Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Sep. 30, 2014 | Nov. 06, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'BION ENVIRONMENTAL TECHNOLOGIES INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 19,086,057 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000875729 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
Current assets: | ' | ' |
Cash | $88,619 | $186,148 |
Prepaid expenses | 18,692 | 17,006 |
Subscription receivable (Note 8) | ' | 30,000 |
Deposits and other receivables | 7,108 | 7,108 |
Total current assets | 114,419 | 240,262 |
Property and equipment, net (Note 3) | 4,166,269 | 4,351,153 |
Total assets | 4,280,688 | 4,591,415 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 1,596,082 | 1,434,381 |
Loans payable - affiliates (Note 4) | 389,677 | 382,458 |
Deferred compensation (Note 5) | 756,859 | 716,734 |
Convertible notes payable - affiliates (Note 7) | 1,888,291 | 1,736,502 |
Loan payable (Note 6) | 7,754,000 | 7,754,000 |
Total current liabilities | 12,384,909 | 12,024,075 |
Total liabilities | 12,384,909 | 12,024,075 |
Deficit: | ' | ' |
Common stock, no par value, 100,000,000 shares authorized, 19,787,068 and 19,576,619 shares issued, respectively; 19,082,759 and 18,872,310 shares outstanding, respectively | 0 | 0 |
Additional paid-in capital | 98,570,729 | 98,537,032 |
Accumulated deficit | -106,772,556 | -106,067,869 |
Total Bion's stockholders’ deficit | -8,201,827 | -7,530,837 |
Noncontrolling interest | 73,706 | 74,777 |
Total deficit | -8,128,121 | -7,456,060 |
Total liabilities and deficit | 4,280,688 | 4,591,415 |
Series B Preferred Stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Preferred stock | 23,900 | 23,400 |
Series A Preferred Stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Preferred stock | 0 | 0 |
Series C Preferred Stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Preferred stock | $0 | $0 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 |
Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | |||
Par value (in Dollars per share) | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
Shares authorized | ' | ' | 50,000 | 50,000 | 10,000 | 10,000 | 60,000 | 60,000 |
Shares issued | ' | ' | 200 | 200 | 0 | 0 | 0 | 0 |
Shares outstanding | ' | ' | 200 | 200 | 0 | 0 | 0 | 0 |
Liquidation preference (in Dollars per share) | ' | ' | $26,500 | $26,000 | ' | ' | ' | ' |
Common stock, shares authorized | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 19,787,068 | 19,576,619 | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 19,082,759 | 18,872,310 | ' | ' | ' | ' | ' | ' |
Common stock, par value (in Dollars per share) | $0 | $0 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating expenses: | ' | ' |
General and administrative (including stock-based compensation (Note 8)) | $357,341 | $1,105,004 |
Depreciation | 184,884 | 245,996 |
Research and development (including stock-based compensation (Note 8)) | 66,586 | 66,558 |
Total operating expenses | 608,811 | 1,417,558 |
Loss from operations | -608,811 | -1,417,558 |
Other expense: | ' | ' |
Interest expense | 96,947 | 86,111 |
Other expense | ' | 1,918 |
96,947 | 88,029 | |
Net loss | -705,758 | -1,505,587 |
Net loss attributable to the noncontrolling interest | 1,071 | 1,294 |
Net loss attributable to Bion | -704,687 | -1,504,293 |
Dividends on preferred stock | -500 | -500 |
Net loss applicable to Bion's common stockholders | ($705,187) | ($1,504,793) |
Net loss applicable to Bion's common stockholders per basic and diluted common share (in Dollars per share) | ($0.04) | ($0.08) |
Weighted-average number of common shares outstanding: | ' | ' |
Basic and diluted (in Shares) | 19,817,076 | 18,055,025 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes In Equity (Deficit) (Unaudited) (USD $) | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Additional Paid-in Capital [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
USD ($) | |||||||
Balance, amount at Jun. 30, 2014 | ' | ' | ' | $98,537,032 | ($106,067,869) | $74,777 | ($7,456,060) |
Balance, shares (in Shares) at Jun. 30, 2014 | ' | ' | 19,576,619 | ' | ' | ' | ' |
Issuance of common stock for services | ' | ' | ' | 4,572 | ' | ' | 4,572 |
Issuance of common stock for services (in Shares) | ' | ' | 4,496 | ' | ' | ' | ' |
Issuance of warrants for interest | ' | ' | ' | 3,375 | ' | ' | 3,375 |
Sale of common stock | ' | ' | ' | 26,250 | ' | ' | 26,250 |
Sale of common stock (in Shares) | ' | ' | 75,000 | ' | ' | ' | 35,000 |
Dividend on Series B preferred stock | -500 | -500 | ' | ' | ' | ' | ' |
Conversion of debt (in Shares) | ' | ' | 130,953 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | -704,687 | -1,071 | -705,758 |
Balance, amount at Sep. 30, 2014 | ' | ' | ' | $98,570,729 | ($106,772,556) | $73,706 | ($8,128,121) |
Balance, shares (in Shares) at Sep. 30, 2014 | ' | ' | 19,787,068 | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($705,758) | ($1,505,587) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Loss on disposal of property and equipment | ' | 1,919 |
Depreciation expense | 184,884 | 245,996 |
Accrued interest on deferred compensation and other | 93,577 | 86,154 |
Stock-based compensation | 7,947 | 544,204 |
(Increase) decrease in prepaid expenses | -1,686 | 18,233 |
Increase in accounts payable and accrued expenses | 111,257 | 57,873 |
Increase in deferred compensation and convertible notes | 156,000 | 206,583 |
Decrease in deferred rent | ' | -10,929 |
Net cash used in operating activities | -153,779 | -355,554 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Release of restricted cash | ' | 57,315 |
Net cash provided in investing activities | ' | 57,315 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Decrease in subscription receivable | 30,000 | 25,000 |
Proceeds from sale of common stock | 26,250 | 500,000 |
Payment of loans payable - affiliates | ' | -71,098 |
Net cash provided by financing activities | 56,250 | 453,902 |
Net (decrease) increase in cash | -97,529 | 155,663 |
Cash at beginning of period | 186,148 | 44,666 |
Cash at end of period | 88,619 | 200,329 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | ' | 1,098 |
Series B Preferred Stock [Member] | ' | ' |
Non-cash investing and financing transactions: | ' | ' |
Series B preferred stock dividends accrued | $500 | $500 |
Note_1_Organization_Nature_of_
Note 1 - Organization, Nature of Business, Going Concern and Management's Plans | 3 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. ORGANIZATION, NATURE OF BUSINESS, GOING CONCERN AND MANAGEMENT’S PLANS: | |
Organization and nature of business: | |
Bion Environmental Technologies, Inc. (“Bion” or “We” or the "Company") was incorporated in 1987 in the State of Colorado and has developed and continues to develop patented and proprietary technology and business models that provide comprehensive environmental solutions to a significant source of pollution in United States agriculture, large scale livestock facilities known as Confined Animal Feeding Operations ("CAFO's"). Bion's technologies (and applications related thereto) produce substantial reductions of nutrient releases (primarily nitrogen and phosphorus) to both water and air (including ammonia, which is subsequently re-deposited to the ground) from livestock waste streams based upon our operations and research to date (and third party peer review thereof). Because Bion's technologies (and related applications) reduce the harmful releases and emissions from a CAFO on which it is utilized, the CAFO can potentially increase its herd concentration (thereby utilizing less land per animal) while lowering or maintaining its level of nutrient releases and atmospheric emissions. Bion provides comprehensive and cost-effective treatment of livestock waste onsite, while it is still concentrated and before it contaminates air, soil, groundwater aquifers and/or downstream waters. | |
From 2003 through early 2008, the Company primarily focused on completing re-development of its technology platform and business model. As such, during that period Bion elected not to pursue near-term business opportunities such as retrofitting existing CAFO's with waste management solutions, because management believed such efforts would have diverted scarce management and financial resources and negatively impacted Bion’s ability to complete: 1) re-development of technologies for environmentally sound treatment of CAFO waste streams and 2) development of an integrated technology platform in support of large-scale sustainable Integrated Projects (defined below) including renewable energy production. During the 2014 fiscal year the Company increased its research and development activities with focus on creating variations of its technology platform that create additional flexibility, increase recovery of nutrient by-products and to review potential “add-ons” and applications for use in different regulatory environments. These research and development activities will continue through the 2015 fiscal year. | |
Bion is now actively pursuing business opportunities in three broad areas 1) installation of Bion systems to retrofit and environmentally remediate existing CAFO’s to reduce nutrient (primarily nitrogen and phosphorus) releases, gaseous emissions (ammonia, greenhouse gases, volatile organic compounds, etc.), and pathogens, hormones and other compounds in order to clean the air and water in the surrounding areas (as described below) to ensure compliance with existing (and future) regulations and to permit herd expansion; 2) development of Integrated Projects opportunities within the United States and internationally; and 3) licensing and/or joint venturing of Bion’s technology and applications outside North America. The opportunities described at 1) and 2) above (and below) each require substantial political (federal, state and local) efforts on the part of the Company and a substantial part of Bion’s efforts are focused on such political matters. | |
Management believes that Bion's technology platform (including utilization of various third party technologies to supplement the Company’s proprietary technologies), in addition to utilization for remediation of the waste streams of existing CAFOs, allows the integration of large-scale CAFO's and their end-product users, renewable energy production from the CAFO waste stream, on site utilization of the renewable energy generated and biofuel/ethanol production in an environmentally and economically sustainable manner while reducing the aggregate capital expense and operating costs for the entire integrated complex ("Integrated Projects" or "Projects"). In the context of Integrated Projects, Bion's waste treatment process, in addition to mitigating polluting releases, enables generation of renewable energy from cellulosic portions of the CAFO waste stream, which renewable energy can be utilized by integrated facilities including ethanol plants, CAFO end-product processors (including cheese, ice cream and/or bottling plants in the case of dairy CAFO’s and/or slaughter and/or processing facilities in the context of beef CAFO’s) and/or other users as a fossil fuel replacement. The nutrients (primarily nitrogen and phosphorus) can be harvested from the solids and liquid streams recovered from the livestock waste stream and can be utilized as either high value fertilizer and/or the basis for high protein animal feed and the nutrient rich effluent can potentially be utilized in integrated hydroponic agriculture and/or field applied as fertilizer. Bion believes that its Integrated Projects will produce high quality, traceable animal protein at a lower cost than current industry practices while also maintaining a far lower net environmental footprint per unit of protein produced due to water recycling (possible due to the removal of nutrients, etc. from the water by Bion’s technology applications), production of renewable energy from the waste stream (reducing the use of fossil fuels), and multiple levels of economies of scale, co-location and integration savings in transportation and other logistics. Some projects may involve only partial integration which will limit the benefits described herein. | |
