UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13
OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended December
31, 2015
Commission File Number: 333-148471
NANOVIRICIDES, INC.
(Exact name of Company as specified
in its charter)
NEVADA |
|
76-0674577 |
(State or other jurisdiction) |
|
(IRS Employer Identification No.) |
of incorporation or organization) |
|
|
1 Controls Drive
Shelton, Connecticut 06484
(Address of principal executive offices
and zip code)
(203) 937-6137
(Company’s telephone number,
including area code)
Indicate
by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes x No
¨
Indicate
by check mark whether the Company has submitted electronically and posted on its corporate web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the Company was required to submit and post such files). Yes x
No ¨
Indicate by check mark whether the Company is a larger accelerated
filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer”
in Rule 12b-2 of the Exchange Act. (Check one)
Large accelerated filer |
¨ |
Accelerated filer |
x |
Non-accelerated filer |
¨ |
Smaller reporting company |
¨ |
Indicate by check mark whether the Company is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
Yes
¨ No
x
The number of shares outstanding of the Company’s Common
Stock as of February 9, 2016 was approximately: 57,823,000
NanoViricides, Inc.
FORM 10-Q
INDEX
NanoViricides, Inc.
Balance Sheets
| |
December 31, 2015 | | |
June 30, 2015 | |
| |
(Unaudited) | | |
| |
| |
| | |
| |
ASSETS | |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 28,237,621 | | |
$ | 31,467,748 | |
| |
| | | |
| | |
Prepaid expenses | |
| 105,998 | | |
| 214,425 | |
| |
| | | |
| | |
Total Current Assets | |
| 28,343,619 | | |
| 31,682,173 | |
| |
| | | |
| | |
PROPERTY AND EQUIPMENT | |
| | | |
| | |
Property and equipment | |
| 13,527,861 | | |
| 13,496,851 | |
Accumulated depreciation | |
| (1,527,213 | ) | |
| (1,534,203 | ) |
| |
| | | |
| | |
Property and equipment, net | |
| 12,000,648, | | |
| 11,962,648 | |
| |
| | | |
| | |
TRADEMARK | |
| | | |
| | |
Trademark and patents | |
| 458,954 | | |
| 458,954 | |
Accumulated amortization | |
| (63,352 | ) | |
| (59,217 | ) |
| |
| | | |
| | |
Trademark and patents, net | |
| 395,602 | | |
| 399,737 | |
OTHER ASSETS | |
| | | |
| | |
Service agreements | |
| 109,143 | | |
| 142,531 | |
Total Assets | |
$ | 40,849,012 | | |
$ | 44,187,089 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable | |
$ | 176,172 | | |
$ | 89,517 | |
Accounts payable – related party | |
| 1,111,170 | | |
| 316,196 | |
Accrued expenses | |
| 12,596 | | |
| 28,515 | |
Deferred interest payable – current portion | |
| 166,668 | | |
| 166,667 | |
Total Current Liabilities | |
| 1,466,606 | | |
| 600,895 | |
| |
| | | |
| | |
Debentures payable - Series B, net of discount | |
| 5,075,012 | | |
| 4,700,582 | |
Debentures payable – Series C, net of discount | |
| 2,789,845 | | |
| 2,480,605 | |
Derivative liability-Series B debentures | |
| 99,469 | | |
| 366,764 | |
Derivative liability-Series C debentures | |
| 240,482 | | |
| 476,289 | |
Derivative liability-warrants | |
| 2,543,342 | | |
| 3,442,754 | |
Deferred interest payable – long term portion | |
| 249,999 | | |
| 333,333 | |
Total Long Term Liabilities | |
| 10,998,149 | | |
| 11,800,327 | |
| |
| | | |
| | |
Total Liabilities | |
| 12,464,755 | | |
| 12,401,222 | |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENCIES | |
| | | |
| | |
| |
| | | |
| | |
STOCKHOLDERS’ EQUITY: | |
| | | |
| | |
Series A Convertible Preferred stock, $0.001 par
value, 4,000,000 shares designated, 4,000,000 and 3,583,445 shares issued and outstanding at December 31, 2015 and June 30,
2015, respectively | |
| 4,000 | | |
| 3,584 | |
Common stock, $0.001 par value; 150,000,000 shares
authorized, 57,822,538 and 57,242,070 shares issued and outstanding at December 31, 2015 and June 30,
2015, respectively | |
| 57,822 | | |
| 57,242 | |
Additional paid-in capital | |
| 86,504,253 | | |
| 85,824,613 | |
Accumulated deficit | |
| (58,181,818 | ) | |
| (54,099,572 | ) |
| |
| | | |
| | |
Total Stockholders’ Equity | |
| 28,384,257 | | |
| 31,785,867 | |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Equity | |
$ | 40,849,012 | | |
$ | 44,187,089 | |
See accompanying notes to the financial
statements
NanoViricides, Inc.
