BioVie (BIVI) 10-K 5 Oct 18 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2018	Sep. 28, 2018
Document And Entity Information
Entity Registrant Name	BIOVIE INC.
Entity Central Index Key	1,580,149
Document Type	10-K
Document Period End Date	Jun. 30, 2018
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	Non-accelerated Filer
Entity Public Float		$ 315,053,673
Entity Common Stock, Shares Outstanding	5,319,173
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,018
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jun. 30, 2018	Jun. 30, 2017
CURRENT ASSETS:
Cash	$ 45,800	$ 5,140
Total Current Assets	45,800	5,140
OTHER ASSETS:
Intangible Assets (Net of Amortization)	1,783,980	2,013,357
Goodwill	345,711	345,711
Total Fixed Assets	2,129,691	2,359,068
TOTAL ASSETS	2,175,491	2,364,209
CURRENT LIABILITIES:
Accounts Payable and accrued expenses	884,207	470,973
Related Party Loan		35,000
Accrued Payroll	354,167	125,000
Total Current Liabilities	1,238,374	630,973
LONG TERM LIABILITIES:
Demand Promissory Note	250,000
Notes Payable, Related Parties	575,918	575,918
Total Long Term Liabilities	825,918	575,918
TOTAL LIABILITIES	2,064,292	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; 98,503,199 and 91,925,000 shares issued and outstanding, respectively	9,850	9,192
Additional paid in capital	4,870,475	3,483,134
Accumulated deficit	(4,769,126)	(2,335,009)
Total Stockholders' Equity	111,199	1,157,317
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,175,491	$ 2,364,209

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	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	98,503,199	91,925,000
Common stock, shares outstanding	98,503,199	91,925,000

STATEMENTS OF OPERATION

STATEMENTS OF OPERATION - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
REVENUE
OPERATING EXPENSES
Amortization	229,377	229,377
Research and development expenses	370,853	466,354
Payroll expenses	311,525	285,392
Professional fees	1,331,142	503,369
Selling, general and administrative expenses	129,270	69,122
TOTAL OPERATING EXPENSES	2,372,166	1,553,614
LOSS FROM OPERATIONS	(2,372,166)	(1,553,614)
OTHER EXPENSE (INCOME)
Other Income		(222,928)
Interest Expense	(40,960)
Interest income	(4)	(14)
TOTAL OTHER EXPENSE (INCOME)	40,956	(222,942)
NET LOSS	(2,413,122)	(1,330,672)
Deemed dividend	(20,995)
NET LOSS ATTRIBUTABLE TO COMPANY STOCKHOLDERS	$ (2,434,117)	$ (1,330,672)
NET LOSS PER COMMON SHARE, BASIC AND DILUTED	$ (0.03)	$ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED	95,758,079	89,391,302

STATEMENT OF STOCKHOLDERS' DEFI

STATEMENT OF STOCKHOLDERS' DEFICIT - USD ($)	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Total
Beginning Balance at Jun. 30, 2016	$ 8,716	$ 2,911,560	$ (1,004,337)	$ 1,915,939
Beginning Balance, Shares at Jun. 30, 2016	87,160,001
Issuance of shares and warrants for cash	$ 477	479,523		479,999
Issuance of shares and warrants for cash, Shares	4,764,999
Options vested		92,051		92,051
Exercise of options for cash
Issuance of warrants with debt
Net loss			(1,330,672)	(1,330,672)
Ending Balance at Jun. 30, 2017	$ 9,193	3,483,134	(2,335,009)	1,157,317
Ending Balance, Shares at Jun. 30, 2017	91,925,000
Issuance of shares and warrants for cash	$ 172	444,827		444,999
Issuance of shares and warrants for cash, Shares	1,729,699
Issuance of shares for services	$ 475	642,375		642,850
Issuance of shares for services, Shares	4,748,500
Options vested		238,165		238,165
Exercise of options for cash	$ 10	1,990		$ (2,000)
Exercise of options for cash, Shares	100,000			(100)
Issuance of warrants for services		12,469		$ 12,469
Issuance of warrants with debt		26,519		26,519
Deemed dividends for ratchet adjustment to warrants		20,995	(20,995)
Net loss			(2,413,122)	(2,413,122)
Ending Balance at Jun. 30, 2018	$ 9,850	$ 4,870,474	$ (4,769,126)	$ 111,197
Ending Balance, Shares at Jun. 30, 2018	98,503,199

STATEMENT OF CASH FLOWS

STATEMENT OF CASH FLOWS - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,413,122)	$ (1,330,672)
Adjustments to reconcile net loss to net cash to cash used by operating activities:
Amortization of intangible assets	229,377	229,377
Amortization of debt discount	26,519
Share based compensation expense	893,484	92,052
Changes in operating assets and liabilities:
Increase in prepaid expenses		6,982
Accounts Payable	413,234	350,674
Accrued Payroll	229,167	27,972
Net cash used by operating activities	(621,341)	(623,615)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of loan	(35,000)
Proceeds from related party		25,000
Proceeds from demand promissory note	250,000
Proceeds from issuance of common stock	344,999	479,999
Proceeds from exercise of options	2,000
Proceeds from issuance of warrants	100,000
Net cash provided by financing activities	661,999	504,999
Net decrease in cash	40,658	(118,616)
Cash, beginning of period	5,140	123,757
Cash, end of period	45,800	5,140
NON-CASH INVESTING AND FINANCING ACTIVITIES
Issuance of warrants with debt	$ 26,519

Background Information

Background Information	12 Months Ended
	Jun. 30, 2018
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 US Food and Drug Administration (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. As of June 2018, three patients had been treated with BIV201 therapy in this ongoing Phase 2a clinical trial. BIV201 has the potential to improve the health of thousands of patients suffering from life-threatening complications of liver cirrhosis due to hepatitis, nonalcoholic steatohepatitis (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 owns all development and marketing rights to its drug candidate. The Company and PharmaIN, Corp. (“PharmaIN”), LAT Pharma’s former partner focused on the development of new modified drug candidates in the same therapeutic field but not including BIV201, agreed to pay royalties equal to less than 1% of future net sales of each company's ascites drug development programs, or if such program is licensed to a third party, less than 5% of each company's net license revenues. The Company’s relationship with PharmaIN could advance into a collaboration or be terminated. 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 patent applications for its drug candidate in Japan, and Europe, and China. 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.

