Perspective Therapeutics (CATX) 10-Q 9 Nov 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Oct. 19, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Entity Registrant Name	IsoRay, Inc.
Entity Central Index Key	728,387
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		55,013,553
Entity Current Reporting Status	Yes
Trading Symbol	ISR

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 1,587,009	$ 5,226,740
Certificates of deposit (Note 3)	11,891,312	9,362,574
Accounts receivable, net of allowance for doubtful accounts of $30,000 and $30,000, respectively	1,130,540	1,049,041
Inventory	460,557	403,955
Other receivables	10,406	19,615
Prepaid expenses and other current assets	260,549	263,597
Total current assets	15,340,373	16,325,522
Fixed assets, net of accumulated depreciation	441,890	574,840
Certificates of deposit, non-current (Note 3)	5,135,116	5,106,775
Restricted cash	181,262	181,262
Inventory, non-current	569,854	569,854
Other assets, net of accumulated amortization	240,403	245,031
Total assets	21,908,898	23,003,284
Current liabilities:
Accounts payable and accrued expenses	411,032	498,253
Accrued protocol expense	152,465	124,131
Accrued radioactive waste disposal	141,500	129,500
Accrued payroll and related taxes	129,540	212,795
Accrued vacation	96,847	127,515
Total current liabilities	931,384	1,092,194
Long-term liabilities:
Warrant derivative liability	166,000	181,000
Asset retirement obligation	969,336	947,849
Total liabilities	$ 2,066,720	$ 2,221,043
Commitments and contingencies (Note 8)
Shareholders' equity:
Preferred stock, $.001 par value; 7,001,671 shares authorized	$ 59	$ 59
Common stock, $.001 par value; 192,998,329 shares authorized; 55,013,553 and 54,967,559 shares issued and outstanding	55,014	54,968
Treasury stock, at cost, 13,200 shares	(8,390)	(8,390)
Additional paid-in capital	82,546,112	82,467,111
Accumulated deficit	(62,750,617)	(61,731,507)
Total shareholders' equity	19,842,178	20,782,241
Total liabilities and shareholders' equity	$ 21,908,898	$ 23,003,284
Series A Preferred Stock [Member]
Shareholders' equity:
Preferred stock, $.001 par value; 7,001,671 shares authorized
Series B Preferred Stock [Member]
Shareholders' equity:
Preferred stock, $.001 par value; 7,001,671 shares authorized	$ 59	$ 59
Series C Preferred Stock [Member]
Shareholders' equity:
Preferred stock, $.001 par value; 7,001,671 shares authorized
Series D Preferred Stock [Member]
Shareholders' equity:
Preferred stock, $.001 par value; 7,001,671 shares authorized

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Accounts receivable, allowance for doubtful accounts	$ 30,000	$ 30,000
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	7,001,671	7,001,671
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	192,998,329	192,998,329
Common stock, shares issued	55,013,553	54,967,559
Common stock, shares outstanding	55,013,553	54,967,559
Treasury stock, shares	13,200	13,200
Series A Preferred Stock [Member]
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Preferred Stock [Member]
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	59,065	59,065
Preferred stock, shares outstanding	59,065	59,065
Series C Preferred Stock [Member]
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series D Preferred Stock [Member]
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,671	1,671
Preferred stock, shares outstanding	0	0
Common stock, shares issued	0	0

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Consolidated Statements of Operations [Abstract]
Product sales, net	$ 1,261,322	$ 1,042,101
Cost of product sales	1,177,863	1,096,903
Gross profit / (loss)	83,459	(54,802)
Operating expenses:
Research and development	143,903	176,610
Sales and marketing	278,421	353,743
General and administrative	751,712	575,951
Total operating expenses	1,174,036	1,106,304
Operating loss	(1,090,577)	(1,161,106)
Non-operating income (expense):
Interest income	57,417	72,695
Change in fair value of warrant derivative liability	15,000	306,000
Interest expense	(950)	(3,451)
Non-operating income (expense), net	71,467	375,244
Net loss	(1,019,110)	(785,862)
Preferred stock dividends	(2,658)	(2,658)
Net loss applicable to common shareholders	$ (1,021,768)	$ (788,520)
Basic and diluted loss per share	$ (0.02)	$ (0.01)
Weighted average shares used in computing net loss per share:
Basic and diluted	55,012,901	54,868,053