Statements of Operations
(Unaudited)
| |
For the Three | | |
For the Three | | |
For the Six | | |
For the Six | |
| |
Months | | |
Months | | |
Months | | |
Months | |
| |
Ended | | |
Ended | | |
Ended | | |
Ended | |
| |
December 31, | | |
December 31, | | |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| |
OPERATING EXPENSES | |
| | | |
| | | |
| | | |
| | |
Research and development | |
$ | 1,152,501 | | |
$ | 916,739 | | |
$ | 2,359,573 | | |
$ | 1,727,846 | |
General and administrative | |
| 937,800 | | |
| 787,164 | | |
| 1,955,779 | | |
| 1,590,392 | |
| |
| | | |
| | | |
| | | |
| | |
Total operating expenses | |
| 2,090,301 | | |
| 1,703,903 | | |
| 4,315,352 | | |
| 3,318,238 | |
| |
| | | |
| | | |
| | | |
| | |
LOSS FROM OPERATIONS | |
| (2,090,301 | ) | |
| (1,703,903 | ) | |
| (4,315,352 | ) | |
| (3,318,238 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER INCOME (EXPENSE): | |
| | | |
| | | |
| | | |
| | |
Interest (expense) income | |
| (4,562 | ) | |
| (31,050 | ) | |
| 4,261 | | |
| (64,525 | ) |
Interest expense | |
| (245,000 | ) | |
| (247,444 | ) | |
| (490,000 | ) | |
| (492,444 | ) |
Discount on convertible debentures | |
| (349,962 | ) | |
| (289,960 | ) | |
| (683,670 | ) | |
| (563,178 | ) |
Change in fair value of derivatives | |
| (85,467 | ) | |
| 391,216 | | |
| 1,402,515 | | |
| 3,408,941 | |
| |
| | | |
| | | |
| | | |
| | |
Other (expense) income | |
| (684,991 | ) | |
| (177,238 | ) | |
| 233,106 | | |
| 2,288,794 | |
| |
| | | |
| | | |
| | | |
| | |
LOSS BEFORE INCOME TAX PROVISION | |
| (2,775,292 | ) | |
| (1,881,141 | ) | |
| (4,082,246 | ) | |
| (1,029,444 | ) |
| |
| | | |
| | | |
| | | |
| | |
INCOME TAX PROVISION | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (2,775,292 | ) | |
$ | (1,881,141 | ) | |
$ | (4,082,246 | ) | |
$ | (1,029,444 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS PER COMMON SHARE | |
| | | |
| | | |
| | | |
| | |
- Basic | |
$ | (0.05 | ) | |
$ | (0.03 | ) | |
$ | (0.07 | ) | |
$ | (0.02 | ) |
- Diluted | |
$ | (0.05 | ) | |
$ | (0.04 | ) | |
$ | (0.07 | ) | |
$ | (0.05 | ) |
Weighted average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
- Basic | |
| 57,588,081 | | |
| 56,557,352 | | |
| 57,431,198 | | |
| 56,066,776 | |
- Diluted | |
| 57,588,081 | | |
| 59,224,019 | | |
| 57,431,198 | | |
| 58,733,443 | |
See accompanying
notes to the financial statements
NanoViricides, Inc.
Statement of Changes in Stockholders'
Equity
For the period from June 30,
2015 through December 31, 2015
(Unaudited)
| |
Series A Preferred | | |
Common Stock: | | |
| | |
| | |
| |
| |
Stock: Par $0.001 | | |
Par $0.001 | | |
Additional | | |
| | |
Total | |
| |
Number of | | |
| | |
Number of | | |
| | |
Paid-in | | |
Accumulated | | |
Stockholders' | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, June 30, 2015 | |
| 3,583,445 | | |
$ | 3,584 | | |
| 57,242,070 | | |
$ | 57,242 | | |
$ | 85,824,613 | | |
$ | (54,099,572 | ) | |
$ | 31,785,867 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common Shares issued for employee stock bonus | |
| - | | |
| - | | |
| 1,295 | | |
| 1 | | |
| 3,299 | | |
| - | | |
| 3,300 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Series A Preferred Shares issued for employee stock compensation | |
| 416,555 | | |
| 416 | | |
| - | | |
| - | | |
| 336,778 | | |
| - | | |
| 337,194 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share issued for consulting and legal services rendered | |
| - | | |
| - | | |
| 43,144 | | |
| 43 | | |
| 53,957 | | |
| - | | |
| 54,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants issued to Scientific Advisory Board | |
| - | | |
| - | | |
| - | | |
| - | | |
| 16,976 | | |
| - | | |
| 16,976 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common Shares issued for Directors fees | |
| - | | |
| - | | |
| 17,319 | | |
| 17 | | |
| 22,482 | | |
| - | | |
| 22,499 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common Shares issued upon stock option exercise | |
| - | | |
| - | | |
| 313,155 | | |
| 313 | | |
| (313 | ) | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common Shares issued for debenture interest | |
| - | | |
| - | | |
| 205,555 | | |
| 206 | | |
| 246,461 | | |
| - | | |
| 246,667 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,082,246 | ) | |
| (4,082,246 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2015 | |
| 4,000,000 | | |
$ | 4,000 | | |
| 57,822,538 | | |
$ | 57,822 | | |
$ | 86,504,253 | | |
$ | (58,181,818 | ) | |
$ | 28,384,257 | |
See accompanying notes to the financial
statements
NanoViricides, Inc.
