Document and Entity Information
Document and Entity Information | 6 Months Ended |
Dec. 31, 2018shares | |
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, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 315,053,673 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2,019 |
Entity Emerging Growth Company | true |
Entity Small Business | false |
Entity Ex Transition Period | false |
Condensed Balance Sheet (Unaudi
Condensed Balance Sheet (Unaudited) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
CURRENT ASSETS: | ||
Cash | $ 1,630,483 | $ 45,800 |
Total Current Assets | 1,630,483 | 45,800 |
OTHER ASSETS: | ||
Intangible Assets (Net of Amortization) | 1,669,292 | 1,783,980 |
Goodwill | 345,711 | 345,711 |
Total Fixed Assets | 2,015,003 | 2,129,691 |
TOTAL ASSETS | 3,645,486 | 2,175,491 |
CURRENT LIABILITIES: | ||
Accounts Payable and accrued expenses | 104,836 | 884,207 |
Accrued Payroll | 354,167 | |
Total Current Liabilities | 104,836 | 1,238,374 |
LONG TERM LIABILITIES: | ||
Demand Promissory Note | 250,000 | |
Notes Payable, Related Parties | 575,918 | |
Total Long Term Liabilities | 825,918 | |
TOTAL LIABILITIES | 104,836 | 2,064,292 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock; $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, $0.0001 par value; 800,000,000 and 300,000,000 shares authorized at December 31, 2018 and June 30, 2018, respectively; 315,053,673 and 98,503,199 shares issued and outstanding at December 31, 2018 and June 30, 2018, respectively | 31,505 | 9,850 |
Additional paid in capital | 9,267,311 | 4,870,475 |
Accumulated deficit | (5,758,166) | (4,769,126) |
Total Stockholders' Equity | 3,540,650 | 111,199 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 3,645,486 | $ 2,175,491 |
Condensed Balance Sheet (Unau_2
Condensed Balance Sheet (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2018 | Jun. 30, 2018 |
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 | 800,000,000 | 300,000,000 |
Common Stock Shares Issued | 315,053,673 | 98,503,199 |
Common stock, shares outstanding | 315,053,673 | 98,503,199 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||||
REVENUE | ||||
OPERATING EXPENSES | ||||
Amortization | 57,344 | 57,344 | 114,689 | 114,689 |
Research and development expenses | 206,019 | 186,841 | 400,540 | 228,695 |
Selling, general and administrative expenses | 237,507 | 250,622 | 477,069 | 813,655 |
TOTAL OPERATING EXPENSES | 500,870 | 494,807 | 992,297 | 1,157,039 |
LOSS FROM OPERATIONS | (500,870) | (494,807) | (992,298) | (1,157,039) |
OTHER EXPENSE (INCOME) | ||||
Other Income | (51,400) | |||
Interest Expense | 7,875 | 271 | 8,485 | |
Interest income | (360) | (788) | (1) | |
TOTAL OTHER EXPENSE (INCOME) | (360) | 7,875 | (51,917) | 8,484 |
NET LOSS | (500,510) | (502,682) | (940,381) | (1,165,523) |
Deemed dividend | 48,659 | |||
NET LOSS ATTRIBUTABLE TO COMPANY STOCKHOLDERS | $ (500,510) | $ (502,682) | $ (989,040) | $ (1,165,523) |
NET LOSS PER COMMON SHARE, BASIC AND DILUTED | $ 0 | $ (0.01) | $ 0 | $ (0.01) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 315,053,673 | 94,848,836 | 312,182,118 | 94,078,045 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (940,381) | $ (1,165,523) |
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 |
Stock based compensation expense | 19,697 | 39,773 |
Gain on settlement of debt | 51,400 | |
Changes in operating assets and liabilities: | ||
Accounts Payable | (456,422) | 158,245 |
Accrued Payroll | 125,000 | |
Net cash used by operating activities | (1,211,017) | (363,316) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of debt | (244,300) | (35,000) |
Proceeds from issuance of preferred shares | 3,040,000 | |
Proceeds from issuance of common stock and warrants | 395,000 | |
Net cash provided by financing activities | 2,795,700 | 360,000 |
Net decrease in cash | 1,584,684 | (3,316) |
Cash, beginning of period | 45,800 | 5,140 |
Cash, end of period | 1,630,483 | 1,824 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for taxes | ||
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Conversion of preferred shares to common stock | 3,200,000 | |
Settlement of debt by issuance of common stock | 1,150,135 | |
Cashless exercise of warrants | 224 | |
Deemed dividends for ratchet adjustments to warrants | $ 48,659 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock | Common Stock | Capital in Excess of Par Value | Accumulated Deficit | Total |
Beginning Balance at Jun. 30, 2017 | $ 9,193 | $ 3,483,134 | $ (2,335,009) | $ 1,157,318 | |
Beginning Balance, Shares at Jun. 30, 2017 | 91,925,000 | ||||