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,019,110)	$ (785,862)
Adjustments to reconcile net loss to net cash used by operating activities:
Allowance for doubtful accounts		(11,321)
Depreciation of fixed assets	$ 136,668	169,970
Amortization of other assets	20,725	7,734
Change in fair value of derivative warrant liabilities	(15,000)	(306,000)
Accretion of asset retirement obligation	21,487	19,644
Share-based compensation	32,312	21,453
Changes in operating assets and liabilities:
Accounts receivable, gross	(81,499)	(37,889)
Inventory	(56,602)	(47,742)
Other receivables	9,209	47,824
Prepaid expenses and other current assets	3,048	(46,136)
Accounts payable and accrued expenses	(87,221)	(65,167)
Accrued protocol expense	28,334	14,029
Accrued radioactive waste disposal	12,000	12,000
Accrued payroll and related taxes	(83,255)	(130,779)
Accrued vacation	(30,668)	(4,944)
Net cash used by operating activities	(1,109,572)	(1,143,186)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(3,718)	(7,453)
Additions to licenses and other assets	(16,097)	$ (2,296)
Proceeds from the maturity of certificates of deposit	3,526,999
Purchases of certificates of deposit	(6,055,737)	$ (22,355)
Purchases of certificates of deposit - non-current	$ (28,341)	(4,645,139)
Change in restricted cash		(13)
Net cash used by investing activities	$ (2,576,894)	(4,677,256)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, pursuant to exercise of warrants		70,411
Proceeds from sales of common stock, pursuant to exercise of options	$ 46,735	145,275
Net cash provided by financing activities	46,735	215,686
Net decrease in cash and cash equivalents	(3,639,731)	(5,604,756)
Cash and cash equivalents, beginning of period	5,226,740	7,680,073
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 1,587,009	2,075,317
Non-cash investing and financing activities:
Reclassification of derivative warrant liability to equity upon exercise		$ (17,000)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2015
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited interim consolidated financial statements are those of IsoRay, Inc., and its wholly-owned subsidiaries (IsoRay or the Company). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in the prior-period financial statements have been reclassified to conform to the current-period presentation. In the opinion of management, the accompanying unaudited interim consolidated financial statements and notes to the interim consolidated financial statements contain all adjustments, consisting of normal recurring items, necessary to present fairly, in all material respects, the financial position of IsoRay, Inc. and its wholly-owned subsidiaries. These unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related footnotes as set forth in the Company's annual report filed on Form 10-K for the year ended June 30, 2015. The results of operations for the periods presented may not be indicative of those which may be expected for a full year. The unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP) have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures are adequate for the information not to be misleading. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ materially from those estimates. The Company anticipates that as the result of continuing operating losses and the significant net operating losses available from prior fiscal years, its effective income tax rate for fiscal year 2016 will be 0

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	2. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers" (ASU 2014-09), which supersedes the revenue recognition requirements in FASB Accounting Standards Codification (ASC) Topic 605, "Revenue Recognition". The guidance requires that an entity recognize revenue in a way that depicts the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods and services. The guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and is to be applied retrospectively, with early application not permitted. The Company is currently evaluating the new standard and its impact on the Company's consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11 – Inventory. The guidance requires an entity's management to measure inventory within the scope of this ASU at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early application is permitted. The Company is currently evaluating the new standard and its impact on the Company's consolidated financial statements.

