Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2017 | Aug. 15, 2017 | Dec. 31, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | BION ENVIRONMENTAL TECHNOLOGIES INC | ||
Entity Central Index Key | 875,729 | ||
Trading Symbol | bnet | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 24,753,612 | ||
Entity Public Float | $ 10.8 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Current assets: | ||
Cash | $ 72,932 | $ 170,194 |
Prepaid expenses | 6,426 | 15,240 |
Subscription receivable | 7,500 | |
Deposits and other receivables | 1,980 | 1,000 |
Total current assets | 81,338 | 193,934 |
Property and equipment, net (Note 3) | 3,192 | 4,259 |
Total assets | 84,530 | 198,193 |
Current liabilities: | ||
Accounts payable and accrued expenses | 865,841 | 768,272 |
Deferred compensation (Note 4) | 2,107,262 | 1,436,595 |
Convertible notes payable - affiliates (Note 6) | 88,927 | |
Loan payable and accrued interest (Note 5) | 8,796,322 | 8,563,662 |
Total current liabilities | 11,887,752 | 10,795,929 |
Convertible notes payable - affiliates (Note 6) | 3,316,060 | 3,280,647 |
Total liabilities | 15,203,812 | 14,076,576 |
Deficit: | ||
Common stock, no par value, 100,000,000 shares authorized, 24,748,213 and 23,573,057 shares issued, respectively; 24,043,904 and 22,868,748 shares outstanding, respectively | ||
Additional paid-in capital | 103,540,352 | 102,278,364 |
Subscription receivable - affiliate (Note 7) | (40,000) | |
Accumulated deficit | (118,676,966) | (116,216,493) |
Deficit before noncontrolling interest | (15,176,614) | (13,938,129) |
Noncontrolling interest | 57,332 | 59,746 |
Total deficit | (15,119,282) | (13,878,383) |
Total liabilities and deficit | 84,530 | 198,193 |
Series B Preferred Stock [Member] | ||
Current liabilities: | ||
Series B Redeemable Convertible Preferred stock, $0.01 par value, 50,000 shares authorized; 200 shares issued and outstanding, liquidation preference of $32,000 and $30,000, respectively (Note 7) | 29,400 | 27,400 |
Series A Preferred Stock [Member] | ||
Deficit: | ||
Preferred stock | ||
Series C Preferred Stock [Member] | ||
Deficit: | ||
Preferred stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 24,748,213 | 23,573,057 |
Common stock, outstanding (in shares) | 24,043,904 | 22,868,748 |
Series B Preferred Stock [Member] | ||
Preferred stock, liquidation preference | $ 32,000 | $ 30,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 50,000 | 50,000 |
Preferred stock, issued (in shares) | 200 | 200 |
Preferred stock, outstanding (in shares) | 200 | 200 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000 | 10,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 60,000 | 60,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | $ 3,658 | |
Operating expenses: | ||
General and administrative (including stock-based compensation (Note 7)) | 1,655,734 | 1,816,341 |
Depreciation | 1,981 | 293,577 |
Impairment loss on property and equipment | 1,684,562 | |
Research and development (including stock-based compensation (Note 7)) | 425,983 | 348,559 |
Total operating expenses | 2,083,698 | 4,143,039 |
Loss from operations | (2,083,698) | (4,139,381) |
Other expense: | ||
Interest expense, net | 379,189 | 382,686 |
Total interest expense | 379,189 | 382,686 |
Net loss | (2,462,887) | (4,522,067) |
Net loss attributable to the noncontrolling interest | 2,414 | 3,634 |
Net loss applicable to Bion's common stockholders | $ (2,460,473) | $ (4,518,433) |
Net loss applicable to Bion's common stockholders per basic and diluted common share (in dollars per share) | $ (0.10) | $ (0.20) |
Weighted-average number of common shares outstanding: | ||
Basic and diluted (in shares) | 23,459,931 | 22,745,281 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Deficit) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Subscriptions Receivable [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balances (in shares) at Jun. 30, 2015 | 22,089,650 | ||||||
Balances at Jun. 30, 2015 | $ 100,891,127 | $ (111,698,060) | $ 63,380 | $ (10,743,553) | |||
Issuance of common stock for services (in shares) | 242,034 | 242,034 | |||||
Issuance of common stock for services | 228,558 | $ 228,558 | |||||
Vesting of options for services | 99,553 | 99,553 | |||||
Modification of options | 42,550 | 42,550 | |||||
Sale of units (in shares) | 393,698 | ||||||
Sale of units | 314,957 | 314,957 | |||||
Commissions on sale of units | (24,496) | (24,496) | |||||
Warrants exercised for common stock (in shares) | 562,839 | ||||||
Warrants exercised for common stock | 500,022 | $ (62,727) | 437,295 | ||||
Conversion of debt (in shares) | 341,978 | ||||||
Conversion of debt | 286,093 | 286,093 | |||||
Cancellation of common stock (in shares) | (57,142) | ||||||
Cancellation of common stock | (60,000) | 62,727 | 2,727 | ||||
Net loss | (4,518,433) | (3,634) | (4,522,067) | ||||
Balances (in shares) at Jun. 30, 2016 | 23,573,057 | ||||||
Balances at Jun. 30, 2016 | 102,278,364 | (116,216,493) | 59,746 | $ (13,878,383) | |||
Issuance of common stock for services (in shares) | 205,499 | 205,499 | |||||
Issuance of common stock for services | 158,636 | $ 158,636 | |||||
Vesting of options for services | 189,438 | 189,438 | |||||
Modification of options | 177,471 | $ 177,471 | |||||
Sale of common stock (in shares) | 30,467 | 30,467 | |||||
Sale of common stock | 22,850 | $ 22,850 | |||||
Sale of units (in shares) | 561,890 | ||||||
Sale of units | 421,413 | 421,413 | |||||
Commissions on sale of units | (30,640) | (30,640) | |||||
Issuance of warrants | 45,250 | (40,000) | 5,250 | ||||
Warrants exercised for common stock (in shares) | 10,000 | ||||||
Warrants exercised for common stock | 0 | ||||||
Conversion of debt (in shares) | 367,300 | ||||||
Conversion of debt | 277,570 | 277,570 | |||||
Net loss | (2,460,473) | (2,414) | (2,462,887) | ||||
Balances (in shares) at Jun. 30, 2017 | 24,748,213 | ||||||
Balances at Jun. 30, 2017 | $ 103,540,352 | $ (40,000) | $ (118,676,966) | $ 57,332 | $ (15,119,282) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (2,462,887) | $ (4,522,067) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 1,981 | 293,577 |
Loss on retirement of property and equipment | 770 | |
Impairment loss on property and equipment | 1,684,562 | |
Accrued interest on loan payable, deferred compensation and other | 413,590 | 418,171 |
Stock-based compensation | 530,795 | 370,661 |
Decrease in prepaid expenses | 8,814 | 3,263 |
Decrease in deposits and other receivables | 6,108 | |
Increase (decrease) in accounts payable and accrued expenses | 159,636 | (7,896) |
Increase in deferred compensation | 830,600 | 853,600 |
Net cash used in operating activities | (516,701) | (900,021) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (1,684) | (5,179) |
Net cash used by investing activities | (1,684) | (5,179) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Decrease in subscription receivable | 7,500 | 13,125 |
Proceeds from sale of common stock | 22,850 | |
Proceeds from sale of units | 421,413 | 314,957 |
Commissions on sale of units | (30,640) | (24,496) |
Proceeds from promissory note receivable | 45,000 | |
Proceeds from exercise of warrants | 387,522 | |
Net cash provided by financing activities | 421,123 | 736,108 |
Net decrease in cash | (97,262) | (169,092) |
Cash at beginning of period | 170,194 | 339,286 |
Cash at end of period | 72,932 | 170,194 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | ||
Non-cash investing and financing transactions: | ||
Issuance of common stock to satisfy deferred compensation and accounts payable | 277,570 | 286,093 |
Cancellation of shares and related promissory note receivable | (60,000) | |
Purchase of warrants for subscription receivable - affiliate | 40,000 | |
Subscription receivable | 7,500 | |
Note Receivable as Consideration for Warrants Exercise [Member] | ||
Non-cash investing and financing transactions: | ||
Exercise of warrants for promissory note receivable for shares | $ 105,000 |
Note 1 - Organization, Nature o
Note 1 - Organization, Nature of Business, Going Concern and Management's Plans | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