Statements of Cash Flows
(Unaudited)
| |
For the Six Months | | |
For the Six Months | |
| |
Ended | | |
Ended | |
| |
December 31, 2015 | | |
December 31, 2014 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (4,082,246 | ) | |
$ | (1,029,444 | ) |
| |
| | | |
| | |
Adjustments to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
Series A Preferred shares issued as compensation | |
| 337,194 | | |
| 157,094 | |
Common shares issued as compensation and for services | |
| 79,799 | | |
| 76,503 | |
Common shares issued for interest | |
| 246,667 | | |
| - | |
Warrants granted to Scientific Advisory Board | |
| 16,976 | | |
| 39,269 | |
Depreciation | |
| 325,486 | | |
| 102,664 | |
Amortization | |
| 4,135 | | |
| 4,386 | |
Change in fair value of derivative liability | |
| (1,402,515 | ) | |
| (3,408,941 | ) |
Amortization of debt discount on convertible debentures | |
| 683,670 | | |
| 563,178 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses | |
| 108,426 | | |
| (127,022 | ) |
Other current assets | |
| - | | |
| 150,000 | |
Deferred expenses | |
| - | | |
| 250,000 | |
Other long term assets | |
| 33,388 | | |
| - | |
Accounts payable | |
| 86,655 | | |
| 125,511 | |
Accounts payable - related party | |
| 794,974 | | |
| 158,619 | |
Accrued expenses | |
| (15,919 | ) | |
| 69,940 | |
Deferred interest payable | |
| (83,333 | ) | |
| - | |
| |
| | | |
| | |
NET CASH USED IN OPERATING ACTIVITIES | |
| (2,866,641 | ) | |
| (2,868,243 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
| |
| | | |
| | |
Purchase of property and equipment | |
| (363,486 | ) | |
| (5,313,326 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from exercise of warrants | |
| - | | |
| 6,743,295 | |
| |
| | | |
| | |
NET CHANGE IN CASH | |
| (3,230,127 | ) | |
| (1,438,274 | ) |
| |
| | | |
| | |
Cash at beginning of period | |
| 31,467,748 | | |
| 36,696,892 | |
| |
| | | |
| | |
Cash at end of period | |
$ | 28,237,621 | | |
$ | 35,258,618 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | |
| | | |
| | |
Interest paid | |
$ | 490,000 | | |
$ | - | |
Income tax paid | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
NON CASH FINANCING AND INVESTING ACTIVITIES: | |
| | | |
| | |
Series A Preferred stock issued as discount on Debentures | |
$ | - | | |
$ | 1,152,297 | |
Common Stock issued upon cashless exercise of stock options | |
| 313 | | |
| - | |
Reduction in leasehold improvements and fixtures and accumulated depreciation
due to decommissioning of West Haven, CT facilities | |
| 332,476 | | |
| - | |
See accompanying notes to the financial
statements
NANOVIRICIDES, INC.
DECEMBER, 2015 AND 2014
NOTES TO THE FINANCIAL STATEMENTS
(Unaudited)
Note 1 - Organization and Nature of Business
NanoViricides, Inc. was incorporated
under the laws of the State of Colorado on July 25, 2000 as Edot-com.com, Inc. which was organized for the purpose of conducting
internet retail sales. On April 1, 2005, Edot-com.com, Inc. was incorporated under the laws of the State of Nevada for
the purpose of re-domiciling as a Nevada corporation. On May 12, 2005, the corporations were merged and Edot-com.com,
Inc., the Nevada corporation, became the surviving entity.
On June 1, 2005, Edot-com.com, Inc.
(“ECMM”) acquired Nanoviricides, Inc., a privately owned Florida corporation (“NVI”), pursuant to an Agreement
and Plan of Share Exchange (the “Exchange”). Nanoviricides, Inc. was incorporated under the laws of the
State of Florida on May 12, 2005.
Pursuant to the terms of the Exchange,
ECMM acquired NVI in exchange for an aggregate of 80,000,000 newly issued shares of ECMM common stock resulting in an aggregate
of 100,000,000 shares of ECMM common stock issued and outstanding. NVI then became a wholly-owned subsidiary of ECMM.
The ECMM shares were issued to the NVI shareholders on a pro rata basis, on the basis of 4,000 shares of the Company’s common
stock for each share of NVI common stock held by such NVI shareholder at the time of the Exchange.
As a result of the Exchange transaction,
the former NVI stockholders held approximately 80% of the voting capital stock of the Company immediately after the Exchange. For
financial accounting purposes, this acquisition was a reverse acquisition of the Company by NVI, under the purchase method of accounting,
and was treated as a recapitalization with NVI as the acquirer. Accordingly, the financial statements have been prepared to give
retroactive effect to May 12, 2005 (date of inception), of the reverse acquisition completed on June 1, 2005, and represent the
operations of NVI.
On June 28, 2005, NVI was merged into
its parent ECMM and the separate corporate existence of NVI ceased. Effective on the same date, Edot-com.com, Inc. changed
its name to NanoViricides, Inc. and its stock symbol to “NNVC”, respectively.
NanoViricides, Inc. (the
“Company”), is a nano-biopharmaceutical company whose business goals are to discover, develop and commercialize therapeutics
to advance the care of patients suffering from life-threatening viral infections. NanoViricides is unique in the bio-pharma field
in that it possesses its own state of the art facilities for the design, synthesis, analysis and characterization of the nanomedicines
that we develop, as well as for production scale-up, and e-GMP-like production in quantities needed for human clinical trials.
The biological studies such as the effectiveness, safety, bio-distribution and Pharmacokinetics/Pharmacodynamics on our drug candidates
are performed by external collaborators and contract organizations.
We are a company with several
drugs in various stages of early development. Our drugs are based on several patents, patent applications, provisional patent
applications, and other proprietary intellectual property held by TheraCour Pharma, Inc. (“TheraCour”), to which
we have the necessary exclusive licenses in perpetuity. The first agreement we executed with TheraCour on September 1, 2005,
gave us an exclusive, worldwide license for the treatment of the following human viral diseases: Human Immuno deficiency
Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Herpes Simplex Virus (HSV), Influenza and Asian Bird Flu
Virus.
On February 15, 2010 the Company
executed an Additional License Agreement with TheraCour. Pursuant to the Additional License Agreement, the Company
was granted exclusive licenses, in perpetuity, for technologies, developed by TheraCour, for the development of drug
candidates for the treatment of Dengue viruses, Ebola/Marburg viruses, Japanese Encephalitis, viruses causing viral
Conjunctivitis (a disease of the eye) and Ocular Herpes. As consideration for obtaining these exclusive licenses,
we agreed to pay a one time licensing fee equal to 2,000,000 shares (adjusted for the 3.5 to 1 reverse split) of the
Company’s Series A Convertible Preferred Stock (the “Series A Preferred Stock”). The Series A
Preferred Stock is convertible, only upon sale or merger of the Company, or the sale of or license of substantially all of
the Company’s intellectual property, into shares of the Company’s common stock at the rate of 3.5 shares of
common stock for each share of Series A Preferred Stock. The Series A Preferred Stock has a preferred voting
preference at the rate of nine votes per share. The Series A Preferred Stock do not contain any rights to dividends, have no
liquidation preference, and are not to be amended without the Holder’s approval. The 2,000,000 shares were valued at
the par value of $2,000.