Liquidity

Liquidity	12 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Liquidity	2. Liquidity We believe that our existing cash and cash equivalents, including the amounts received after the end of the fiscal year, will be sufficient to meet our operating and capital requirements for at least 12 months from the date of this report. On July 3, 2018, the Company, entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Acuitas Group Holdings, LLC (“Acuitas”) and certain other purchasers identified in the Purchase Agreement (together with Acuitas, the “Purchasers”) pursuant to which (i) the Purchasers agreed to purchase an aggregate of 2,133,332 shares of the Company’s newly created Series A Convertible Preferred Stock (the “Preferred Stock”) at a price per share of $1.50 per share of Preferred Stock (the “Initial Sale”) and (ii) the Company will issue associated warrants (the “Warrants”) to purchase 213,333,200 shares of the Company’s Class A Common Stock (the “Common Stock”), each subject to the terms and conditions set forth in the Purchase Agreement, for an aggregate consideration of $3.2 million.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	3. Significant Accounting Policies 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 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. Use of Estimates 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. The Company has never experienced any losses related to these balances. All of the Company’s cash balances were fully insured at June 30, 2018. Financial Instruments The Company’s financial instruments include cash, accounts payable, related party loans and a demand promissory note. The carrying amounts of cash and accounts payable approximate their fair value, due to the short-term nature of these items. Long-Term Notes Payable The Company’s long-term notes payable include accrued payroll to officers and accrued payments to third party consultants. Research and Development Research and development costs are charged to operations when incurred and are included in operating expenses. The Company expensed $370,853 and $466,354 for research and development for the years ended June 30, 2018 and 2017, respectively. 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 years ended June 30, 2017 and 2018 all outstanding options have been excluded from the calculation of the diluted net loss per share since their effect was anti-dilutive. The following potentially dilutive securities were excluded from the computation of diluted loss per share for the years ended June 30, 2017 and 2018: 2017 2018 Number of Shares (Thousands) Number of Shares (Thousands) Stock Options 4,000 5,150 Warrants 6,174 4,774 Total 10,174 9,924 Stock-based Compensation The Company has accounted for stock-based compensation under the provisions of FASB ASC 718 – “Stock Compensation” which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (stock options and common stock purchase warrants). For employee awards, the fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. For non-employees, the fair value of each stock option award is estimated on the measurement date using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. For non-employees, the Company utilizes the graded vesting attribution method under which the entity treats each separately vesting portion (tranche) as a separate award and recognizes compensation cost for each tranche over its separate vesting schedule. Expected volatilities are based on historical volatility of peer companies and other factors estimated over the expected term of the stock options. For employee awards, the expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term. Goodwill Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net identified tangible and intangible assets acquired. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. The Company’s impairment review process compares the fair value of the reporting unit to its carrying value, including the goodwill related to the reporting unit. To determine the fair value of the reporting unit, the Company may use various approaches including an asset or cost approach, market approach or income approach or any combination thereof. These approaches may require the Company to make certain estimates and assumptions including future cash flows, revenue and expenses. These estimates and assumptions are reviewed each time the Company tests goodwill for impairment and are typically developed as part of the Company’s routine business planning and forecasting process. While the Company believes its estimates and assumptions are reasonable, variations from those estimates could produce materially different results. The Company did not recognize any goodwill impairments for the years ended June 30th, 2017 and June 30th, 2018. Impairment of Long-Lived Assets Long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. 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 undiscounted estimated future cash flows, an impairment review is performed. An impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Generally, fair value is determined using valuation techniques such as expected discounted cash flows or appraisals, as appropriate. 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 are no longer depreciated or amortized. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. 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.

Intangible Assets

Intangible Assets	12 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Intangible Assets	4. Intangible Assets The company’s intangible assets consist of intellectual property acquired from LAT Pharma, Inc., and are amortized over their estimated useful lives as indicated below. The following is a summary of the intangible assets as of June 30, 2018 and 2017. June 30, 2018 June 30, 2017 Intangible Assets subject to Amortization $ 22,93,770 $ 22,93,770 Accumulated Amortization 5,09,790 2,80,413 Intangible Assets (Net of Amoritization) $ 17,83,980 $ 20,13,357 Future expected Amortization of intangible assets is as follows: Year Ending June 30, 2019 $ 2,29,377 2020 2,29,377 2021 2,29,377 2022 2,29,377 2023 2,29,377 Thereafter 6,37,095 $ 17,83,980

Demand Note

Demand Note	12 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Demand Note	5. Demand Note On May 21, 2018, the Company received $250,000 in exchange for a promissory note from Acuitas Group Holding LLC. The promissory note carries 10% interest per year and has a maturity date of 10 business days of demand by Payee. The promissory note also has a provision that in the event of a superseding equity financing transaction, the Payor will receive 50% warrant coverage on same terms as if the superseding transactions occurs. On July 3, 2018, the Company entered into an equity financing transaction which resulted in Acuitas Group Holding LLC., receiving 833,333 warrants that expire on July 3 rd