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 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 Concentrated Animal Feeding Operations (“CAFO’s”). Application of our technology and technology platform can simultaneously remediate environmental problems and improve operational/resource efficiencies by recovering value from the CAFOs’ waste stream that has traditionally been wasted or underutilized, including renewable energy, nutrients (nitrogen and phosphorus) and clean water. 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 third During the 2014 201 7 third “3G 2018 no Currently, Bion is focused on using applications of its patented and proprietary waste management technologies and technology platform to pursue three 1 ( some of which may to retrofit and environmentally remediate existing CAFOs (“Retrofits”) in selected markets where: a) government policy supports such efforts (such as the Chesapeake Bay watershed, some Great Lakes Basin states, and/or other states and watersheds facing Environmental Protection Agency (“EPA”) ‘total maximum daily load’ (“TMDL”) issues, and/or b) where CAFO’s need our technology to obtain permits to expand or develop without negative environmental consequences; 2 may with multiple revenue streams, and 3 1 2 Management believes that Bion’s technology also creates the opportunity to develop Integrated Projects that profitably integrate large-scale CAFO's production with their downstream food processing facility, and in certain applications, biofuel/ethanol production. The Bion platform will provide treatment of, as well as renewable energy and by-product recovery from, both the CAFO and food processing waste streams, on-site utilization of some or all of the renewable energy generated, and potentially, biofuel/ethanol production, in an environmentally and economically sustainable manner that reduces the aggregate capital expense and operating costs for the entire integrated complex. Projects may During 2008 first 1 2011. January 26, 2009 $7.75 1, “PA1” 1 August 12, 2010 PA1 1 November 2010. November 3, 2010. PA1 1 May 2011. 1 2012 2011 1 August 1, 2012 1 PA1 1 PA1’s 1 PA1 1 PA1 1 PA1 four PA1 not January 2013. not 2013, June 30, 2017. three 1 PA1 1 $3,750,000 June 30, 2015. 2016 PA1 $1,684,562 1 $0. 1 PA1’s 1 1 costs associated with needed capital upgrade expenses, and re-certification/ permitting amendments. On September 25, 2014, PA1 $8,137,117 October 24, 2014. PA1 not not PA1 PA1 ’s proposal made during the fall of 2014. No 12 not may no PA1 1 30 180 During August 2012, 1 System met the ‘technology guaranty’ standards which were incorporated in the Pennvest financing documents and, as a result, the Pennvest Loan has been (and is now) solely an obligation of PA1 The economics (potential revenues, profitability and continued operation) of the Kreider 1 On May 5, 2016, PA2 “PA2” ’s poultry facilities (“Kreider 2” The Kreider projects are owned and operated by Bion through separate subsidiaries, in which Kreider has the option to acquire a noncontrolling interest. S ubstantial capital (equity and/or debt) has been and will continue to be expended on these projects. Additional funds will be required for continuing operations and additional capital expenditures for upgrades at Kreider 1 no 1 1 Kreider 2 not ’s 3G may two Kreider 2 ’s poultry operations. Assuming there are positive developments related to the market for nutrient reductions in Pennsylvania, the Company intends to pursue development, design and construction of the Kreider 2 2018. 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 and Midwest and Great Lakes states) and at the federal level EPA and the Department of Agriculture (“USDA”) (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. The Company anticipates that such efforts will continue in Pennsylvania and other Chesapeake Bay watershed states throughout the next 12 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 2,463,000 $4,522,000 June 30, 2017 2016. June 30, 2017, $11,806,000 $15,177,000, not may The Company continues to explore sources of additional financing (including potential agreements with strategic partners – both financial and ag-industry) to satisfy its current and future operating and capital expenditure requirements as it is not During the year s ended June 30, 2017 2016, $452,000 $761,000 2017 2016 During fiscal years 201 7 2016, 4 6 2016. June 30, 2014 2015. not 1 The Company will need to obtain additional capital to fund its operations and technology development, to satisfy existing creditors, to develop Projects (including Integrated Projects) (including the Kreider 2 1 $2,500,000 $50,000,000 ‘rights’ and/or warrants (new and/or existing) during the next twelve no There is no twelve ’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 not |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
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, PA1, PA2; 58.9% Cash: The Company considers all highly liquid investments purchased with an original maturity of three 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 twenty l indirect incrementally identifiable costs related to the design and construction of its Integrated Projects. The Company has elected to expense all costs and filing fees related to obtaining patents (resulting in no no may not Derivative Financial Instruments: Pursuant to Accounting Standards Codification (“ASC”) Topic 815 815” may Warrants: The Company has issued warrants to purchase common shares of the Company. Warrants are valued using a fair value based method, whereby the fair value of the warrant is determined at the warrant issue date using a market-based option valuation model based on factors including an evaluation of the Company ’s value as of the date of the issuance, consideration of the Company’s limited liquid resources and business prospects, the market price of the Company’s stock in its mostly inactive public market and the historical valuations and purchases of the Company’s warrants. When warrants are issued in combination with debt or equity securities, the warrants are valued and accounted for based on the relative fair value of the warrants in relation to the total value assigned to the debt or equity securities and warrants combined. Concentrations of credit risk: The Company's financial instruments that are exposed to concentrations of credit risk consist of cash. The Company's cash is in demand deposit accounts placed with federally insured financial institutions and selected brokerage accounts. Such deposit accounts at times may not Noncontrolling interests: In accordance with ASC 810, 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 Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – observable inputs other than Level 1, not 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 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 is indeterminable at this time due to the nature of the arrangement with a state agency and the fact that it is in default. 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 the deferred compensation and convertible notes payable - affiliates are not 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. Stock-based compensation: The Company recognizes the cost of employee services received in exchange for an award of equity instruments in the financial statements and the cost is measured based on the grant date fair value of the award. The stock option compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (the requisite service period). The Company utilizes the Black-Scholes option-pricing model to determine fair value. Key assumptions of the Black-Scholes option-pricing model include applicable volatility rates, risk-free interest rates and the instrument’s expected remaining life. These assumptions require significant management judgment. Income taxes: The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases, as well as net operating losses. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets or liabilities of a change in tax rates is recognized in the period in which the tax change occurs. A valuation allowance is provided to reduce the deferred tax assets by 100%, not not The Company is no 2009. not ’s unrecognized tax positions over the next 12 The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of June 30, 2017, no June 30, 2017 2016. 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 years ended June 30, 2017 2016, The following table represents the warrants, options and convertible securities excluded from the calculation of diluted loss per share: June 30, 2017 June 30, 2016 Warrants 8,588,729 8,112,114 Options 4,545,037 4,225,537 Convertible debt 9,115,428 7,988,445 Convertible preferred stock 16,000 15,000 The following is a reconciliation of the denominators of the basic loss per share computations for the years ended June 30, 2017 2016: Year ended June 30, 2017 Year ended June 30, 2016 Shares issued – beginning of period 23,573,057 22,089,650 Shares held by subsidiaries (Note 7) (704,309 ) (704,309 ) Shares outstanding – beginning of period 22,868,748 21,385,341 Weighted average shares for fully vested stock bonuses 177,534 600,000 Weighted average shares issued during the period 413,649 759,940 Basic weighted average shares – end of period 23,459,931 22,745,281 Use of estimates: In preparing the Company ’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements: The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company ’s financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financial statements properly reflect the change. In May 2014, No. 2014 09 605 2014 09 December 15, 2017 December 15, 2016. not In August 2014, No. 2014 15, – Going Concern: Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one December 15, 2016, No. 2014 15 not In May 2017, No. 2017 09 s must be accounted for as modifications. The new guidance will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. ASU No. 2017 09 December 15, 2017, not |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. PROPERTY AND EQUIPMENT: Property and equipment consists of the following: June 30, 2017 June 30, 2016 Machinery and equipment $ 2,222,670 $ 2,222,670 Buildings and structures 401,470 401,470 Computers and office equipment 171,613 173,313 2,795,753 2,797,453 Less accumulated depreciation (2,792,561 ) (2,793,194 ) $ 3,192 $ 4,259 Management reviewed property and equipment for impairment as of June 30, 2016 1 1 3 $1,684,562 June 30, 2016. June 30, 2016, 1 zero June 30, 2017, no Depreciation expense was $1,981 $293,577 June 30, 2017 2016, |