Issuance of shares in a private placement | $ 117 | 244,883 | 245,000 | ||
Issuance of shares in a private placement (in shares) | 1,169,091 | ||||
Issuance of shares for services | $ 150 | 329,850 | 330,000 | ||
Issuance of shares for services, Shares | 1,500,000 | ||||
Stock option compensation | 12,752 | 12,752 | |||
Net loss | (662,841) | (662,841) | |||
Ending Balance at Sep. 30, 2017 | $ 9,460 | 4,070,619 | (2,997,850) | 1,082,229 | |
Ending Balance, Shares at Sep. 30, 2017 | 94,594,091 | ||||
Beginning Balance at Jun. 30, 2017 | $ 9,193 | 3,483,134 | (2,335,009) | 1,157,318 | |
Beginning Balance, Shares at Jun. 30, 2017 | 91,925,000 | ||||
Issuance of shares for services | 364,500 | ||||
Issuance of shares in exchange for debt settlement | |||||
Stock option compensation | 39,773 | ||||
Cashless exercise of warrants | |||||
Net loss | (1,165,523) | ||||
Ending Balance at Dec. 31, 2017 | $ 9,498 | 4,282,102 | (3,500,532) | 791,068 | |
Ending Balance, Shares at Dec. 31, 2017 | 94,971,364 | ||||
Beginning Balance at Sep. 30, 2017 | $ 9,460 | 4,070,619 | (2,997,850) | 1,082,229 | |
Beginning Balance, Shares at Sep. 30, 2017 | 94,594,091 | ||||
Issuance of shares in a private placement | $ 23 | 49,977 | 50,000 | ||
Issuance of shares in a private placement (in shares) | 227,273 | ||||
Issuance of shares for services | $ 15 | 34,485 | 34,500 | ||
Issuance of shares for services, Shares | 150,000 | ||||
Issuance of warrants in a private placement | 100,000 | 100,000 | |||
Stock option compensation | 27,021 | 27,021 | |||
Net loss | (502,682) | (502,682) | |||
Ending Balance at Dec. 31, 2017 | $ 9,498 | 4,282,102 | (3,500,532) | 791,068 | |
Ending Balance, Shares at Dec. 31, 2017 | 94,971,364 | ||||
Beginning Balance at Jun. 30, 2018 | $ 9,850 | 4,870,475 | (4,769,126) | 111,199 | |
Beginning Balance, Shares at Jun. 30, 2018 | 98,503,199 | ||||
Issuance of shares in a private placement | $ 3,200,000 | 3,200,000 | 3,200,000 | ||
Issuance of shares in a private placement (in shares) | 2,133,332 | ||||
Conversion of preferred stock to common stock | $ (3,200,000) | $ 21,333 | (21,333) | ||
Conversion of preferred stock to common stock (in shares) | (2,133,332) | 213,333,200 | |||
Issuance of shares in exchange for debt settlement | $ 98 | 1,150,037 | 1,150,135 | ||
Issuance of shares in exchange for debt settlement, Shares | 975,361 | ||||
Stock option compensation | 3,412 | 3,412 | |||
Cashless exercise of warrants | $ 224 | (224) | |||
Cashless exercise of warrants, Shares | 2,241,913 | ||||
Deemed dividends for ratchet adjustment to warrants | 48,659 | (48,659) | |||
Net loss | (439,871) | (439,871) | |||
Ending Balance at Sep. 30, 2018 | $ 31,505 | 9,251,026 | (5,257,656) | 4,024,875 | |
Ending Balance, Shares at Sep. 30, 2018 | 315,053,673 | ||||
Beginning Balance at Jun. 30, 2018 | $ 9,850 | 4,870,475 | (4,769,126) | 111,199 | |
Beginning Balance, Shares at Jun. 30, 2018 | 98,503,199 | ||||
Issuance of shares for services | |||||
Issuance of shares in exchange for debt settlement | 1,150,135 | ||||
Stock option compensation | 19,697 | ||||
Cashless exercise of warrants | 224 | ||||
Net loss | (940,381) | ||||
Ending Balance at Dec. 31, 2018 | $ 31,505 | 9,267,311 | (5,758,166) | 3,540,650 | |
Ending Balance, Shares at Dec. 31, 2018 | 315,053,673 | ||||
Beginning Balance at Sep. 30, 2018 | $ 31,505 | 9,251,026 | (5,257,656) | 4,024,875 | |
Beginning Balance, Shares at Sep. 30, 2018 | 315,053,673 | ||||
Stock option compensation | 16,285 | 16,285 | |||
Net loss | (500,510) | (500,510) | |||
Ending Balance at Dec. 31, 2018 | $ 31,505 | $ 9,267,311 | $ (5,758,166) | $ 3,540,650 | |
Ending Balance, Shares at Dec. 31, 2018 | 315,053,673 |
Background Information
Background Information | 6 Months Ended |
Dec. 31, 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 April 2017, the Company signed a Cooperative Research and Development Agreement (CRADA) with the McGuire Research Institute Inc. in Richmond, VA, and began dosing patients with BIV201 in September 2017. As of January 2019, all six of the planned patients had been treated with BIV201 therapy or enrolled 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 Company has issued a 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, Hong Kong, and China. 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, had 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. On December 24, 2018, the Company returned its partial ownership rights to the PharmaIN modified terlipressin development program and simultaneously paid the remaining balance due on a related debt. PharmaIN, Corp. rights to our program remain unchanged. 