Bion has been involved for several years in the very early development and pre-development activities related to an initial Integrated Project in Pennsylvania. The Company is also involved in pre-development evaluations and discussions regarding opportunities for Integrated Projects in the Northeast, Midwest, and the North Central United States (dairy and/or beef). While all such discussions are still in preliminary stages, multiple meetings and discussions have taken place with local and state level Pennsylvania officials related to the development of a Bion Integrated Project involving a major international livestock entity with existing operations in Pennsylvania. The Company has also engaged in early stage discussions regarding development of Integrated Projects to meet specific needs of certain international markets (and regarding licensing our technology for use in overseas locations). | |
Additionally, Bion has commenced discussions that may lead to installation of Bion systems on existing and/or new dairies, beef facilities and swine farms in the Midwest and/or North Central states. | |
On September 27, 2008, the Company executed an agreement with Kreider Farms (and its affiliated entities) (collectively "Kreider") to design, construct and operate (through its wholly-owned subsidiaries, Bion Services Group, Inc. (“Bion Services”) and Bion PA-1 LLC (“PA-1”) a Bion system to treat the waste of 1,200 milking dairy cows (milkers, dry cows and heifers) at the Kreider Dairy, located in Manheim, Pennsylvania. In addition, the agreement (as amended and supplemented) provides for a second phase which will treat the wastes from the rest of Kreider’s herd and includes renewable energy production from the cellulosic solid wastes from the Phase 1 system (referred to as “Kreider 1”) together with the waste stream from Kreider’s poultry facilities for use at the facilities and/or for market sales. The Kreider projects are owned and operated by Bion through subsidiaries, in which Kreider has the option to purchase a noncontrolling interest. To complete these projects, substantial capital (equity and/or debt) has been and will continue to be expended. Additional funds will be required for continuing operations of Kreider 1 until sufficient revenues can be generated, of which there is no assurance. The Company anticipates that it will earn revenue primarily from the sale of nutrient reduction (and/or other) environmental credits related to Kreider 1 and the Kreider Phase 2 poultry waste treatment system (not yet constructed), and secondarily through sales of renewable energy generated by the Kreider Phase 2 system. To date the market for long-term nutrient reduction credits in Pennsylvania has been very slow to develop and the Company’s activities have been negatively affected by the lack of such development. A significant portion of Bion’s research and development activities is currently taking place at the Kreider 1 facility. | |
The Company’s subsidiary PA-1 financed Kreider 1 through a $7.8 million loan (“Pennvest Loan”) from Pennsylvania Infrastructure Investment Authority (“Pennvest”) secured by Kreider 1 (and its revenue streams, if any) plus advances from the Company. Initial construction-related activities of Kreider 1 commenced in October 2010 and construction was completed and a period of system ‘operation shakedown’ commenced in May 2011. Kreider 1 reached full, stabilized operation by the end of the 2012 fiscal year. During 2011 the Pennsylvania Department of Environmental Protection (“PADEP”) re-certified the nutrient credits for this project. The economics (potential revenues and profitability) of Kreider 1 are based largely on the long-term sale of nutrient reduction credits (nitrogen and/or phosphorus) to meet the requirements of the Chesapeake Bay environmental clean-up. The PADEP issued final permits for Kreider 1 (including the credit verification plan) on August 1, 2012 on which date the Company deemed that Kreider 1 was ‘placed in service’. As a result, PA-1 has commenced generating nutrient reduction credits for potential sale while continuing to utilize the system to test improvements and add-ons. Operating results at Kreider 1 have documented the efficacy of Bion’s nutrient reduction technology and vetted potential ‘add-ons’ and modifications for use in future installations. During August 2012 the Company provided Pennvest (and the PADEP) with data demonstrating that Kreider 1 met the ‘technology guarantee’ standards which were incorporated in the Pennvest financing documents and, as a result, the Pennvest Loan is now solely an obligation of PA-1. To date liquidity in the Pennsylvania nutrient credit market has been slow to develop significant breadth and depth and limited liquidity has negatively impacted Bion’s business plans and has prevented Bion from monetizing the nutrient reduction credits created by PA-1’s existing Kreider 1 project and Bion’s other proposed projects. These challenges and difficulties have prevented PA-1 from generating any material revenues from the Kreider 1 project to date (operating expenses have been funded by loans from Bion) and raise significant questions as to when PA-1 will be able to generate such revenues from the Kreider 1 system. PA-1 has engaged in on-and-off negotiations with Pennvest related to forbearance, re-structuring and other matters related to the Kreider 1 project and its obligations pursuant to the Pennvest Loan. In the context of such negotiations, PA-1 elected not to make interest payments to Pennvest on the Pennvest Loan since January 2013. Additionally, the Company has not made any principal payments, which were to begin in fiscal 2013, and, therefore, the Company has classified the Pennvest Loan as a current liability as of September 30, 2014. Due to the slow development of the nutrient reduction credit market, the Company determined that the carrying amount of the property and equipment related to the Kreider 1 project exceeded its estimated future undiscounted cash flows based on certain assumptions regarding timing, level and probability of revenues from sales of nutrient reduction credits and, therefore, recorded a $2,000,000 impairment of the Kreider 1 assets which reduced the value of the Kreider 1 System to $4,349,482 as of June 30, 2014. Additional impairments may result if the nutrient credit market does not develop in the near term. | |
On September 25, 2014, Pennvest exercised its right to declare the Pennvest Loan in default and has accelerated the Pennvest Loan and has demanded that PA-1 pay $8,137,117 (principal, interest plus late charges) on or before October 24, 2014. PA-1 did not make the payment and does not have the resources to make the payment demanded by Pennvest. PA-1 has commenced discussions and negotiations with Pennvest concerning this matter. However, it is not possible at this date to predict the outcome of such negotiations, but the Company believes that an interim, short-term agreement may be reached that will allow PA-1 and Pennvest a further period of time for further negotiations and evaluation of possible long-term resolutions. Subject to the results of the negotiations with Pennvest and pending development of a more robust market for nutrient reductions in Pennsylvania, PA-1 and Bion anticipate that it will be necessary for the Company to evaluate various options with regard to Kreider 1 over the coming months. | |
During August 2012, the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider 1 system met the ‘technology guaranty’ standards which were incorporated in the Pennvest financing documents and, as a result, the Pennvest Loan is now solely an obligation of PA-1. | |
Development work and technology evaluation, including amended credit certification and negotiations with potential joint venture partners, continues related to the details of the second phase of the Kreider project which primarily relates to treatment of the wastes from Kreider’s poultry operations. Assuming there are positive developments related to the market for nutrient reduction in Pennsylvania, the Company intends to pursue development, design and construction of the Kreider 2 poultry waste/renewable energy project with a goal of achieving operational status during 2015. However, as discussed above, this project faces challenges related to the current limits of the existing nutrient reduction market and funding of technology-based, verifiable agricultural nutrient reductions. | |
The limited development of the nutrient reduction market in Pennsylvania has led Bion to redeploy some of its limited resources from its efforts in Pennsylvania to its initiatives in the Great Lakes and Midwest states with current efforts being most advanced in Wisconsin which passed legislation (signed by its governor on April 23, 2014) that provides a policy and regulatory framework to reduce nutrient compliance costs through a collaborative effort by public and private sectors. The Company has engaged in discussions with various stakeholders in Wisconsin including state and local government officials and agencies, wastewater authorities and agricultural industry entities. | |
A significant portion of Bion’s activities concern efforts with private and public stakeholders (at local and state level) in Pennsylvania (and other Chesapeake Bay states) and in Wisconsin and at the federal level (the Environmental Protection Agency (“EPA”) (and other executive departments) and Congress) to establish appropriate public policies which will create regulations and funding mechanisms that foster installation of the low cost environmental solutions that Bion (and others) can provide through clean-up of agricultural waste streams. | |
Going concern and management’s plans: | |
The consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has not generated significant revenues and has incurred net losses (including significant non-cash expenses) of approximately $5,762,000 and $8,250,000 during the years ended June 30, 2014 and 2013, respectively, and a net loss of approximately $706,000 for the three months ended September 30, 2014. At September 30, 2014, the Company has a working capital deficit and a stockholders’ deficit of approximately $12,270,000 and $8,202,000, respectively. These factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability or classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. The following paragraphs describe management’s plans with regard to these conditions. | |
The Company continues to explore sources of additional financing to satisfy its current operating requirements as it is not currently generating any significant revenues. | |
During the years ended June 30, 2014 and 2013, the Company received total proceeds of $944,400 and $1,330,499, respectively, from the sale of its equity securities. Proceeds during the 2014 and 2013 fiscal years have been lower than in earlier years, which has negatively impacted the Company’s business development efforts. | |
During the three months ended September 30, 2014, the Company sold 35,000 shares of the Company’s common stock at $0.75 per share for proceeds of $26,250. The Company also issued 40,000 shares of the Company’s common stock upon receipt of its subscription receivable of $30,000. | |
During the year ended June 30, 2014 the Company entered into promissory note agreements with two affiliates of the Company whereby the affiliates have agreed to lend up to $75,000 each for working capital needs. As of September 30, 2014, the Company has borrowed $135,000 under these notes. | |
During fiscal years 2014 and 2013 and through the three months ended September 30, 2014, the Company experienced greater difficulty in raising equity funding than in the prior years. As a result, the Company faced, and continues to face, significant cash flow management challenges due to working capital constraints. To partially mitigate these working capital constraints, the Company’s core senior management and several key employees and consultants have been deferring (and continue to defer) all or part of their cash compensation and/or are accepting compensation in the form of securities of the Company (Notes 5 and 7) and members of the Company’s senior management have made loans to the Company (Note 4). Additionally, the Company has made reductions in its personnel during the year ended June 30, 2014. The constraint on available resources has had, and continues to have, negative effects on the pace and scope of the Company’s efforts to develop its business. The Company has had to delay payment of trade obligations and has had to economize in many ways that have potentially negative consequences. The Company’s accounts payable have increased materially in fiscal years 2013 and 2014 and for the three months ended September 30, 2014. If the Company does not have greater success in its efforts to raise needed funds during fiscal 2015 (and subsequent periods), management will need to consider deeper cuts (including additional personnel cuts) and curtailment of operations (including possibly Kreider 1 operations). | |