Note 4 - Deferred Compensation
Note 4 - Deferred Compensation | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4. DEFERRED COMPENSATION: The Company owes deferred compensation to various employees, former employees and consultants totaling $2,107,262 and $1,436,595 as of June 30, 2017 2016, . Included in the deferred compensation balances as of June 30, 2017, $974,929, $320,733 $119,473 January 1, 2015, January 1, 2015, 4% first five 10 June 30, 2016 $573,818, $168,301 $115,073, The Company also owes various consultants, pursuant to various agreements, for deferred compensation of $450,643 $337,918 as of June 30, 2017 2016, with similar conversion terms as those described above for Bassani, Smith and Schafer, with the exception that the interest accrues at 3% $300,000 $0.75 December 31, 2018 ( 2006 2006 no $168,000 $984, 226,168 1,131 June 30, 2017 $72,500, not $55,569 $45,573 $32,380 $24,813 June 30, 2017 2016, |
Note 5 - Loan Payable
Note 5 - Loan Payable | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. LOAN PAYABLE: PA1, ’s wholly-owned subsidiary, owes $8,796,322 June 30, 2017 ( $8,563,662 June 30, 2016) 1 $1,042,322 June 30, 2017 ( $809,662 June 30, 2016). $7,754,000 three ten 2.547% 1 5 3.184% 6 $2,742,000 2013 2017, $760,000 2018, $771,000 2019, $794,000 2020, $819,000 2021, $846,000 2022 $1,022,000 1 1 not 1 $197,494 June 30, 2017 2016, PA1 PA1 not January 2013. not 2013, June 30, 2017. On September 25, 2014, PA1 $8,137,117 October 24, 2014. PA1 not not PA1 no no 48 not may PA1 1 30 180 In connection with the Pennvest Loan financing documents, the Company provided a ‘technology guaranty’ regarding nutrient reduction performance of Kreider 1 1’s August 2012 1 PA1. |
Note 6 - Convertible Notes Paya
Note 6 - Convertible Notes Payable - Affiliates | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Convertible Debt [Text Block] | 6. CONVERTIBLE NOTES PAYABLE - AFFILIATES: January 2015 The January 2015 4% December 31, 2017. June 30, 2017, January 2015 July 1, 2019. January 2015 one ’s common stock and one $0.50 December 31, 2020. $1.00 December 31, 2020. $0.50 no 815 15 not not not 815 10, As of June 30, 2017, January 2015 $1,610,760, $836,445 $416,057, As of June 30, 2016, January 2015 $1,552,178, $806,025 $400,925, The Company recorded interest expense of $104,135 $104,419 June 30, 2017 2016, September 2015 During the year ended June 30, 2016, September 2015 September 2015 $405,831, $16,382 $82,921, September 2015 4% December 31, 2017 may $0.60 $0.60 September 2015 no September 2015 June 30, 2017, $435,229, $17,569 $88,927, The balances of the September 2015 June 30, 2016, $418,995, $16,913 $85,611, The Company recorded interest expense of $20,205 $16,385 June 30, 2017 2016, June 30, 2017, September 2015 July 1, 2019. |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. STOCKHOLDERS' EQUITY: Series B Preferred stock: At July 1, 2014, 200 $0.01 $2.00 2.5% 2.00100 per share by the Company three 200 not During the years ended June 30, 2017 2016, $2,000 $2,000 June 30, 2017, $12,000. Common stock: Holders of common stock are entitled to one no may may During the year ended June 30, 2016, 242,034 ’s common stock at prices ranging from $0.76 $1.15 $228,558, $69,000 75,000 January 2016. During the year ended June 30, 2016, 12,500 ’s restricted common stock upon receipt of its subscription receivable of $13,125 12,500 During the year ended June 30, 2016, December 31, 2015, ’s common stock at a reduced exercise price of $1.05, June 30, 2015 July 15, 2015. 265,894 265,894 $174,189 $105,000 January 2016, $35,000 June 15, 2016. June 2016, $10,000 September 1, 2016. June 30, 2016, $60,000 $2,727 57,142 not During the year ended June 30, 2016, $0.80 one ’s restricted common stock and one one $1.10 June 30, 2017 393,698 $314,957. June 30, 2016, $24,496 $0.05 $8,041 $306,916 During the year ended June 30, 2016, 284,445 $0.75 284,445 ’s common stock were issued resulting in cash proceeds of $213,333. During the year ended June 30, 2016, 6,280 $0.75. 50% $0.375 $2,355 6,280 ’s common stock. During the year ended June 30, 2016, $82,861 $200,877 99,159 236,539 ’s common stock at conversion rates ranging from $0.76 $1.15 During the year ended June 30, 2017, 205,499 ’s common stock at prices ranging from $0.75 $1.02 $158,636, During the year ended June 30, 2017, 10,000 ’s restricted common stock upon receipt of its subscription receivable of $7,500 10,000 During the year ended June 30, 2017, $0.75 one ’s restricted common stock and one one $1.00 December 31, 2017 June 30, 2018 561,890 $421,413, $390,773 561,890 280,949 $0.05 $11,701 $409,712 During the year ended June 30, 2017, 30,467 ’s common stock for $0.75 $22,850. During the year ended June 30, 2017, two $140,502 184,542 ’s common stock at a conversion rates ranging from $0.75 $0.84 79,614 $1.00 December 31, 2018 one During the year ended June 30, 2017, $75,000 $62,068, 182,758 $0.75 one ’s restricted common stock and one one $1.00 March 31, 2018. Warrants: As of June 30, 2017, 8.6 $0.75 $3.00 December 31, 2021. The weighted-average exercise price for the outstanding warrants is $1.22, June 30, 2017 3.3 At June 30, 2016 10,000 $0.75, $7,500. June 30, 2017, $7,500 10,000 ’s common stock in satisfaction of the warrant exercise. During the year ended June 30, 2017, 870,319 $0.75 $3.00 During the year ended June 30, 2017, 40,000 $1.00, December 31, 2021. $2,000 During the year ended June 30, 2017, 25,000 $0.90, December 31, 2019 $1,250. During the year ended June 30, 2017, $0.75 one ’s restricted common stock and one one $1.00 December 31, 2017 June 30, 2018, 561,890 $421,413. 561,890 280,949 $0.05 $11,701 $409,712 During the year ended June 30, 2017, $40,000 800,000 ’s restricted common stock, which warrants are exercisable at $1.00 December 31, 2021 ( 4% November 15, 2017. Stock options: The Company ’s 2006 “2006 22,000,000 2006 may no may ten During the year ended June 30, 2016, $42,550. During the year ended June 30, 2017, two $177,471. During the year ended June 30, 2017, 100,000 January 15, 2018 January 15, 2020. $37,105 nil June 30, 2017 2016, The Company recorded compensation expense related to employee stock options of $152,333 $99,553 June 30, 2017 2016, 319,500 100,000 June 30, 2017 2016, June 30, 2017 2016, nil 288,333 The fair value of the options granted during the years ended June 30, 2017 2016 Weighted Average, June 30, 2017 Range, June 30, 2017 Weighted Average, June 30, 2016 Range, June 30, 2016 Volatility 78% 73% - 86% 74% 74% Dividend yield - - - - Risk-free interest rate 1.17% 0.82% - 1.44% 1.75% 1.75% Expected term (years) 3.9 3 - 4 5 5 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 two June 30, 2017 Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at July 1, 2015 4,413,870 $ 1.88 4.1 $ 398,250 Granted 100,000 .92 Exercised - - Forfeited - - Expired (288,333 ) 2.90 Outstanding at June 30, 2016 4,225,537 $ 1.45 4.1 $ 158,675 Granted 319,500 0.97 Exercised - - Forfeited - - Expired - - Outstanding at June 30, 2017 4,545,037 $ 1.42 2.9 $ 176,575 Exercisable at June 30, 2017 4,520,037 $ 1.42 2.9 $ 176,575 The following table presents information relating to nonvested stock options as of June 30, 2017: Options Weighted Average Grant-Date Fair Value Nonvested at July 1, 2016 50,000 $ 0.76 Granted 319,500 0.46 Vested (344,500 ) (0.50 ) Nonvested at June 30, 2017 25,000 $ 0.46 The total fair value of stock options that vested during the years ended June 30, 2017 2016 $173,520 $97,000, June 30, 2017, $4,600 Stock-based employee compensation charges in operating expenses in the Company ’s financial statements for the years ended June 30, 2017 2016 Year ended June 30, 2017 Year ended June 30, 2016 General and administrative: Fair value of stock bonuses expensed $ 15,021 $ 69,000 Change in fair value from modification of option terms 166,031 42,550 Fair value of stock options expensed 129,081 66,092 Total $ 310,133 $ 177,642 Research and development: Fair value of stock bonus expensed $ 22,084 $ - Change in fair value from modification of option terms 11,440 - Fair value of stock options expensed 23,252 33,461 Total $ 56,776 $ 33,461 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 . INCOME TAXES: The reconciliation between the expected federal income tax benefit computed by applying the Federal statutory rate to loss before income taxes and the actual benefit for taxes on loss for the years ended June 30, 2017 2016 2017 2016 Expected income tax benefit at statutory rate $ (836,000 ) $ (1,537,000 ) State taxes, net of federal benefit (75,000 ) (138,000 ) Permanent differences and other 3,000 (13,000 ) Change in valuation allowance 908,000 1,688,000 Income tax benefit $ - $ - The Company has net operating loss carry-forwards (“NOLs”) for tax purposes of approximately $52,861,000 June 30, 2017. 2037. The utilization of the NOLs may 382 The Company ’s deferred tax assets for the years ended June 30, 2017 2016 2017 2016 NOLs – noncurrent $ 20,087,000 $ 19,705,000 Stock-based compensation - current 5,589,000 5,392,000 Property and equipment – noncurrent 2,014,000 2,014,000 Deferred compensation - noncurrent 2,017,000 1,688,000 Gross deferred tax assets 29,707,000 28,799,000 Valuation allowance (29,707,000 ) (28,799,000 ) Net deferred tax assets $ - $ - The Company has provided a valuation allowance of 100% |
