Document and Entity Information
Document and Entity Information | 6 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information | |
Entity Registrant Name | BIOVIE INC. |
Entity Central Index Key | 1,580,149 |
Document Type | 10-Q |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 94,971,365 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2,018 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 |
CURRENT ASSETS: | ||
Cash | $ 1,824 | $ 5,140 |
Total Current Assets | 1,824 | 5,140 |
OTHER ASSETS: | ||
Intangible Assets (Net of Amortization) | 1,898,669 | 2,013,357 |
Goodwill | 345,711 | 345,711 |
Total Fixed Assets | 2,244,380 | 2,359,068 |
TOTAL ASSETS | 2,246,204 | 2,364,209 |
CURRENT LIABILITIES: | ||
Accounts Payable and accrued expenses | 629,218 | 470,973 |
Related Party Loan | 35,000 | |
Accrued Payroll | 250,000 | 125,000 |
Total Current Liabilities | 879,218 | 630,973 |
LONG TERM LIABILITIES: | ||
Notes Payable, Related Party | 575,917 | 575,918 |
Total Long Term Liabilities | 575,917 | 575,918 |
TOTAL LIABILITIES | 1,455,136 | 1,206,891 |
STOCKHOLDERS' EQUITY | ||
Preferred stock; $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, $0.0001 par value; 300,000,000 shares authorized; 94,971,365 and 91,925,000 shares issued and outstanding, respectively | 9,497 | 9,192 |
Additional paid in capital | 4,282,102 | 3,483,134 |
Accumulated deficit | (3,500,531) | (2,335,009) |
Total Stockholders' Equity | 791,068 | 1,157,318 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,246,204 | $ 2,364,209 |
CONDENSED BALANCE SHEETS (Unau3
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2017 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common Stock Shares Issued | 94,971,365 | 91,925,000 |
Common stock, shares outstanding | 94,971,365 | 91,925,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||||
REVENUE | ||||
OPERATING EXPENSES | ||||
Amortization | 57,344 | 57,344 | 114,689 | 114,689 |
Research and development expenses | 186,841 | 128,559 | 228,695 | 255,829 |
Payroll expenses | 71,348 | 71,348 | 142,696 | 142,696 |
Professional fees | 150,803 | 93,015 | 604,414 | 186,179 |
Selling, general and administrative expenses | 28,470 | 7,533 | 66,545 | 9,760 |
TOTAL OPERATING EXPENSES | 494,807 | 357,799 | 1,157,038 | 709,152 |
LOSS FROM OPERATIONS | (494,807) | (357,799) | (1,157,038) | (709,152) |
OTHER EXPENSE (INCOME) | ||||
Interest Expense | 7,875 | 8,486 | ||
Interest income | 0 | (1) | (11) | |
TOTAL OTHER EXPENSE (INCOME), NET | 7,875 | 8,485 | (11) | |
NET LOSS | $ (502,682) | $ (357,799) | $ (1,165,523) | $ (709,141) |
NET LOSS PER COMMON SHARE, BASIC AND DILUTED | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 94,848,836 | 87,504,667 | 94,078,045 | 87,355,108 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,165,523) | $ (709,141) |
Adjustments to reconcile net loss to net cash to cash used by operating activities: | ||
Services paid with common stock | 364,500 | |
Amortization of intangible assets | 114,689 | 114,689 |
Share based compensation expense | 39,772 | 20,125 |
Changes in operating assets and liabilities: | ||
Decrease in prepaid expenses | 6,982 | |
Accounts Payable | 158,245 | 212,621 |
Accrued Payroll | 125,000 | 125,000 |
Net cash used by operating activities | (363,317) | (229,725) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from loan payable | (35,000) | 10,500 |
Proceeds from issuance of common stock | 295,001 | 99,987 |
Proceeds from issuance of Warrants | 100,000 | |
Net cash provided by financing activities | 360,001 | 110,487 |
Net decrease in cash | (3,316) | (119,238) |
Cash, beginning of period | 5,140 | 123,757 |
Cash, end of period | 1,824 | 4,519 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income tax |
Background Information