The Company will need to obtain additional capital to fund its operations and technology development, to satisfy existing creditors, to develop Integrated Projects and CAFO waste remediation systems (including the Kreider 2 facility) and to continue to operate the Kreider 1 facility. The Company anticipates that it will seek to raise from $2,500,000 to $50,000,000 or more (debt and equity) during the next twelve months. However, as discussed above, there is no assurance, especially in light of the difficulties the Company has experienced in recent periods and the extremely unsettled capital markets that presently exist (especially for small companies), that the Company will be able to obtain the funds that it needs to stay in business, complete its technology development or to successfully develop its business and projects. | |
There is no realistic likelihood that funds required during the next twelve months or in the periods immediately thereafter for the Company’s basic operations and/or proposed projects will be generated from operations. Therefore, the Company will need to raise sufficient funds from external sources such as debt or equity financings or other potential sources. The lack of sufficient additional capital resulting from the inability to generate cash flow from operations and/or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Further, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significantly dilutive effect on the Company's existing shareholders. All of these factors have been exacerbated by the extremely unsettled credit and capital markets presently existing for small companies like Bion. |
Note_2_Significant_Accounting_
Note 2 - Significant Accounting Policies | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
2. SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Principles of consolidation: | |||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Bion Integrated Projects Group, Inc. (“Projects Group”), Bion Technologies, Inc., BionSoil, Inc., Bion Services, PA-1, and Bion PA 2 LLC; and its 58.9% owned subsidiary, Centerpoint Corporation (“Centerpoint”). All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||
The accompanying consolidated financial statements have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements reflect all adjustments (consisting of only normal recurring entries) that, in the opinion of management, are necessary to present fairly the financial position at September 30, 2014, and the results of operations and cash flows of the Company for the three months ended September 30, 2014 and 2013. Operating results for the three months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending June 30, 2015. | |||||||||
Property and equipment: | |||||||||
Property and equipment are stated at cost and are depreciated, when placed into service, using the straight-line method over the estimated useful lives of the related assets, generally three to twenty years. The Company capitalizes all direct costs and all indirect incrementally identifiable costs related to the design and construction of its Integrated Projects. The Company reviews its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized based on the amount by which the carrying value of the assets or asset group exceeds its estimated fair value, and is recognized as a loss from operations. | |||||||||
Fair value measurements: | |||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value. | |||||||||
Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; | |||||||||
Level 2 – observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and | |||||||||
Level 3 – assets and liabilities whose significant value drivers are unobservable. | |||||||||
Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. | |||||||||
The fair value of cash and accounts payable approximates their carrying amounts due to their short-term maturities. The fair value of the loan payable approximates its carrying amount as it bears interest at rates commensurate with market rates. The fair value of the redeemable preferred stock approximates its carrying value due to the dividends accrued on the preferred stock which are reflected as part of the redemption value. The fair value of deferred compensation and loans payable – affiliates are not practicable to estimate due to the related party nature of the underlying transactions. | |||||||||
Revenue Recognition: | |||||||||
Revenues are generated from the sale of nutrient reduction credits. The Company recognizes revenue from the sale of nutrient credits when there is persuasive evidence that an arrangement exists, when title has passed, the price is fixed or determinable, and collection is reasonably assured. | |||||||||
The Company expects that technology license fees will be generated from the licensing of Bion’s integrated system. The Company anticipates that it will charge its customers a non-refundable up-front technology license fee, which will be recognized over the estimated life of the customer relationship. In addition, any on-going technology license fees will be recognized as earned based upon the performance requirements of the agreement. Annual waste treatment fees will be recognized upon receipt. Revenues, if any, from the Company’s interest in Integrated Projects will be recognized when the entity in which the Integrated Project has been developed recognizes such revenue. | |||||||||
Loss per share: | |||||||||
Basic loss per share amounts are calculated using the weighted average number of shares of common stock outstanding during the period. Diluted loss per share assumes the conversion, exercise or issuance of all potential common stock instruments, such as options or warrants, unless the effect is to reduce the loss per share. During the three months ended September 30, 2014 and 2013, the basic and diluted loss per share was the same, as the impact of potential dilutive common shares was anti-dilutive. | |||||||||
The following table represents the warrants, options and convertible securities excluded from the calculation of diluted loss per share: | |||||||||
September 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Warrants | 7,656,403 | 7,140,271 | |||||||
Options | 4,258,870 | 5,328,870 | |||||||
Convertible debt | 3,153,936 | 1,333,284 | |||||||
Convertible preferred stock | 13,250 | 12,250 | |||||||
The following is a reconciliation of the denominators of the basic loss per share computations for the three months ended September 30, 2014 and 2013: | |||||||||
Three months ended | Three months ended | ||||||||
September 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Shares issued – beginning of period | 19,579,619 | 17,673,983 | |||||||
Shares held by subsidiaries (Note 8) | (704,309 | ) | (704,309 | ) | |||||
Shares outstanding – beginning of period | 18,872,310 | 16,969,674 | |||||||
Weighted average shares for fully vested stock bonuses (Note 8) | 840,000 | 840,000 | |||||||
Weighted average shares issued during the period | 104,766 | 245,351 | |||||||
Basic weighted average shares – end of period | 19,817,076 | 18,055,025 | |||||||
Recent Accounting Pronouncements: | |||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which supercedes the revenue recognition in Revenue Recognition (Topic 605), and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning December 15, 2016, and is to be applied retrospectively, with early adoption not permitted. The Company is currently evaluation this new standard and the potential impact this standard may have upon adoption. |
Note_3_Property_and_Equipment
Note 3 - Property and Equipment | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
3. PROPERTY AND EQUIPMENT: | |||||||||
Property and equipment consists of the following: | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Machinery and equipment | $ | 4,111,001 | $ | 4,111,001 | |||||
Buildings and structures | 1,947,701 | 1,947,701 | |||||||
Computers and office equipment | 183,809 | 183,809 | |||||||
6,242,511 | 6,242,511 | ||||||||
Less accumulated depreciation | (2,076,242 | ) | (1,891,358 | ) | |||||
$ | 4,166,269 | $ | 4,351,153 | ||||||
Management reviewed property and equipment for impairment as of June 30, 2014 and determined that the carrying amount of property and equipment related to the Kreider 1 project exceeded its estimated future undiscounted cash flows. Management estimated the fair value of the property and equipment based on the discounted cash flow method, and determined that $2,000,000 of the property and equipment was impaired as of June 30, 2014. As of September 30, 2014, management believes no additional impairment has occurred. | |||||||||
Depreciation expense was $184,884 and $245,996 for the three months ended September 30, 2014 and 2013, respectively. |
Note_4_Loans_Payable_Affiliate
Note 4 - Loans Payable - Affiliates (Loans Payable - Affiliates [Member]) | 3 Months Ended |
Sep. 30, 2014 | |
Loans Payable - Affiliates [Member] | ' |
Note 4 - Loans Payable - Affiliates [Line Items] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
4. LOANS PAYABLE - AFFILIATES: | |
As of September 30, 2014, Dominic Bassani (“Bassani”), the Company’s Chief Executive Officer (“CEO”), has loaned the Company $200,000 for fiscal year 2013 working capital needs (“FY 2013 Loan”). The FY 2013 Loan bears interest at 8% per annum and was payable on August 31, 2013. The due date of the FY 2013 Loan plus accrued interest was extended to September 30, 2013. Subsequent to September 30, 2013, the FY 2013 Loan was extended to January 1, 2014 and then further extended to April 30, 2014 and then again to July 1, 2014. During September 2014, the maturity date of the FY 2013 Loan was extended to January 1, 2015. Conversion terms substantially identical to those described in Note 7 have been added to the terms of the FY 2013 Loan. Interest expense related to the FY 2013 Loan was $4,113 and $4,619 for the three months ended September 30, 2014 and 2013, respectively. | |
During the year ended June 30, 2014, Bassani loaned the Company $19,000 (“November Note”). The November Note bears interest at 8% per annum and was payable on February 28, 2014, but was extended to April 30, 2014, and then further extended to July 1, 2014. During September 2014, the maturity date of the November Note was extended to January 1, 2015. Interest expense related to the November Note was $383 and nil for the three months ended September 30, 2014 and 2013, respectively. | |
During the year ended June 30, 2014, the Company entered into promissory note agreements (“December Notes”) with Bassani and a major shareholder (“Shareholder”) whereby Bassani and Shareholder agreed to lend the Company up to $75,000 each for working capital needs. The December Notes bear interest at 8% per annum and were payable on March 31, 2014. However, since the Company did not have sufficient funds for working capital needs to allow repayment of the December Notes on March 31, 2014, the maturity date of the December Notes was extended for three months; which process may be repeated up to three additional times with the maturity date extended to a date as late as December 31, 2014. In consideration for the December Notes, the Company issued warrants to purchase up to 18,750 shares of the Company’s common stock at $0.85 per share until December 31, 2018 (proportionately reduced if the December Notes are funded for less than the $75,000 maximum). Additional warrants (in the same amount and terms) will be issued upon each extension of the maturity date of the December Notes. The warrants will vest immediately upon issuance. As of September 30, 2014, Bassani and Shareholder had loaned the Company $60,000 and $75,000, respectively, under the terms of the December Notes. Interest expense related to the December Notes was $2,722 and nil for the three months ended September 30, 2014 and 2013, respectively. The maturity date of the December Notes has been extended to December 31, 2014. During the three months ended September 30, 2014, the Company issued 33,750 warrants to purchase 33,750 shares of the Company’s common stock at $0.85 per share and has recorded interest expense of $3,375 and nil for the three months ended September 30, 2014 and 2013, respectively. |