Note 9 - 401(k) Plan
Note 9 - 401(k) Plan | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9. 401 The Company has adopted the Bion Technologies, Inc. 401 “401 401 not 401 21 no |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. 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. February 10, 2015, December 31, 2015 ( six ’s existing convertible note payable as of December 31, 2014, $760,520 50% 8% 4% 11% $0.45 $0.50 no 75% 1 1/4 December 31, 2017. $18,000 150,000 150,000 $1.50 $1.50 October 2015, “FY2016 June 30, 2016 ( six FY2016 $19,000 100,000 75,000 January 5, 2016. July 1, 2016, October 10, 2016, 25,000 January 15, 2017 ( 75,000 $0.90 December 31, 2020, $18,000 October 1, 2016, $125,000 $0.75 March 15, 2018 ( April 27, 2017 $300,000 $0.75 December 31, 2018), third Since March 31, 2005, May 13, 2011. 2012 2013, 600,000 500,000 January 15, 2016 100,000 January 15, 2017. October 2016. February 10, 2015, December 31, 2017, ( six ’s then existing loan payable, deferred compensation and convertible note payable to Bassani, were restructured into two $279,000 $116,277 December 31, 2014, $395,277 December 31, 2015 September 2015 6 592,916 $1.00 December 31, 2020; $1,464,545 50% 8% 4% 11% $0.45 $0.50 no 75% 1 1/4 December 31, 2017 ( 6 $31,000 250,000 450,000 $1.50 $1.50 October 2016 $125,000 $0.75 March 15, 2018 ( April 27, 2017 $300,000 $0.75 December 31, 2018). Contingent stock bonuses: The Company has declared contingent deferred stock bonuses to its key employees and consultants at various times throughout the years. The stock bonuses were contingent upon the Company ’s stock price exceeding a certain target price per share, and the grantees still being employed by or providing services to the Company at the time the target prices are reached. During the year ended June 30, 2017, 117,500 109,500 $1.00 December 31, 2020. Execution/exercise bonuses: As part of agreements the Company entered into with Bassani and Smith effective May 15, 2013, 50% ’s common stock reaching a closing price equal to 50% five one $.05 three three January 1, 2016 $.01 During the year ended June 30, 2014, ’s other board member. As of June 30 2017, 3,170,000 ’s outstanding options and 7,748,524 Litigation: On September 25, 2014, PA1 $8,137,117 October 24, 2014. PA1 not not August 2012, 1 ‘technology guaranty’ standards which were incorporated in the Pennvest financing documents and, as a result, the Pennvest Loan is now solely an obligation of PA1. No not 1 5 The Company currently is not |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. SUBSEQUENT EVENTS: The Company has evaluated events that occurred subsequent to June 30, 2017 From July 1, 2017 September 24, 2017, 9,211 $7,700. From July 1, 2017 September 24, 2017, 49,417 $0.75 $37,000. Each Unit consists of one ½ $1.00 June 30, 2018. From July 1, 2017 September 24, 2017, 36,334U nits of its securities at $0.75 $27,000. one ½ $1.00 June 30, 2018. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
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, PA1, PA2; 58.9% |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash: The Company considers all highly liquid investments purchased with an original maturity of three |
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 twenty l indirect incrementally identifiable costs related to the design and construction of its Integrated Projects. The Company has elected to expense all costs and filing fees related to obtaining patents (resulting in no no may not |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments: Pursuant to Accounting Standards Codification (“ASC”) Topic 815 815” may |
Equity Issuances Warrants Policy [Policy Text Block] | Warrants: The Company has issued warrants to purchase common shares of the Company. Warrants are valued using a fair value based method, whereby the fair value of the warrant is determined at the warrant issue date using a market-based option valuation model based on factors including an evaluation of the Company ’s value as of the date of the issuance, consideration of the Company’s limited liquid resources and business prospects, the market price of the Company’s stock in its mostly inactive public market and the historical valuations and purchases of the Company’s warrants. When warrants are issued in combination with debt or equity securities, the warrants are valued and accounted for based on the relative fair value of the warrants in relation to the total value assigned to the debt or equity securities and warrants combined. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of credit risk: The Company's financial instruments that are exposed to concentrations of credit risk consist of cash. The Company's cash is in demand deposit accounts placed with federally insured financial institutions and selected brokerage accounts. Such deposit accounts at times may not |
Minority Interest Policy [Policy Text Block] | Noncontrolling interests: In accordance with ASC 810, |
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 Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – observable inputs other than Level 1, not 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 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 is indeterminable at this time due to the nature of the arrangement with a state agency and the fact that it is in default. 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 the deferred compensation and convertible notes payable - affiliates are not |
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. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation: The Company recognizes the cost of employee services received in exchange for an award of equity instruments in the financial statements and the cost is measured based on the grant date fair value of the award. The stock option compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (the requisite service period). The Company utilizes the Black-Scholes option-pricing model to determine fair value. Key assumptions of the Black-Scholes option-pricing model include applicable volatility rates, risk-free interest rates and the instrument’s expected remaining life. These assumptions require significant management judgment. |
Income Tax, Policy [Policy Text Block] | Income taxes: The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases, as well as net operating losses. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets or liabilities of a change in tax rates is recognized in the period in which the tax change occurs. A valuation allowance is provided to reduce the deferred tax assets by 100%, not not The Company is no 2009. not ’s unrecognized tax positions over the next 12 The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of June 30, 2017, no June 30, 2017 2016. |
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 years ended June 30, 2017 2016, The following table represents the warrants, options and convertible securities excluded from the calculation of diluted loss per share: June 30, 2017 June 30, 2016 Warrants 8,588,729 8,112,114 Options 4,545,037 4,225,537 Convertible debt 9,115,428 7,988,445 Convertible preferred stock 16,000 15,000 The following is a reconciliation of the denominators of the basic loss per share computations for the years ended June 30, 2017 2016: Year ended June 30, 2017 Year ended June 30, 2016 Shares issued – beginning of period 23,573,057 22,089,650 Shares held by subsidiaries (Note 7) (704,309 ) (704,309 ) Shares outstanding – beginning of period 22,868,748 21,385,341 Weighted average shares for fully vested stock bonuses 177,534 600,000 Weighted average shares issued during the period 413,649 759,940 Basic weighted average shares – end of period 23,459,931 22,745,281 |