Background Information | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Background Information | 1. Background Information BioVie Inc. (the “Company”) is a clinical-stage company pursuing the discovery, development, and commercialization of innovative drug therapies. The Company is currently focused on developing and commercializing BIV201, a novel approach to the treatment of ascites due to chronic liver cirrhosis. In March 2017, the Company received notification from the FDA that it could initiate a Phase 2a US clinical trial. In April the Company signed a Cooperative Research and Development Agreement (CRADA) with the McGuire Research Institute/VA in Richmond, VA, and began dosing patients with BIV201 in September 2017. BIV201 has the potential to improve the health of thousands of patients suffering from life-threatening complications of liver cirrhosis due to hepatitis, NASH, and alcoholism. It has FDA Fast-Track status and Orphan Drug designation for the most common of these complications, ascites, which represents a significant unmet medical need. The FDA has never approved any drug specifically for treating ascites. The BIV201 development program began at LAT Pharma LLC. On April 11, 2016, the Company acquired LAT Pharma LLC and the rights to its BIV201 development program. The Company currently own all development and marketing rights to its drug candidate. The Company and PharmaIN have exchanged small (low single-digit) ownership rights to each other’s ascites drug development programs. The Company has an issued US Patent covering the use of BIV201 for the treatment of ascites patients in the outpatient setting using ambulatory pump infusion, and has filed a patent application for its drug candidate in Japan, as well as a Partnership in Clinical Trials (PCT) in Europe. The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the Company’s business plan. |
Going Concern
Going Concern | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Going Concern | 2. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. For the six months ended December 31, 2017, the Company had a net loss of $1,165,523. As of December 31, 2017, the Company has not yet earned any revenues. In view of these matters, the Company’s ability to continue as a going concern is dependent upon the Company’s ability to begin operations and to achieve a level of profitability. Since inception, the Company has financed its activities principally from the sale of equity securities. The Company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from other traditional financing sources, including term notes and proceeds from sub-licensing agreements until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. Significant Accounting Policies Unaudited Interim Financial Statements The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. All of the Company’s cash balances were fully insured at December 31, 2017. Financial Instruments The Company’s financial instruments include cash and accounts payable. The carrying amounts of cash and accounts payable approximate their fair value, due to the short-term nature of these items. Research and Development Research and development costs are charged to operations when incurred and are included in operating expenses. The Company expensed $228,695 for research and development for the six months ended December 31, 2017. Income Taxes Deferred income tax assets and liabilities arise from temporary differences associated with differences between the financial statements and tax basis of assets and liabilities, as measured by the enacted tax rates, which are expected to be in effect when these differences reverse. Deferred tax assets and liabilities are classified as current or non-current, depending on the classification of the assets or liabilities to which they relate. Deferred tax assets and liabilities not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. The Company follows the provisions of FASB ASC 740-10 “ Uncertainty in Income Taxes Earnings (Loss) per Share Basic earnings per share are computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share are computed by dividing net income by the weighted average number of shares of common stock outstanding and dilutive options outstanding during the year. For the six months ended December 31, 2017 all outstanding options have been excluded from the calculation of the diluted net loss per share since their effect was anti-dilutive. Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. The table below shows the number of outstanding options and shares as of December 31,2017. Number of Shares (Thousands) Stock Options 4,550 Warrants 9,231 Total 13,781 Stock-based Compensation The Company recognizes all share-based payments to employees, including grants of employee stock options, as compensation expense in the financial statements based on their fair values. That expense will be recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). Fair Value The carrying value of the Company’s financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accrued payroll, accounts payable, accrued expenses and related party advances. Recent accounting pronouncements The Company has reviewed recent accounting pronouncements issued by the FASB (including its EITF), the AICPA, and the SEC and did not or are not believed by management to have a material impact on the Company’s financial statements. |