Note_5_Deferred_Compensation
Note 5 - Deferred Compensation: | 3 Months Ended |
Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
5. DEFERRED COMPENSATION: | |
The Company owes Edward Schafer (“Schafer”), the Company’s Executive Vice Chairman, two employees and two former employees, aggregate deferred compensation of $521,734 as of September 30, 2014 (subject to the outcome of pending litigation – see Note 9). The majority of the balance is payable dependent upon the cash reserves of the Company and $984 was paid by the issuance of 1,330 shares of the Company’s common shares in October 2014. | |
As of September 30, 2014, the Company owed Bassani deferred compensation of $235,125 including interest of $70,125, which was due and payable on July 1, 2014 but has been extended until January 1, 2015. The deferred compensation accrues interest at 10% per annum and is convertible into the Company’s restricted common stock at $1.50 per share. |
Note_6_Loan_Payable
Note 6 - Loan Payable | 3 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
6. LOAN PAYABLE: | |
As of September 30, 2014, PA-1, the Company’s wholly-owned subsidiary, owes $7,754,000 under the terms of the Pennvest Loan related to the construction of the Kreider 1 System. The terms of the Pennvest Loan provide for funding of up to $7,754,000 which is to be repaid by interest-only payments for three years, followed by an additional ten-year amortization of principal. The Pennvest Loan accrues interest at 2.547% for years 1 through 5 and 3.184% for years 6 through maturity. The Pennvest Loan requires minimum annual principal payments of approximately $574,000 in fiscal year 2013, $704,000 in fiscal year 2014, $723,000 in fiscal year 2015, $741,000 in fiscal year 2016, $760,000 in fiscal year 2017 and $4,252,000 thereafter. The Pennvest Loan is collateralized by the Kreider 1 System and by a pledge of all revenues generated from Kreider 1 including, but not limited to, revenues generated from nutrient reduction credit sales and by-product sales. In addition, in consideration for the excess credit risk associated with the project, Pennvest is entitled to participate in the profits from Kreider 1 calculated on a net cash flow basis, as defined. The Company has incurred interest expense related to the Pennvest Loan of $49,374 for each of the three months ended September 30, 2014 and 2013, respectively. Based on the limited development of the depth and breadth of the Pennsylvania nutrient reduction credit market to date, PA-1 has commenced negotiations with Pennvest related to forbearance and/or re-structuring the obligations under the Pennvest Loan. In the context of such negotiations, PA-1 has elected not to make interest payments to Pennvest on the Pennvest Loan since January 2013. Additionally, the Company has not made any principal payments, which were to begin in fiscal 2013, and, therefore, the Company has classified the Pennvest Loan as a current liability as of September 30, 2014. | |
On September 25, 2014, Pennvest exercised its right to declare the Pennvest Loan in default and has accelerated the Pennvest Loan and has demanded that PA-1 pay $8,137,117 (principal, interest plus late charges) on or before October 24, 2014. PA-1 did not make the payment and does not have the resources to make the payment demanded by Pennvest. PA-1 has commenced discussions and negotiations with Pennvest concerning this matter. However, it is not possible at this date to predict the outcome of such negotiations, but the Company believes that an interim, short-term agreement may be reached that will allow PA-1 and Pennvest a further period of time for further negotiations and evaluation of possible long-term resolutions. Subject to the results of the negotiations with Pennvest and pending development of a more robust market for nutrient reductions in Pennsylvania, PA-1 and Bion anticipate that it will be necessary for the Company to evaluate various options with regard to Kreider 1 over the next 30-180 days. | |
During August 2012, the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider 1 system met the ‘technology guaranty’ standards which were incorporated in the Pennvest financing documents and, as a result, the Pennvest Loan is now solely an obligation of PA-1. | |
In connection with the Pennvest Loan financing documents, the Company provided a ‘technology guaranty’ regarding nutrient reduction performance of Kreider 1 which was structured to expire when Kreider 1’s nutrient reduction performance had been demonstrated. On August 1, 2012 the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider 1 System had surpassed the requisite performance criteria and that the Company’s ‘technology guaranty’ was met. As a result, the Pennvest Loan is solely an obligation of PA-1. |
Note_7_Convertible_Notes_Payab
Note 7 - Convertible Notes Payable - Affiliates | 3 Months Ended |
Sep. 30, 2014 | |
Convertible Debt [Abstract] | ' |
Convertible Debt [Text Block] | ' |
7. CONVERTIBLE NOTES PAYABLE - AFFILIATES: | |
Effective May 15, 2013, the Board of Directors approved agreements with Bassani and Smith, under which, Bassani and Smith have agreed to continue to defer their cash compensation up to April 30, 2014 (unless the Board of Directors elects to re-commence cash payment on an earlier date) and to extend the due date of their deferred cash compensation until January 15, 2015. The agreements have been evidenced in the form of convertible promissory notes (“Convertible Notes”). During the year ended June 30, 2014, Bassani and Smith have agreed to continue to defer their cash compensation up to July 1, 2014. During September 2014, Bassani and Smith have agreed to continue to defer their cash compensation up to January 1, 2015. | |
The Convertible Notes accrue interest at 8% per annum and are due and payable on January 15, 2015. The Convertible Notes (including accrued interest) of $797,766 and $1,090,525 at September 30, 2014 owed to Smith and Bassani, respectively, plus all future deferred compensation or other sums subsequently added to the principal of the Convertible Notes, may be converted, at the sole election of Smith and Bassani, into Units consisting of one share of the Company’s common stock and one warrant to purchase a share of the Company’s common stock, at a price of $1.25 per Unit until January 15, 2015. The warrant contained in the Unit shall be exercisable at $2.50 per share until December 31, 2018. The original conversion price of $1.25 per Unit approximated the fair value of the Units at the date of the agreements, therefore no beneficial conversion feature exists. Pursuant to the deferral agreements, the conversion price of the Convertible Notes plus accrued interest is the lower of the $1.25 per Unit price or the lowest price at which the Company sells its common stock on or before January 15, 2015. As of September 30, 2014, the lowest price at which the Company had sold its common stock during the relevant period is $0.75 per share. Management evaluated the terms and conditions of the embedded conversion features based on the guidance of ASC 815-15 “Embedded Derivatives” to determine if there was an embedded derivative requiring bifurcation. An embedded derivative instrument (such as a conversion option embedded in the deferred compensation) must be bifurcated from its host instruments and accounted for separately as a derivative instrument only if the “risks and rewards” of the embedded derivative instrument are not “clearly and closely related” to the risks and rewards of the host instrument in which it is embedded. Management concluded that the embedded conversion feature of the deferred compensation was not required to be bifurcated because the conversion feature is clearly and closely related to the host instrument, and because of the Company’s limited trading volume that indicates the feature is not readily convertible to cash in accordance with ASC 815-10, “Derivatives and Hedging”. As of September 30, 2014, the Company owes Smith, $797,766 under the terms of his Convertible Note. The Convertible Note is comprised of deferred compensation of $713,468 and accrued interest of $84,298. During the year ended June 30, 2014, Bassani elected to convert $110,000 of his Convertible Note, at a conversion price of $0.84, into 130,953 Units consisting of 130,953 shares of the Company’s common stock which were issued during the three months ended September 30, 2014 and 130,953 warrants (which were issued during the year ended June 30, 2014). As of September 30, 2014, the Company owes Bassani, $1,090,525, comprised of deferred compensation of $956,000 and accrued interest of $134,525, under the terms of his Convertible Note. | |
As part of the agreements, Bassani and Smith have also forgiven any possible obligations that Bion may have owed each of them in relation to unused vacation time for periods (over 10 years) prior to the year ended June 30, 2012. In consideration of these agreements, Bassani and Smith: a) have been granted 50% ‘execution/exercise’ bonuses to be effective upon future exercise of outstanding (or subsequently acquired) options and warrants owned by Bassani and Smith (and their respective donees) and in relation to contingent stock bonuses (see Note 9 for further details); b) warrants and options, if due to expire prior to December 31, 2018, have been extended to that date (with possible further extensions) and c) other modifications have been made to existing agreements. |
Note_8_Stockholders_Equity
Note 8 - Stockholders' Equity | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||
8. STOCKHOLDERS' EQUITY: | |||||||||||||||||
Series B Preferred stock: | |||||||||||||||||
At July 1, 2014, the Company had 200 shares of Series B redeemable convertible Preferred stock outstanding with a par value of $0.01 per share, convertible at the option of the holder at $2.00 per share, with dividends accrued and payable at 2.5% per quarter. The Series B Preferred stock is mandatorily redeemable at $2.00 per share by the Company three years after issuance and accordingly was classified outside of shareholders’ equity. | |||||||||||||||||
During the years ended June 30, 2014 and 2013, the Company declared dividends of $2,000 and $2,417 respectively. During the three months ended September 30, 2014, the Company declared dividends of $500. At September 30, 2014, accrued dividends payable are $6,500. | |||||||||||||||||
Common stock: | |||||||||||||||||
Holders of common stock are entitled to one vote per share on all matters to be voted on by common stockholders. In the event of liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share in all assets remaining after liabilities have been paid in full or set aside and the rights of any outstanding preferred stock have been satisfied. Common stock has no preemptive, redemption or conversion rights. The rights of holders of common stock are subject to, and may be adversely affected by, the rights of the holders of any outstanding series of preferred stock or any series of preferred stock the Company may designate in the future. | |||||||||||||||||
Centerpoint holds 704,309 shares of the Company’s common stock. These shares of the Company’s common stock held by Centerpoint are for the benefit of its shareholders without any beneficial interest. The Company accounts for these shares similar to treasury stock. | |||||||||||||||||
During the three months ended September 30, 2014, the Company issued 4,496 shares of the Company’s common stock at prices ranging from $0.90 to $1.22 per share for services valued at $4,572, in the aggregate, to a consultant and an employee. | |||||||||||||||||