Use of Estimates, Policy [Policy Text Block] | Use of estimates: In preparing the Company ’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements: The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company ’s financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financial statements properly reflect the change. In May 2014, No. 2014 09 605 2014 09 December 15, 2017 December 15, 2016. not In August 2014, No. 2014 15, – Going Concern: Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one December 15, 2016, No. 2014 15 not In May 2017, No. 2017 09 s must be accounted for as modifications. The new guidance will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. ASU No. 2017 09 December 15, 2017, not |
Note 2 - Significant Accounti19
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | June 30, 2017 June 30, 2016 Warrants 8,588,729 8,112,114 Options 4,545,037 4,225,537 Convertible debt 9,115,428 7,988,445 Convertible preferred stock 16,000 15,000 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended June 30, 2017 Year ended June 30, 2016 Shares issued – beginning of period 23,573,057 22,089,650 Shares held by subsidiaries (Note 7) (704,309 ) (704,309 ) Shares outstanding – beginning of period 22,868,748 21,385,341 Weighted average shares for fully vested stock bonuses 177,534 600,000 Weighted average shares issued during the period 413,649 759,940 Basic weighted average shares – end of period 23,459,931 22,745,281 |
Note 3 - Property and Equipme20
Note 3 - Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2017 June 30, 2016 Machinery and equipment $ 2,222,670 $ 2,222,670 Buildings and structures 401,470 401,470 Computers and office equipment 171,613 173,313 2,795,753 2,797,453 Less accumulated depreciation (2,792,561 ) (2,793,194 ) $ 3,192 $ 4,259 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Weighted Average, June 30, 2017 Range, June 30, 2017 Weighted Average, June 30, 2016 Range, June 30, 2016 Volatility 78% 73% - 86% 74% 74% Dividend yield - - - - Risk-free interest rate 1.17% 0.82% - 1.44% 1.75% 1.75% Expected term (years) 3.9 3 - 4 5 5 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at July 1, 2015 4,413,870 $ 1.88 4.1 $ 398,250 Granted 100,000 .92 Exercised - - Forfeited - - Expired (288,333 ) 2.90 Outstanding at June 30, 2016 4,225,537 $ 1.45 4.1 $ 158,675 Granted 319,500 0.97 Exercised - - Forfeited - - Expired - - Outstanding at June 30, 2017 4,545,037 $ 1.42 2.9 $ 176,575 Exercisable at June 30, 2017 4,520,037 $ 1.42 2.9 $ 176,575 |
Schedule of Nonvested Share Activity [Table Text Block] | Options Weighted Average Grant-Date Fair Value Nonvested at July 1, 2016 50,000 $ 0.76 Granted 319,500 0.46 Vested (344,500 ) (0.50 ) Nonvested at June 30, 2017 25,000 $ 0.46 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year ended June 30, 2017 Year ended June 30, 2016 General and administrative: Fair value of stock bonuses expensed $ 15,021 $ 69,000 Change in fair value from modification of option terms 166,031 42,550 Fair value of stock options expensed 129,081 66,092 Total $ 310,133 $ 177,642 Research and development: Fair value of stock bonus expensed $ 22,084 $ - Change in fair value from modification of option terms 11,440 - Fair value of stock options expensed 23,252 33,461 Total $ 56,776 $ 33,461 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2017 2016 Expected income tax benefit at statutory rate $ (836,000 ) $ (1,537,000 ) State taxes, net of federal benefit (75,000 ) (138,000 ) Permanent differences and other 3,000 (13,000 ) Change in valuation allowance 908,000 1,688,000 Income tax benefit $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 NOLs – noncurrent $ 20,087,000 $ 19,705,000 Stock-based compensation - current 5,589,000 5,392,000 Property and equipment – noncurrent 2,014,000 2,014,000 Deferred compensation - noncurrent 2,017,000 1,688,000 Gross deferred tax assets 29,707,000 28,799,000 Valuation allowance (29,707,000 ) (28,799,000 ) Net deferred tax assets $ - $ - |
Note 1 - Organization, Nature23
Note 1 - Organization, Nature of Business, Going Concern and Management's Plans (Details Textual) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 25, 2014 | Jan. 26, 2009 | |
Construction Loan | $ 7,750,000 | ||||
Impairment of Long-Lived Assets Held-for-use | $ 1,684,562 | ||||
Property, Plant and Equipment, Net | 3,192 | 4,259 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,462,887) | (4,522,067) | |||
Working Capital | (11,806,000) | ||||
Stockholders' Equity Attributable to Parent | (15,176,614) | (13,938,129) | |||
Proceeds from Issuance or Sale of Equity | 452,000 | 761,000 | |||
Minimum [Member] | |||||
Capital Required for Capital Adequacy | 2,500,000 | ||||
Maximum [Member] | |||||
Capital Required for Capital Adequacy | 50,000,000 | ||||
PA-1 [Member] | |||||
Debt Instrument, Debt Default, Amount | $ 8,137,117 | ||||
Property, Plant and Equipment of PA1 [Member] | |||||
Impairment of Long-Lived Assets Held-for-use | $ 0 | 1,684,562 | $ 3,750,000 | ||
Property, Plant and Equipment, Net | $ 0 |
Note 2 - Significant Accounti24
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Deferred Tax Assets Reduction Percentage | 100.00% | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Centerpoint [Member] | ||
Equity Method Investment, Ownership Percentage | 58.90% |
Note 2 - Significant Accounti25
Note 2 - Significant Accounting Policies - Antidilutive Securities (Details) - shares | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Warrant [Member] | ||
Antidilutive securities (in shares) | 8,588,729 | 8,112,114 |
Employee Stock Option [Member] | ||
Antidilutive securities (in shares) | 4,545,037 | 4,225,537 |
Convertible Debt Securities [Member] | ||
Antidilutive securities (in shares) | 9,115,428 | 7,988,445 |
Convertible Preferred Stock Antidilutive Securities [Member] | ||
Antidilutive securities (in shares) | 16,000 | 15,000 |
Note 2 - Significant Accounti26
Note 2 - Significant Accounting Policies - Earnings Per Share, Basic and Diluted (Details) - shares | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Common stock, issued (in shares) | 24,748,213 | 23,573,057 | 22,089,650 |
Shares held by subsidiaries (Note 7) (in shares) | (704,309) | (704,309) | |
Common stock, outstanding (in shares) | 24,043,904 | 22,868,748 | 21,385,341 |
Weighted average shares for fully vested stock bonuses (in shares) | 177,534 | 600,000 | |
Weighted average shares issued during the period (in shares) | 413,649 | 759,940 | |
Basic weighted average shares – end of period (in shares) | 23,459,931 | 22,745,281 |
Note 3 - Property and Equipme27
Note 3 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Impairment of Long-Lived Assets Held-for-use | $ 1,684,562 | ||
Depreciation | 1,981 | 293,577 | |
Property, Plant and Equipment, Net | 3,192 | 4,259 | |
Property, Plant and Equipment of PA1 [Member] | |||
Impairment of Long-Lived Assets Held-for-use | $ 0 | 1,684,562 | $ 3,750,000 |
Property, Plant and Equipment, Net | $ 0 |
Note 3 - Property and Equipme28
Note 3 - Property and Equipment - Property and Equipment (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Machinery and equipment | $ 2,222,670 | $ 2,222,670 |
Buildings and structures | 401,470 | 401,470 |
Computers and office equipment | 171,613 | 173,313 |
Total | 2,795,753 | 2,797,453 |
Less accumulated depreciation | (2,792,561) | (2,793,194) |
Net | $ 3,192 | $ 4,259 |
Note 4 - Deferred Compensation
Note 4 - Deferred Compensation (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Interest Rate on Deferred Compensation | 4.00% | |
Interest Expense | $ 379,189 | $ 382,686 |
Deferred Compensation Conversion Days | 5 days | |
Deferred Compensation Consecutive Trading Days | 10 days | |
Deferred Compensation Liability, Current | $ 2,107,262 | 1,436,595 |
Interest Expense on Deferred Compensation Obligation [Member] | ||
Interest Expense | 55,569 | 32,380 |
Interest Expense, Related Party | 45,573 | 24,813 |
Chief Executive Officer [Member] | ||
Deferred Compensation, Convertible to Common Stock | $ 300,000 | |
Deferred Compensation, Convertible to Common Stock, Price Per Share | $ 0.75 | |
Deferred Compensation Liability, Current | $ 974,929 | 573,818 |
President [Member] | ||
Deferred Compensation, Convertible to Common Stock | $ 300,000 | |
Deferred Compensation, Convertible to Common Stock, Price Per Share | $ 0.75 | |
Deferred Compensation Liability, Current | $ 320,733 | 168,301 |
Executive Vice Chairman [Member] | ||
Deferred Compensation Liability, Current | $ 119,473 | 115,073 |
Consultants [Member] | ||
Interest Rate on Deferred Compensation | 3.00% | |
Deferred Compensation Liability, Current | $ 450,643 | $ 337,918 |
Former Employee 1 [Member] | ||
Deferred Compensation Shares Issued upon Conversion | 226,168 | |
Deferred Compensation Liability, Current | $ 168,000 | |
Individual Employee [Member] | ||
Deferred Compensation Shares Issued upon Conversion | 1,131 | |