Certificates of deposit

Certificates of deposit	3 Months Ended
	Sep. 30, 2015
Certificates of deposit [Abstract]
Certificates of deposit	3. Certificates of deposit The Company has maintained all excess cash in certificates of deposit at certain banks in certificates of deposit and through the Certificate of Deposit Account Registry Service (CDARS), which is a system that allows the Company to invest in certificates of deposit through a single financial institution that exceed the $250,000 limit to be fully insured by the Federal Deposit Insurance Corporation (FDIC). The Company ensures that principal amounts of certificates of deposit are fully insured. There may from time to time be short periods following maturity that amounts held in the money market account at the CDARS host bank will exceed FDIC coverage. In cases where the period that uninsured amounts will be held beyond ten banking days, the funds will be transferred to the primary operating account of the Company's operating subsidiary, IsoRay Medical, Inc. (Medical), that incorporates a sweep function that keeps the funds FDIC insured during that time. As of September 30, 2015 Under 90 91 days to Six months to Greater Days six months 1 year than 1 year CDARS $ 6,528,858 $ - $ 5,362,454 $ 5,135,116 As of June 30, 2015 Under 90 91 days to Six months to Greater Days six months 1 year than 1 year CDARS $ 3,523,167 $ 500,064 $ 5,339,343 $ 5,106,775

Loss per Share

Loss per Share	3 Months Ended
	Sep. 30, 2015
Loss per Share [Abstract]
Loss per Share	4. Loss per Share Basic and diluted earnings per share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding, and does not include the impact of any potentially dilutive common stock equivalents. At September 30, 2015 and 2014, the calculation of diluted weighted average shares did not include convertible preferred stock, common stock warrants, or options that are potentially convertible into common stock as those would be antidilutive due to the Company's net loss position. Securities not considered in the calculation of diluted weighted average shares, but that could be dilutive in the future as of September 30, 2015 and 2014, were as follows: September 30, 2015 2014 Series B preferred stock 59,065 59,065 Common stock warrants 360,800 396,574 Common stock options 2,364,346 2,180,858 Total potential dilutive securities 2,784,211 2,636,497

Inventory

Inventory	3 Months Ended
	Sep. 30, 2015
Inventory [Abstract]
Inventory	5. Inventory Inventory consisted of the following at September 30, 2015 and June 30, 2015: September 30, June 30, 2015 2015 Raw materials $ 264,900 $ 143,669 Work in process 156,759 204,760 Finished goods 38,898 55,526 $ 460,557 $ 403,955 September 30, June 30, 2015 2015 Enriched barium, non-current $ 469,758 $ 469,758 Raw materials, non-current 100,096 100,096 Total inventory, non-current $ 569,854 $ 569,854 Inventory, non-current is (i) raw materials that were ordered in quantities to obtain volume cost discounts for key components of our brachytherapy seed including titanium lids, titanium tubes, gold wires that are used for imaging markers, and our proprietary seed core, which were ordered based on current and anticipated sales volumes and will not be consumed within an operating cycle, and (ii) enriched barium, which is classified as non-current, and is only expected to be utilized if required to obtain volumes of isotope that is not able to be purchased from an existing source in either the short- or long-term. Management does not anticipate the need to utilize the enriched barium within the current operating cycle unless there is an unanticipated interruption to the isotope supply that requires its use. If such a need were to occur, then management would evaluate the need to reclassify some or all of the inventory as a current asset.

Fixed Assets

Fixed Assets	3 Months Ended
	Sep. 30, 2015
Fixed Assets [Abstract]
Fixed Assets	6. Fixed Assets September 30, June 30, 2015 2015 Production equipment $ 3,180,933 $ 3,180,933 Office equipment 226,995 224,576 Furniture and fixtures 148,265 148,265 Leasehold improvements 4,129,977 4,129,977 Other 7,224 - 7,718,394 7,689,676 Less accumulated depreciation (7,251,504 ) (7,114,836 ) Fixed assets, net $ 441,890 $ 574,840 Depreciation expense related to property and equipment for the three months ended September 30, 2015 and 2014 was $ 136,668 169,970