During the three months ended September 30, 2014, the Company issued 130,953 shares of the Company’s common stock upon Bassani’s fiscal year 2014 election to convert $110,000, of his convertible notes payable – affiliate into Units at a conversion price of $0.84 per Unit (Note 7). | |||||||||||||||||
During the three months ended September 30, 2014, the Company sold 35,000 shares of the Company’s restricted common stock at $0.75 per share for total proceeds of $26,250. | |||||||||||||||||
The Company also issued 40,000 shares of the Company’s restricted common stock upon receipt of its subscription receivable of $30,000 during the three months ended September 30, 2014. | |||||||||||||||||
Warrants: | |||||||||||||||||
As of September 30, 2014, the Company had approximately 7.7 million warrants outstanding, with exercise prices from $0.75 to $4.25 and expiring on various dates through January 15, 2019. | |||||||||||||||||
The weighted-average exercise price for the outstanding warrants is $2.17, and the weighted-average remaining contractual life as of September 30, 2014 is 3.5 years. | |||||||||||||||||
During the three months ended September 30, 2014, warrants to purchase 33,750 shares of the Company’s common stock at $0.85 per share were issued pursuant the promissory notes entered into by Bassani and Shareholder (Note 4). The warrants were determined to have a fair value of $0.10 per warrant and expire on December 31, 2018. The Company recorded interest expense of $3,375 related to the warrant issuances. | |||||||||||||||||
As of September 30, 2014, 5,919,528 of the warrants of the Company are subject to execution/exercise bonuses under agreements with Bassani and Smith (Note 9). | |||||||||||||||||
Stock options: | |||||||||||||||||
The Company’s 2006 Consolidated Incentive Plan (the “2006 Plan”), as amended effective May 1, 2014, provides for the issuance of options to purchase up to 17,000,000 shares of the Company’s common stock. Terms of exercise and expiration of options granted under the 2006 Plan may be established at the discretion of the Board of Directors, but no option may be exercisable for more than ten years. | |||||||||||||||||
The Company recorded compensation expense related to employee stock options of nil and $85,858 for the three months ended September 30, 2014 and 2013, respectively. The Company granted nil and 67,725 options during the three months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||
The fair value of the options granted during the three months ended September 30, 2013 were estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
Weighted | Range, | ||||||||||||||||
average, | 30-Sep-13 | ||||||||||||||||
30-Sep-13 | |||||||||||||||||
Volatility | 49% | 49%-50% | |||||||||||||||
Dividend yield | - | - | |||||||||||||||
Risk-free interest rate | 0.62% | 0.59%-0.68% | |||||||||||||||
Expected term (years) | 2.68 | 2.63-2.71 | |||||||||||||||
The expected volatility was based on the historical price volatility of the Company’s common stock. The dividend yield represents the Company’s anticipated cash dividend on common stock over the expected term of the stock options. The U.S. Treasury bill rate for the expected term of the stock options was utilized to determine the risk-free interest rate. The expected term of stock options represents the period of time the stock options granted are expected to be outstanding based upon management’s estimates. | |||||||||||||||||
A summary of option activity under the 2006 Plan for the three months ended September 30, 2014 is as follows: | |||||||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
Outstanding at July 1, 2014 | 4,258,870 | 2.81 | 3.2 | - | |||||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited | - | - | |||||||||||||||
Expired | - | - | |||||||||||||||
Outstanding at September 30, 2014 | 4,258,870 | $ | 2.81 | 2.9 | $ | - | |||||||||||
Exercisable at September 30, 2014 | 4,258,870 | $ | 2.81 | 2.9 | $ | - | |||||||||||
The total fair value of stock options that vested during the three months ended September 30, 2014 and 2013 was nil and $34,822, respectively. As of September 30, 2014, the Company had no unrecognized compensation cost related to stock options. | |||||||||||||||||
Stock-based employee compensation charges in operating expenses in the Company’s financial statements for the three months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
General and administrative: | |||||||||||||||||
Fair value of stock issued to an employee | $ | - | $ | 69,999 | |||||||||||||
Change in fair value from modification of option terms | - | 307,638 | |||||||||||||||
Fair value of stock options expensed | - | 68,210 | |||||||||||||||
Total | $ | - | $ | 445,847 | |||||||||||||
Research and development: | |||||||||||||||||
Fair value of stock options expensed | $ | - | $ | 17,648 | |||||||||||||
Total | $ | - | $ | 17,648 | |||||||||||||
Note_9_Commitments_And_Conting
Note 9 - Commitments And Contingencies | 3 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
9. COMMITMENTS AND CONTINGENCIES: | |
Employment and consulting agreements: | |
Smith has held the positions of Director, President and General Counsel of Company and its subsidiaries under various agreements and terms since March 2003. During July 2011, the Company entered into an extension agreement pursuant to which Smith continued to hold his current position in the Company through a date no later than December 31, 2012. Commencing January 1, 2012, Smith’s monthly salary was $20,000, which has been accrued and deferred. In addition, 90,000 shares of the Company’s common stock would be issued to Smith in two tranches of 45,000 shares on each of January 15, 2013 (issued) and 2014 (issued), respectively. The Company recorded expense of $240,300 for the year ended June 30, 2012, related to the future stock issuances as the bonus was fully vested at the grant date. As part of the extension agreement, Smith was also granted 200,000 options, which vested immediately, to purchase common shares of the Company at a price of $3.00 per share and which options expire on December 31, 2019. The Company recorded expense of $334,000 during the year ended June 30, 2012 as the options were fully vested at the grant date. Effective July 15, 2012, the Company entered into an extension agreement pursuant to which Smith will continue to hold his current positions in the Company through a date no later than June 30, 2014. Effective September 2012, Smith’s monthly salary became $21,000, until March 2014, at which time Smith agreed to a temporary reduction in monthly salary to $14,000 (which is currently being deferred). In addition, the extension provides that Smith will be issued 150,000 shares of the Company’s common stock in two tranches of 75,000 shares on each of January 15, 2014 (issued) and 2015 (to be issued), which shares vested immediately. The Company recorded expense of $292,500 for the year ended June 30, 2013, related to the future stock issuances as the bonus was fully vested at the grant date. As part of the extension agreement, Smith was also granted a bonus of $25,000 paid in warrants, which vested immediately, to purchase 250,000 shares of the Company’s common stock at a price of $2.10 per share and which warrants expire on December 31, 2018 and a contingent stock bonus of 100,000 shares payable on the date on which the Company’s stock price first reaches $10.00 per share (regardless of whether Smith is still providing services to the Company on such date). During September 2014, Smith agreed to continue his employment agreement through January 1, 2015 and also agreed to continue to defer his temporarily reduced salary of $14,000 per month until such date. | |
Since March 31, 2005, the Company has had various agreements with Brightcap and/or Bassani, through which the services of Bassani are provided. On September 30, 2009 the Company entered into an extension agreement with Brightcap pursuant to which Bassani provided services to the Company through September 30, 2012 for $312,000 annually (currently deferred). The Board appointed Bassani as the Company's CEO effective May 13, 2011. On July 15, 2011, Bassani, Brightcap and the Company agreed to an extension/amendment of the existing agreement with Brightcap which provided that Bassani would continue to provide the services of CEO through June 30, 2013 and will continue to provide full-time services to the Company in other capacities through June 30, 2014 at a salary of $26,000 per month. In addition Bassani will be issued 300,000 shares of the Company’s common stock issuable in three tranches of 100,000 shares on each of January 15, 2015, 2016 and 2017, respectively. During the year ended June 30, 2012 the Company recorded expense of $795,000 related to the future stock issuances as the bonus was fully vested at the grant date. Bassani was also granted 725,000 options, which vested immediately, to purchase shares of the Company’s common stock at $3.00 per share which options expire on December 31, 2019. The Company recorded expense of $1,203,500 during the year ended June 30, 2012 as the options were fully vested at the grant date. Effective July 15, 2012, Bassani, Brightcap and the Company agreed to a further extension/amendment of the existing agreement with Brightcap which provides that Bassani will continue to provide the services of CEO through June 30, 2014. The extension provided that Bassani will continue to provide full-time services to the Company at a cash salary of $26,000 per month (which is currently being deferred) and Bassani will be issued 300,000 shares of the Company’s common stock issuable in two tranches of 150,000 shares on each of January 15, 2015 and 2016, respectively, which were immediately vested. The Company recorded expense of $585,000 for the year ended June 30, 2013, related to the future stock issuances as the bonus was fully vested at the grant date. As part of the extension agreement, Bassani was also granted a bonus of $5,000 paid in warrants, which vested immediately, to purchase 50,000 shares of the Company’s common stock at a price of $2.10 per share and which warrants expire on December 31, 2018. During September 2014, Bassani agreed to extend his employment agreement until January 1, 2015 and that previously issued and expensed share grants of 100,000 and 150,000 shares, that were to be issued on January 15, 2015, would be deferred until January 15, 2016. | |
On May 5, 2013, the Board of Directors approved agreements with Bassani and Smith, with effective dates of May 15, 2013, in which Bassani and Smith have agreed to continue to defer their respective cash compensation through April 30, 2014 (unless the Board of Directors elects to re-commence cash payment on an earlier date) and to extend the due date of their respective deferred cash compensation until January 15, 2015 on the terms set forth in Note 7. In May 2014, Bassani and Smith have agreed to continue to defer their respective cash compensation through July 1, 2014. The Company has provided Bassani and Smith with convertible promissory notes which reflect all the terms of these agreements to which future accruals will be added as additional principal. As part of the agreements, Bassani and Smith have also forgiven any possible obligations that Bion may have owed each of them in relation to unused vacation time for periods (over 10 years) prior to June 30, 2012. In consideration of these agreements, Bassani and Smith: a) have been granted 50% ‘execution/exercise’ bonuses to be effective upon future exercise of outstanding (or subsequently acquired) options and warrants owned by Bassani and Smith (and their respective donees) and in relation to contingent stock bonuses; b) their warrants and options, if due to expire prior to December 31, 2018, have been extended to that date (with possible further extensions); and c) other modifications have been made. | |