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	6. Related Party Transactions Notes Payable 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 16th, 2017, the Company was given an additional $25,000 zero-interest bearing loan by Jonathan Adams. During the quarter ended December 31, 2017, the Company repaid the $35,000 outstanding balance of the loan. During the quarter ended March 31, 2018, the Company was given an additional $25,000 zero-interest bearing loan by Jonathan Adams. During the quarter ended June 30, 2018, the Company repaid the $25,000 outstanding balance of the loan. The outstanding balance of the loan was $35,000 as of June 30, 2017 and zero as of June 30, 2018. On March 23, 2017, Barrett Ehrlich agreed to defer the payment of his consulting fee debt of $173,333 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. The adjusted salary debt is $222,028.13. Elliot Ehrlich also agreed to defer the payment of his salary debt of $222,028 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 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. The outstanding balance of the long-term note payable was $575,917 as of June 30, 2017 and $575,917 as of June 30, 2018. Sale of Common Stock and Warrants In January 2018, the Company sold an aggregate of 333,333 shares of common stock and warrants to purchase 333,333 shares of common stock to a member of its board of directors for aggregate gross proceeds of $50,000. The purchase price for the common stock and warrants was $0.15 per share. The warrants are exercisable at an exercise price of $0.15 at any time from date of issuance until 7 years from the date of issuance. Common Stock issued for Services In January 2018, the Company issued 1,400,000 shares of common stock as compensation for the Board of Directors. The shares were valued at $0.15 per share which was the trading price on date of issuance, and the value of the compensation was $210,000.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. 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 $379. The Company notified the lessor that it will terminate the lease on December 30, 2018. 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. Challenge to US Patent On April 30, 2018, the Company received notice that Mallinckrodt Pharmaceuticals Ireland Limited had petitioned the US Patent and Trademark Office (USPTO) to institute an Inter Partes Review of BioVie’s US Patent No. 9,655,945 titled “Treatment of Ascites” (the ‘945 patent). Inter Partes Review is a trial proceeding conducted with the USPTO Patent Trial and Appeal Board (PTAB) to review the patentability of one or more claims of a patent. Such review is limited to grounds of novelty and obviousness on the basis of prior art consisting of patents and printed publications. Although a petition for Inter Partes Review has been filed, grant of the petition by the PTAB is required for the proceeding to be instituted. On August 15, 2018, BioVie submitted a Preliminary Response to the PTAB providing a rationale as to why, in the Company’s opinion, Mallinckrodt’s request to institute the IPR should not be granted. If he IPR is allowed to proceed, BioVie will seek to defend the ‘945 patent and/or pursue a favorable settlement. As of June 30, 2018, no adjustments or accruals are reflected as the Company is unable to determine a likely outcome at this time. Royalty Agreements Pursuant to the Agreement and Plan of Merger entered into on April 11, 2016 between LAT Pharma LLC and NanoAntibiotics, Inc., BioVie is obligated to pay a low single digit royalty on net sales of BIV201 (continuous infusion terlipressin) to be shared among LAT Pharma Members, PharmaIn Corporation; and The Barrett Edge, Inc. Pursuant to the Technology Transfer Agreement entered into on July 25, 2016 between BioVie and the University of Padova (Italy), BioVie is obligated to pay a low single digit royalty on net sales of all terlipressin products covered by US patent no. 9,655,645 and any future foreign issuances capped at significantly less than $500,000 per year. The Company and PharmaIN, Corporation, LAT Pharma’s former partner focused on the development of new modified drug candidates in the same therapeutic field but not including BIV201, agreed to pay royalties equal to less than 1% of future net sales of each company's ascites drug development programs, or if such program is licensed to a third party, less than 5% of each company's net license revenues. The Company’s relationship with PharmaIN could advance into a collaboration or be terminated. 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 patent applications for its drug candidate in Japan, and Europe, and China.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Stock Options During the year ended June 30, 2017 and 2018, the Company issued stock options to consultants and board of directors for services provided to the Company. The following is a summary of stock option activity for the years ended June 30, 2017 and 2018. Shares (Thousands) Weighed-Average Exercise Price Weighted Remaining Average Contractual Term Options Outstanding at July 1, 2016 3,000 $ 0.06 6.5 Granted 1,000 $ 0.24 4.0 Outstanding at June 30, 2017 4,000 $ 0.10 5.9 Granted 1,250 $ 0.15 5.0 Options Exercised -100 $ 0.02 — Outstanding at June 30, 2018 5,150 $ 0.12 5.8 Exercisable at June 30, 2018 4,150 $ 0.13 4.8 The following is a summary of stock options outstanding and exercisable by exercise price as of June 30, 2018. Exercise Price Outstanding Weighted Average Contract Life Exercisable $ 0.06 31,00,000 6.5 21,00,000 $ 0.10 5,00,000 4.8 5,00,000 $ 0.20 2,00,000 4.5 2,00,000 $ 0.21 5,50,000 4.1 5,50,000 $ 0.22 1,00,000 4.0 1,00,000 $ 0.23 2,00,000 4.4 2,00,000 $ 0.25 5,00,000 3.6 5,00,000 Total 51,50,000 41,50,000 The fair value of options granted during the year ended June 30, 2018 was estimated using the Black Scholes Method and the following assumptions: volatility - 124.7% to 143.46%; Term – 5 years; Risk Free Rate – 2.45% to 2.61%; dividend rate – 0.00%. The fair value of options granted during the year ended June 30, 2017 was estimated using the Black Scholes Method and the following assumptions: volatility – 136.8% to 143.1%; Term – 4 years; Risk Free Rate – 0.53% to 1.4%; dividend rate – 0.00%. The compensation expense for the year ended June 30, 2018 includes $30,978 related to the stock options described above and an adjustment for year ended June 30, 2017 of $30,547. The adjustment was due to a correction made to the valuation of Stock Options issued to the Chief Operating Officer. The legal and professional expenses for the year ended June 30, 2018 includes $176,641 related to the stock options described above. The Company expects to recognize $11,486 of future expenses related to the vesting of stock options through April 11, 2019. The compensation expense for the year ended June 30, 2017 includes $35,392 related to the stock options described above. The legal and professional expenses for the year ended June 30, 2017 includes $56,660 related to the stock options described above. Extension of Maturity In November 2017, the Company extended the maturity date of stock options to acquire 800,000 shares at exercise prices ranging from $0.21 to $0.25 issued to the board of directors between November 2016 and December 2016 by 3 years. The Company recorded an incremental expense of $79,491 based on the increase in fair value of the options. Offerings of Common Stock and Warrants Issuance of Shares for Cash In September 2016, the Company sold and issued an aggregate of 49,999 shares of common stock in a private placement transaction for aggregate gross proceeds of approximately $5,000. The purchase price for the common stock was $0.10 per share. In October 2016, the Company sold and issued an aggregate of 225,000 shares of common stock and warrants to purchase 112,500 shares of common stock in a private placement transaction for aggregate gross proceeds of approximately $45,000. The purchase price for the common stock and warrants was $0.20 per share. The warrants are exercisable at an exercise price of $0.50 at any time from date of issuance until 5 years from the date of issuance. In November 2016, the Company sold and issued an aggregate of 250,000 shares of common stock and warrants to purchase 125,000 shares of common stock in a private placement transaction for aggregate gross proceeds of approximately $50,000. The purchase price for the common stock and warrants was $0.20 per share. The warrants are exercisable at an exercise price of $0.50 at any time from date of issuance until 5 years from the date of issuance. In December 2016, the Company sold and issued an aggregate of 100,000 shares of common stock and warrants to purchase 50,000 shares of common stock in a private placement transaction for aggregate gross proceeds of approximately $20,000. The purchase price for the common stock and warrants was $0.20 per share. The warrants are exercisable at an exercise price of $0.50 at any time from date of issuance until 5 years from the date of issuance. In January 2017, the Company, entered into a common stock purchase agreement (the “Purchase Agreement”) with Aspire Capital Fund, LLC, an Illinois limited liability company (“Aspire Capital”) which provides that, on the terms and subject to the conditions and limitations set forth therein, Aspire Capital is committed to purchase up to an aggregate of $12.0 million of shares of the Company’s common stock over the 30-month term of the Purchase Agreement (“Aspire Equity Line”). On execution of the Purchase Agreement, the Company agreed to sell to Aspire Capital 1,000,000 shares of common stock and warrants to purchase 500,000 shares of common stock for proceeds of $200,000. The Warrant Shares will each have a five-year term and will be exercisable at $0.50 per share. Concurrently with entering into the Purchase Agreement, the Company also entered into a registration rights agreement with Aspire Capital (the “Registration Rights Agreement”), in which the Company agreed to file one or more registration statements, as permissible and necessary to register under the Securities Act of 1933, as amended (the “Securities