Note 2 - Summary of Significant Accounting Policies
Basis of Presentation – Interim Financial Information
The accompanying unaudited interim financial
statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X of the Securities and Exchange Commission for Interim Reporting. Accordingly, they do not include all
of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements
furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered
necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily
indicative of the results for the full year. The accompanying financial statements and the information included under
the heading “Management’s Discussion and Analysis or Plan of Operation” should be read in conjunction with our
Company’s audited financial statements and related notes included in our Company’s form 10-K for the fiscal year ended
June 30, 2015 filed with the SEC on September 14, 2015.
For a summary of significant accounting
policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 filed on September 14, 2015.
Net Income (Loss) per Common Share
Basic net income (loss) per common share
is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.
Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of
common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could
occur from common shares issuable through stock options, warrants, convertible preferred stock, and convertible debentures.
The following table shows the number
of potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation as they
were anti-dilutive:
| |
Potentially Outstanding Dilutive Common Shares | |
| |
For the | | |
For the | |
| |
Six Months | | |
Six Months | |
| |
Ended | | |
Ended | |
| |
December 31,2015 | | |
December 31, 2014 | |
| |
| | |
| |
Stock options | |
| - | | |
| 535,715 | |
| |
| | | |
| | |
Warrants | |
| 6,010,971 | | |
| 5,942,379 | |
| |
| | | |
| | |
Total potentially outstanding dilutive common shares | |
| 6,010,971 | | |
| 6,478,094 | |
In addition, the Company has
issued Convertible Debentures to investors. A portion of the interest required to be paid on
the debentures had been paid in shares of the Company’s $0.001 par value common stock (“Interest Shares”)
according to the terms of such debenture. No additional Interest Shares are required to be issued under the terms of the
debenture. The Company will need to issue 571,428 warrants on January 15, 2016 relating to the additional interest to be paid
on the Series B debentures. Coupon interest payable quarterly related to the Series B debentures is payable in cash or shares
of Common Stock at the average of the open and close value on the date such interest payment is due at the option of the
Holder. For the quarter ended December 31, 2015, two Holders of the Series B debentures elected to receive quarterly interest in restricted
common stock of the Company. These two Holders are controlled by Dr. Milton Boniuk, a director of the Company.
At December 31, 2015, the number of
potentially dilutive shares of the Company’s common stock into which the Series B debentures can be converted based upon
the conversion price of $3.50 is 1,714,286.
The Company has also issued 4,000,000
shares Series A Preferred Stock to investors and others as of December 31, 2015. Only in the event of a “change of control”
of the Company, each Series A preferred share is convertible to 3.5 shares of its new common stock. A “Change of Control”
is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change
of ownership, merger or acquisition. In the absence of a Change of Control event, the Series A Preferred Stock is not convertible
into Common Stock, and does not carry any dividend rights or any other financial effects. At December 31, 2015, the number of potentially
dilutive shares of the Company’s common stock into which these Series A Preferred shares can be converted into is 14,000,000
and is not included in diluted earnings per share since the shares are contingently convertible only upon a Change of Control.
Pursuant to the
redemption provisions of the Series C Debentures, the Company, at its sole option, shall have the right, but not the
obligation, to repurchase the Debenture at any time prior to the Maturity Date (the “Redemption”). If the Company
intends to repurchase the Debenture, and if the closing bid price of the Common Stock is greater than $5.25 on the Redemption
Date, unless the Holder, on or prior to the Redemption Date, elects to receive the “Redemption Payment”, as that
term is defined herein, the Company shall pay to the Holder: (i) 952,381 shares of Common Stock in consideration of the
exchange of the principal amount of the Debenture; and (ii) any and all accrued coupon interest. If on or prior to the
Redemption Date, the Holder elects to receive the Redemption Payment, or the closing bid price of the Common Stock is less
than $5.25, the Company shall issue to the Holder: (i) the principal amount of the Debenture; (ii) any accrued coupon
interest; (iii) additional interest of 7% per annum for the period from the date of issuance of the Debenture to the
Redemption Date; and (iv) warrants to purchase 619,048 shares of Common Stock which shall expire in three years from the date
of issuance at an exercise price of $6.05 per share of Common Stock (the “Redemption Warrants”, and collectively
with (i) – (iii), the “Redemption Payment”). The Company shall use its best efforts to register the shares
underlying the Redemption Warrants under a “shelf” registration statement, provided same is available to the
Company, in accordance with the provisions of the Securities Act. Coupon interest payable quarterly related to the Series C
debenture is payable in cash or shares of common stock at the average of the open and close price. Such interest payment is
due at the option of the Holder. For the quarter ended December 31, 2015, the Holder of the Series C Debenture elected to
receive the quarterly interest in restricted common stock of the Company. The Holder is an entity controlled by Dr. Milton
Boniuk, a director of the Company.
At December 31,
2015, the number of potential dilutive shares of the Company’s common stock into which the Series C debentures can be converted
based upon the conversion provisions contained in the debenture is 952,381.