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 | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Liquidity | 2. Liquidity and Going Concern The Company’s operations are subject to a number of factors that can affect its operating results and financial conditions. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital. The Company’s financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has experienced losses since inception and has an accumulated deficit of approximately $5.8 million at December 31, 2018. In addition, the Company has not generated any revenues and no revenues are anticipated in the foreseeable future. The Company’s future operations are dependent on the success of the Company’s ongoing development and commercialization efforts, as well as continuing to secure additional financing. In July 2018, the Company completed a capital raise from Acuitas Group Holding, LLC (“Acuitas”) and other purchasers and received net proceeds of $3.2 million and has resumed to further clinical development of BIV201. The Acuitas investment agreement also stipulated that if the clinical development of BIV201 continues, Acuitas may invest an additional $3 million to fund operations in year two, less any federal or FDA grant funding received by the Company. The future viability of the Company is largely dependent upon its ability to raise additional capital to finance its operations. Management expects that future sources of funding may include sales of equity, obtaining loans, or other strategic transactions. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient financing on terms acceptable to the Company to fund continuing operations, if at all. These circumstances raise substantial doubt on the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. Significant Accounting Policies Basis of Presentation – Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United State of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The Condensed Balance Sheet at June 30, 2018 was derived from audited annual financial statements but does not contain all the footnote disclosures from the annual financial statements. The accompanying financial statements and information included under the heading: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our Company’s audited financial statements and related notes included in our Company’s Form 10-K for the year ended June 30, 2018 filed with the SEC on October 5, 2018. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2018 filed with the SEC on October 5, 2018. Net Loss per Common Share Basic net loss per common share is computed by dividing the net loss before deemed dividend by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants, convertible preferred stock and convertible debentures. Due to the net loss for the period, such amounts were excluded from the diluted loss since their effect was considered anti-dilutive. The table below shows the number of outstanding stock options and warrants as of December 31, 2018 and June 30, 2018: December 31, 2018 June 30, 2018 Number of Shares Number of Shares Stock Options 5,550,000 5,150,000 Warrants 216,440,548 4,774,015 Total 221,990,548 9,924,015 Recent accounting pronouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASU’s”). ASU’s not discussed below were assessed and determined to be either not applicable or expected to have minimal impact on our balance sheets or statement of operations. In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Accounting”. This guidance aligns the accounting for share-based payment transactions with non-employees to accounting for share-based payment transactions with employees. Companies are required to record a cumulative-effect adjustment (net of tax) to retained earnings as of the beginning of the fiscal year of the adoption. Upon transition, non-employee awards are required to be measured at fair value as of the adoption date. This standard will be effective for fiscal years beginning December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on the financial statements. |
Intellectual Property
Intellectual Property | 6 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Intellectual Property | 4. Intellectual Property Intellectual property, stated at cost, less accumulated amortization consists of the following: December 31, 2018 June 30, 2018 Intellectual Property $ 2,293,770 $ 2,293,770 Accumulated Amortization 624,478 509,790 Intellectual Property, Net $ 1,669,292 $ 1,783,980 Amortization expense for the three- and six-month periods ended December 31, 2018 was $57,344 and $114,689, respectively, and for the three- and six-month periods ended December 30, 2017 was $57,344 and $114,689, respectively. Estimated future amortization expense is as follows: Year ending June 2019 (remaining six months) $ 114,689 2020 229,377 2021 229,377 2022 229,377 2023 229,377 Thereafter 637,095 $ 1,669,292 |