Act”), registering the sale of the shares of the Company’s common stock that have been and may be issued to Aspire Capital under the Purchase Agreement. Under the Purchase agreement, after the Securities and Exchange Commission (the “SEC”) has declared effective the registration statement referred to above, on any trading day selected by the Company, the Company has the right, in its sole discretion, to present Aspire Capital with a purchase notice (each, a “Purchase Notice”), directing Aspire Capital (as principal) to purchase up to 100,000 shares of the Company’s common stock per business day, up to $12.0 million of the Company’s common stock in the aggregate at a per share price (the “Purchase Price”) equal to the lesser of: • the lowest sale price of the Company’s common stock on the purchase date; or • the arithmetic average of the three (3) lowest closing sale prices for the Company’s common stock during the twelve (12) consecutive trading days ending on the trading day immediately preceding the purchase date. In addition, on any date on which the Company submits a Purchase Notice to Aspire Capital in an amount equal to 100,000 shares and the closing sale price of our stock is equal to or greater than $0.30 per share, the Company also has the right, in its sole discretion, to present Aspire Capital with a volume-weighted average price purchase notice (each, a “VWAP Purchase Notice”) directing Aspire Capital to purchase an amount of stock equal to up to 30% of the aggregate shares of the Company’s common stock traded on its principal market on the next trading day (the “VWAP Purchase Date”), subject to a maximum number of shares the Company may determine. The purchase price per share pursuant to such VWAP Purchase Notice is generally 95% of the volume-weighted average price for the Company’s common stock traded on its principal market on the VWAP Purchase Date. The Purchase Price will be adjusted for any reorganization, recapitalization, non-cash dividend, stock split, or other similar transaction occurring during the period(s) used to compute the Purchase Price. The Company may deliver multiple Purchase Notices and VWAP Purchase Notices to Aspire Capital from time to time during the term of the Purchase Agreement, so long as the most recent purchase has been completed. The Purchase Agreement provides that the Company and Aspire Capital shall not affect any sales under the Purchase Agreement on any purchase date where the closing sale price of the Company’s common stock is less than $0.10. There are no trading volume requirements or restrictions under the Purchase Agreement, and the Company will control the timing and amount of sales of the Company’s common stock to Aspire Capital. Aspire Capital has no right to require any sales by the Company but is obligated to make purchases from the Company as directed by the Company in accordance with the Purchase Agreement. There are no limitations on use of proceeds, financial or business covenants, restrictions on future funding, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement. In consideration for entering into the Purchase Agreement, concurrently with the execution of the Purchase Agreement, the Company issued to Aspire Capital 2,400,000 shares of the Company’s common stock (the “Commitment Shares”). The Purchase Agreement may be terminated by the Company at any time, at its discretion, without any cost to the Company. Aspire Capital has agreed that neither it nor any of its agents, representatives and affiliates shall engage in any direct or indirect short-selling or hedging of the Company’s common stock during any time prior to the termination of the Purchase Agreement. Any proceeds that the Company receives under the Purchase Agreement are expected to be used for working capital and general corporate purposes. In March 2017, the Company sold and issued an aggregate of 500,000 shares of common stock and warrants to purchase 250,000 shares of common stock in a private placement transaction for aggregate gross proceeds of approximately $100,000. The purchase price for the common stock and warrants was $0.20 per share. The warrants are exercisable at an exercise price of $0.50 at any time from date of issuance until 5 years from the date of issuance. In May 2017, the Company sold and issued an aggregate of 240,000 shares of common stock and warrants to purchase 120,000 shares of common stock in a private placement transaction for aggregate gross proceeds of approximately $60,000. The purchase price for the common stock and warrants was $0.25 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 an aggregate of 32,727 shares of common stock and 16,364 warrants to compensate these 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 July 2017 and 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. 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 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 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 January 2018, the Company sold an aggregate of 333,333 shares of common stock and warrants to purchase 333,333 shares of common stock to a member of its board of directors for aggregate gross proceeds of $50,000. The purchase price for the common stock and warrants was $0.15 per share. The warrants are exercisable at an exercise price of $0.15 at any time from date of issuance until 7 years from the date of issuance. In June 2018, 100,000 shares of stock options were exercised for $2,000. Issuance of Shares for Services In August 2017, the Company issued 1,500,000 shares of common stock to Aspire Capital in exchange for services. The shares were valued at $0.22 per share which was the trading price on date of issuance, and the value of the services were $330,000. In November 2017, the Company issued 150,000 shares of common in exchange for services. The shares were valued at $0.23 per share which was the trading price on date of issuance, and the value of the services were $34,500. In January 2018, The Company issued 30,000 shares of common stock in exchange for services. The shares were valued at $0.13 per share which was the trading price on date of issuance, and the value of the services were $3,900. In January 2018, the Company issued 1,400,000 shares of common stock as compensation for the Board of Directors. The shares were valued at $0.15 per share which was the trading price on date of issuance, and the value of the compensation was $210,000. In February 2018, the Company issued 600,000 shares of common stock in exchange for services. The shares were valued at $0.0475 per share which was the trading price on date of issuance, and the value of the services were $28,500. In April 2018, the Company issued 300,000 shares of common in exchange for services. The shares were valued at $0.045 per share, and the value of the services were $13,500. In April 2018, the Company issued 150,000 shares of common in exchange for services. The shares were valued at $0.024 per share which was the trading price on date of issuance, and the value of the services were $3,600. In May 2018, the Company issued 250,000 shares of common in exchange for services. The shares were valued at $0.018 per share which was the trading price on date of issuance, and the value of the services were $4,500. In May 2018, the Company issued 68,500 shares of common in exchange for services. The shares were valued at $0.10 per share which was the trading price on date of issuance, and the value of the services were $6,850. In June 2018, the Company issued 300,000 shares of common in exchange for services. The shares were valued at $0.025 per share which was the trading price on date of issuance, and the value of the services were $7,500. Issuance of Warrants for Cash 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. Issuance of Warrants for Services In January 2018, the Company issued warrants to purchase 105,000 shares of common stock in exchange for services. The warrants are exercisable at an exercise price of $0.15 any time from the date of issuance until 7 years from the date of issuance. The warrants were valued at $9,444. The fair value of the warrants granted was estimated using the Black Scholes Method and the following assumptions: volatility – 166.7%; Term – 7 years; Risk Free Rate – 2.48%; dividend rate – 0.00% In February 2018, the Company issued warrants to purchase 105,000 shares of common stock in a termination agreement. The warrants are exercisable at an exercise price of $0.15 any time from the date of issuance until 7 years from the date of issuance. The warrants were valued at $3,025. The fair value of the warrants granted was estimated using the Black Scholes Method and the following assumptions: volatility – 166.7%; Term – 7 years; Risk Free Rate – 2.81%; dividend rate – 0.00% Warrant Price Adjustment 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 warrants were exercisable at an exercise price of $0.20 at any time from date of issuance until 7 years from the date of issuance. The warrants have a down round feature that reduces the exercise price if the Company sells stock for a lower price. In January 2018, the Company sold shares at $0.15, which therefore triggered the reduction in the strike price. The Company calculated the difference in fair value of the warrants between the stated exercise price and the reduced exercise price and recorded $20,995 as a deemed dividend. The fair value of the warrants granted was estimated using the Black Scholes Method and the following assumptions: volatility – 164.7%; Term – 7 years; Risk Free Rate – 2.47%; dividend rate – 0.00%. The following table summarizes the warrants that have been issued: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life (Years) Outstanding at June 30, 2016 50,00,000 $ 0.50 — Granted 11,73,864 $ 0.51 3.5 Outstanding at June 30, 2017 61,73,864 $ 0.50 0.7 Granted 36,00,151 $ 0.22 6.1 Expired -50,00,000 $ 0.50 — Outstanding at June 30, 2018 47,74,015 $ 0.29 5.5 The following table summarizes the warrants by price: Weighted Average Exercise Price Number of Shares Weighted Average Remaining Life (Years) $ 0.15 30,43,333 6.4 $ 0.50 10,37,501 3.5 $ 0.60 6,93,181 4.1 47,74,015 5.5