The following represents a reconciliation of the numerators
and denominators of the basic and diluted per share calculations for (loss) income from continuing operations:
| |
For the three months ended | | |
For the six months ended | |
| |
December 31, 2015 | | |
December 31, 2014 | | |
December 31, 2015 | | |
December 31, 2014 | |
Calculation of basic loss per share of common stock: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Net loss attributable to common stockholders | |
$ | (2,775,292 | ) | |
$ | (1,881,141 | ) | |
$ | (4,082,246 | ) | |
$ | (1,029,444 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator for basic weighted average shares of common stock | |
| 57,588,081 | | |
| 56,557,352 | | |
| 57,431,198 | | |
| 56,066,776 | |
| |
| | | |
| | | |
| | | |
| | |
Basic loss per share of common stock | |
$ | (0.05 | ) | |
$ | (0.03 | ) | |
$ | (0.07 | ) | |
$ | (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | |
Calculation of diluted loss per share of common stock: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Net loss attributable to common stockholders | |
$ | (2,775,292 | ) | |
$ | (1,881,141 | ) | |
$ | (4,082,246 | ) | |
$ | (1,029,444 | ) |
| |
| | | |
| | | |
| | | |
| | |
Add: Income impact of assumed conversion of Debentures | |
| - | | |
| (222,053 | ) | |
| - | | |
| (2,044,459 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss attributable to common stockholders plus assumed conversions | |
$ | (2,775,292 | ) | |
$ | (2,103,194 | ) | |
$ | (4,082,246 | ) | |
$ | (3,073,903 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator for basic weighted average shares of common stock | |
| 57,588,081 | | |
| 56,557,352 | | |
| 57,431,198 | | |
| 56,066,776 | |
| |
| | | |
| | | |
| | | |
| | |
Incremental shares from assumed conversions of Debentures payable | |
| - | | |
| 2,666,667 | | |
| - | | |
| 2,666,667 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator for diluted weighted average shares of common stock | |
| 57,588,081 | | |
| 59,224,019 | | |
| 57,431,198 | | |
| 58,733,443 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted loss per share of common stock | |
$ | (0.05 | ) | |
$ | (0.04 | ) | |
$ | (0.07 | ) | |
$ | (0.05 | ) |
Series B and Series C debentures were
excluded from the loss per share calculation for the three and six months ended December 31, 2015 because the impact is anti-dilutive.
Recently Issued Accounting Pronouncements
In August 2014, the FASB issued ASU
No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an
Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 is intended to define management’s
responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and
to provide related footnote disclosures. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and
requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued).
It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans
and requires an express statement and other disclosures when substantial doubt is not alleviated. The new standard will be
effective for reporting periods beginning after December 15, 2016, with early adoption permitted. Management is currently
evaluating the impact of the adoption of ASU 2014-15 on the Company’s financial statements and disclosures.
In April 2015,
the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30), “Simplifying the Presentation of Debt Issuance
Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet
as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU requires retrospective
adoption and will be effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years.
We expect the adoption of this guidance will not have a material impact on our financial statements.
Note 3- Financial Condition
The Company’s financial statements
for the interim period ended December 31, 2015 have been prepared on a going concern basis, which contemplates the realization
of assets and settlement of liabilities and commitments in the normal course of business. The Company has a deficit
accumulated from inception. In addition, the Company has not generated any revenues and no revenues are anticipated
in the short-term. Since May 2005, the Company has been engaged exclusively in research and development activities focused
on developing targeted antiviral drugs. The Company has not yet commenced any product commercialization. Such
losses are expected to continue for the foreseeable future and until such time, if ever, as the Company is able to attain sales
levels sufficient to support its operations. There can be no assurance that the Company will achieve or maintain profitability
in the future. As of December 31, 2015 the Company had cash and cash equivalents of $28,237,621. The Company has sufficient capital
to continue its business, at least, through December 31, 2017, at the current rate of expenditure.
While the Company continues to incur
significant operating losses with significant capital requirements, the Company has been able to finance its business through sale
of its securities. The Company may require additional capital to finance currently unplanned capital costs and additional staffing
requirements, if they arise, during the next 24 months. The Company has in the past adjusted its priorities and goals in line with
the cash on hand and capital availability. The Company believes it can adjust its priorities of drug development and its plan of
operations as necessary, if it is unable to raise additional funds.
Note 4 - Related Party Transactions
Related Parties
Related parties with whom the Company
had transactions are:
Related Parties |
|
Relationship |
|
|
|
Anil R. Diwan |
|
Chairman, President, significant stockholder and director |
|
|
|
Eugene Seymour |
|
CEO, Significant shareholder, Director |
|
|
|
TheraCour Pharma, Inc. |
|
An entity owned and controlled by a significant stockholder |
|
|
|
InnoHaven, LLC |
|
An entity owned and controlled by a significant stockholder |
|
|
|
Milton Boniuk, MD |
|
Director and significant stockholder |
Property and Equipment
| |
For the three months ended | | |
For the six months ended | |
| |
December 31, 2015 | | |
December 31, 2014 | | |
December 31, 2015 | | |
December 31, 2014 | |
| |
| | |
| | |
| | |
| |
The Company acquired 1 Controls Drive, Shelton, Connecticut from InnoHaven, LLC | |
| | | |
$ | 4,222,549 | | |
| | | |
$ | 4,222,549 | |
| |
| | | |
| | | |
| | | |
| | |
During the reporting period, TheraCour Pharma, Inc. acquired property
and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the
Company | |
$ | 6,747 | | |
$ | 78,311 | | |
$ | 14,648 | | |
$ | 188,889 | |
Account Payable – Related
Party
| |
As of | |
| |
December 31, 2015 | | |
June 30, 2015 | |
| |
| | | |
| | |
Pursuant to an Exclusive License Agreement we entered into with TheraCour Pharma, Inc., (TheraCour), the Company was granted exclusive licenses in perpetuity for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. In consideration for obtaining this exclusive license, we agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) we will pay $25,000 per month for usage of lab supplies and chemicals from existing stock held by TheraCour, (3) we will pay $2,000 or actual costs, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf. Accounts payable due TheraCour Pharma Inc. on the reporting date was | |
$ | 1,111,170 | | |
$ | 316,196 | |
| |
For the three months ended | | |
For the six months ended | |
| |
December 31, 2015 | | |
December 31, 2014 | | |
December 31, 2015 | | |
December 31, 2014 | |
| |
| | |
| | |
| | |
| |
Research and Development Costs Paid
to Related Parties | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Development fees and other costs charged by and paid to TheraCour Pharma, Inc. pursuant to exclusive License Agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at December 31, 2015 and 2014 | |
$ | 996,398 | | |
$ | 520,955 | | |
$ | 2,012,614 | | |
$ | 1,290,140 | |
Long-Term Debentures Payable to
a Director
| |
As of | |
| |
December 31, 2015 | | |
June 30, 2015 | |
Series B Convertible Debentures - Milton Boniuk | |
$ | 4,000,000 | | |
$ | 4,000,000 | |
Series C Convertible Debentures - Milton Boniuk | |
| 5,000,000 | | |
| 5,000,000 | |
| |
| | | |
| | |
Total Long Term Debentures Payable to a Director | |
$ | 9,000,000 | | |
$ | 9,000,000 | |
| |
As of | |
Debenture Interest Paid to a Director | |
December 31, 2015 | | |
June 30, 2015 | |
Coupon interest payable on $5,000,000 Series C Convertible Debentures and deferred. The deferred interest is paid out quarterly over the remaining term of the debenture commencing September 30, 2015: | |
| | | |
| | |
Deferred interest payable - short-term | |
$ | 166,668 | | |
$ | 166,667 | |
Deferred interest payable - long-term | |
| 249,999 | | |
| 333,333 | |
Coupon interest expense on the Series
B Debentures to Dr. Milton Boniuk for the three months ended December 31, 2015 and 2014 was $80,000 and $80,000 respectively,
and for the six months ended December 31, 2015 and 2014 was $160,000 and $160,000, respectively.