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Sep. 30, 2015
Share-Based Compensation [Abstract]
Share-Based Compensation	7. Share-Based Compensation The following table presents the share-based compensation expense recognized during the three months ended September 30, 2015 and 2014: Three months 2015 2014 Cost of product sales $ 17,558 $ 7,972 Research and development expenses 3,565 3,117 Sales and marketing expenses 3,492 2,158 General and administrative expenses 7,697 8,206 Total share-based compensation $ 32,312 $ 21,453 As of September 30, 2015, total unrecognized compensation expense related to stock-based options was $ 381,596 1.56 A summary of stock options within the Company's share-based compensation plans as of September 30, 2015 was as follows: Weighted Weighted Exercise Average Number of Price Contractual Intrinsic Options (Years) Term Value Outstanding at September 30, 2015 2,364,346 $ 1.93 4.52 $ 591,185 Vested and expected to vest at September 30, 2015 2,267,045 $ 1.94 4.40 $ 570,238 Vested and exercisable at September 30, 2015 1,967,880 $ 1.96 3.55 $ 583,083 There were 45,994 133,564 21,654 252,308 There were no

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Patent and Know-How Royalty License Agreement The Company is the holder of an exclusive license to use certain “know-how” developed by one of the founders of a predecessor to the Company and licensed to the Company by the Lawrence Family Trust, a Company shareholder. The terms of this license agreement require the payment of a royalty based on the Net Factory Sales Price, as defined in the agreement, of licensed product sales. Because the licensor's patent application was ultimately abandoned, only a 1 The licensor of the “know-how” has disputed management's contention that it is not using this “know-how”. On September 25, 2007 and again on October 31, 2007, the Company participated in nonbinding mediation regarding this matter; however, no settlement was reached with the Lawrence Family Trust. After additional settlement discussions, which ended in April 2008, the parties failed to reach a settlement. The parties may demand binding arbitration at any time. Class Action Lawsuit Related to Press Release On May 22, 2015, a class action complaint for violation of the federal securities laws was filed in U.S. District Court against IsoRay, Inc., our CEO/Chairman and our CFO. The complaint related to a press release issued by the Company on May 20, 2015 and is purportedly brought on behalf of all purchasers of IsoRay, Inc. common stock from May 20, 2015 through and including May 21, 2015. On October 16, 2015, an amended class action complaint for violation of the federal securities laws was filed in U.S District Court for Eastern District of Washington against IsoRay, Inc. and our CEO/Chairman. The class period remains unchanged at 27 hours and our CFO was dropped as a defendant. The Company has until December 15, 2015 to respond to the amended complaint. The complaint, as amended, asserts that the purchasers were misled by the press release, and seeks, among other things, damages and costs and expenses. We cannot predict the outcome of such proceedings or an estimate of damages, if any. We believe that these claims are without merit and intend to defend them vigorously. Property Transaction between Medical and The Port of Benton Initial Property Transaction On September 10, 2015, the Company's operating subsidiary, Medical, entered into a Real Estate Purchase and Sale Agreement with The Port of Benton, a municipal corporation of the State of Washington. The Agreement is for the sale of undeveloped real property of approximately 4.2 168,000 In addition to the feasibility studies required on all aspects of the property required by Medical to close, Medical is also bound to comply with a Development Plan for a ten (1) Certain specified site configurations and design with a minimum of 12,000 4,000 (2) Completion of all construction in two (3) Use of facility as primary production facility for ten ( 10 (4) Provision of jobs for not less than 25 Failure to comply with these covenants will result in a breach of the Agreement and if not cured, will obligate Medical to pay the Port the difference in the sales price and the appraised value of the property at the time of default. First Addendum / Amendment to Property Transaction On October 15, 2015, the Company's operating subsidiary, Medical, entered into a First Addendum / Amendment to Real Estate Purchase & Sale Agreement to the Real Estate Purchase and Sale Agreement with The Port of Benton, a municipal corporation of the State of Washington, that was entered into on September 10, 2015. This addendum modified the following: (1) Extended the feasibility contingency from a period of sixty (60) days to one hundred and twenty (120) days to expire on or before January 8, 2016 with no further extensions. (2) Extended the closing of sale to on or before February 5, 2016. All other terms and conditions of said Real Estate Purchase & Sale Agreement dated September 10, 2015 remained the same and continue in full force and effect.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	9. Fair Value Measurements The table below sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2015 and June 30, 2015, respectively, and the fair value calculation input hierarchy level the Company has determined applies to each asset and liability category. Fair value at September 30, 2015 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,587,009 $ 1,587,009 $ - $ - Warrant derivative liability 166,000 - 166,000 - Fair value at June 30, 2015 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 5,226,740 $ 5,226,740 $ - $ - Warrant derivative liability 181,000 - 181,000 -