Related Party Loan
Related Party Loan | 6 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Loan | 4. Related Party Loan LAT Pharma was given a zero-interest bearing loan by the Company’s CEO, Jonathan Adams in the amount of $5,000 in August 2015 and $5,000 in November 2015. The total of $10,000 was outstanding when the Company merged with LAT Pharma. On June 16 th |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Office Lease On January 1, 2014 the Company executed a lease agreement with Cummings Properties for the Company’s office of 270 square feet at 100 Cummings Center, Suite 247-C, Beverly, MA 01915. The lease is for a term of five years from January 1, 2014 to December 30, 2018 and requires monthly payments of $369. Employment Agreements On April 11, 2016 the Company entered into employment agreement with CEO Jonathan Adams. The Company’s agreement provides for a three-year term with minimum annual base salary of $250,000 per year. On September 24, 2017, the Board of Directors of BioVie Inc. appointed R. Richard Wieland II as an interim Chief Financial Officer of BioVie. Mr. Wieland is an experienced executive in the healthcare field, having previously served as Chief Financial Officer of several other biopharmaceutical companies. |
Stock Options
Stock Options | 6 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options | 6. Stock Options The fair market value of the stock options is estimated using the Black Scholes valuation model and the Company uses the following methods to determine its underlying assumptions: expected volatilities are based on the historical volatilities of 3 comparable companies of the daily closing price of their respective common stock; the expected term of options granted is based on the average time outstanding method; and the risk free interest rate is based on the US Treasury bonds issued with similar life terms to the expected life of the grant. During the six month ended December 31, 2017, the Company issued stock options to consultants and board of directors for services provided to the Company. The following key assumptions were used in the valuation model to value stock option grants for each respective period: Valuation Date 09/21/2017 10/13/2017 10/25/2017 10/27/2017 11/10/2017 Stock Price $ 0.20 $ 0.20 $ 0.21 $ 0.21 $ 0.23 Exercise Price $ 0.20 $ 0.20 $ 0.21 $ 0.21 $ 0.23 Term (expected term for options) 2.000 2.000 2.000 2.000 2.000 Volatility 32.75 % 31.95 % 31.61 % 31.56 % 31.46 % Annual Rate of Quarterly Dividends 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Discount Rate - Bond Equivalent Yield 1.45 % 1.50 % 1.60 % 1.60 % 1.64 % Call Option Value ($Millions) $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 Fair Value $ 3,903 $ 3,825 $ 5,993 $ 3,989 $ 4,366 Stock option activity for the Company’s plans for the period ended December 31, 2017 is summarized below: Weighted Weighed- Average Aggregate Average Remaining Intrinsic Shares Exercise Contractual Value Options (Thousands) Price Term (Thousands) Outstanding at July 1, 2016 3,000 0.06 2 — Granted 1,000 0.24 2 — Outstanding at June 30, 2017 4,000 0.10 2 — Granted 550 0.21 2 — Outstanding at December 31, 2017 4,550 0.12 2 — Exercisable as of December 31, 2017 2,550 0.16 2 — The compensation expense for the six months ended December 31, 2017 includes $17,696 related to the stock options described above. The legal and professional expenses for the six months ended December 31, 2017 includes $22,076 related to the stock options described above. The estimated compensation expense for the next six months ended June 30, 2018 is $17,696. Offerings of Common Stock and Warrants In August 2017, the Company sold and issued an aggregate of 886,364 shares of common stock and warrants to purchase 443,182 shares of common stock in a private placement transaction for aggregate gross proceeds of approximately $195,000. The purchase price for the common stock and