Coupon interest expense recognized on Series C Debentures to Dr. Milton Boniuk for the six
months ended December 31, 2015 and 2014 was $125,000 and $125,000, respectively and for the six months
ended December 31, 2015 and 2014 was $250,000 and $250,000, respectively.
Note 5 - Property and Equipment
Property and equipment, stated at cost,
less accumulated depreciation consisted of the following:
| |
December 31, 2015 | | |
June 30, 2015 | |
| |
| | |
| |
Land | |
$ | 260,000 | | |
$ | 260,000 | |
| |
| | | |
| | |
GMP Facility | |
| 7,979,202 | | |
| 7,905,938 | |
| |
| | | |
| | |
Office Equipment | |
| 68,579 | | |
| 65,241 | |
| |
| | | |
| | |
Furniture and Fixtures | |
| 5,607 | | |
| 1,400 | |
| |
| | | |
| | |
Lab Equipment | |
| 5,214,473 | | |
| 5,264,272 | |
| |
| | | |
| | |
Total Property and Equipment | |
| 13,527,861 | | |
| 13,496,851 | |
| |
| | | |
| | |
Less Accumulated Depreciation | |
| (1,527,213 | ) | |
| (1,534,203 | ) |
Property and Equipment, Net | |
$ | 12,000,648 | | |
$ | 11,962,648 | |
Depreciation expense for the three months
ended December 31, 2015 and 2014 were $163,880 and $51,332 respectively and for the six months ended December 31, 2015 and
2014 were $325,486 and $102,664, respectively.
In the current reporting period
the Company completed the transfer of laboratories and personnel from its previous laboratory facilities at 135 Wood Street,
West Haven, CT to 1 Controls Drive, Shelton, CT. The Company recorded the abandonment of fully depreciated laboratory
fixtures associated with the 135 Wood Street facility of $332,476 as a reduction to Property
and Equipment with a corresponding reduction to Accumulated Depreciation.
Note 6 - Trademark and Patents
Trademark and patents,
stated at cost, less accumulated amortization consisted of the following:
| |
December 31, 2015 | | |
June 30, 2015 | |
| |
| | |
| |
Trademarks and Patents | |
$ | 458,954 | | |
$ | 458,954 | |
Less Accumulated Amortization | |
| (63,352 | ) | |
| (59,217 | ) |
Trademarks and Patents, Net | |
$ | 395,602 | | |
$ | 399,737 | |
Amortization expense amounted to $2,067 and $2,193 for the three months ended December 31, 2015 and
2014 respectively and $4,135 and $4,386 for the six months ended December 31, 2015 and 2014 respectively.
Note 7 – Convertible Debentures
On February 1, 2013, the
Company raised gross proceeds of $6,000,000 which includes $4,000,000 from a family investment office and a charitable foundation
controlled by Dr. Milton Boniuk, a member of the Company’s board of directors, through the issuance of our Series B Debentures.
The investors purchased unsecured convertible debentures with a 4-year term. The debentures bear an interest rate of 8% p.a. payable
quarterly in cash or the Holder at its option may elect to receive such coupon interest payment in shares of common stock and calculated
on the date of issuance, using the average of the open and close prices of the Company’s common stock on the date such interest
payment is due. For the three months December 31, 2015, two holders of the Company’s Series B Convertible Debentures elected
to receive quarterly coupon interest of $80,000 in restricted common shares of the Company. The Board of Director authorized the
issuance of 66,666 shares of the Conpany’s restricted $0.001 par value common shares in payment of the coupon interest. Additional
interest was payable in restricted common stock of 571,429 shares at issuance, January 15, 2014, and 2015, and additional interest
of 571,429 warrants to be issued on January 15, 2016. The warrants are exercisable at $3.50 per warrant and will be valid for 3
years after issuance. The investors can convert the principal and any accrued interest into common stock at a fixed price of $3.50
per share. The Company can prepay the debentures, in which case the base interest rate shall increase by a 7% prepayment penalty.
The Company agreed to use its best efforts to register the interest shares and the shares issuable from the interest warrants under
a “shelf” registration statement provided same is available, in accordance with the provisions of the Securities Act.