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At June 30, 2018, the Company has a Net Operating Loss (“NOL”) carryforward of approximately $1,800,000. The NOL expires during the years 2032 to 2037. Realization of any portion of the $832,186 of net deferred tax assets at June 30, 2018 is not considered more likely than not by management; accordingly, a valuation allowance has been established for the full amount. The valuation allowance as of June 30, 2018 was $832,186. The change in the valuation allowance during the year ended June 30, 2018 amounted to $357,231. The Company does not have any uncertain tax positions or events leading to uncertainty in a tax position. The Company’s 2015, 2016 and 2017 Corporate Income Tax Returns are subject to Internal Revenue Service examination. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act decreases the U.S. corporate federal income tax rate from a maximum of 35% to a flat 21% effective January 1, 2018. The Act also includes a number of other provisions including, among others, the elimination of net operating loss carrybacks and limitations on the use of future losses, the repeal of the Alternative Minimum Tax regime and the repeal of the domestic production activities deduction. These provisions are not expected to have a material effect on the Corporation. Given the significant complexity of the Act and anticipated additional implementation guidance from the Internal Revenue Service, further implications of the Act may be identified in future periods. Significant components of the Company’s deferred tax assets are as follows: Since management of the Company believes that it is more likely than not that the net deferred tax assets will not provide future benefit, the Company has established a 100 percent valuation allowance on the net deferred tax assets as of June 30, 2018. June 30, 2018 June 30, 2017 Deferred tax assets: Tax loss carryforward $ 5,55,064 $ 4,46,071 Intangible assets 19,277 3,735 Stock based compensation 2,57,845 25,149 Valuation Allowance (8,32,186 ) (4,74,955 ) Net deferred tax assets $ — $ — Reconciliation of the differences between income tax benefit computed at the federal and state statutory tax rates and the provision for income tax benefit for the years ended June 30, 2018 and 2017 is as follows: 2018 2017 Income tax expense (benefit) at federal statutory rate 34 % 34 % State taxes, net of federal benefit 5 % 5 % Change in valuation allowance -39 % -39 % — —