warrants was $0.22 per share. The warrants are exercisable at an exercise price of $0.60 at any time from date of issuance until 5 years from the date of issuance. In August 2017, the Company issued 1,500,000 shares of common stock to Aspire Capital in a private placement transaction in exchange for services. The shares were valued at $0.22 per share, and the value of the services were $330,000. Between July 2017 and September 2017, the Company sold an aggregate of 250,000 shares of common stock in transactions under the Aspire Equity Line for aggregate gross proceeds of $50,000. The average purchase price for the common stock was $0.20 per share. In August 2017, the Company issued an aggregate of 32,727 shares of common stock to compensate certain initial investors who purchased common stock at a $0.25 share price in a Series C offering prior to a reduction in the offering price to $0.22 per share. In October 2017, the Company sold and issued an aggregate of 159,091 shares of common stock and warrants to purchase 79,545 shares of common stock in a private placement transaction for aggregate gross proceeds of approximately $35,000. The purchase price for the common stock and warrants was $0.22 per share. The warrants are exercisable at an exercise price of $0.60 at any time from date of issuance until 5 years from the date of issuance. In November 2017, the Company issued 150,000 shares of common stock in a private placement transaction in exchange for services. The shares were valued at $0.23 per share, and the value of the services were $34,500. The Company also sold and issued an aggregate of 68,182 shares of common stock and warrants to purchase 34,091 shares of common stock in a private placement transaction for aggregate gross proceeds of approximately $15,000. The purchase price for the common stock and warrants was $0.22 per share. The warrants are exercisable at an exercise price of $0.60 at any time from date of issuance until 5 years from the date of issuance. In December 2017, the Company issued warrants to purchase 2,500,000 shares of common stock in a private placement transaction for aggregate gross proceeds of $100,000. The purchase price for the warrants were $0.04 per warrant. The warrants are exercisable at an exercise price of $0.20 at any time from date of issuance until 7 years from the date of issuance. The following table summarizes the warrants that have been issued: Aggregate Number of Warrants Issued Exercise Price Issue Date Expiration Date 5,000,000 $ 0.50 April 2013 April 2018 112,500 $ 0.50 October 2016 October 2021 125,000 $ 0.50 November 2016 November 2021 50,000 $ 0.50 December 2016 December 2021 500,000 $ 0.50 January 2017 January 2022 250,000 $ 0.50 March 2017 March 2022 120,000 $ 0.60 May 2017 May 2022 79,545 $ 0.60 July 2017 July 2022 363,636 $ 0.60 August 2017 August 2022 79,545 $ 0.60 October 2017 October 2022 34,091 $ 0.60 November 2017 November 2022 2,500,000 $ 0.20 December 2017 December 2024 |
Renegotiated Debt
Renegotiated Debt | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Renegotiated Debt | 7. Renegotiated Debt On March 23, 2017, Barrett Ehrlich agreed to defer the payment of his consulting fee debt of $173,333.33 until December 31, 2019, through the issuance of a Promissory note. The promissory note does not carry any interest charge as long as the amount is paid in full before December 31, 2019. The consulting fee debt has thereby been reclassified from a current liability to a long-term liability on the balance sheet. Any portion of the balance due under the note that remains unpaid after December 31, 2019 will accrue interest at a rate of 5% per annum until paid in full. On March 23, 2017, Elliot Ehrlich agreed to forgive 50% of his salary debt of $444,056.25. The adjusted salary debt is $222,028.13. Elliot Ehrlich also agreed to defer the payment of his salary debt of $222,028.13 until December 31, 2019, through the issuance of a Promissory note. The promissory note does not carry any interest charge as long as the amount is paid in full before December 31, 2019. The salary debt has thereby been reclassified from a current liability to a long-term liability on the balance sheet and the salary debt forgiven has been reflected on the income statement as other income. Any portion of the balance due under the note that remains unpaid after December 31, 2019 will accrue interest at a rate of 5% per annum until paid in full. On March 23, 2017, Jonathan Adams agreed to defer the payment of his salary debt of $180,555.64 until December 31, 2019, through the issuance of a Promissory note. The promissory note does not carry any interest charge as long as the amount is paid in full before December 31, 2019. The salary debt has thereby been reclassified from a current liability to a long-term liability on the balance sheet. Any portion of the balance due under the note that remains unpaid after December 31, 2019 will accrue interest at a rate of 5% per annum until paid in full. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. Subsequent Event In January 2018, the Company sold an aggregate of 333,333 shares of common stock in a private placement transaction for aggregate gross proceeds of $50,000. The purchase price for the common stock was $0.15 per share. |
Significant Accounting Polici14
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. |
Basis of Presentation | Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash | Cash Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. All of the Company’s cash balances were fully insured at December 31, 2017. |
Financial Instruments | Financial Instruments The Company’s financial instruments include cash and accounts payable. The carrying amounts of cash and accounts payable approximate their fair value, due to the short-term nature of these items. |
Research and Development | Research and Development Research and development costs are charged to operations when incurred and are included in operating expenses. The Company expensed $228,695 for research and development for the six months ended December 31, 2017. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities arise from temporary differences associated with differences between the financial statements and tax basis of assets and liabilities, as measured by the enacted tax rates, which are expected to be in effect when these differences reverse. Deferred tax assets and liabilities are classified as current or non-current, depending on the classification of the assets or liabilities to which they relate. Deferred tax assets and liabilities not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. The Company follows the provisions of FASB ASC 740-10 “ Uncertainty in Income Taxes |
Earnings (Loss) per Share | Earnings (Loss) per Share Basic earnings per share are computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share are computed by dividing net income by the weighted average number of shares of common stock outstanding and dilutive options outstanding during the year. For the six months ended December 31, 2017 all outstanding options have been excluded from the calculation of the diluted net loss per share since their effect was anti-dilutive. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. The table below shows the number of outstanding options and shares as of December 31,2017. Number of Shares (Thousands) Stock Options 4,550 Warrants 9,231 Total 13,781 |
Stock-based Compensation | Stock-based Compensation The Company recognizes all share-based payments to employees, including grants of employee stock options, as compensation expense in the financial statements based on their fair values. That expense will be recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). |
Fair Value Measurements | Fair Value The carrying value of the Company’s financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accrued payroll, accounts payable, accrued expenses and related party advances. |
Recent accounting pronouncements | Recent accounting pronouncements The Company has reviewed recent accounting pronouncements issued by the FASB (including its EITF), the AICPA, and the SEC and did not or are not believed by management to have a material impact on the Company’s financial statements. |
Significant Accounting Polici15
Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies Tables | |
Schedule of outstanding options and shares | The table below shows the number of outstanding options and shares as of December 31,2017. Number of Shares (Thousands) Stock Options 4,550 Warrants 9,231 Total 13,781 |
Stock Options (Tables)
Stock Options (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Stock Options Tables | |