The following table presents the balance
of the Series B Debenture payable, net of discount at December 31, 2015 and June 30, 2015. The debt discount is being accreted
to interest expense over the term of the debenture:
| |
December 31, 2015 | | |
June 30, 2015 | |
| |
| | |
| |
Proceeds | |
$ | 6,000,000 | | |
$ | 6,000,000 | |
Debt discount for bifurcated derivative | |
| (2,735,310 | ) | |
| (2,735,310 | ) |
| |
| 3,264,690 | | |
| 3,264,690 | |
| |
| | | |
| | |
Accumulated amortization of debt discount | |
| 1,810,322 | | |
| 1,435,892 | |
| |
| | | |
| | |
Debenture payable - Series B, net | |
$ | 5,075,012 | | |
$ | 4,700,582 | |
The debenture contains embedded derivatives
which are not clearly and closely related to the host instrument. The embedded derivatives are bifurcated from the host debt instrument
and treated as a liability.
The single compound embedded derivative
features valued include the:
|
1. |
Principal conversion feature at maturity based on fixed conversion price subject to standard adjustments. |
|
2. |
Redemption additional interest and Redemption Warrants offering. |
|
3. |
Additional Interest Shares and Interest Warrants. |
The Company recognized amortization of this discount as an additional interest charge to
“Discount on convertible debentures” for the three month periods ended December 31, 2015 and 2014 in the amount
of $190,803 and $163,890,respectively. and for the six month periods ended December 31, 2015 and 2014 in the amount of
$374,430 and $321,618, respectively
The Company used a lattice model that
values the compound embedded derivatives of the Series B Convertible Debenture based on a probability weighted discounted cash
flow model at December 31, 2015 and June 30, 2015, respectively.
The following assumptions were used
for the valuation of the compound embedded derivative at December 31, 2015 and June 30, 2015:
|
· |
The balance of the Series B Convertible Debenture as of December 31, 2015 and June 30, 2015 is $6,000,000; |
| · | The underlying stock price was used as the fair value of
the common stock; The stock price decreased to $1.18 at December 31, 2015 but higher projected annual volatility increased
the warrant value with the $3.50 exercise price. The stock price decreased to $1.75 at June 30,
2015 which decreased the warrant value with the $3.50 exercise price; |
|
· |
The projected annual volatility was based on the Company historical volatility: |
1 year
12/31/2015 68.2%
6/30/15 62.1%
|
· |
An event of default would occur 0% of the time, increasing 1.00% per month to a maximum of 10%; |
|
· |
The Company would redeem the debentures projected initially at 0% of the time and increase monthly by 1.0% to a maximum of 20.0% (from alternative financing being available for a Redemption event to occur); |
|
· |
The Holder would automatically convert the interest if the Company was not in default and its shares value would be equivalent to the cash value; |
|
· |
The Holder would automatically convert the debenture at maturity if the registration was effective and the Company was not in default. |
|
· |
The Weighted Cost of Capital discount rate (based on the Market Value of the transaction at issuance) adjusted for changes in the risk free rate is 22.02%. |
|
· |
Even through the shares are restricted the underlying assumption is that any restriction on resale will be removed either through registration or the passage of time at the time of issuance. |
The fair value of the compound embedded
derivatives of the Series B Convertible Debenture at December 31, 2015 and June 30, 2015 was $99,469 and $366,764, respectively.
On July 2, 2014 (the
“Closing Date”), the Company accepted a subscription in the amount of $5,000,000 for a 10% Coupon Series C
Convertible Debenture (the “Debenture”) from Dr. Milton Boniuk, a member of the Company’s Board of
Directors (the “Holder”). The Debenture is due on June 30, 2018 (the “Maturity Date”) and is
convertible, at the sole option of the Holder, into restricted shares of the Company’s common stock, par value $0.001
per share (the “Common Stock”) at the conversion price of $5.25 per share of Common Stock. The Debenture bears
interest at the coupon rate of ten percent (10%) per annum, computed on an annual basis of a 365 day year, payable in
quarterly installments on March 31, June 30, September 30 and December 31 of each calendar year until the Maturity Date. In
accordance with the debenture agreement, the interest for the initial year of the debenture shall be deferred and paid over
the remainder of the term. The Holder at its option may choose to receive such coupon interest payment in shares of Common
Stock calculated using the average of the open and close prices of the Company’s common stock on the date such interest
payment is due. For the three months ended December 31, 2015 the Holder of the Company’s C Convertible Debenture
elected to receive the quarterly coupon interest of $166,667 in restricted common shares of the Company. The Board
of Directors authorized the issuance of 138,889 share of the Company’s restricted $.001 par value common shares in
payment of such coupon interest. The Company has the right, but not the obligation, to repay the Debenture prior to the
Maturity Date (the “Redemption Payment”). If the closing bid price of the Common Stock is in excess of $5.25 when
the Company notifies the Holder it has elected to prepay the Debenture (the “Redemption Date”), the Company
must redeem the Debenture by delivering to the Holder 952,381 shares of Common Stock and any unpaid coupon interest in lieu
of a cash Redemption Payment. If the Holder elects to receive the Redemption Payment in cash, or if the closing bid price of
the Common Stock is less than $5.25, the Company shall pay to the Holder a Redemption Payment in cash equal to the
principal amount of the Debenture, plus any accrued coupon interest, plus additional interest of 7% per annum for the period
from the Closing Date to the Redemption Date and warrants to purchase 619,048 shares of Common Stock which shall expire in
three years from the date of issuance at the exercise price of $6.05 per share of Common Stock. The Company cannot conclude
that it has sufficient authorized and unissued shares to settle the contract after considering all other commitments that may
require the issuance of stock during the maximum period the derivative instrument could remain outstanding. This is due to
the fact that the interest payments are payable in stock of the Company, at the option of the Holder, based on the current
market price of the common stock on the date such payments are due. Therefore, the number of shares due as interest payments
is essentially indeterminate and the Company cannot conclude that it has sufficient authorized and unissued shares to settle
the conversion feature. Accordingly, the Company bifurcated the embedded features from the host contract and recorded them as
a derivative liability at fair value. A debt discount was recognized in the same amount as the derivative liability
associated with embedded features bifurcated from the Series C Convertible Debenture.