Deferred Compensation Liability, Current | $ 984 | |
Former Employee [Member] | ||
Deferred Compensation Liability, Current | $ 72,500 |
Note 5 - Loan Payable (Details
Note 5 - Loan Payable (Details Textual) - USD ($) | 12 Months Ended | 60 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Sep. 25, 2014 | Jan. 26, 2009 | |
Construction Loan | $ 7,750,000 | ||||
PA-1 [Member] | |||||
Debt Instrument, Debt Default, Amount | $ 8,137,117 | ||||
Pennvest Loan [Member] | |||||
Construction Loan | $ 8,796,322 | $ 8,563,662 | $ 8,796,322 | ||
Accrued Interest and Late Charges Payable | 1,042,322 | 809,662 | 1,042,322 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 7,754,000 | 7,754,000 | |||
Repayments of Long-term Debt | 2,742,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 760,000 | 760,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 771,000 | 771,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 794,000 | 794,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 819,000 | $ 819,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 846,000 | ||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,022,000 | ||||
Interest Expense, Debt | $ 197,494 | $ 197,494 | |||
Pennvest Loan [Member] | Interest Only Payments Number of Years [Member] | |||||
Term Loan Payment Term | 3 years | ||||
Pennvest Loan [Member] | Amortization of Principal Number of Years [Member] | |||||
Term Loan Payment Term | 10 years | ||||
Pennvest Loan [Member] | Years One Through Five [Member] | |||||
Debt Instrument, Interest Rate During Period | 2.547% | ||||
Pennvest Loan [Member] | Years Six Through Maturity [Member] | |||||
Debt Instrument, Interest Rate During Period | 3.184% |
Note 6 - Convertible Notes Pa31
Note 6 - Convertible Notes Payable - Affiliates (Details Textual) | 12 Months Ended | |||
Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Feb. 10, 2015$ / shares | |
Interest Expense | $ 379,189 | $ 382,686 | ||
Convertible Notes Payable, Noncurrent | $ 3,316,060 | $ 3,280,647 | ||
Chief Executive Officer [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.50 | |||
President [Member] | ||||
Number of Shares Per Unit | shares | 1 | 1 | ||
Number of Warrants Per Unit | 1 | 1 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.75 | $ 1.50 | ||
January 2015 Convertible Notes [Member] | Convertible Debt [Member] | ||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 0 | |||
Interest Expense | $ 104,135 | $ 104,419 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||
Number of Shares Per Unit | shares | 1 | |||
Number of Warrants Per Unit | 0.25 | |||
Conversion Price Per Unit | $ / shares | $ 0.50 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | |||
January 2015 Convertible Notes [Member] | Convertible Debt [Member] | Chief Executive Officer [Member] | ||||
Convertible Notes Payable, Noncurrent | $ 1,610,760 | 1,552,178 | ||
January 2015 Convertible Notes [Member] | Convertible Debt [Member] | President [Member] | ||||
Convertible Notes Payable, Noncurrent | 836,445 | 806,025 | ||
January 2015 Convertible Notes [Member] | Convertible Debt [Member] | Executive Vice Chairman [Member] | ||||
Convertible Notes Payable, Noncurrent | 416,057 | 400,925 | ||
September 2015 Convertible Notes [Member] | Convertible Debt [Member] | ||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 0 | |||
Interest Expense | $ 20,205 | 16,385 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||
Conversion Price Per Unit | $ / shares | $ 0.60 | |||
September 2015 Convertible Notes [Member] | Convertible Debt [Member] | Chief Executive Officer [Member] | ||||
Convertible Notes Payable, Noncurrent | $ 435,229 | 418,995 | $ 405,831 | |
September 2015 Convertible Notes [Member] | Convertible Debt [Member] | Chief Financial Officer [Member] | ||||
Convertible Notes Payable, Noncurrent | 17,569 | 16,913 | 16,382 | |
September 2015 Convertible Notes [Member] | Convertible Debt [Member] | Executive Vice President [Member] | ||||
Convertible Notes Payable, Noncurrent | $ 88,927 | $ 85,611 | $ 82,921 |
Note 7 - Stockholders' Equity32
Note 7 - Stockholders' Equity (Details Textual) | Jun. 30, 2016USD ($)$ / sharesshares | Feb. 10, 2015$ / sharesshares | Jul. 01, 2014$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Jan. 31, 2016USD ($) | Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares |
Sale of Units, Value | $ 421,413 | $ 314,957 | |||||
Proceeds from Issuance of Common Stock | 22,850 | ||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 5,250 | ||||||
Common Stock, Share Subscribed but Unissued, Subscriptions Receivable | 40,000 | ||||||
Proceeds from Collection of Notes Receivable | 45,000 | ||||||
Proceeds from Warrant Exercises | $ 387,522 | ||||||
Weighted Average Exercise Price for Outstanding Warrants | $ / shares | $ 1.22 | ||||||
Weighted Average Remaining Contractual Life for Outstanding Warrants | 3 years 109 days | ||||||
Class of Warrant or Right, Outstanding | shares | 8,600,000 | ||||||
Common Stock Voting Rights Votes Per Share | 1 | ||||||
Stock Issued During Period, Shares, Issued for Services | shares | 205,499 | 242,034 | |||||
Share Price | $ / shares | $ 0.75 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 158,636 | $ 228,558 | |||||
Proceeds from the Sale of Units | $ 421,413 | $ 314,957 | |||||
Stock Issued During Period, Shares, New Issues | shares | 30,467 | ||||||
Stock Issued During Period, Value, New Issues | $ 22,850 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 319,500 | 100,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | shares | 288,333 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 173,520 | $ 97,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 4,600 | ||||||
Note Receivable as Consideration for Warrants Exercise [Member] | |||||||
Other Significant Noncash Transaction, Value of Consideration Received | 105,000 | ||||||
Proceeds from Collection of Notes Receivable | $ 10,000 | $ 35,000 | |||||
Cancellation of Promissory Note, Resulting in Cancellation of Restricted Common Shares [Member] | |||||||
Financing Receivable, Principal Balance Cancelled | 60,000 | ||||||
Accrued Interest Receivable Cancelled | $ 2,727 | ||||||
Common Stock Shares Cancelled | shares | 57,142 | ||||||
Subscription Agreement [Member] | |||||||
Sale of Units, Number Of Units Subscribed | shares | 561,890 | 393,698 | |||||
Sale of Units, Value | $ 314,957 | ||||||
Class of Warrant or Right, Issued During Period | shares | 280,949 | ||||||
Warrant Fair Value Price Per Share | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | |||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 11,701 | $ 8,041 | |||||
Adjustments to Additional Paid in Capital, Other | $ 409,712 | $ 306,916 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.10 | $ 1.10 | $ 1.10 | ||||
Number of Shares Per Unit | shares | 0.5 | 0.5 | 0.5 | 0.5 | |||
Share Price | $ / shares | $ 1 | ||||||
Proceeds from the Sale of Units | $ 421,413 | ||||||
Proceeds from Sale of Units, Net of Commissions | $ 390,773 | ||||||
Stock Issued During Period, Shares, New Issues | shares | 561,890 | ||||||
Certain Warrants with Expiry Dates on or before December 31, 2015 [Member] | Note Receivable as Consideration for Warrants Exercise [Member] | |||||||
Other Significant Noncash Transaction, Value of Consideration Received | $ 105,000 | ||||||
Certain Warrants with Expiry Dates on or before December 31, 2015 [Member] | For the Period from June 30, 2015 through July 15, 2015 [Member] | Subscription Agreement [Member] | |||||||
Common Stock Shares Issued upon Exercise of Warrants | shares | 265,894 | ||||||
Proceeds from Warrant Exercises | $ 174,189 | ||||||
Class of Warrant or Right Exercised During Period | shares | 265,894 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.05 | $ 1.05 | $ 1.05 | ||||
Restricted Stock [Member] | Subscription Agreement [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | 0.80 | 0.80 | $ 0.75 | $ 0.80 | |||
Restricted Stock [Member] | Subscriptions Receivable [Member] | |||||||
Class of Warrant or Right Exercised During Period | shares | 10,000 | 12,500 | |||||
Stock Issued During Period, Shares, New Issues | shares | 10,000 | 12,500 | |||||
Stock Issued During Period, Value, New Issues | $ 7,500 | $ 13,125 | |||||
Expired [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 870,319 | ||||||
Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 22,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ 177,471 | 42,550 | |||||
Allocated Share-based Compensation Expense | $ 152,333 | $ 99,553 | |||||
Stock Bonus [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 109,500 | ||||||
Minimum [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.75 | ||||||
Maximum [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 3 | ||||||
Maximum [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Employees and Consultants [Member] | Stock Bonus [Member] | |||||||
Stock Issued During Period, Value, New Issues | $ 100,000 | ||||||
