (
Notes Payable - Related Party (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Notes Payable - Related Party [Abstract] | |
Summary of notes payable to related parties | December 31, June 30, Non-Interest Bearing Loan Payable Sunrise Financial Group Inc. $ 38,235 $ 38,235 Note Payable ML Group 16,772 17,414 6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC 48,996 47,233 Total Notes Payable – Related Party 104,003 102,882 Less Current Maturities (104,003 ) (102,882 ) Note Payables – Related Party Long Term $ - $ - |
Schedule of future maturities of long-term debt | Year ending June 30, 2017 104,003 2018 - 2019 - 2020 - 2021 - Thereafter - 104,003 |
Convertible Notes Payable - R25
Convertible Notes Payable - Related Party (Tables) - Convertible notes payable related parties [Member] | 9 Months Ended |
Mar. 31, 2017 | |
Debt Instrument [Line Items] | |
Schedule of convertible notes payable to related party | March 31, June 30, Non-Interest Bearing Notes Payable Paseco ApS $ 120,300 $ - Less Discount (42,550 ) - Total Convertible Notes Payable – Related Party 77,750 $ - Less Current Maturities (77,750 ) - Net Convertible Note Payables – Related Party Long Term $ - - |
Schedule of future maturities of short-term debt | Year ending June 30, 2017 - 2018 120,300 2019 - 2020 - 2021 - Thereafter - 120,300 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) - Convertible notes payable [Member] | 9 Months Ended |
Mar. 31, 2017 | |
Short-term Debt [Line Items] | |
Schedule of convertible notes payable | March 31, June 30, Non-Interest Bearing Notes Payable Equine Invest Aps $ 240,600 $ - Non-Interest Bearing Notes Payable TBC A/S 52,770 Less Discounts (35,072 ) - Total Convertible Notes Payable 258,298 Less Current Maturities (258,298 ) - Net Convertible Note Payables – Long Term $ - $ - |
Schedule of future maturities of short-term debt | Year ending June 30, 2017 52,770 2018 240,600 2019 - 2020 - 2021 - Thereafter - 293,370 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Summary of deferred tax asset (liabilities) | March 31, June 30, Excess of Tax over book depreciation Fixed assets $ 6,238 $ 7,660 Excess of Tax over book depreciation Patents (1,786 ) 870 Net Operating Loss Carry forward 2,836,324 2,558,080 Valuation Allowance (2,840,776 ) (2,566,610 ) Total Deferred Tax Asset (Liabilities) $ - $ - |
Summary of reconciliation of income tax expense at federal statutory rate | March 31, March 31, Computed Tax at Expected Statutory Rate $ (688,621 ) $ (468,338 ) Non-US Income Taxed at Different Rates 119,117 148,517 Non-Deductible expenses 215,966 - Differences in tax rates (64,647 ) Valuation allowance 286,138 (13,356 ) Income Tax Expense $ (67,400 ) $ (397,824 ) |
Summary of components of income tax expense (benefit) from continuing operations | 2017 2016 Current Tax Expense Danish Income Tax $ (67,400 ) $ (397,824 ) Total Current Tax Expense (67,400 ) (397,824 ) Deferred Income Tax Expense (Benefit) Excess of Tax over Book Depreciation Fixed Assets 1,422 1,837 Excess of Tax over Book Depreciation Patents 2,656 3,253 Net Operating Loss Carry forwards (278,243 ) 8,266 Change in the Valuation allowance 274,165 (13,356 ) Total Deferred Tax Expense $ - $ - |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Loss Per Share [Abstract] | |
Schedule of weighted average number of shares of potential dilutive common stock | For the 3 Months Ended For the 9 Months Ended March 31, March 31, 2017 2016 2017 2016 Net (Loss) $ (246,171 ) $ (207,563 ) $ (1,957,956 ) $ (979,641 ) Weighted average number of common shares used in basic earnings per share 9,533,290 9,533,290 9,533,290 9,533,290 Effect of dilutive securities, stock options and warrants - - - - Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share 9,533,290 9,533,290 9,533,290 9,533,290 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity [Abstract] | |
Summary of weighted-average assumptions used to estimate the fair values of the stock options granted | DanDrit Biotech USA, Inc. Expected term (in years) 3.29 Volatility 189.65 % Risk free interest rate 0.87 % Dividend yield 0 % |