Preferred Dividends

Preferred Dividends	3 Months Ended
	Sep. 30, 2015
Preferred Dividends [Abstract]
Preferred Dividends	10. Preferred Dividends On December 17, 2014, the Board of Directors declared a dividend on the Series B Preferred Stock of all currently payable and accrued outstanding and cumulative dividends through December 31, 2014 in the amount of $ 10,632 10,632 10,632 As of September 30, 2015, there were accrued but undeclared dividends on Series B Preferred Stock outstanding in the amount of $ 7,974

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Sep. 30, 2015
Shareholders' Equity [Abstract]
Shareholders' Equity	11. Shareholders' Equity Warrant derivative liability Based on the guidance contained in ASC 815 “Derivatives and Hedging”, management has concluded that the warrants issued in the 2011 offering should be classified as a derivative liability and has recorded a liability at fair value. Change in fair value of the warrant derivative liability is as follows. Three months ended Three months ended September 30, 2015 September 30, 2014 Change in fair value of warrant derivative liability: $ (15,000 ) $ (323,000 ) A summary of the change in fair value of derivative warrant liability is as follows for the fiscal years presented. Quantity 1 Amount Balance at June 30, 2014 238,696 $ 573,000 Change in fair value (374,605 ) Warrants exercised (13,209 ) (17,395 ) Balance at June 30, 2015 225,087 $ 181,000 Change in fair value (15,000 ) Balance at September 30, 2015 225,087 $ 166,000 1 Quantity of warrants either issued or outstanding as of the date of valuation. Warrants The following table summarizes all warrants outstanding as of the beginning of the fiscal year, all activity related to warrants issued, cancelled, exercised or expired during the period and weighted average prices for each category. Weighted average Warrants exercise price Outstanding as of June 30, 2015 385,800 $ 1.22 Warrants expired (25,000 ) 2.00 Outstanding as of September 30, 2015 360,800 $ 1.17 The following table summarizes additional information about the Company's common warrants outstanding as of September 30, 2015: Number of Warrants Exercise Prices Expiration Date 130,713 1.56 May 2016 199,437 0.94 October 2016 25,650 0.94 December 2016 5,000 0.98 June 2017 360,800

Related Party Transaction

Related Party Transaction	3 Months Ended
	Sep. 30, 2015
Related Party Transaction [Abstract]
Related Party Transaction	12. Related Party Transaction During the three months ended September 30, 2015 and 2014, the Company continued to engage the services of APEX Data Systems, Inc., owned by Dwight Babcock, the Company's Chairman and Chief Executive Officer, to modify and maintain the Company's web interfaced data collection application to aggregate patient data in a controlled environment. The cost recorded during the three months ended September 30, 2015 and 2014 from APEX Data Systems, Inc. for the maintenance of the web interfaced data collection applications in combination with the updating of the Company website was $ 3,000 3,000 3,000

Concentrations of Credit and Ot

Concentrations of Credit and Other Risks	3 Months Ended
	Sep. 30, 2015
Concentrations of Credit and Other Risks [Abstract]
Concentrations of Credit and Other Risks	13. Concentrations of Credit and Other Risks The Company's cash, cash equivalents and investments are deposited with several financial institutions with FDIC coverage. At times, deposits for a limited period of time in these institutions may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant risk on these balances. For the three months ended September 30, 2015 and 2014, there were two one At September 30, 2015, two customers each accounted for 10% of the Company's total accounts receivable with a 30 one 27 Accounts receivable are typically not collateralized. The Company maintains ongoing dialogue with its customers about invoice payments. Some of our customers are small outpatient surgery centers that pay invoices for our products at the time they receive a decision regarding payment by the insurer providing benefits which in the case of prostate cancer is predominately Medicare. A qualitative review of outstanding customer balances is performed at least quarterly and the allowance for doubtful accounts is adjusted based on historical performance of the customer and management knowledge regarding specific invoices. Accounts are charged against the allowance for doubtful accounts once collection efforts are deemed unsuccessful. Single source suppliers presently provide the Company with several components. Management believes that it would be able to locate other sources for these components subject to any regulatory qualifications, if required.