Allocated Share-based Compensation Expense | $ 37,105 | ||||||
Employees and Consultants [Member] | Minimum [Member] | |||||||
Share Price | $ / shares | 0.76 | 0.76 | $ 0.75 | $ 0.76 | |||
Employees and Consultants [Member] | Maximum [Member] | |||||||
Share Price | $ / shares | 1.15 | 1.15 | $ 1.02 | $ 1.15 | |||
President [Member] | |||||||
Deferred Compensation, Converted to Units, Amount | $ 75,000 | ||||||
Accounts Payable, Converted to Units, Amount | $ 62,068 | ||||||
Deferred Compensation and Accounts Payable Converted to Units, Shares | shares | 182,758 | ||||||
Deferred Compensation and Accounts Payable Converted to Units, Price Per Unit | $ / shares | $ 0.75 | ||||||
Deferred Compensation and Accounts Payable Converted to Units, Number of Shares Per Unit | shares | 1 | ||||||
Deferred Compensation and Accounts Payable Converted to Units, Number of Warrants Per Unit | shares | 1 | ||||||
Warrants Exercise Bonus, Percentage of Exercise Price | 50.00% | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights, After Exercise Bonus | $ / shares | 0.375 | 0.375 | $ 0.375 | ||||
Deferred Compensation to Exercise Warrants | $ 2,355 | ||||||
Deferred Compensation, Shares Issued, Warrants Exercised | shares | 6,280 | ||||||
Deferred Compensation Converted to Common Stock Amount | $ 82,861 | ||||||
Deferred Compensation Converted to Common Stock Shares | shares | 99,159 | ||||||
Class of Warrant or Right Exercised During Period | shares | 6,280 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.75 | $ 1.50 | $ 0.75 | $ 0.75 | |||
Number of Warrants Per Unit | 1 | 1 | 1 | 1 | |||
Number of Shares Per Unit | shares | 1 | 1 | 1 | 1 | |||
Stock Issued During Period, Value, Issued for Services | $ 69,000 | ||||||
Stock Issued During Period Shares Vested But Not Issued ForServices | shares | 75,000 | ||||||
President [Member] | Warrants Related to the Conversion of Deferred Compensation and Accounts Payable into Units [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 0.5 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | ||||||
President [Member] | Stock Bonus [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 150,000 | ||||||
Certain Brokers [Member] | Subscription Agreement [Member] | |||||||
Payments for Commissions | $ 24,496 | ||||||
Various Warrant Holders [Member] | Subscription Agreement [Member] | |||||||
Common Stock, Share Subscribed but Unissued, Subscriptions Receivable | $ 7,500 | $ 7,500 | $ 7,500 | ||||
Proceeds from Collection of Notes Receivable | $ 7,500 | ||||||
Common Stock Shares Issued upon Exercise of Warrants | shares | 10,000 | 284,445 | |||||
Proceeds from Warrant Exercises | $ 213,333 | ||||||
Class of Warrant or Right Exercised During Period | shares | 10,000 | 284,445 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.75 | $ 0.75 | $ 0.75 | ||||
Various Consultants [Member] | |||||||
Deferred Compensation Converted to Common Stock Amount | $ 200,877 | ||||||
Deferred Compensation Converted to Common Stock Shares | shares | 236,539 | ||||||
President and Various Consultants [Member] | |||||||
Class of Warrant or Right, Aggregate Purchase Price of Warrants or Rights | $ 2,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | ||||||
President and Various Consultants [Member] | Restricted Stock [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 40,000 | ||||||
President and Various Consultants [Member] | Minimum [Member] | |||||||
Deferred Compensation Converted to Common Stock Shares | shares | 0.76 | ||||||
President and Various Consultants [Member] | Maximum [Member] | |||||||
Deferred Compensation Converted to Common Stock Shares | shares | 1.15 | ||||||
Consultants [Member] | |||||||
Deferred Compensation Converted to Common Stock Amount | $ 140,502 | ||||||
Deferred Compensation Converted to Common Stock Shares | shares | 184,542 | ||||||
Class of Warrant or Right, Aggregate Purchase Price of Warrants or Rights | $ 1,250 | ||||||
Class of Warrant or Right Issued | shares | 25,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.90 | ||||||
Consultants [Member] | Warrants Related to Deferred Compensation Conversions [Member] | |||||||
Class of Warrant or Right, Issued During Period | shares | 79,614 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | ||||||
Consultants [Member] | Minimum [Member] | |||||||
Deferred Compensation, Stock Conversion, Price Per Share | $ / shares | 0.75 | ||||||
Consultants [Member] | Maximum [Member] | |||||||
Deferred Compensation, Stock Conversion, Price Per Share | $ / shares | 0.84 | ||||||
Chief Executive Officer [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.50 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 450,000 | ||||||
Chief Executive Officer [Member] | Bassani Warrants [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 800,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | ||||||
Chief Executive Officer [Member] | Bassani Warrants [Member] | Convertible Debt [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||
Chief Executive Officer [Member] | Bassani Warrants [Member] | Note Receivable as Consideration for Warrants Exercise [Member] | |||||||
Other Significant Noncash Transaction, Value of Consideration Received | $ 40,000 | ||||||
Series B Preferred Stock [Member] | |||||||
Preferred Stock, Dividend Rate, Percentage | 2.50% | ||||||
Preferred Stock, Shares Outstanding | shares | 200 | 200 | 200 | 200 | 200 | ||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 2.001 | ||||||
Convertible Preferred Stock Redemption Period | 3 years | ||||||
Dividends, Preferred Stock | $ 2,000 | $ 2,000 | |||||
Dividends Payable | $ 12,000 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Black-scholes Valuation Assumptions for Options (Details) - Employee Stock Option [Member] | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Volatility | 74.00% | |
Dividend yield | ||
Risk-free interest rate | 1.75% | |
Expected term (years) (Year) | 5 years | |
Weighted Average [Member] | ||
Volatility | 78.00% | 74.00% |
Dividend yield | ||
Risk-free interest rate | 1.17% | 1.75% |
Expected term (years) (Year) | 3 years 328 days | 5 years |
Minimum [Member] | ||
Volatility | 73.00% | |
Dividend yield | ||
Risk-free interest rate | 0.82% | |
Expected term (years) (Year) | 3 years | |
Maximum [Member] | ||
Volatility | 86.00% | |
Dividend yield | ||
Risk-free interest rate | 1.44% | |
Expected term (years) (Year) | 4 years |
Note 7 - Stockholders' Equity34
Note 7 - Stockholders' Equity - Stock Options Activity (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Outstanding, beginning balance (in shares) | 4,225,537 | 4,413,870 | |
Outstanding, weighted-average exercise price, beginning balance (in dollars per share) | $ 1.45 | $ 1.88 | |
Outstanding, weighted-average exercise price, ending balance (in dollars per share) | $ 1.42 | $ 1.45 | $ 1.88 |
Outstanding, weighted-average remaining contractual life (Year) | 2 years 328 days | 4 years 36 days | 4 years 36 days |
Outstanding, aggregate intrinsic value | $ 176,575 | $ 158,675 | $ 398,250 |
Granted, options (in shares) | 319,500 | 100,000 | |
Granted, weighted-average exercise price (in dollars per share) | $ 0.97 | $ 0.92 | |
Expired, options (in shares) | (288,333) | ||
Expired, weighted-average exercise price (in dollars per share) | $ 2.90 | ||
Outstanding, ending balance (in shares) | 4,545,037 | 4,225,537 | 4,413,870 |
Exercisable, options (in shares) | 4,520,037 | ||
Exercisable, weighted-average exercise price (in dollars per share) | $ 1.42 | ||
Exercisable, weighted-average remaining contractual life (Year) | 2 years 328 days | ||
Exercisable, aggregate intrinsic value | $ 176,575 |
Note 7 - Stockholders' Equity35
Note 7 - Stockholders' Equity - Nonvested Share Activity (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Nonvested (in shares) | 50,000 | |
Nonvested, weighted-average grant-date fair value (in dollars per share) | $ 0.76 | |
Granted, options (in shares) | 319,500 | 100,000 |
Granted, weighted-average grant-date fair value (in dollars per share) | $ 0.46 | |
Vested (in shares) | (344,500) | |
Vested, weighted-average grant-date fair value (in dollars per share) | $ (0.50) | |
Nonvested (in shares) | 25,000 | 50,000 |
Nonvested, weighted-average grant-date fair value (in dollars per share) | $ 0.46 | $ 0.76 |
Note 7 - Stockholders' Equity36
Note 7 - Stockholders' Equity - Allocation of Recognized Period Costs (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | $ 152,333 | $ 99,553 |
Change in fair value from modification of option terms | 177,471 | 42,550 |
General and Administrative Expense [Member] | ||
Allocated Share-based Compensation Expense | 310,133 | 177,642 |
General and Administrative Expense [Member] | Stock Bonus [Member] | ||
Allocated Share-based Compensation Expense | 15,021 | 69,000 |
General and Administrative Expense [Member] | Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | 129,081 | 66,092 |