Summary of stock options outstanding | Options Outstanding Options Exercisable Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 2.00 900,000 2.75 $ 2.00 900,000 $ 2.00 Total 900,000 2.75 $ 2.00 900,000 $ 2.00 |
Summary of stock option activity | March 31, 2017 Shares Weighted Average Exercise Price Average Remaining Life Weighted Average Intrinsic Value Outstanding at beginning of period 0 $ - - $ - Granted 900,000 2.00 2.75 - Exercised - - - - Forfeited - - - - Expired - - - - Outstanding at end of period 900,000 $ 2.00 2.75 $ - Vested and expected to vest 900,000 $ 2.00 2.75 $ - Exercisable end of period 900,000 $ 2.00 2.75 $ - |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details) - USD ($) | Feb. 12, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 |
Summary of Significant Accounting Policies (Textual) | ||||||
Cash held in financial institutions | $ 33,699 | $ 23,368 | $ 33,699 | $ 23,368 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Property, plant and equipment, depreciation methods | Straight line basis over the estimated useful life of twenty years. | |||||
Property plant and equipment estimated useful lives | Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from four to nine years | |||||
Value added tax, percentage | 25.00% | |||||
Value added tax paid to Danish and EU vendors | 25.00% | |||||
Research and development expense | $ 16,290 | $ 235,927 | $ 47,181 | $ 615,334 | ||
Common Stock [Member] | ||||||
Summary of Significant Accounting Policies (Textual) | ||||||
Common stock, par value | $ 0.0001 | |||||
Shares of parent common stock outstanding | 8,040,000 | |||||
Common stock reserved for issuance | 185,053 | |||||
Shares prior to share exchange agreement | 5,000,000 | |||||
Share exchange agreement, acquisition percentage | 100.00% | |||||
Share exchange agreement, shares held by consenting shareholders of company | 1.498842 | |||||
Share exchange agreement, shares issued to parent company | 6,000,000 | |||||
Share exchange agreement, number of shares cancelled | 4,400,000 | |||||
Common shares issued for legal and consulting services | 1,440,000 |
Going Concern (Details)
Going Concern (Details) - USD ($) | May 15, 2017 | Mar. 31, 2017 |
Going Concern (Textual) | ||
Sale of common stock | 2,700,000 | |
Common stock strike price | $ 1.30 | |
Purchase of warrant and common stock | 5,400,000 | |
Subsequent Event [Member] | ||
Going Concern (Textual) | ||
Private placement offering | $ 3,510,000 | |
Sale of common stock | 2,700,000 | |
Common stock per share price | $ 1.30 | |
Common stock strike price | $ 1.30 | |
Purchase of warrant and common stock | 5,400,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 212,005 | $ 220,114 |
Less Accumulated Depreciation | (212,005) | (220,114) |
Net Property and Equipment | ||
Lab equipment and instruments [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 157,919 | 163,959 |
Lab equipment and instruments [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 4 years | |
Lab equipment and instruments [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 6 years | |
Computer equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 54,086 | $ 56,155 |
Computer equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 4 years | |
Computer equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 6 years |
Property and Equipment (Detai33
Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Property and Equipment (Textual) | ||||
Depreciation expense | $ 0 | $ 0 | $ 0 | $ 0 |
Definite-Life Intangible Asse34
Definite-Life Intangible Assets (Details) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Definite-Life Intangible Assets [Abstract] | ||
2,017 | $ 3,553 | |
2,018 | 14,249 | |
2,019 | 14,249 | |
2,020 | 14,289 | |
2,021 | 14,249 | |
Thereafter | 59,457 | |
Finite-Lived Intangible Assets, Net | $ 120,046 | $ 135,743 |
Definite-Life Intangible Asse35
Definite-Life Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Definite-Life Intangible Assets (Textual) | |||||
Definite-life intangible assets | $ 120,046 | $ 120,046 | $ 135,743 | ||
Amortization expense | 3,498 | $ 3,642 | 10,869 | $ 23,571 | |
Losses on abandoned assets | $ 12,048 | $ 12,048 | |||
Patents are recorded at cost and amortized | 20 years |