Certificates of deposit (Tables

Certificates of deposit (Tables)	3 Months Ended
	Sep. 30, 2015
Certificates of deposit [Abstract]
Schedule of Certificates of Deposit	As of September 30, 2015 Under 90 91 days to Six months to Greater Days six months 1 year than 1 year CDARS $ 6,528,858 $ - $ 5,362,454 $ 5,135,116 As of June 30, 2015 Under 90 91 days to Six months to Greater Days six months 1 year than 1 year CDARS $ 3,523,167 $ 500,064 $ 5,339,343 $ 5,106,775

Loss per Share (Tables)

Loss per Share (Tables)	3 Months Ended
	Sep. 30, 2015
Loss per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Loss per Share	September 30, 2015 2014 Series B preferred stock 59,065 59,065 Common stock warrants 360,800 396,574 Common stock options 2,364,346 2,180,858 Total potential dilutive securities 2,784,211 2,636,497

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Sep. 30, 2015
Inventory [Abstract]
Schedule of Components of Inventory	September 30, June 30, 2015 2015 Raw materials $ 264,900 $ 143,669 Work in process 156,759 204,760 Finished goods 38,898 55,526 $ 460,557 $ 403,955
Schedule of Components of Non-current Inventory	September 30, June 30, 2015 2015 Enriched barium, non-current $ 469,758 $ 469,758 Raw materials, non-current 100,096 100,096 Total inventory, non-current $ 569,854 $ 569,854

Fixed Assets (Tables)

Fixed Assets (Tables)	3 Months Ended
	Sep. 30, 2015
Fixed Assets [Abstract]
Schedule of Fixed Assets	September 30, June 30, 2015 2015 Production equipment $ 3,180,933 $ 3,180,933 Office equipment 226,995 224,576 Furniture and fixtures 148,265 148,265 Leasehold improvements 4,129,977 4,129,977 Other 7,224 - 7,718,394 7,689,676 Less accumulated depreciation (7,251,504 ) (7,114,836 ) Fixed assets, net $ 441,890 $ 574,840

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2015
Share-Based Compensation [Abstract]
Schedule of Share-Based Compensation Expense	Three months 2015 2014 Cost of product sales $ 17,558 $ 7,972 Research and development expenses 3,565 3,117 Sales and marketing expenses 3,492 2,158 General and administrative expenses 7,697 8,206 Total share-based compensation $ 32,312 $ 21,453
Schedule of Stock Option Within Share-Based Compensation Plans	Weighted Weighted Exercise Average Number of Price Contractual Intrinsic Options (Years) Term Value Outstanding at September 30, 2015 2,364,346 $ 1.93 4.52 $ 591,185 Vested and expected to vest at September 30, 2015 2,267,045 $ 1.94 4.40 $ 570,238 Vested and exercisable at September 30, 2015 1,967,880 $ 1.96 3.55 $ 583,083

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Sep. 30, 2015
Fair Value Measurements [Abstract]
Schedule of Fair Value Measurements	Fair value at September 30, 2015 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,587,009 $ 1,587,009 $ - $ - Warrant derivative liability 166,000 - 166,000 - Fair value at June 30, 2015 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 5,226,740 $ 5,226,740 $ - $ - Warrant derivative liability 181,000 - 181,000 -

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Sep. 30, 2015
Class of Stock [Line Items]
Schedule of Fair Value of Warrants	Quantity 1 Amount Balance at June 30, 2014 238,696 $ 573,000 Change in fair value (374,605 ) Warrants exercised (13,209 ) (17,395 ) Balance at June 30, 2015 225,087 $ 181,000 Change in fair value (15,000 ) Balance at September 30, 2015 225,087 $ 166,000 1 Quantity of warrants either issued or outstanding as of the date of valuation. Three months ended Three months ended September 30, 2015 September 30, 2014 Change in fair value of warrant derivative liability: $ (15,000 ) $ (323,000 )
Schedule of Warrants Activity	Weighted average Warrants exercise price Outstanding as of June 30, 2015 385,800 $ 1.22 Warrants expired (25,000 ) 2.00 Outstanding as of September 30, 2015 360,800 $ 1.17
Schedule of Additional Information about Warrants Outstanding	Number of Warrants Exercise Prices Expiration Date 130,713 1.56 May 2016 199,437 0.94 October 2016 25,650 0.94 December 2016 5,000 0.98 June 2017 360,800