Schedule of Stock option grants for each respective period | During the six month ended December 31, 2017, the Company issued stock options to consultants and board of directors for services provided to the Company. The following key assumptions were used in the valuation model to value stock option grants for each respective period: Valuation Date 09/21/2017 10/13/2017 10/25/2017 10/27/2017 11/10/2017 Stock Price $ 0.20 $ 0.20 $ 0.21 $ 0.21 $ 0.23 Exercise Price $ 0.20 $ 0.20 $ 0.21 $ 0.21 $ 0.23 Term (expected term for options) 2.000 2.000 2.000 2.000 2.000 Volatility 32.75 % 31.95 % 31.61 % 31.56 % 31.46 % Annual Rate of Quarterly Dividends 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Discount Rate - Bond Equivalent Yield 1.45 % 1.50 % 1.60 % 1.60 % 1.64 % Call Option Value ($Millions) $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 Fair Value $ 3,903 $ 3,825 $ 5,993 $ 3,989 $ 4,366 Stock option activity for the Company’s plans for the period ended December 31, 2017 is summarized below: Weighted Weighed- Average Aggregate Average Remaining Intrinsic Shares Exercise Contractual Value Options (Thousands) Price Term (Thousands) Outstanding at July 1, 2016 3,000 0.06 2 — Granted 1,000 0.24 2 — Outstanding at June 30, 2017 4,000 0.10 2 — Granted 550 0.21 2 — Outstanding at December 31, 2017 4,550 0.12 2 — Exercisable as of December 31, 2017 2,550 0.16 2 — The following table summarizes the warrants that have been issued: Aggregate Number of Warrants Issued Exercise Price Issue Date Expiration Date 5,000,000 $ 0.50 April 2013 April 2018 112,500 $ 0.50 October 2016 October 2021 125,000 $ 0.50 November 2016 November 2021 50,000 $ 0.50 December 2016 December 2021 500,000 $ 0.50 January 2017 January 2022 250,000 $ 0.50 March 2017 March 2022 120,000 $ 0.60 May 2017 May 2022 79,545 $ 0.60 July 2017 July 2022 363,636 $ 0.60 August 2017 August 2022 79,545 $ 0.60 October 2017 October 2022 34,091 $ 0.60 November 2017 November 2022 2,500,000 $ 0.20 December 2017 December 2024 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes to Financial Statements | ||||
Net Loss | $ 502,682 | $ 357,799 | $ 1,165,523 | $ 709,141 |
Significant Accounting Polici18
Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Significant Accounting Policies Details Narrative | ||||
Research and development expenses | $ 186,841 | $ 128,559 | $ 228,695 | $ 255,829 |
Significant Accounting Polici19
Significant Accounting Policies (Details) | Dec. 31, 2017shares |
No. Of Shares Outstanding | 13,781 |
Stock Option [Member] | |
No. Of Shares Outstanding | 4,550 |
Stock Option [Member] | |
No. Of Shares Outstanding | 9,231 |
Related Party Loan (Details Nar
Related Party Loan (Details Narrative) - Jonathan Adams [Member] - USD ($) | Jun. 16, 2017 | Nov. 30, 2015 | Aug. 31, 2015 | Dec. 31, 2017 |
Loan Received | $ 25,000 | $ 5,000 | $ 5,000 | |
Loan Repaid | $ 35,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | 1 Months Ended |
Jun. 30, 2017USD ($) | |
Notes to Financial Statements | |
Lease rental | $ 369 |
Lease term (in years) | 5 years |
Stock Options (Details)
Stock Options (Details) - Stock Option [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Jun. 30, 2017 | |
Option Outstanding at beginning of period | 4,000 | 3,000 |
Option Granted | 550 | 1,000 |
Option Outstanding at end of period | 4,550 | 4,000 |
Option Exercisable at end of period | 2,550 | |
Outstanding Weighted Average Exercise Price at the beginning | $ 0.10 | $ 0.06 |
Weighted Average Exercise Price, Granted | 0.21 | 0.24 |
Outstanding Weighted Average Exercise Price at the end | $ 0.12 | $ 0.10 |
Weighted Average Remaining Contractual Term (in years) | 2 years | 2 years |
Stock Options (Details 2)
Stock Options (Details 2) - Stock Option [Member] - USD ($) | Nov. 10, 2017 | Oct. 27, 2017 | Oct. 25, 2017 | Oct. 13, 2017 | Sep. 21, 2017 |
Stock Price | $ 0.23 | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 |
Exercise Price | $ 0.23 | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 |
Term | 2 years | 2 years | 2 years | 2 years | 2 years |
Volatility | 31.46% | 31.56% | 31.61% | 31.95% | 32.75% |
Annual Rate of Quarterly Dividends | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Discount Rate - Bond Equivalent Yield | 1.64% | 1.60% | 1.60% | 1.50% | 1.45% |
Call Option Value | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 |
Fair Value | $ 4,366 | $ 3,989 | $ 5,993 | $ 3,825 | $ 3,903 |