Notes Payable - Related Party36
Notes Payable - Related Party (Details) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Related Party Transaction [Line Items] | ||
Total Notes Payable - Related Party | $ 104,003 | $ 102,882 |
Less Current Maturities | (104,003) | (102,882) |
Note Payables - Related Party Long Term | ||
Non-Interest Bearing Loan Payable Sunrise Financial Group Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Total Notes Payable - Related Party | 38,235 | 38,235 |
Note Payable ML Group [Member] | ||
Related Party Transaction [Line Items] | ||
Total Notes Payable - Related Party | 16,772 | 17,414 |
6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Total Notes Payable - Related Party | $ 48,996 | $ 47,233 |
Notes Payable - Related Party37
Notes Payable - Related Party (Details 1) - Notes Payable Related Parties [Member] | Mar. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
2,017 | $ 104,003 |
2,018 | |
2,019 | |
2,020 | |
2,021 | |
Thereafter | |
Total | $ 104,003 |
Notes Payable - Related Party38
Notes Payable - Related Party (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Notes Payable - Related Party (Textual) | ||||
Notes payable acquired in reverse acquisition | $ 38,235 | $ 38,235 | ||
Outstanding balance for professional fees paid by a shareholder and amounts advanced to parent | 38,235 | 38,235 | ||
Accrued Interest on Notes Payable - Related Party | $ 579 | $ 585 | 1,763 | $ 2,098 |
6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC [Member] | ||||
Notes Payable - Related Party (Textual) | ||||
Outstanding balance on note including accrued interest | $ 48,996 |
Convertible Notes Payable - R39
Convertible Notes Payable - Related Party (Details) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Convertible Notes Payable - Related Party [Abstract] | ||
Non-Interest Bearing Notes Payable Paseco ApS | $ 120,300 | |
Less Discount | (42,550) | 0 |
Total Convertible Notes Payable - Related Party | 77,750 | |
Less Current Maturities | (77,750) | |
Net Convertible Note Payables - Related Party Long Term | $ 77,750 |
Convertible Notes Payable - R40
Convertible Notes Payable - Related Party (Details 1) - Convertible notes payable related parties [Member] | Mar. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
2,017 | |
2,018 | 120,300 |
2,019 | |
2,020 | |
2,021 | |
Thereafter | |
Total | $ 120,300 |
Convertible Notes Payable - R41
Convertible Notes Payable - Related Party (Details Textual) - USD ($) | Jul. 19, 2016 | Jul. 01, 2016 | Mar. 31, 2017 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||||
Common stock strike price | $ 1.30 | $ 1.30 | ||
Amortization of discount | $ 2,807 | $ 8,040 | ||
Convertible notes payable related parties [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible notes payable | $ 60,150 | $ 60,150 | ||
Interest rate | 3.00% | 3.00% | ||
Common stock strike price | $ 2 | $ 2 | ||
Maturity date | Dec. 31, 2017 | Dec. 31, 2017 | ||
Trading price | $ 2.05 | |||
Discount rate | $ 2,555 | $ 2,639 | ||
Beneficial conversion feature discount | $ 15,038 | |||
Amortization of discount | $ 432 | $ 1,216 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Notes Payable - Related Party [Abstract] | ||
Non-Interest Bearing Notes Payable Equine Invest Aps | $ 240,600 | |
Non-Interest Bearing Notes Payable TBC A/S | 52,770 | |
Less Discounts | (35,072) | 0 |
Total Convertible Notes Payable | 258,298 | |
Less Current Maturities | (258,298) | |
Net Convertible Note Payables - Long Term | $ 258,298 |
Convertible Notes Payable (De43
Convertible Notes Payable (Details 1) - Convertible notes payable [Member] | Mar. 31, 2017USD ($) |
Short-term Debt [Line Items] | |
2,017 | $ 52,770 |
2,018 | 240,600 |
2,019 | |
2,020 | |
2,021 | |
Thereafter | |
Total | $ 293,370 |
Convertible Notes Payable (De44
Convertible Notes Payable (Details Textual) - USD ($) | Sep. 21, 2016 | Aug. 24, 2016 | Mar. 31, 2017 | Mar. 31, 2017 | Mar. 09, 2017 |
Short-term Debt [Line Items] | |||||
Common stock strike price | $ 1.30 | $ 1.30 | |||
Interest expense | $ 1,052 | $ 2,539 | |||
Convertible notes payable [Member] | |||||
Short-term Debt [Line Items] | |||||