Basis of Presentation (Details)

Basis of Presentation (Details)	12 Months Ended
	Jun. 30, 2016
Scenario, Forecast [Member]
Anticipated effective income tax rate	0.00%

Certificates of deposit (Detail

Certificates of deposit (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Under 90 Days [Member]
Summary of Investment Holdings [Line Items]
Certificates of Deposit	$ 6,528,858	$ 3,523,167
91 Days to Six Months [Member]
Summary of Investment Holdings [Line Items]
Certificates of Deposit		500,064
Six Months to 1 Year [Member]
Summary of Investment Holdings [Line Items]
Certificates of Deposit	$ 5,362,454	5,339,343
Greater than 1 Year [Member]
Summary of Investment Holdings [Line Items]
Certificates of Deposit	$ 5,135,116	$ 5,106,775

Loss per Share (Details)

Loss per Share (Details) - shares	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities	2,784,211	2,636,497
Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities	59,065	59,065
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities	360,800	396,574
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities	2,364,346	2,180,858

Inventory (Details)

Inventory (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Inventory [Line Items]
Raw materials	$ 264,900	$ 143,669
Work in process	156,759	204,760
Finished goods	38,898	55,526
Total inventory	460,557	403,955
Inventory, Noncurrent	569,854	569,854
Enriched Barium Inventory [Member]
Inventory [Line Items]
Inventory, Noncurrent	469,758	469,758
Raw Materials [Member]
Inventory [Line Items]
Inventory, Noncurrent	$ 100,096	$ 100,096

Fixed Assets (Details)

Fixed Assets (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,718,394		$ 7,689,676
Less accumulated depreciation	(7,251,504)		(7,114,836)
Fixed assets, net	441,890		574,840
Depreciation and amortization expense	136,668	$ 169,970
Production Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,180,933		3,180,933
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	226,995		224,576
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	148,265		148,265
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,129,977		$ 4,129,977
Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,224

Share-Based Compensation (Sched

Share-Based Compensation (Schedule of Share-Based Compensation Expense) (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 32,312	$ 21,453
Cost of Product Sales [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	17,558	7,972
Research and Development Expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	3,565	3,117
Sales and Marketing Expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	3,492	2,158
General and Administrative Expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 7,697	$ 8,206

Share-Based Compensation (Sch32

Share-Based Compensation (Schedule of Stock Option Activity) (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Number of Options
Outstanding at September 30, 2015	2,364,346
Vested and expected to vest at September 30, 2015	2,267,045
Vested and exercisable at September 30, 2015	1,967,880
Weighted Average Exercise Price
Outstanding at September 30, 2015	$ 1.93
Vested and expected to vest at September 30, 2015	1.94
Vested and exercisable at September 30, 2015	$ 1.96
Weighted Average Remaining Contractual Term
Outstanding at September 30, 2015	4 years 6 months 7 days
Vested and expected to vest at September 30, 2015	4 years 4 months 24 days
Vested and exercisable at September 30, 2015	3 years 6 months 18 days
Average Intrinsic Value
Outstanding at September 30, 2015	$ 591,185
Vested and expected to vest at September 30, 2015	570,238
Vested and exercisable at September 30, 2015	$ 583,083
Options exercised	45,994	133,564
Aggregate intrinsic value of option exercised	$ 21,654	$ 252,308
Stock options granted

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details)	3 Months Ended
	Sep. 30, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to stock-based options and awards	$ 381,596
Unrecognized compensation expense related to stock-based options and awards, weighted-average recognition period	1 year 6 months 22 days