Change in fair value from modification of option terms | 166,031 | 42,550 |
Research and Development Expense [Member] | ||
Allocated Share-based Compensation Expense | 56,776 | 33,461 |
Research and Development Expense [Member] | Stock Bonus [Member] | ||
Allocated Share-based Compensation Expense | 22,084 | |
Research and Development Expense [Member] | Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | 23,252 | 33,461 |
Change in fair value from modification of option terms | $ 11,440 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Operating Loss Carryforwards | $ 52,861,000 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 100.00% |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation Schedule of Federal Income Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Expected income tax benefit at statutory rate | $ (836,000) | $ (1,537,000) |
State taxes, net of federal benefit | (75,000) | (138,000) |
Permanent differences and other | 3,000 | (13,000) |
Change in valuation allowance | 908,000 | 1,688,000 |
Income tax benefit |
Note 8 - Income Taxes - Table o
Note 8 - Income Taxes - Table of Estimated Deferred Tax Assets and Liabilities (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
NOLs – noncurrent | $ 20,087,000 | $ 19,705,000 |
Stock-based compensation - current | 5,589,000 | 5,392,000 |
Property and equipment – noncurrent | 2,014,000 | 2,014,000 |
Deferred compensation - noncurrent | 2,017,000 | 1,688,000 |
Gross deferred tax assets | 29,707,000 | 28,799,000 |
Valuation allowance | (29,707,000) | (28,799,000) |
Net deferred tax assets |
Note 9 - 401(k) Plan (Details T
Note 9 - 401(k) Plan (Details Textual) | 12 Months Ended |
Jun. 30, 2017 | |
Defined Contribution Pension and Other Postretirement Plans Minimum Age | 21 years |
Note 10 - Commitments and Con41
Note 10 - Commitments and Contingencies (Details Textual) | Jan. 15, 2017shares | Oct. 10, 2016USD ($)$ / sharesshares | Jan. 05, 2016shares | Feb. 10, 2015USD ($)$ / sharesshares | Sep. 25, 2014USD ($) | Oct. 31, 2016USD ($)$ / shares | Oct. 31, 2015USD ($)shares | Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2016$ / sharesshares | Dec. 31, 2013shares | Apr. 27, 2017USD ($)$ / shares | Dec. 31, 2015USD ($) | Jun. 30, 2015shares | Dec. 31, 2014USD ($)$ / shares | May 15, 2013 |
Common Stock, Capital Shares Reserved for Future Issuance | 100,000 | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0.97 | $ 0.92 | |||||||||||||
Extension of Exercise Period Annual Payment per Option or Warrant | $ / shares | $ 0.05 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,545,037 | 4,225,537 | 4,413,870 | ||||||||||||
Class of Warrant or Right, Outstanding | 8,600,000 | ||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 205,499 | 242,034 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 319,500 | 100,000 | |||||||||||||
Pennvest Loan [Member] | |||||||||||||||
Loss Contingency, Damages Sought, Value | $ | $ 8,137,117 | ||||||||||||||
Stock Bonus [Member] | |||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 1 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 117,500 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 109,500 | ||||||||||||||
Exercise Bonus [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,170,000 | ||||||||||||||
Class of Warrant or Right, Outstanding | 7,748,524 | ||||||||||||||
Mr. Bassani [Member] | |||||||||||||||
Convertible Notes Payable | $ | $ 1,464,545 | ||||||||||||||
Mr. Bassani [Member] | Convertible Debt [Member] | |||||||||||||||
Debt Instrument, Interest Rate Reduction, Percentage | 50.00% | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 8.00% | |||||||||||||
Debt Instrument, Convertible Conversion Price, Incease, Percentage | 11.00% | ||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.50 | $ 0.45 | |||||||||||||
Number of Warrants Per Unit Reduction Percentage | 75.00% | ||||||||||||||
President [Member] | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.50 | $ 0.75 | |||||||||||||
Number of Warrants Per Unit | 1 | 1 | |||||||||||||
Monthly Officers' Cash Compensation | $ | $ 18,000 | ||||||||||||||
President [Member] | FY2016 Extension Agreement [Member] | |||||||||||||||
Monthly Officers' Cash Compensation | $ | $ 19,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 100,000 | ||||||||||||||
President [Member] | Stock Bonus [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 150,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 150,000 | ||||||||||||||
President [Member] | Extension Bonus [Member] | FY2016 Extension Agreement [Member] | |||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0.90 | ||||||||||||||
Monthly Officers' Cash Compensation | $ | $ 18,000 | ||||||||||||||
Deferred Compensation, Maximum Convertible Amount | $ | $ 125,000 | $ 125,000 | $ 300,000 | ||||||||||||
Deferred Compensation, Stock Conversion, Price Per Share | $ / shares | $ 0.75 | $ 0.75 | $ 0.75 | ||||||||||||
Stock Issued During Period, Shares, Issued for Services | 25,000 | 75,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 75,000 | ||||||||||||||
President [Member] | New Smith Note [Member] | |||||||||||||||
Convertible Notes Payable | $ | $ 760,520 | ||||||||||||||
President [Member] | New Smith Note [Member] | Convertible Debt [Member] | |||||||||||||||
Debt Instrument, Interest Rate Reduction, Percentage | 50.00% | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 8.00% | |||||||||||||
Debt Instrument, Convertible Conversion Price, Incease, Percentage | 11.00% | ||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.50 | $ 0.45 | |||||||||||||
Accrued Interest on Deferred Compensation and Other Expenses | 75.00% | ||||||||||||||
Number of Warrants Per Unit | 0.25 | 1 | |||||||||||||
Chief Executive Officer [Member] | |||||||||||||||
Due to Related Parties, Current | $ | $ 279,000 | ||||||||||||||
Unreimbursed Expenses | $ | $ 116,277 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.50 | ||||||||||||||
Monthly Officers' Cash Compensation | $ | $ 31,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 450,000 | ||||||||||||||
Chief Executive Officer [Member] | Extension Agreement One [Member] | |||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 500,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 600,000 | ||||||||||||||
Chief Executive Officer [Member] | Stock Bonus [Member] | |||||||||||||||
Execution Bonus as Percentage of Exercised Options and Warrants | 50.00% | ||||||||||||||
Chief Executive Officer [Member] | Stock Bonus [Member] | Extension Agreement Two [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 250,000 | ||||||||||||||
Chief Executive Officer [Member] | Extension Bonus [Member] | FY2016 Extension Agreement [Member] | |||||||||||||||
Deferred Compensation, Maximum Convertible Amount | $ | $ 300,000 | ||||||||||||||
Deferred Compensation, Stock Conversion, Price Per Share | $ / shares | $ 0.75 | ||||||||||||||
Chief Executive Officer [Member] | Cash Note [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ | $ 395,277 | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 592,916 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | ||||||||||||||
Chief Executive Officer [Member] | Mr. Bassani [Member] | Convertible Debt [Member] | |||||||||||||||
Number of Warrants Per Unit | 0.25 | 1 | |||||||||||||
CEO and President [Member] | Exercise Bonus [Member] | |||||||||||||||
ContingentStockBonusPercentageThresholdForIssuance | 50.00% | ||||||||||||||
ExtensionOfExercisePeriod | 5 years | ||||||||||||||
Extension of Exercise Period Annual Payment per Option or Warrant | $ / shares | $ 0.01 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 24, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Issued During Period, Shares, Issued for Services | 205,499 | 242,034 | |
Stock Issued During Period, Value, Issued for Services | $ 158,636 | $ 228,558 | |
Sale of Units, Value | $ 421,413 | $ 314,957 | |
Subscription Agreement [Member] | |||
Sale of Units, Number Of Units Subscribed | 561,890 | 393,698 | |
Sale of Units, Value | $ 314,957 | ||
Number of Shares Per Unit | 0.5 | 0.5 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.10 | ||
Subsequent Event [Member] | |||
Stock Issued During Period, Shares, Issued for Services | 9,211 | ||
Stock Issued During Period, Value, Issued for Services | $ 7,700 | ||
Sale of Units, Number Of Units Subscribed | 49,417 | ||
Shares Issued, Price Per Share | $ 0.75 | ||
Sale of Units, Value | $ 37,000 | ||
Number of Shares Per Unit | 1 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 | ||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.5 | ||
Subsequent Event [Member] | Subscription Agreement [Member] | |||
Sale of Units, Number of Units Subscribed | 36,334 | ||
Shares Issued, Price Per Share | $ 0.75 | ||
Sale of Units, Value | $ 27,000 | ||
Number of Shares Per Unit | 1 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 | ||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.5 |