Interest rate | 3.00% | 3.00% | |||
Maturity date | Dec. 31, 2017 | Dec. 31, 2017 | |||
Convertible Notes Payable | $ 150,375 | $ 90,225 | 413,670 | 413,670 | |
Common stock strike price | $ 2 | $ 2 | |||
Trading price | $ 2.05 | ||||
Beneficial conversion feature discount | $ 2,256 | ||||
Discount rate | $ 5,630 | $ 3,577 | |||
Interest expense | 1,080 | 2,282 | |||
Convertible Notes Payable One [Member] | |||||
Short-term Debt [Line Items] | |||||
Interest rate | 3.00% | ||||
Convertible Notes Payable | $ 52,770 | ||||
Common stock strike price | $ 2 | ||||
Beneficial conversion feature discount | $ 486 | ||||
Interest expense | $ 90 | $ 90 |
Leases (Details)
Leases (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Mar. 25, 2015USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2017DKK | Mar. 31, 2016USD ($) | |
Leases (Textual) | ||||||
Rental payments for operating leases | $ 4,451 | $ 3,916 | $ 12,027 | $ 11,756 | ||
Laboratory and production space [Member] | ||||||
Leases (Textual) | ||||||
Rental payments for operating leases | $ 960 | DKK 6,575 | ||||
Virtual office [Member] | ||||||
Leases (Textual) | ||||||
Rental payments for operating leases | $ 425 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Income Taxes [Abstract] | ||
Excess of Tax over book depreciation Fixed assets | $ 6,238 | $ 7,660 |
Excess of Tax over book depreciation Patents | (1,786) | 870 |
Net Operating Loss Carry forward | 2,836,324 | 2,558,080 |
Valuation Allowance | (2,840,776) | (2,566,610) |
Total Deferred Tax Asset (Liabilities) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Taxes [Abstract] | ||||
Computed Tax at Expected Statutory Rate | $ (688,621) | $ (468,338) | ||
Non-US Income Taxed at Different Rates | 119,117 | 148,517 | ||
Non-Deductible expenses | 215,966 | |||
Differences in tax rates | (64,647) | |||
Valuation allowance | 286,138 | (13,356) | ||
Income Tax Expense | $ (14,078) | $ (33,808) | $ (67,400) | $ (397,824) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Current Tax Expense | ||
Danish Income Tax | $ (67,400) | $ (397,824) |
Total Current Tax Expense | (67,400) | (397,824) |
Deferred Income Tax Expense (Benefit) | ||
Excess of Tax over Book Depreciation Fixed Assets | 1,422 | 1,837 |
Excess of Tax over Book Depreciation Patents | 2,656 | 3,253 |
Net Operating Loss Carry forwards | (278,243) | 8,266 |
Change in the Valuation allowance | 274,165 | (13,356) |
Total Deferred Tax Expense |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 9 Months Ended |
Mar. 31, 2017USD ($) | |
Income Taxes (Textual) | |
Net operating loss carry-forwards | $ 10,786,786 |
Danish Tax [Member] | |
Income Taxes (Textual) | |
Net operating loss carry-forwards | $ 1,220,612 |
Estimated effective tax rate | 22.00% |
Estimated effective tax rate in amount | $ 2,373,093 |
U.S. Federal Tax [Member] | |
Income Taxes (Textual) | |
Net operating loss carry-forwards, expiration period | Sep. 30, 2034 |
Estimated effective tax rate | 34.00% |
Estimated effective tax rate in amount | $ 463,231 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Loss Per Share [Abstract] | ||||
Net (Loss) | $ (246,171) | $ (207,563) | $ (1,957,956) | $ (979,641) |
Weighted average number of common shares used in basic earnings per share | 9,533,290 | 9,533,290 | 9,533,290 | 9,533,290 |
Effect of dilutive securities, stock options and warrants | ||||
Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share | 9,533,290 | 9,533,290 | 9,533,290 | 9,533,290 |
Loss Per Share (Details Textual
Loss Per Share (Details Textual) - USD ($) | 9 Months Ended | |||
Mar. 31, 2017 | Sep. 21, 2016 | Sep. 15, 2016 | Aug. 24, 2016 | |
Loss Per Share (Textual) | ||||
Sale of common stock | 2,700,000 | |||
Common stock strike price | $ 1.30 | |||
Purchase of warrant and common stock | 5,400,000 | |||
Stock options [Member] | ||||
Loss Per Share (Textual) | ||||
Common stock strike price | $ 2 | |||
Convertible notes payable [Member] | ||||
Loss Per Share (Textual) | ||||
Convertible notes payable, Totaling | $ 413,670 | $ 150,375 | $ 90,225 | |
Common stock strike price | $ 2 | $ 2 | ||
Convertible common shares [Member] | ||||
Loss Per Share (Textual) | ||||