Commitments and Contingencies (

Commitments and Contingencies (Royalty Agreements) (Details)	3 Months Ended
	Sep. 30, 2015USD ($)aft²item
Commitments and Contingencies [Abstract]
Percentage of royalty payment	1.00%
Unrecorded Unconditional Purchase Obligation [Line Items]
Payments to acquire land | $	$ 168,000
Area of land | a	4.2
Number of full-time employees, commitment | item	25
Capital Addition Purchase Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Term of agreement	2 years
Capital Addition Purchase Commitments [Member] | Warehouse Space [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Area of property	12,000
Capital Addition Purchase Commitments [Member] | Office Space [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Area of property	4,000
Primary Use Agreement [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Term of agreement	10 years

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 1,587,009	$ 5,226,740
Warrant derivative liability	166,000	181,000
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 1,587,009	$ 5,226,740
Warrant derivative liability
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents
Warrant derivative liability	$ 166,000	$ 181,000
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents
Warrant derivative liability

Preferred Dividends (Details)

Preferred Dividends (Details) - Series B Preferred Stock [Member] - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends Payable [Line Items]
Preferred dividends paid		$ 10,632	$ 10,632
Accrued but undeclared dividends	$ 7,974

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Derivative Warrant Liability) (Details) - USD ($)		3 Months Ended		12 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Class of Warrant or Right [Line Items]
Balance, beginning of period		385,800
Warrants redeemed in cashless exercise		(25,000)
Balance, end of period		360,800		385,800
Value of warrants issued:
Change in fair value		$ (15,000)	$ (306,000)
Derivative Warrants [Member]
Class of Warrant or Right [Line Items]
Balance, beginning of period	[1]	225,087	238,696	238,696
Warrants exercised	[1]			(13,209)
Balance, end of period	[1]	225,087		225,087
Value of warrants issued:
Balance, beginning of period		$ 181,000	$ 573,000	$ 573,000
Change in fair value		(15,000)		(374,605)
Warrants exercised				(17,395)
Balance, end of period		$ 166,000		$ 181,000
[1]	Quantity of warrants either issued or outstanding as of the date of valuation.

Shareholders' Equity (Schedul38

Shareholders' Equity (Schedule of Warrant Activity) (Details)	3 Months Ended
	Sep. 30, 2015$ / sharesshares
Warrants
Balance, beginning of period | shares	385,800
Warrants expired | shares	(25,000)
Balance, end of period | shares	360,800
Price
Beginning balance outstanding	$ 1.22
Warrants expired	2
Ending balance outstanding	$ 1.17

Shareholders' Equity (Additiona

Shareholders' Equity (Additional Information about Warrants) (Details) - $ / shares	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015
Class of Warrant or Right [Line Items]
Number of Warrants	360,800	385,800
Range of Exercise Prices	$ 1.17	$ 1.22
Range of Exercise Price Three [Member]
Class of Warrant or Right [Line Items]
Number of Warrants	130,713
Range of Exercise Prices	$ 1.56
Expiration Date	2016-05
Range of Exercise Price Four [Member]
Class of Warrant or Right [Line Items]
Number of Warrants	199,437
Range of Exercise Prices	$ 0.94
Expiration Date	2016-10
Range of Exercise Price Five [Member]
Class of Warrant or Right [Line Items]
Number of Warrants	25,650
Range of Exercise Prices	$ 0.94
Expiration Date	2016-12
Range of Exercise Price Six [Member]
Class of Warrant or Right [Line Items]
Number of Warrants	5,000
Range of Exercise Prices	$ 0.98
Expiration Date	2017-06

Related Party Transaction (Deta

Related Party Transaction (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Maintenance costs	$ 3,000	$ 3,000
Software implementation costs	$ 3,000	$ 3,000

Concentrations of Credit and 41

Concentrations of Credit and Other Risks (Details) - item	3 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Sales [Member] | Customer Concentration Risk [Member]
Concentrations of credit risk
Number of customers	2	1
Accounts Receivable [Member] | Credit Concentration Risk [Member]
Concentrations of credit risk
Concentration risk, percentage	30.00%		27.00%
Number of customers	1		1