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events On July 3, 2018, BioVie, Inc., the Company, entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Acuitas Group Holdings, LLC (“Acuitas”) and certain other purchasers identified in the Purchase Agreement (together with Acuitas, the “Purchasers”) pursuant to which (i) the Purchasers agreed to purchase an aggregate of 2,133,332 shares of the Company’s newly created Series A Convertible Preferred Stock (the “Preferred Stock”) at a price per share of $1.50 per share of Preferred Stock (the “Initial Sale”) and (ii) the Company will issue associated warrants (the “Warrants”) to purchase 213,333,200 shares of the Company’s Class A Common Stock (the “Common Stock”), each subject to the terms and conditions set forth in the Purchase Agreement, for an aggregate consideration of $3.2 million. Acuitas also received an additional 833,333 Warrants in connection with the payoff of a note issued by the Company in favor of Acuitas. The Initial Sale and issuance of the Warrants occurred on July 3, 2018. In addition, Acuitas has the option to purchase up to an additional 200,000,000 shares of Common Stock at a price per share of $0.015, and associated warrants on the same terms as the Warrants, within two weeks following the one year anniversary of the closing of the Initial Sale (the “Subsequent Sale”) in the event that the Company has not obtained $3,000,000 of funding through various non-dilutive grants prior to the one year anniversary of the closing of the Initial Sale. Each share of Preferred Stock automatically converted into 100 shares of Common Stock upon the filing with the Secretary of State of the State of Nevada of a Certificate of Amendment to the Company’s Articles of Incorporation (the “Amendment”) on August 13, 2018 that increased the number of authorized shares of Common Stock to 800,000,000. The Amendment was approved by the written consent of the holders of more than a majority of the Company’s issued and outstanding Common Stock on July 3, 2018, and was filed with the Secretary of State of the State of Nevada 20 calendar days following the distribution of the Company’s Definitive Information to be filed with the Securities and Exchange Commission. See the heading “Series A Convertible Preferred Stock” below for additional information related to the Preferred Stock. The purchase price of the Preferred Stock in the Initial Sale, the exercise price of the Warrants, and the Common Stock in the Subsequent Sale is subject to adjustment. First, in the event that the volume weighted average price of the Common Stock during the five-trading day period following July 3, 2018 is less than $0.015 per share, the price per share of Common Stock, the associated conversion ratio of the Preferred Stock, and the exercise price of the Warrants shall be retroactively adjusted to reflect such lower price. Second, in the event that Mallinckrodt Pharmaceuticals Ireland Limited prevails in any proceeding which results in the useful life of the Company’s current intellectual property rights being reduced by more than 75 percent, then the price per share of Common Stock, the associated conversion ratio of the Preferred Stock, and the exercise price of the Warrants shall be retroactively adjusted to 50 percent of the then-effective price per share of Common Stock under the Purchase Agreement (for example, if the then-effective price per share of Common Stock is $0.015, then following such event, the price per share will be $0.0075). In each case, the Company may be required to issue additional shares of Common Stock, but in no event will the Company be required to pay cash, to reflect such lower price per share. The Purchase Agreement contained customary representations and warranties. In connection with the disclosure schedule associated with the representations and warranties, the Company also disclosed customary information, including the following: (i) the existence of the Mallinckrodt Pharmaceuticals Ireland Limited petition before the US Patent Trial and Appeal Board, (ii) the current capitalization of the Company, (iii) the Company’s obligation to pay a royalty on the net sales of BIV201 (continuous infusion terlipressin) in the amount of five percent to be allocated four percent to LAT Pharma LLC members, 0.4 percent to PharmaIn Corporation and 0.6 percent to The Barrett Edge, Inc. pursuant to the Agreement and Plan of Merger, dated April 11, 2016, by and between LAT Pharma LLC and the Company, (iv) the Company’s obligation to pay a royalty of five percent on net sales of all terlipressin products covered by specified patents up to a maximum of $200,000 per year pursuant to the Technology Transfer Agreement, dated July 25, 2016, by and between the Company and the University of Padova (Italy), and (v) certain recent issuances of Common Stock by the Company. Pursuant to the Purchase Agreement, Terren Peizer, the Chairman of Acuitas, was appointed as a member of the Company’s Board of Directors (the “Board”) and as the Chief Executive Officer of the Company, effective July 3, 2018. The issuance of the Preferred Stock, the Warrants and the underlying common stock under the Purchase Agreement is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act. On July 9, 2018, Elliot Ehrlich entered into an Accord and Debt Satisfaction Agreement with the Company in which he agreed to release the Company from all liabilities including the original contract to defer payment of his accrued salary dated March 23, 2017 totaling the amount of $222,028.13 and received the settled sum of $22,203 and 222,028 common shares in satisfaction. This settlement reduced the Company’s debt by $222,028.13. On July 9, 2018, Jonathan Adams entered into an Accord and Debt Satisfaction Agreement with the Company in which he agreed to release the Company from all liabilities including the original contract to defer payment of his accrued salary dated March 23, 2017 and subsequent unpaid salary, totaling the amount of $513,889, and received the settled sum of $25,694 in satisfaction. This settlement reduced the Company’s debt by $513,889. On July 19, 2018, Geis-Hides Consulting LLC entered into an Accord and Debt Satisfaction Agreement with the Company in which the consulting firm agreed to release the Company from all liabilities arising from the Original Contract and Debt Repayment Plan dated December 15, 2013 totaling $130,000 and received the settled sum of $65,000 and 260,000 common shares in satisfaction. This settlement reduced the Company’s debt by $130,000. As a result of the conversion of the Series A Preferred Stock in July 2018, the exercise of warrants to purchase 2,500,000 shares of common stock was reduced from $0.15 per share to $0.015 per share. On August 4, 2018, the Company issued 2,241,913 shares of common stock pursuant to a cash less exercise of warrants to purchase 2,500,000 shares at an exercise price of $0.015 per share. On August 8, 2018, Barrett Ehrlich on behalf of The Barrett Edge Inc. (“Barrett”) entered into an Accord and Debt Satisfaction Agreement with the Company in which Barrett agreed to release the Company from all liabilities including the original contract to defer payment of Barrett’s accrued salary dated March 23, 2017, loan to the Company for $14,000, and subsequent unpaid consulting fees, totaling $493,333, and received the settled sum of $131,333 and 493,333 common shares in satisfaction. This settlement reduced the Company’s debt by $507,333.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
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 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.
Use of Estimates	Use of Estimates 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. The Company has never experienced any losses related to these balances. All of the Company’s cash balances were fully insured at June 30, 2018.
Financial Instruments	Financial Instruments The Company’s financial instruments include cash, accounts payable, related party loans and a demand promissory note. The carrying amounts of cash and accounts payable approximate their fair value, due to the short-term nature of these items.
Long-Term Notes Payable	Long-Term Notes Payable The Company’s long-term notes payable include accrued payroll to officers and accrued payments to third party consultants.
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 $370,853 and $466,354 for research and development for the years ended June 30, 2018 and 2017, respectively.
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 years ended June 30, 2017 and 2018 all outstanding options have been excluded from the calculation of the diluted net loss per share since their effect was anti-dilutive. The following potentially dilutive securities were excluded from the computation of diluted loss per share for the years ended June 30, 2017 and 2018: 2017 2018 Number of Shares (Thousands) Number of Shares (Thousands) Stock Options 4,000 5,150 Warrants 6,174 4,774 Total 10,174 9,924
Stock-based Compensation	Stock-based Compensation The Company has accounted for stock-based compensation under the provisions of FASB ASC 718 – “Stock Compensation” which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (stock options and common stock purchase warrants). For employee awards, the fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. For non-employees, the fair value of each stock option award is estimated on the measurement date using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. For non-employees, the Company utilizes the graded vesting attribution method under which the entity treats each separately vesting portion (tranche) as a separate award and recognizes compensation cost for each tranche over its separate vesting schedule. Expected volatilities are based on historical volatility of peer companies and other factors estimated over the expected term of the stock options. For employee awards, the expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term.
Goodwill	Goodwill Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net identified tangible and intangible assets acquired. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. The Company’s impairment review process compares the fair value of the reporting unit to its carrying value, including the goodwill related to the reporting unit. To determine the fair value of the reporting unit, the Company may use various approaches including an asset or cost approach, market approach or income approach or any combination thereof. These approaches may require the Company to make certain estimates and assumptions including future cash flows, revenue and expenses. These estimates and assumptions are reviewed each time the Company tests goodwill for impairment and are typically developed as part of the Company’s routine business planning and forecasting process. While the Company believes its estimates and assumptions are reasonable, variations from those estimates could produce materially different results. The Company did not recognize any goodwill impairments for the years ended June 30th, 2017 and June 30th, 2018.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. 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 undiscounted estimated future cash flows, an impairment review is performed. An impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Generally, fair value is determined using valuation techniques such as expected discounted cash flows or appraisals, as appropriate. 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 are no longer depreciated or amortized. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet.
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 Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2018
Disclosure Significant Accounting Policies Tables Abstract
Schedule of Dilutive securities were excluded from the computation of diluted loss per share	The following potentially dilutive securities were excluded from the computation of diluted loss per share for the years ended June 30, 2017 and 2018: 2017 2018 Number of Shares (Thousands) Number of Shares (Thousands) Stock Options 4,000 5,150 Warrants 6,174 4,774 Total 10,174 9,924