Convertible note, Shares | 206,835 | |||
Convertible common shares [Member] | Stock options [Member] | ||||
Loss Per Share (Textual) | ||||
Options to purchase common stock | 900,000 | |||
Shares price, per share | $ 2 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 9 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity [Abstract] | |
Expected term (in years) | 3 years 3 months 15 days |
Volatility | 189.65% |
Risk free interest rate | 0.87% |
Dividend yield | 0.00% |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) - Stock Option [Member] - $ / shares | 9 Months Ended | |
Mar. 31, 2017 | Jul. 01, 2016 | |
Option Indexed to Issuer's Equity [Line Items] | ||
Options Outstanding, Number Outstanding | 900,000 | 0 |
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 2 years 9 months | |
Options Outstanding, Weighted Average Exercise Price | $ 2 | |
Options Exercisable, Number Exercisable | 900,000 | |
Options Exercisable, Weighted Average Exercise Price | $ 2 | |
Exercise price range [Member] | ||
Option Indexed to Issuer's Equity [Line Items] | ||
Exercise Prices | $ 2 | |
Options Outstanding, Number Outstanding | 900,000 | |
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 2 years 9 months | |
Options Outstanding, Weighted Average Exercise Price | $ 2 | |
Options Exercisable, Number Exercisable | 900,000 | |
Options Exercisable, Weighted Average Exercise Price | $ 2 |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) - Stock Option [Member] - USD ($) | 1 Months Ended | 9 Months Ended |
Sep. 15, 2016 | Mar. 31, 2017 | |
Option Indexed to Issuer's Equity [Line Items] | ||
Outstanding at beginning of period | 0 | |
Granted | 900,000 | 900,000 |
Exercised | ||
Forfeited | ||
Expired | ||
Outstanding at end of period | 900,000 | |
Vested and expected to vest | 900,000 | |
Exercisable end of period | 900,000 | |
Weighted Average Exercise Price, Granted | $ 2 | |
Weighted Average Exercise Price, Exercised | ||
Weighted Average Exercise Price, Forfeited | ||
Weighted Average Exercise Price, Expired | ||
Weighted Average Exercise Price, Outstanding at end of period | 2 | |
Weighted Average Exercise Price, Vested and expected to vest | 2 | |
Weighted Average Exercise Price, Exercisable end of period | $ 2 | |
Average Remaining Life, Granted | 2 years 9 months | |
Average Remaining Life, Outstanding at end of period | 2 years 9 months | |
Average Remaining Life, Vested and expected to vest | 2 years 9 months | |
Average Remaining Life, Exercisable end of period | 2 years 9 months | |
Weighted Average Intrinsic Value, Outstanding at beginning of period | ||
Weighted Average Intrinsic Value, Granted | ||
Weighted Average Intrinsic Value, Outstanding at end of period | ||
Weighted Average Intrinsic Value, Vested and expected to vest | ||
Weighted Average Intrinsic Value, Exercisable end of period |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | Feb. 12, 2014 | Sep. 15, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jul. 01, 2016 | Jun. 30, 2016 | Jun. 28, 2016 |
Stockholders' Equity (Textual) | |||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||||
Common stock, shares issued | 9,533,290 | 9,533,290 | 9,533,290 | ||||||
Common stock, shares outstanding | 9,533,290 | 9,533,290 | 9,533,290 | ||||||
Sale of common stock | 2,700,000 | ||||||||
Stock based compensation expense | $ 0 | $ 0 | $ 626,487 | $ 0 | |||||
Strike price | $ 1.30 | $ 1.30 | |||||||
Unrecognized compensation cost related to non-vested options | $ 0 | $ 0 | |||||||
Stock options [Member] | |||||||||
Stockholders' Equity (Textual) | |||||||||
Offering of common stock, shares | 300,000 | ||||||||
Gross proceeds from share issuance | $ 16,500,000 | ||||||||
Options granted and outstanding | 900,000 | 900,000 | |||||||
Intrinsic value of stock option | |||||||||
Maturity date | Dec. 31, 2019 | ||||||||
Strike price | $ 2 | ||||||||
Private offering [Member] | |||||||||
Stockholders' Equity (Textual) | |||||||||
Common stock, shares issued | 12,433,290 | 12,433,290 | |||||||
Common stock, shares outstanding | 12,433,290 | 12,433,290 | |||||||
Common stock [Member] | |||||||||
Stockholders' Equity (Textual) | |||||||||