Renegotiated Note
Renegotiated Note | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Renegotiated Debt | 5. Renegotiated Debt 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 $132,000 and received cash of $65,000 and 260,000 common shares in satisfaction. The common shares were valued at the market price on the date of settlement at $0.06 per common share. The gain of $51,400 on the settlement of debt was reflected on the Statements of Operations as “other income” for the six month period ended December 31, 2018. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 6. Related Party Transactions On July 9, 2018, Jonathan Adams (COO) 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, the promissory note issued by the Company to defer payment of accrued salary; and subsequent unpaid salary, totaling the amount of $534,722, and received cash of $25,694 in satisfaction. The gain of $509,028 on the settlement of debt was reflected in the additional paid in capital. On August 8, 2018, Barrett Ehrlich (Independent contractor, related party to Elliot Ehrlich and shareholder) 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 accrued consulting fees dated March 23, 2017, the promissory note issued by the Company to defer payment of accrued consulting fees; loan to the Company for $14,000, and subsequent unpaid consulting fees, totaling $543,014, and received cash of $131,333 and 493,333 common shares in satisfaction. The common shares were valued at the market price on the date of settlement at $0.13 per common share. The gain of $361,548 on the settlement of debt was reflected in the additional paid in capital. On July 9, 2018, Elliot Ehrlich (former CEO and shareholder) 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 accrued salary dated March 23, 2017, totaling the amount of $222,028 the promissory note issued by the Company to defer payment of accrued salary; and received cash of $22,203 and 222,028 common shares in satisfaction. The common shares were valued at the market price on the date of settlement at $0.06 per common share. The gain of $186,503 on the settlement of debt was reflected in the additional paid in capital. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Office Lease On October 1, 2018, the Company executed a lease agreement with Acuitas Group Holdings, LLC (related party) for the Company’s office at 11601 Wilshire Blvd Ste 1100, Los Angeles, CA 90025. The lease is a month-to-month lease that may be cancelled upon 30 days’ written notice and requires monthly payments of $1,000. 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. 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. On November 14, 2018, the PTAB granted institution of the IPR challenge after determining that there was a reasonable likelihood of success in proving that at least one of the Company’s 14 claims was unpatentable. BioVie will seek to defend the ‘945 patent and/or pursue a favorable settlement. As of December 31, 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. 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, had 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. On December 24, 2018, the Company returned its partial ownership rights to the PharmaIN modified terlipressin development program and simultaneously paid the remaining balance due on a related debt. PharmaIN, Corp. rights to our program remain unchanged. 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 a maximum of $200,000 per year. |
Equity Transactions
Equity Transactions | 6 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Transactions | 8. Equity Transactions Stock Options The following table summarizes the activity relating to the Company’s stock options for the six months ended December 31, 2018: Options Weighted-Average Exercise Price Weighted Remaining Average Contractual Term Aggregate Intrinsic Value Outstanding at June 30, 2018 5,150,000 $ 0.12 5.8 $ — Granted 400,000 $ 0.06 4.6 $ — Options Exercised — $ — — $ — Outstanding at December 31, 2018 5,550,000 $ 0.11 5.7 $ — Exercisable at December 31, 2018 4,550,000 $ 0.11 5.7 $ — The fair value of each option grant on the date of grant is estimated using the Black-Scholes Option – Pricing model reflecting the following weighted-average assumptions: December 31, 2018 2017 Expected life