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Jun. 30, 2018
Disclosure Intangible Assets Tables Abstract
Schedule of Intangible Assets	The following is a summary of the intangible assets as of June 30, 2018 and 2017. June 30, 2018 June 30, 2017 Intangible Assets subject to Amortization $ 22,93,770 $ 22,93,770 Accumulated Amortization 5,09,790 2,80,413 Intangible Assets (Net of Amoritization) $ 17,83,980 $ 20,13,357
Schedule of Future expected Amortization of intangible assets	Future expected Amortization of intangible assets is as follows: Year Ending June 30, 2019 $ 2,29,377 2020 2,29,377 2021 2,29,377 2022 2,29,377 2023 2,29,377 Thereafter 6,37,095 $ 17,83,980

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Jun. 30, 2018
Stockholders Equity
Schedule of Stock option grants for each respective period	The following is a summary of stock option activity for the years ended June 30, 2017 and 2018. Shares (Thousands) Weighed-Average Exercise Price Weighted Remaining Average Contractual Term Options Outstanding at July 1, 2016 3,000 $ 0.06 6.5 Granted 1,000 $ 0.24 4.0 Outstanding at June 30, 2017 4,000 $ 0.10 5.9 Granted 1,250 $ 0.15 5.0 Options Exercised -100 $ 0.02 — Outstanding at June 30, 2018 5,150 $ 0.12 5.8 Exercisable at June 30, 2018 4,150 $ 0.13 4.8 The following is a summary of stock options outstanding and exercisable by exercise price as of June 30, 2018. Exercise Price Outstanding Weighted Average Contract Life Exercisable $ 0.06 31,00,000 6.5 21,00,000 $ 0.10 5,00,000 4.8 5,00,000 $ 0.20 2,00,000 4.5 2,00,000 $ 0.21 5,50,000 4.1 5,50,000 $ 0.22 1,00,000 4.0 1,00,000 $ 0.23 2,00,000 4.4 2,00,000 $ 0.25 5,00,000 3.6 5,00,000 Total 51,50,000 41,50,000 The following table summarizes the warrants that have been issued: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life (Years) Outstanding at June 30, 2016 50,00,000 $ 0.50 — Granted 11,73,864 $ 0.51 3.5 Outstanding at June 30, 2017 61,73,864 $ 0.50 0.7 Granted 36,00,151 $ 0.22 6.1 Expired -50,00,000 $ 0.50 — Outstanding at June 30, 2018 47,74,015 $ 0.29 5.5 The following table summarizes the warrants by price: Weighted Average Exercise Price Number of Shares Weighted Average Remaining Life (Years) $ 0.15 30,43,333 6.4 $ 0.50 10,37,501 3.5 $ 0.60 6,93,181 4.1 47,74,015 5.5

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of gross amounts of deferred tax assets and deferred tax liabilities	June 30, 2018 June 30, 2017 Deferred tax assets: Tax loss carryforward $ 5,55,064 $ 4,46,071 Intangible assets 19,277 3,735 Stock based compensation 2,57,845 25,149 Valuation Allowance (8,32,186 ) (4,74,955 ) Net deferred tax assets $ — $ —
Reconciliation of the federal statutory income tax rate to income tax expense expense	Reconciliation of the differences between income tax benefit computed at the federal and state statutory tax rates and the provision for income tax benefit for the years ended June 30, 2018 and 2017 is as follows: 2018 2017 Income tax expense (benefit) at federal statutory rate 34 % 34 % State taxes, net of federal benefit 5 % 5 % Change in valuation allowance -39 % -39 % — —