Common stock reserved for issuance | 185,053 | ||||||||
Share exchange agreement, acquisition percentage | 100.00% | ||||||||
Share exchange agreement number of share cancellation | 4,400,000 | ||||||||
Exchanged shares of parent's common stock | 1.498842 | ||||||||
Share exchange agreement, shares issued to parent company | 6,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Dec. 16, 2013 |
Commitments and contingencies (Textual) | |
Termination of agreement | 180 days |
Payments for royalties period | 20 years |
Related Party Transactions (Det
Related Party Transactions (Details) | Jul. 19, 2016USD ($)$ / shares | Sep. 15, 2016USD ($)$ / sharesshares | Jul. 01, 2016USD ($)$ / shares | Jun. 30, 2015DKK | Mar. 31, 2017USD ($)$ / shares | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($)$ / shares | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($) |
Related Party Transactions (Textual) | |||||||||
Proceeds from notes payable - related party | $ 120,300 | ||||||||
Payable to related parties | |||||||||
Interest expense | 1,052 | 2,539 | |||||||
Non-cash compensation | 626,487 | ||||||||
Amortization of discount | $ 2,807 | $ 8,040 | |||||||
Common stock strike price | $ / shares | $ 1.30 | $ 1.30 | |||||||
Accounts payable - related party | $ 383,372 | $ 383,372 | $ 97,357 | ||||||
Convertible notes payable related parties [Member] | |||||||||
Related Party Transactions (Textual) | |||||||||
Shares price, per share | $ / shares | $ 2 | ||||||||
Beneficial conversion feature discount | $ 15,038 | ||||||||
Trading price | $ / shares | $ 2.05 | ||||||||
Convertible notes payable | $ 60,150 | $ 60,150 | |||||||
Discount rate | $ 2,555 | $ 2,639 | |||||||
Amortization of discount | 432 | 1,216 | |||||||
Interest rate | 3.00% | 3.00% | |||||||
Common stock strike price | $ / shares | $ 2 | $ 2 | |||||||
Maturity date | Dec. 31, 2017 | Dec. 31, 2017 | |||||||
Paseco ApS [Member] | |||||||||
Related Party Transactions (Textual) | |||||||||
Medical consultancy expense | DKK | DKK 50 | ||||||||
Jaro Holding ApS [Member] | |||||||||
Related Party Transactions (Textual) | |||||||||
Medical consultancy expense | 0 | $ 0 | 0 | 44,365 | |||||
Ape Invest As [Member] | |||||||||
Related Party Transactions (Textual) | |||||||||
Financial service agreement, description | The agreement calls for monthly payment of $20,000 with a $100,000 retainer payment which was due on November 1, 2016. | ||||||||
Accounts payable - related party | 235,000 | 235,000 | |||||||
Board of Directors Chairman [Member] | |||||||||
Related Party Transactions (Textual) | |||||||||
Legal service | 7,156 | $ 0 | 44,032 | $ 29,765 | |||||
Purchase of commons shares | shares | 900,000 | ||||||||
Shares price, per share | $ / shares | $ 2 | ||||||||
Lease expiration date | Dec. 31, 2019 | ||||||||
Non-cash compensation | $ 626,487 | ||||||||
Accounts payable - related party | $ 148,372 | $ 148,372 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | May 15, 2017 | Mar. 31, 2017 | Jun. 30, 2016 |
Subsequent events (textual) | |||
Common stock strike price | $ 1.30 | ||
Warrants to acquired | 5,400,000 | ||
Sale of stock common shares | 2,700,000 | ||
Common stock issued | 9,533,290 | 9,533,290 | |
Common stock outstanding | 9,533,290 | 9,533,290 | |
Subsequent event [Member] | |||
Subsequent events (textual) | |||
Common stock strike price | $ 1.30 | ||
Warrants to acquired | 5,400,000 | ||
Sale of stock common shares | 2,700,000 | ||
Private placement [Member] | |||
Subsequent events (textual) | |||
Common stock issued | 12,433,290 | ||
Common stock outstanding | 12,433,290 | ||
Private placement [Member] | Subsequent event [Member] | |||
Subsequent events (textual) | |||
Common stock strike price | $ 1.30 | ||
Warrants to acquired | 5,400,000 | ||
Common stock per unit | $ 1.30 | ||
Sale of stock common shares | 2,700,000 | ||
Proceeds of common stock | $ 3,510,000 | ||
Common stock issued | 9,733,290 | ||
Common stock outstanding | 9,733,290 | ||
Common stock reserved for issuance deemed issued and outstanding | 185,053 | ||
Issuance of common stock in the private placement | 2,700,000 | ||
Percentage of common stock issued and outstanding | 27.74% |