During January 2012, the Company approved an employment agreement contract extension effective January 1, 2012 with Craig Scott pursuant to which he continued to act as Vice President of Capital Markets and Shareholder Relations through December 31, 2012, at an annual salary of $144,000. In consideration for his extension agreement, Mr. Scott was granted 75,000 options to purchase shares of the Company’s common shares at $2.75 per share with an expiration date of December 31, 2016, 12,500 contingent stock options that will be issued if the Company’s stock price exceeds $10.00 and $20.00 per share, respectively, and an extension of the expiration dates all his existing warrants and options as of January 1, 2012 until December 31, 2016. Mr. Scott currently works for the Company on a month-to-month basis and beginning August 1, 2013 is receiving his compensation in common stock of the Company and/or debt of the Company which may only be repaid by conversion into common stock of the Company. | |
Contingent stock bonuses: | |
In May 2005 the Company declared contingent deferred stock bonuses to its key employees and consultants. The stock bonuses are contingent upon the Company’s stock price exceeding $10.00 and $20.00 per share, respectively, and the grantees still being employed by or providing services to the Company at the time the target prices are reached. As of September 30, 2014, 227,500 and 65,000 of these contingent bonus shares, respectively, remain outstanding, to be issued when and if the Company’s stock price exceeds $10.00 and $20.00 per share, respectively. The Company has also granted 12,500 contingent stock options that will be issued if the Company’s stock price exceeds $10.00 and $20.00 per share, respectively, to one if its employees in consideration for an employment agreement extension effective January 1, 2012. | |
Effective January 1, 2011 the Company declared a contingent stock bonus of 50,000 shares to Smith and effective July 15, 2012 the Company declared contingent stock bonuses of 100,000 and 25,000 shares to Smith and Schafer, respectively. The stock bonuses are contingent upon the Company’s stock price exceeding $10.00 and do not require that Smith or Schafer remain employed by the Company. | |
Execution/exercise bonuses: | |
As part of the agreements the Company entered into with Bassani and Smith (Note 7) effective May 15, 2013, whereby they agreed to continue to defer their cash compensation up to April 30, 2014, they were each granted the following: a) a 50% execution/exercise bonus which shall be applied upon the effective date of the notice of intent to exercise (for options and warrants) or issuance event, as applicable, of any currently outstanding and/or subsequently acquired options, warrants and/or contingent stock bonuses owned by each as follows: i) in the case of exercise by payment of cash, the bonus shall take the form of reduction of the exercise price; ii) in the case of cashless exercise, the bonus shall be applied to reduce the exercise price prior to the cashless exercise calculations; and iii) with regard to contingent stock bonuses, issuance shall be triggered upon the Company’s common stock reaching a closing price equal to 50% of currently specified price; and b) the right to extend the exercise period of all or part of the applicable options and warrants for up to five years (one year at a time) by annual payments of $.05 per option or warrant to the Company on or before a date during the three months prior to expiration of the exercise period at least three business days before the end of the expiration period. | |
During the year ended June 30, 2014, the Company extended execution/exercise bonuses with the same terms as described above to Schafer and to one of the Company’s board members. | |
Litigation: | |
In May 2014 Mr. Morris, the Company’s former Chief Technology Officer, initiated litigation against the Company (Morris v Bion Environmental Technologies, Inc., 14-cv-02732-ADS-GRB, United States District Court, Eastern District of New York) related to his termination effective November 30, 2013. Mr. Morris seeks payment of severance pay (up to $90,000) plus certain previously accrued obligations totaling approximately $87,000 plus accrued interest (which sums have been accrued as of September 30, 2014, notwithstanding the fact that the Company is disputing the obligations) and attorney’s fees and re-instatement of 300,000 options to purchase the Company’s common stock at $2.00 to $3.00 per share until December 31, 2015. The Company disputes each such claim by Mr. Morris in the litigation and is defending the lawsuit which is in the early discovery stage. The Company is incurring attorney’s fees (and related costs) in the context of its defense. The Company does not believe that this litigation will have a material adverse effect on the Company. | |
On September 25, 2014, Pennvest exercised its right to declare the Pennvest Loan in default and has accelerated the Pennvest Loan and has demanded that PA-1 pay $8,137,117 (principal, interest plus late charges) on or before October 24, 2014. PA-1 did not make the payment and does not have the resources to make the payment demanded by Pennvest. During August 2012, the Company provided Pennvest (and the PADEP) with data demonstrating that the Kreider 1 system met the ‘technology guaranty’ standards which were incorporated in the Pennvest financing documents and, as a result, the Pennvest Loan is now solely an obligation of PA-1. No litigation has commenced related to this matter but such litigation is likely if negotiations do not produce a resolution (Note 1 and Note 6). | |
The Company currently is not involved in any other material litigation. |
Note_10_Subsequent_Events
Note 10 - Subsequent Events | 3 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
10. SUBSEQUENT EVENTS: | |
The Company has evaluated events that occurred subsequent to September 30, 2014 for recognition and disclosure in the financial statements and notes to the financial statements. | |
From October 1, 2014 through November 6, 2014 the Company has issued 3,298 shares of the Company’s common shares to an employee valued at approximately $2,000. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||
Principles of consolidation: | |||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Bion Integrated Projects Group, Inc. (“Projects Group”), Bion Technologies, Inc., BionSoil, Inc., Bion Services, PA-1, and Bion PA 2 LLC; and its 58.9% owned subsidiary, Centerpoint Corporation (“Centerpoint”). All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||
The accompanying consolidated financial statements have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements reflect all adjustments (consisting of only normal recurring entries) that, in the opinion of management, are necessary to present fairly the financial position at September 30, 2014, and the results of operations and cash flows of the Company for the three months ended September 30, 2014 and 2013. Operating results for the three months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending June 30, 2015. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
Property and equipment: | |||||||||
Property and equipment are stated at cost and are depreciated, when placed into service, using the straight-line method over the estimated useful lives of the related assets, generally three to twenty years. The Company capitalizes all direct costs and all indirect incrementally identifiable costs related to the design and construction of its Integrated Projects. The Company reviews its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized based on the amount by which the carrying value of the assets or asset group exceeds its estimated fair value, and is recognized as a loss from operations. | |||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||
Fair value measurements: | |||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value. | |||||||||
Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; | |||||||||
Level 2 – observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and | |||||||||
Level 3 – assets and liabilities whose significant value drivers are unobservable. | |||||||||
Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. | |||||||||
The fair value of cash and accounts payable approximates their carrying amounts due to their short-term maturities. The fair value of the loan payable approximates its carrying amount as it bears interest at rates commensurate with market rates. The fair value of the redeemable preferred stock approximates its carrying value due to the dividends accrued on the preferred stock which are reflected as part of the redemption value. The fair value of deferred compensation and loans payable – affiliates are not practicable to estimate due to the related party nature of the underlying transactions. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
Revenue Recognition: | |||||||||
Revenues are generated from the sale of nutrient reduction credits. The Company recognizes revenue from the sale of nutrient credits when there is persuasive evidence that an arrangement exists, when title has passed, the price is fixed or determinable, and collection is reasonably assured. | |||||||||
The Company expects that technology license fees will be generated from the licensing of Bion’s integrated system. The Company anticipates that it will charge its customers a non-refundable up-front technology license fee, which will be recognized over the estimated life of the customer relationship. In addition, any on-going technology license fees will be recognized as earned based upon the performance requirements of the agreement. Annual waste treatment fees will be recognized upon receipt. Revenues, if any, from the Company’s interest in Integrated Projects will be recognized when the entity in which the Integrated Project has been developed recognizes such revenue. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||
Loss per share: | |||||||||
Basic loss per share amounts are calculated using the weighted average number of shares of common stock outstanding during the period. Diluted loss per share assumes the conversion, exercise or issuance of all potential common stock instruments, such as options or warrants, unless the effect is to reduce the loss per share. During the three months ended September 30, 2014 and 2013, the basic and diluted loss per share was the same, as the impact of potential dilutive common shares was anti-dilutive. | |||||||||
The following table represents the warrants, options and convertible securities excluded from the calculation of diluted loss per share: | |||||||||
September 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Warrants | 7,656,403 | 7,140,271 | |||||||
Options | 4,258,870 | 5,328,870 | |||||||
Convertible debt | 3,153,936 | 1,333,284 | |||||||
Convertible preferred stock | 13,250 | 12,250 | |||||||
The following is a reconciliation of the denominators of the basic loss per share computations for the three months ended September 30, 2014 and 2013: | |||||||||
Three months ended | Three months ended | ||||||||
September 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Shares issued – beginning of period | 19,579,619 | 17,673,983 | |||||||
Shares held by subsidiaries (Note 8) | (704,309 | ) | (704,309 | ) | |||||
Shares outstanding – beginning of period | 18,872,310 | 16,969,674 | |||||||
Weighted average shares for fully vested stock bonuses (Note 8) | 840,000 | 840,000 | |||||||
Weighted average shares issued during the period | 104,766 | 245,351 | |||||||
Basic weighted average shares – end of period | 19,817,076 | 18,055,025 | |||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
Recent Accounting Pronouncements: | |||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which supercedes the revenue recognition in Revenue Recognition (Topic 605), and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning December 15, 2016, and is to be applied retrospectively, with early adoption not permitted. The Company is currently evaluation this new standard and the potential impact this standard may have upon adoption. |
Note_2_Significant_Accounting_1
Note 2 - Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||||||
September 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Warrants | 7,656,403 | 7,140,271 | |||||||
Options | 4,258,870 | 5,328,870 | |||||||
Convertible debt | 3,153,936 | 1,333,284 | |||||||
Convertible preferred stock | 13,250 | 12,250 | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three months ended | Three months ended | ||||||||
September 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Shares issued – beginning of period | 19,579,619 | 17,673,983 | |||||||