Liquidity (Details Narrative)

Liquidity (Details Narrative) - Subsequent Event [Member] - Acuitas Group Holdings, LLC and Other Purchaser [Member]	Jul. 03, 2018USD ($)shares
Warrants to be Issued | shares	213,333,200
Total Consideration | $	$ 3,200,000

Significant Accounting Polici_4

Significant Accounting Policies (Details) - shares	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Dilutive Securities excluded from the Computation of Diluted Loss Per Share	10,174,000	9,924,000
Warrant [Member]
Dilutive Securities excluded from the Computation of Diluted Loss Per Share	6,174,000	4,774,000
Stock Option [Member]
Dilutive Securities excluded from the Computation of Diluted Loss Per Share	4,000,000	5,150,000

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Disclosure Intangible Assets Details Abstract
Intangible Assets subject to Amortization	$ 2,293,770	$ 2,293,770
Accumulated Amortization	509,790	280,413
Intangible Assets (Net of Amoritization)	$ 1,783,980	$ 2,013,357

Intangible Assets (Details 2)

Intangible Assets (Details 2) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Disclosure Intangible Assets Details 2Abstract
2,019	$ 229,377
2,020	229,377
2,021	229,377
2,022	229,377
2,023	229,377
Thereafter	637,095
Intangible Assets (Net of Amoritization)	$ 1,783,980	$ 2,013,357

Stockholders' Equity (Details)

Stockholders' Equity (Details) - $ / shares	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Option Exercised	(100)
Stock Option [Member]
Option Outstanding at beginning of year	4,000,000	3,000,000
Option Granted	1,250,000	1,000,000
Option Exercised	(100,000)
Option Outstanding at end of year	5,150,000	4,000,000
Option Excersiable at end of year	4,150,000
Outstanding Weighted Average Exercise Price at the beginning	$ .10	$ 0.06
Weighted Average Exercise Price, Granted	.15	.24
Weighted Average Exercise Price, Exercised	0.02
Outstanding Weighted Average Exercise Price at the end	.12	$ .10
Excersiable Weighted Average Exercise Price at the end	$ 0.13
Weighted Average Remaining Contractual Term at the beginning	5 years 10 months 15 days	6 years 6 months
Weighted Average Remaining Contractual Term, Granted	5 years	4 years
Weighted Average Remaining Contractual Term at the end	5 years 9 months 18 days	5 years 10 months 15 days
Excersiable Weighted Average Remaining Contractual Term at the end	4 years 9 months 18 days

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - $ / shares	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Warrant [Member]
Warrant, Exercise Price	$ 0.15
Warrant, Shares issued	3,043,333
Warrant, Weighted Average Contractual Life	6 years 4 months 24 days
Warrant [Member]
Warrant, Exercise Price	$ 0.50
Warrant, Shares issued	1,037,501
Warrant, Weighted Average Contractual Life	3 years 6 months
Warrant [Member]
Warrant, Exercise Price	$ 0.60
Warrant, Shares issued	693,181
Warrant, Weighted Average Contractual Life	4 years 1 month 6 days
Warrant [Member]
Warrant, Exercise Price	$ 0.29	$ 0.50	$ 0.50
Warrant, Shares issued	4,774,015	6,173,864	5,000,000
Warrant, Weighted Average Contractual Life	5 years 6 months	8 months 12 days
Stock Option [Member]
Exercise Price	$ 0.06
Option Outstanding	3,100,000
Weighted Average Contractual Life	6 years 6 months
Option Excersiable	2,100,000
Stock Option [Member]
Exercise Price	$ 0.10
Option Outstanding	500,000
Weighted Average Contractual Life	4 years 9 months 18 days
Option Excersiable	500,000
Stock Option [Member]
Exercise Price	$ 0.20
Option Outstanding	200,000
Weighted Average Contractual Life	4 years 6 months
Option Excersiable	200,000
Stock Option [Member]
Exercise Price	$ 0.21
Option Outstanding	550,000
Weighted Average Contractual Life	4 years 1 month 6 days
Option Excersiable	550,000
Stock Option [Member]
Exercise Price	$ 0.22
Option Outstanding	100,000
Weighted Average Contractual Life	4 years
Option Excersiable	100,000
Stock Option [Member]
Exercise Price	$ 0.25
Option Outstanding	200,000
Weighted Average Contractual Life	3 years 7 months 6 days
Option Excersiable	200,000
Stock Option [Member]
Exercise Price	$ 0.23
Option Outstanding	500,000
Weighted Average Contractual Life	4 years 4 months 24 days
Option Excersiable	500,000
Stock Option [Member]
Option Outstanding	5,150,000	4,000,000	3,000,000
Weighted Average Contractual Life	5 years 10 months 15 days	6 years 6 months
Option Excersiable	4,150,000

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - Warrant [Member] - $ / shares	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Warrant Outstanding at the beginning of the year	6,173,864	5,000,000
Warrant Granted	3,600,151	1,173,864
Warrant Expired	(5,000,000)
Warrant Outstanding at the end of year	4,774,015	6,173,864
Weighted Average Exercise Price at the beginning of the year	$ 0.50	$ 0.50
Weighted Average Exercise Price, Granted	0.22	0.51
Weighted Average Exercise Price, Expired	0.50
Weighted Average Exercise Price at the end of year	$ 0.29	$ 0.50
Weighted Average Remaining Life at the beginning of the year	8 months 12 days
Weighted Average Remaining Life, Granted	6 years 1 month 6 days	3 years 6 months
Weighted Average Remaining Life at the end of year	5 years 6 months	8 months 12 days

Income Taxes (Details)

Income Taxes (Details)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Tax expense (benefit) at U.S. statutory rate	34.00%	34.00%
State income tax expense (benefit), net of federal benefit	5.00%	5.00%
Change in valuation allowance	(39.00%)	(39.00%)
Total

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Deferred tax assets:
Tax loss carryforward	$ 555,064	$ 446,071
Intangible assets	19,277	3,735
Stock based compensation	257,845	25,149
Valuation Allowance	(832,186)	(474,955)
Net deferred tax assets