of options (In years) 5 2 Expected volatility 67.91 % 69.66 % Risk ree interest rate 2.98 % 1.59 % Dividend Yield 0 % 0 % Expected volatility is based on the historical volatilities of three comparable companies of the daily closing price of their respective common stick and the expected life of options is based on historical data with respect to employee exercise periods. The Company accounts for forfeitures as they are incurred. The Company recorded stock-based compensation expense of $16,285 and $19,697 for the three-and six-month periods ended December 31, 2018, respectively, and $27,021 and $39,773 for the three-and six-month periods ended December 31, 2017, respectively. The fair value of options vested during the six-month period ended December 31, 2018 and 2017, was $6,823 and $16,854 respectively. As of December 31, 2018, there was approximately $4,966 of unrecognized compensation cost related to non-vested options granted which is expected to be recognized over a weighted-average period of 4 months. The following is a summary of stock options outstanding and exercisable by exercise price as of December 31, 2018: Weighted Average Exercise Price Outstanding Contract Life Exercisable $0.05 300,000 4.8 300,000 $0.06 3,100,000 7.2 2,100,000 $0.07 100,000 4.8 100,000 $0.10 500,000 4.1 500,000 $0.20 200,000 3.8 200,000 $0.21 550,000 3.3 550,000 $0.22 100,000 3.2 100,000 $0.23 200,000 3.6 200,000 $0.25 500,000 2.9 500,000 Total 5,550,000 4,550,000 Offerings of Common Stock and Warrants Issuance of Shares for Cash 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. The Company received $160,000 of the $3.2 million in April and May 2018 as prepaid equity. 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 that was filed with the Securities and Exchange Commission. 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. 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 this 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 low single digit royalty on the net sales of BIV201 (continuous infusion terlipressin) to be shared among LAT Pharma LLC members, PharmaIN Corporation and 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 low single digit royalty 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. Issuance of Shares in Settlement of Debt During the six months ended December 31, 2018, the Company settled $1,475,765 of debt including $1,313,765 owed to related parties, by issuing 975,361 shares of common stock with a fair value of $1,150,135. See notes 5 and 6. Issuance of Stock Options On October 1, 2018, the Company issued stock options to purchase 100,000 shares of common stock to the Chief Financial Officer as part of her compensation. The stock options were issued and are exercisable at an exercise price of $0.07 at any time from date of issuance and expire in 5 years from the date of issuance. On October 13, 2018, the Company issued stock options to purchase 100,000 shares of common stock as part of their annual board of director compensation. The stock options were issued and are exercisable at $0.05 at any time from date of issuance and expire in 5 years from the date of issuance. On October 27, 2018, the Company issued stock options to purchase 100,000 shares of common stock as part of their annual board of director compensation. The stock options were issued and are exercisable at $0.05 at any time from date of issuance and expire in 5 years from the date of issuance On November 10, 2018, the Company issued stock options to purchase 100,000 shares of common stock as part of their annual board of director compensation. The stock options are exercisable at an exercise price of $0.05 at any time from date of issuance and expire in 5 years from the date of issuance. Cashless exercise of warrant 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. 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. 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. In July 2018, the Company sold shares at $0.015, 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 $44,889 as a deemed dividend. The fair value of the warrants granted was estimated using the Black Scholes Method. In January 2018, the Company issued warrants to purchase 210,000 shares of common stock in exchange for banking services which was recognized at fair value. The warrants were exercisable at an exercise price of $0.15 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 July 2018, the Company sold shares at $0.015, 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 $3,770 as a deemed dividend. The fair value of the warrants granted was estimated using the Black Scholes Method. The following table summarizes the warrants that have been issued: Number of Weighted Average Weighted Average Remaining Aggregate Intrinsic Shares Exercise Price Life (Years) Value Outstanding at June 30, 2018 4,774,015 $ 0.29 5.0 $ — Granted 214,166,533 $ 0.02 5.5 $ 2,141,665 Expired — $ — — $ — Exercised (2,500,000 ) $ 0.02 — $ — Outstanding and exercisable at December 31, 2018 216,440,548 $ 0.02 5.5 $ 2,141,665 Of the above warrants, 1,173,864 expire in fiscal year ending June 30, 2022, 556,818 expire in fiscal year ending June 30, 2023, and 214,709,866 expire in fiscal year ending June 30, 2025. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Event On January 15, 2019, the Company issued 1,400,000 shares of common stock as part of the annual board of director compensation. The share price on date of issuance was $0.035 per share. On January 19, 2019, the Company issued stock options to purchase 100,000 shares of common stock to each of five key employees or consultants and two company directors as part of his or her annual compensation, for an aggregate total of 700,000 stock options. The stock options are exercisable at an exercise price of $0.025 at any time from date of issuance until 5 years from the date of issuance. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation – Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United State of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The Condensed Balance Sheet at June 30, 2018 was derived from audited annual financial statements but does not contain all the footnote disclosures from the annual financial statements. The accompanying financial statements and information included under the heading: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our Company’s audited financial statements and related notes included in our Company’s Form 10-K for the year ended June 30, 2018 filed with the SEC on October 5, 2018. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2018 filed with the SEC on October 5, 2018. |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per common share is computed by dividing the net loss before deemed dividend by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants, convertible preferred stock and convertible debentures. Due to the net loss for the period, such amounts were excluded from the diluted loss since their effect was considered anti-dilutive. The table below shows the number of outstanding stock options and warrants as of December 31, 2018 and June 30, 2018: December 31, 2018 June 30, 2018 Number of Shares Number of Shares Stock Options 5,550,000 5,150,000 Warrants 216,440,548 4,774,015 Total 221,990,548 9,924,015 |
Recent accounting pronouncements | Recent accounting pronouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASU’s”). ASU’s not discussed below were assessed and determined to be either not applicable or expected to have minimal impact on our balance sheets or statement of operations. In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Accounting”. This guidance aligns the accounting for share-based payment transactions with non-employees to accounting for share-based payment transactions with employees. Companies are required to record a cumulative-effect adjustment (net of tax) to retained earnings as of the beginning of the fiscal year of the adoption. Upon transition, non-employee awards are required to be measured at fair value as of the adoption date. This standard will be effective for fiscal years beginning December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on the financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Disclosure Significant Accounting Policies Tables Abstract | |
Schedule of Dilutive securities were excluded from the computation of diluted loss per share | The table below shows the number of outstanding stock options and warrants as of December 31, 2018 and June 30, 2018: December 31, 2018 June 30, 2018 Number of Shares Number of Shares Stock Options 5,550,000 5,150,000 Warrants 216,440,548 4,774,015 Total 221,990,548 9,924,015 |
Intellectual Property (Tables)
Intellectual Property (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Disclosure Intangible Assets Tables Abstract | |
Schedule of Intangible Assets | Intellectual property, stated at cost, less accumulated amortization consists of the following: December 31, 2018 June 30, 2018 Intellectual Property $ 2,293,770 $ 2,293,770 Accumulated Amortization 624,478 509,790 Intellectual Property, Net $ 1,669,292 $ 1,783,980 |