Shares held by subsidiaries (Note 8) | (704,309 | ) | (704,309 | ) | |||||
Shares outstanding – beginning of period | 18,872,310 | 16,969,674 | |||||||
Weighted average shares for fully vested stock bonuses (Note 8) | 840,000 | 840,000 | |||||||
Weighted average shares issued during the period | 104,766 | 245,351 | |||||||
Basic weighted average shares – end of period | 19,817,076 | 18,055,025 |
Note_3_Property_and_Equipment_
Note 3 - Property and Equipment (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Machinery and equipment | $ | 4,111,001 | $ | 4,111,001 | |||||
Buildings and structures | 1,947,701 | 1,947,701 | |||||||
Computers and office equipment | 183,809 | 183,809 | |||||||
6,242,511 | 6,242,511 | ||||||||
Less accumulated depreciation | (2,076,242 | ) | (1,891,358 | ) | |||||
$ | 4,166,269 | $ | 4,351,153 |
Note_8_Stockholders_Equity_Tab
Note 8 - Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
Weighted | Range, | ||||||||||||||||
average, | 30-Sep-13 | ||||||||||||||||
30-Sep-13 | |||||||||||||||||
Volatility | 49% | 49%-50% | |||||||||||||||
Dividend yield | - | - | |||||||||||||||
Risk-free interest rate | 0.62% | 0.59%-0.68% | |||||||||||||||
Expected term (years) | 2.68 | 2.63-2.71 | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
Outstanding at July 1, 2014 | 4,258,870 | 2.81 | 3.2 | - | |||||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited | - | - | |||||||||||||||
Expired | - | - | |||||||||||||||
Outstanding at September 30, 2014 | 4,258,870 | $ | 2.81 | 2.9 | $ | - | |||||||||||
Exercisable at September 30, 2014 | 4,258,870 | $ | 2.81 | 2.9 | $ | - | |||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
General and administrative: | |||||||||||||||||
Fair value of stock issued to an employee | $ | - | $ | 69,999 | |||||||||||||
Change in fair value from modification of option terms | - | 307,638 | |||||||||||||||
Fair value of stock options expensed | - | 68,210 | |||||||||||||||
Total | $ | - | $ | 445,847 | |||||||||||||
Research and development: | |||||||||||||||||
Fair value of stock options expensed | $ | - | $ | 17,648 | |||||||||||||
Total | $ | - | $ | 17,648 |
Note_1_Organization_Nature_of_1
Note 1 - Organization, Nature of Business, Going Concern and Management's Plans (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 12, 2010 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 25, 2014 | |
CEO and Shareholder [Member] | CEO and Shareholder [Member] | Subscriptions Receivable [Member] | Property, Plant And Equipment of PA-1 [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | PA-1 [Member] | ||||||
December Notes [Member] | December Notes [Member] | Restricted Stock [Member] | Minimum [Member] | Maximum [Member] | ||||||||
Maximum [Member] | ||||||||||||
Note 1 - Organization, Nature of Business, Going Concern and Management's Plans (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction Loan | ' | ' | ' | ' | $7,800,000 | ' | ' | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' |
Property, Plant and Equipment, Gross | 6,242,511 | ' | 6,242,511 | ' | ' | ' | ' | ' | 4,349,482 | ' | ' | ' |
Debt Instrument, Debt Default, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,137,117 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -705,758 | -1,505,587 | -5,762,000 | -8,250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Working Capital | -12,270,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | -8,201,827 | ' | -7,530,837 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity | ' | ' | 944,400 | 1,330,499 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | 35,000 | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' |
Stock Issued During Period, Price Per Share (in Dollars per share) | $0.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | 26,250 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | 26,250 | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | ' | ' | ' | 75,000 | 75,000 | ' | ' | ' | ' | ' |
Proceeds from Related Party Debt | ' | ' | ' | ' | ' | ' | 135,000 | ' | ' | ' | ' | ' |
Capital Required for Capital Adequacy | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500,000 | $50,000,000 | ' |
Note_2_Significant_Accounting_2
Note 2 - Significant Accounting Policies (Details) | 3 Months Ended |
Sep. 30, 2014 | |
Minimum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Maximum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Centerpoint [Member] | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 58.90% |
Note_2_Significant_Accounting_3
Note 2 - Significant Accounting Policies (Details) - Antidilutive Securities | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Warrant [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities | 7,656,403 | 7,140,271 |
Equity Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities | 4,258,870 | 5,328,870 |
Convertible Debt Securities [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities | 3,153,936 | 1,333,284 |
Convertible Preferred Stock, Antidilutive Securities [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities | 13,250 | 12,250 |
Note_2_Significant_Accounting_4
Note 2 - Significant Accounting Policies (Details) - Earnings Per Share, Basic and Diluted | 3 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' |
Shares issued b beginning of period | 19,576,619 | 17,673,983 | 19,787,068 |
Shares held by subsidiaries (Note 8) | -704,309 | -704,309 | ' |
Shares outstanding b beginning of period | 18,872,310 | 16,969,674 | 19,082,759 |
Weighted average shares for fully vested stock bonuses (Note 8) | 840,000 | 840,000 | ' |
Weighted average shares issued during the period | 104,766 | 245,351 | ' |
Basic weighted average shares b end of period | 19,817,076 | 18,055,025 | ' |
Note_3_Property_and_Equipment_1
Note 3 - Property and Equipment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | ' | $2,000,000 |
Depreciation | $184,884 | $245,996 | ' |
Note_3_Property_and_Equipment_2
Note 3 - Property and Equipment (Details) - Property and Equipment (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
Property and Equipment [Abstract] | ' | ' |
Machinery and equipment | $4,111,001 | $4,111,001 |
Buildings and structures | 1,947,701 | 1,947,701 |
Computers and office equipment | 183,809 | 183,809 |
6,242,511 | 6,242,511 | |
Less accumulated depreciation | -2,076,242 | -1,891,358 |
$4,166,269 | $4,351,153 |
Note_4_Loans_Payable_Affiliate1
Note 4 - Loans Payable - Affiliates (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | CEO and Shareholder [Member] | CEO and Shareholder [Member] | CEO and Shareholder [Member] | CEO and Shareholder [Member] | Majority Shareholder [Member] | Maximum [Member] | |
Loan [Member] | Loan [Member] | November Note [Member] | November Note [Member] | December Notes [Member] | December Notes [Member] | December Notes [Member] | December Notes [Member] | December Notes [Member] | December Notes [Member] | ||
Maturity Date Extension [Member] | Maximum [Member] | ||||||||||
Note 4 - Loans Payable - Affiliates (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Related Party Debt | $200,000 | ' | ' | $19,000 | $60,000 | ' | ' | $135,000 | ' | $75,000 | ' |
Related Party Transaction, Rate | 8.00% | ' | ' | 8.00% | ' | ' | ' | ' | 8.00% | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 4,113 | 4,619 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Related Party | ' | ' | 383 | ' | ' | 3,375 | ' | 2,722 | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | ' | ' | ' | ' | $75,000 | $75,000 | ' | ' | ' |
Related Party Transaction, Extension Period | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | ' |
Related Party Transaction, Number of Additional Extensions | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | ' | ' | ' | ' | ' | 33,750 | ' | ' | 18,750 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | ' | ' | ' | ' | ' | $0.85 | ' | ' | $0.85 | ' | $4.25 |
Class of Warrant or Right Issued (in Shares) | ' | ' | ' | ' | ' | 33,750 | ' | ' | ' | ' | ' |
Note_5_Deferred_Compensation_D
Note 5 - Deferred Compensation: (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Accrued Interest at 10% per annum and Convertible at $1.50 per share [Member] | Subsequent Event [Member] | Executive Vice Chairman and Four Other Key Employees [Member] | Chief Executive Officer [Member] | |||
Chief Executive Officer [Member] | Executive Vice Chairman and Four Other Key Employees [Member] | |||||
Note 5 - Deferred Compensation: (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Deferred Compensation Liability, Current | $756,859 | $716,734 | ' | ' | $521,734 | ' |
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | ' | ' | ' | 984 | ' | ' |
Deferred Compensation Arrangement with Individual, Shares Issued (in Shares) | ' | ' | ' | 1,330 | ' | ' |
Deferred Compensation Arrangement with Individual, Recorded Liability | ' | ' | ' | ' | ' | 235,125 |
Accrued Interest on Deferred Compensation | ' | ' | ' | ' | ' | $70,125 |
Interest Rate on Deferred Compensation | ' | ' | 10.00% | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | $1.50 | ' | ' | ' |
Note_6_Loan_Payable_Details
Note 6 - Loan Payable (Details) (USD $) | Aug. 12, 2010 | Sep. 25, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 25, 2014 |
Subsequent Event [Member] | Interest Only Payments, Number of Years [Member] | Years 1 through 5 [Member] | Years 6 through Maturity [Member] | Pennvest Loan [Member] | Pennvest Loan [Member] | Pennvest Loan [Member] | PA-1 [Member] | ||
PA-1 [Member] | Pennvest Loan [Member] | Pennvest Loan [Member] | Pennvest Loan [Member] | ||||||
Note 6 - Loan Payable (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction Loan | $7,800,000 | ' | ' | ' | ' | $7,754,000 | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 7,754,000 | ' | ' | ' |
Term Loan Payment Term | ' | ' | '3 years | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | 2.55% | 3.18% | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | 574,000 | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | ' | ' | ' | ' | ' | 704,000 | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | ' | ' | ' | ' | ' | 723,000 | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | ' | ' | ' | ' | ' | 741,000 | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | ' | ' | ' | ' | ' | 760,000 | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Four | ' | ' | ' | ' | ' | 4,252,000 | ' | ' | ' |
Interest Expense, Debt | ' | ' | ' | ' | ' | 49,374 | 49,374 | ' | ' |
Debt Instrument, Debt Default, Amount | ' | $8,137,117 | ' | ' | ' | ' | ' | ' | $8,137,117 |
Note_7_Convertible_Notes_Payab1
Note 7 - Convertible Notes Payable - Affiliates (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Jun. 30, 2014 | |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Convertible Notes Payable, Current | $1,888,291 | $1,736,502 |
Debt Instrument, Convertible, Beneficial Conversion Feature | 0 | ' |
President [Member] | Deferred Compensation [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Convertible Notes Payable, Current | 713,468 | ' |
President [Member] | Accrued Interest [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Convertible Notes Payable, Current | 84,298 | ' |
President [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Convertible Notes Payable, Current | 797,766 | ' |
Chief Executive Officer [Member] | Deferred Compensation [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Convertible Notes Payable, Current | 956,000 | ' |
Chief Executive Officer [Member] | Accrued Interest [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Convertible Notes Payable, Current | 134,525 | ' |
Chief Executive Officer [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Convertible Notes Payable, Current | 1,090,525 | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $0.84 | $0.84 |
Debt Conversion, Original Debt, Amount | $110,000 | $110,000 |
Debt Conversion, Converted Instrument, Units Issued (in Shares) | ' | 130,953 |
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 130,953 | ' |
Debt Conversion, Converted Instrument, Warrants or Options Issued (in Shares) | 130,953 | ' |
CEO and President [Member] | Exercise Bonus [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Execution Bonus as a Percentage of Exercised Options and Warrants | 50.00% | 50.00% |