Schedule of Future expected Amortization of intangible assets | Estimated future amortization expense is as follows: Year ending June 2019 (remaining six months) $ 114,689 2020 229,377 2021 229,377 2022 229,377 2023 229,377 Thereafter 637,095 $ 1,669,292 |
Equity Transactions (Tables)
Equity Transactions (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Disclosure Stock Options Tables Abstract | |
Schedule of Stock Option Issued | The following table summarizes the activity relating to the Company’s stock options for the six months ended December 31, 2018: Options Weighted-Average Exercise Price Weighted Remaining Average Contractual Term Aggregate Intrinsic Value Outstanding at June 30, 2018 5,150,000 $ 0.12 5.8 $ — Granted 400,000 $ 0.06 4.6 $ — Options Exercised — $ — — $ — Outstanding at December 31, 2018 5,550,000 $ 0.11 5.7 $ — Exercisable at December 31, 2018 4,550,000 $ 0.11 5.7 $ — The fair value of each option grant on the date of grant is estimated using the Black-Scholes Option – Pricing model reflecting the following weighted-average assumptions: December 31, 2018 2017 Expected life of options (In years) 5 2 Expected volatility 67.91 % 69.66 % Risk ree interest rate 2.98 % 1.59 % Dividend Yield 0 % 0 % |
Schedule of option outstanding and exercisable by exercise price | The following is a summary of stock options outstanding and exercisable by exercise price as of December 31, 2018: Weighted Average Exercise Price Outstanding Contract Life Exercisable $0.05 300,000 4.8 300,000 $0.06 3,100,000 7.2 2,100,000 $0.07 100,000 4.8 100,000 $0.10 500,000 4.1 500,000 $0.20 200,000 3.8 200,000 $0.21 550,000 3.3 550,000 $0.22 100,000 3.2 100,000 $0.23 200,000 3.6 200,000 $0.25 500,000 2.9 500,000 Total 5,550,000 4,550,000 |
Schedule of Warrants Issued | The following table summarizes the warrants that have been issued: Number of Weighted Average Weighted Average Remaining Aggregate Intrinsic Shares Exercise Price Life (Years) Value Outstanding at June 30, 2018 4,774,015 $ 0.29 5.0 $ — Granted 214,166,533 $ 0.02 5.5 $ 2,141,665 Expired — $ — — $ — Exercised (2,500,000 ) $ 0.02 — $ — Outstanding and exercisable at December 31, 2018 216,440,548 $ 0.02 5.5 $ 2,141,665 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Jun. 30, 2018 | |
Dilutive Securities excluded from the Computation of Diluted Loss Per Share | 221,990,548 | 9,924,015 |
Warrant [Member] | ||
Dilutive Securities excluded from the Computation of Diluted Loss Per Share | 216,440,548 | 4,774,015 |
Stock Option [Member] | ||
Dilutive Securities excluded from the Computation of Diluted Loss Per Share | 5,550,000 | 5,150,000 |
Intellectual Property (Details)
Intellectual Property (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Disclosure Intangible Assets Details Abstract | ||
Intellectual Property | $ 2,293,770 | $ 2,293,770 |
Accumulated Amortization | 624,478 | 509,790 |
Intellectual Property, Net | $ 1,669,292 | $ 1,783,980 |
Intellectual Property (Details
Intellectual Property (Details 2) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Disclosure Intangible Assets Details 2Abstract | ||
2,019 | $ 114,689 | |
2,020 | 229,377 | |
2,021 | 229,377 | |
2,022 | 229,377 | |
2,023 | 229,377 | |
Thereafter | 637,095 | |
Intellectual Property, Net | $ 1,669,292 | $ 1,783,980 |
Equity Transactions (Details)
Equity Transactions (Details) | 6 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Stock Option [Member] | |
Option Outstanding at beginning of year | 5,150,000 |
Option Granted | 400,000 |
Option Exercised | |
Option Outstanding at end of year | 5,550,000 |
Option Excersiable at end of year | 4,550,000 |
Outstanding Weighted Average Exercise Price at the beginning | $ / shares | $ 0.12 |
Weighted Average Exercise Price, Granted | $ / shares | 0.06 |
Weighted Average Exercise Price, Exercised | $ / shares | |
Outstanding Weighted Average Exercise Price at the end | $ / shares | 0.11 |
Excersiable Weighted Average Exercise Price at the end | $ / shares | $ 0.11 |
Weighted Average Remaining Contractual Term at the beginning | 5 years 9 months 18 days |
Weighted Average Remaining Contractual Term, Granted | 4 years 7 months 6 days |
Weighted Average Remaining Contractual Term at the end | 5 years 8 months 12 days |
Excersiable Weighted Average Remaining Contractual Term at the end | 5 years 8 months 12 days |
StockOptionOneMember | |
Option Outstanding at end of year | 300,000 |
Option Excersiable at end of year | 300,000 |
Weighted Average Remaining Contractual Term at the beginning | 4 years 9 months 18 days |
StockOptionTwoMember | |
Option Outstanding at end of year | 3,100,000 |
Option Excersiable at end of year | 2,100,000 |
Weighted Average Remaining Contractual Term at the beginning | 7 years 2 months 12 days |
StockOptionThreeMember | |
Option Outstanding at end of year | 100,000 |
Option Excersiable at end of year | 100,000 |
Weighted Average Remaining Contractual Term at the beginning | 4 years 9 months 18 days |
StockOptionFourMember | |
Option Outstanding at end of year | 500,000 |
Option Excersiable at end of year | 500,000 |
Weighted Average Remaining Contractual Term at the beginning | 4 years 1 month 5 days |
StockOptionFiveMember | |
Option Outstanding at end of year | 200,000 |
Option Excersiable at end of year | 200,000 |
Weighted Average Remaining Contractual Term at the beginning | 3 years 9 months 18 days |
StockOptionSixMember | |
Option Outstanding at end of year | 550,000 |
Option Excersiable at end of year | 550,000 |
Weighted Average Remaining Contractual Term at the beginning | 3 years 3 months 18 days |
StockOptionSevenMember | |
Option Outstanding at end of year | 100,000 |
Option Excersiable at end of year | 100,000 |
Weighted Average Remaining Contractual Term at the beginning | 3 years 2 months 12 days |
StockOptionEightMember | |
Option Outstanding at end of year | 200,000 |
Option Excersiable at end of year | 200,000 |
Weighted Average Remaining Contractual Term at the beginning | 3 years 7 months 6 days |
StockOptionNineMember | |
Option Outstanding at end of year | 500,000 |
Option Excersiable at end of year | 500,000 |
Weighted Average Remaining Contractual Term at the beginning | 2 years 10 months 24 days |
Equity Transactions (Details 2)
Equity Transactions (Details 2) - $ / shares | 6 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2018 | |
StockOptionOneMember | ||
Exercise Price | $ 0.05 | |
Option Outstanding | 300,000 | |
Weighted Average Contractual Life | 4 years 9 months 18 days | |
Option Excersiable | 300,000 | |
StockOptionTwoMember | ||
Exercise Price | $ 0.06 | |
Option Outstanding | 3,100,000 | |
Weighted Average Contractual Life | 7 years 2 months 12 days | |
Option Excersiable | 2,100,000 | |
StockOptionThreeMember | ||
Exercise Price | $ 0.07 | |
Option Outstanding | 100,000 | |
Weighted Average Contractual Life | 4 years 9 months 18 days | |
Option Excersiable | 100,000 | |
StockOptionFourMember | ||
Exercise Price | $ 0.10 | |
Option Outstanding | 500,000 | |
Weighted Average Contractual Life | 4 years 1 month 5 days | |
Option Excersiable | 500,000 | |
StockOptionFiveMember | ||
Exercise Price | $ 0.20 | |
Option Outstanding | 200,000 | |
Weighted Average Contractual Life | 3 years 9 months 18 days | |
Option Excersiable | 200,000 | |
StockOptionSixMember | ||
Exercise Price | $ 0.21 | |
Option Outstanding | 550,000 | |
Weighted Average Contractual Life | 3 years 3 months 18 days | |
Option Excersiable | 550,000 | |
StockOptionSevenMember | ||
Exercise Price | $ 0.22 | |
Option Outstanding | 100,000 | |
Weighted Average Contractual Life | 3 years 2 months 12 days | |
Option Excersiable | 100,000 | |
StockOptionEightMember | ||
Exercise Price | $ 0.23 | |
Option Outstanding | 200,000 | |
Weighted Average Contractual Life | 3 years 7 months 6 days | |
Option Excersiable | 200,000 | |
StockOptionNineMember | ||
Exercise Price | $ 0.25 | |
Option Outstanding | 500,000 | |
Weighted Average Contractual Life | 2 years 10 months 24 days | |
Option Excersiable | 500,000 | |
Stock Option [Member] | ||
Option Outstanding | 5,550,000 | 5,150,000 |
Weighted Average Contractual Life | 5 years 9 months 18 days | |
Option Excersiable | 4,550,000 |
Equity Transactions (Details 3)
Equity Transactions (Details 3) - Warrant [Member] | 6 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Warrant Outstanding at the beginning of the year | shares | 4,774,015 |
Warrant Granted | shares | 214,166,533 |
Warrant Expired | shares | |
Warrant Exercised | shares | (2,500,000) |
Warrant Outstanding at the end of year | shares | 216,440,548 |
Weighted Average Exercise Price at the beginning of the year | $ / shares | $ 0.29 |
Weighted Average Exercise Price, Granted | $ / shares | 0.02 |
Weighted Average Exercise Price, Expired | $ / shares | |
Weighted Average Exercise Price, Exercised | $ / shares | 0.02 |
Weighted Average Exercise Price at the end of year | $ / shares | $ 0.02 |
Weighted Average Remaining Life at the beginning of the year | 5 years |
Weighted Average Remaining Life, Granted | 5 years 6 months |
Weighted Average Remaining Life at the end of year | 5 years 6 months |
Aggregate Intrinsic Value, Beginning Balance | $ | |
Aggregate Intrinsic Value, Granted | $ | 2,141,665 |
Aggregate Intrinsic Value, Ending Balance | $ | $ 2,141,665 |