CEO and President [Member] | Convertible Notes Payable [Member] | Maximum [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $1.25 | ' |
CEO and President [Member] | Convertible Notes Payable [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $2.50 | ' |
CEO and President [Member] | Minimum [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Unused Vacation Time | '10 years | '10 years |
CEO and President [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Number of Warrants Per Unit | 1 | ' |
Convertible Notes Payable [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 8.00% | ' |
Maximum [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $4.25 | ' |
Minimum [Member] | ' | ' |
Note 7 - Convertible Notes Payable - Affiliates (Details) [Line Items] | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $0.75 | ' |
Sale of Stock, Price Per Share (in Dollars per share) | $0.75 | ' |
Note_8_Stockholders_Equity_Det
Note 8 - Stockholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 01, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Subscriptions Receivable [Member] | President [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | CEO and President [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Minimum [Member] | Maximum [Member] | Warrant Issuances [Member] | CEO and Shareholder [Member] | |||
Restricted Stock [Member] | Exercise Bonus [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||||
Note 8 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 200 | 200 | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Redemption Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Redemption, Period | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | $500 | $2,000 | $2,417 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable | ' | ' | ' | ' | ' | ' | ' | ' | 6,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Voting Rights Votes Per Share | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Number of Shares Held (in Shares) | 704,309 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,496 | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.75 | $0.90 | $1.22 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Issued for Services | 4,572 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,572 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities (in Shares) | ' | ' | ' | 130,953 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Amount | ' | ' | ' | ' | 110,000 | 110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | ' | ' | $0.84 | $0.84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | 35,000 | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | 26,250 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | 26,250 | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding (in Shares) | 7,700,000 | ' | ' | ' | ' | ' | 5,919,528 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.75 | $4.25 | ' | $0.85 |
Weighted Average Exercise Price for Outstanding Warrants (in Dollars per share) | $2.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Contractual Life for Outstanding Warrants | '3 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,750 |
Fair Value per Share for Warrants (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 |
Interest Expense, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,375 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,858 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,725 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | ' | 34,822 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_8_Stockholders_Equity_Det1
Note 8 - Stockholders' Equity (Details) - Stock Options - Valuation Assumptions | 3 Months Ended |
Sep. 30, 2013 | |
Note 8 - Stockholders' Equity (Details) - Stock Options - Valuation Assumptions [Line Items] | ' |
Volatility | 49.00% |
Dividend yield | 0.00% |
Risk-free interest rate | 0.62% |
Expected term (years) | '2 years 248 days |
Minimum [Member] | ' |
Note 8 - Stockholders' Equity (Details) - Stock Options - Valuation Assumptions [Line Items] | ' |
Volatility | 49.00% |
Risk-free interest rate | 0.59% |
Expected term (years) | '2 years 229 days |
Maximum [Member] | ' |
Note 8 - Stockholders' Equity (Details) - Stock Options - Valuation Assumptions [Line Items] | ' |
Volatility | 50.00% |
Risk-free interest rate | 0.68% |
Expected term (years) | '2 years 259 days |
Note_8_Stockholders_Equity_Det2
Note 8 - Stockholders' Equity (Details) - Stock Options Activity (USD $) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Jun. 30, 2014 | |
Stock Options Activity [Abstract] | ' | ' |
Outstanding | ' | 4,258,870 |
Outstanding | ' | $2.81 |
Outstanding | '2 years 328 days | '3 years 73 days |
Exercisable at September 30, 2014 | 4,258,870 | ' |
Exercisable at September 30, 2014 | $2.81 | ' |
Exercisable at September 30, 2014 | '2 years 328 days | ' |
Exercised | 0 | ' |
Exercised | $0 | ' |
Outstanding | 4,258,870 | ' |
Outstanding | $2.81 | ' |
Outstanding | '2 years 328 days | '3 years 73 days |
Note_8_Stockholders_Equity_Det3
Note 8 - Stockholders' Equity (Details) - Allocation of Recognized Period Costs (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
General and Administrative Expense [Member] | Individual Employee [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' |
Stock-based employee compensation expense | $69,999 |
General and Administrative Expense [Member] | Employee Stock Option [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' |
Stock-based employee compensation expense | 68,210 |
General and Administrative Expense [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' |
Stock-based employee compensation expense | 445,847 |
Change in fair value from modification of option terms | 307,638 |
Research and Development Expense [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' |
Stock-based employee compensation expense | 17,648 |
Employee Stock Option [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' |
Stock-based employee compensation expense | $85,858 |
Note_9_Commitments_And_Conting1
Note 9 - Commitments And Contingencies (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2012 | Sep. 30, 2014 | Jun. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 23, 2014 | Sep. 23, 2014 | Jun. 30, 2013 | Jul. 15, 2012 | Jan. 01, 2011 | Dec. 31, 2012 | Sep. 30, 2014 | 31-May-05 | Jul. 15, 2012 | Jan. 01, 2012 | Dec. 31, 2012 | Sep. 30, 2014 | 31-May-05 | Jan. 01, 2012 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 25, 2014 | Aug. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2013 | Feb. 28, 2014 | Sep. 30, 2014 | Jul. 14, 2012 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2012 | Dec. 31, 2012 |
CEO and President [Member] | CEO and President [Member] | CEO and President [Member] | CEO and President [Member] | Initial Amounts [Member] | Employment Termination Severance Pay [Member] | Stock Bonus [Member] | Exercise Bonus [Member] | Exercise Bonus [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Stock Bonus Payable Upon Stock Price of $10.00 per Share [Member] | Stock Bonus Payable Upon Stock Price of $10.00 per Share [Member] | Stock Bonus Payable Upon Stock Price of $10.00 per Share [Member] | Stock Bonus Payable Upon Stock Price of $10.00 per Share [Member] | Stock Bonus Payable Upon Stock Price of $10.00 per Share [Member] | Stock Bonus Payable Upon Stock Price of $10.00 per Share [Member] | Stock Bonus Payable Upon Stock Price of $10.00 per Share [Member] | Stock Bonus Payable Upon Stock Price of $10.00 per Share [Member] | Stock Bonus Payable Upon Stock Price of $20.00 per Share [Member] | Stock Bonus Payable Upon Stock Price of $20.00 per Share [Member] | Stock Bonus Payable Upon Stock Price of $20.00 per Share [Member] | Stock Bonus Payable Upon Stock Price of $20.00 per Share [Member] | Tranch 1 [Member] | Tranch 1 [Member] | Tranch 1 [Member] | Tranch 1 [Member] | Tranch 2 [Member] | Tranch 2 [Member] | Tranch 2 [Member] | Tranch 2 [Member] | Tranch 3 [Member] | Morris Versus Bion [Member] | Morris Versus Bion [Member] | Morris Versus Bion [Member] | Pennvest Loan [Member] | President [Member] | President [Member] | President [Member] | President [Member] | President [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Vice President [Member] | |
Exercise Bonus [Member] | Exercise Bonus [Member] | Minimum [Member] | Minimum [Member] | President [Member] | Morris Versus Bion [Member] | Chief Executive Officer [Member] | Maximum [Member] | CEO and President [Member] | Deferral of Extension 1 Tranch 1 [Member] | Deferral of Extension 2 Tranch 1 [Member] | President [Member] | President [Member] | President [Member] | Vice President [Member] | Key Employees [Member] | Key Employees [Member] | Executive Vice Chairman [Member] | Vice President [Member] | Consultants [Member] | Consultants [Member] | President [Member] | President [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | President [Member] | President [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Minimum [Member] | Maximum [Member] | Extension Agreement One [Member] | Extension Agreement One [Member] | Extension Agreement 2 [Member] | Extension Agreement 2 [Member] | Extension Agreement One [Member] | Extension Agreement One [Member] | Extension Agreement 2 [Member] | Extension Agreement 2 [Member] | ||||||||
Extension Agreement One [Member] | Extension Agreement One [Member] | CEO and President [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Extension Agreement 2 [Member] | Extension Agreement One [Member] | Extension Agreement 2 [Member] | Extension Agreement One [Member] | Extension Agreement 2 [Member] | Extension Agreement One [Member] | Extension Agreement 2 [Member] | Extension Agreement One [Member] | Extension Agreement 2 [Member] | Extension Agreement One [Member] | |||||||||||||||||||||||||||||||||
Extension Agreement Three [Member] | Extension Agreement Three [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Note 9 - Commitments And Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly Officers' Compensation (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000 | ' | ' | $21,000 | $14,000 | $26,000 | ' | ' | $26,000 | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000 | 75,000 | 100,000 | 150,000 | 45,000 | 75,000 | 100,000 | 150,000 | 100,000 | ' | ' | ' | ' | ' | 90,000 | 150,000 | ' | ' | ' | 300,000 | ' | 300,000 | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | ' | ' | ' | ' | 240,300 | ' | 795,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 334,000 | 292,500 | ' | ' | ' | 1,203,500 | 585,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | 725,000 | ' | ' | ' | 75,000 |
Deferred Compensation Arrangement with Individual, Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3 | $2.10 | ' | ' | ' | $3 | $2.10 | ' | ' | $2.75 |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | 5,000 | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 50,000 | 12,500 | 227,500 | ' | 25,000 | 12,500 | ' | 65,000 | ' | 12,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | $10 | ' | $10 | ' | ' | $20 | ' | $20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
undefined (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 312,000 | 144,000 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' |
Unused Vacation Time | ' | ' | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Execution Bonus as a Percentage of Exercised Options and Warrants | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent Stock Bonus, Percentage Threshold for Issuance | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension of Exercise Period | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value (in Dollars) | ' | ' | ' | ' | ' | $90,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,137,117 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Damages Sought, Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | $3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_10_Subsequent_Events_Deta
Note 10 - Subsequent Events (Details) (USD $) | 3 Months Ended | 1 Months Ended |
Sep. 30, 2014 | Nov. 06, 2014 | |
Subsequent Event [Member] | ||
Note 10 - Subsequent Events (Details) [Line Items] | ' | ' |
Stock Issued During Period, Shares, New Issues | 35,000 | 3,298 |
Stock Issued During Period, Value, New Issues | $26,250 | $2,000 |