On July 2, 2014, in conjunction with the issuance of
the Company’s Series C Convertible Debentures, the Company issued 187,000 shares of its Series A Convertible Preferred
stock (the “Series A”) to Dr. Milton Boniuk, pursuant to the terms of the Debenture. Proceeds received in a
financing transaction are allocated to the instruments issued prior to evaluating hybrid contracts for bifurcation of
embedded derivatives. Since the Series A Convertible Preferred Stock is classified as equity, the proceeds allocated to the
Preferred Stock are recorded at relative fair value. The fair value of the Series A was $1,645,606 at issuance and the
relative fair value was calculated as $1,152,297. The remaining amount of the proceeds was allocated to the Debenture and a
debt discount of $1,152,297 was recorded to offset the amount of the proceeds allocated to the Series A. Then, the embedded
derivative was bifurcated at its fair value of $1,879,428 with the remaining balance allocated to the host instrument
(Debenture). The total debt discount will be amortized over the term of the Debenture using the effective interest method.
The Company recognized amortization of this discount as an additional interest charge to “Discount on convertible
debentures” in the amount of $159,159 and $126,070 for the three month period ended December 31, 2015 and 2014
respectively and $309,240 and $241,560 for the six month periods ended December 31, 2015 and 2014 respectively.
The following represents the balance of the Debenture payable
– Series C, net of discount at December 31, 2015 and June 30, 2015:
| |
December 31, 2015 | | |
June 30, 2015 | |
| |
| | |
| |
Proceeds | |
$ | 5,000,000 | | |
$ | 5,000,000 | |
Debt Discount: | |
| | | |
| | |
Series A Preferred | |
| (1,152,297 | ) | |
| (1,152,297 | ) |
Embedded derivative | |
| (1,879,428 | ) | |
| (1,879,428 | ) |
| |
| 1,968,275 | | |
| 1,968,275 | |
| |
| | | |
| | |
Accumulated amortization of debt discount | |
| 821,570 | | |
| 512,330 | |
| |
| | | |
| | |
Debenture payable - Series C, net | |
$ | 2,789,845 | | |
$ | 2,480,605 | |
The Company used a lattice model that
values the compound embedded derivatives of the Series C Convertible Debenture based on a probability weighted discounted cash
flow model at December 31, 2015 and June 30, 2015.
The following assumptions were used
for the valuation of the compound embedded derivative at December 31, 2015 and June 30, 2015:
|
· |
The balance of the Series C Convertible Debenture as of December 31, 2015 and June 30, 2015 is $5,000,000; |
| · | The
underlying stock price was used as the fair value of the
common stock; The stock price decreased to $1.18 at December 31, 2015 but
higher
projected annual volatility increased the warrant value with the $6.05 exercise price.
The stock price decreased to $1.75 at June 30, 2015 which decreased the warrant value with the $6.05 exercise price; |
|
· |
The projected annual volatility was based on the Company historical volatility: |
1 year
12/31/2015 68.2%
6/30/15 62%
|
· |
An event of default would occur 0% of the time, increasing 1.00% per month to a maximum of 10%; |
|
· |
The Company would redeem the debentures projected initially at 0% of the time and increase monthly by 1.0% to a maximum of 5.0% (from alternative financing being available for a Redemption event to occur); |
|
· |
The Holder would automatically convert the interest if the Company was not in default and its shares value was equivalent to the cash value; |
|
· |
The Holder would automatically convert the debenture at maturity if the registration was effective and the Company was not in default. |
|
· |
The weighted cost of capital discount rate (based on the market value of the transaction at issuance) adjusted for changes in the risk free rate is 22.02% and 21.97%, respectively. |
|
· |
Even though the shares are restricted the underlying assumption is that any restriction on resale will be removed either through registration or the passage of time at the time of issuance. |
The fair value of the compound embedded
derivatives of the Series C Convertible Debenture at December 31, 2015 and June 30, 2015 was $240,482 and $476,289, respectively.
Note 8 - Equity Transactions
On July 21, 2015, the Board of Directors approved a new employment agreement with Dr. Anil Diwan, the
Company’s president. Pursuant to the terms of the employment agreement, the Company’s Board of Directors authorized
the issuance of 225,000 of the Company’s Series A preferred shares to Dr. Diwan. As of December 31, 2015 204,420 of these
shares have been issued and 20,580 will be issued in a subsequent period. 75,000 shares will vest on June 30, 2016 and the remainder
of the shares will vest over the three years of the employment agreement and are subject to forfeiture. The Company recognized
a non cash compensation expense related to the issuance of the Series A Preferred Shares of $77,336 for the three months ended
December 31, 2015 and $154,672 for the six months ended December 31, 2015.
On July 21, 2015, the Board of Directors approved a new employment agreement with
Dr. Eugene Seymour, the Company’s Chief Executive Officer. Pursuant to the terms of the employment agreement, the Company’s
Board of Directors authorized the issuance of 225,000 of the Company’s Series A preferred shares to Dr. Seymour. As of December
31, 2015 204,420 of these shares have been issued and 20,580 will be issued in a subsequent period. 75,000 shares will vest on
June 30, 2016 and the remainder of the shares will vest over the three years of the employment agreement and are subject to forfeiture.
The Company recognized a non cash compensation expense related to the issuance of the Series A Preferred Shares of $77,336 for
the three months ended December 31, 2015 and $154,672 for the six months ended December 31, 2015.
The Company estimated the fair value
of the Series A Preferred stock granted to various employees and others on the date of grant. The Series A Preferred stock fair
value is based on the greater of i) the converted value to common at a ratio of 1:3.5; or ii) the value of the voting rights since
the Holder would lose the voting rights upon conversion. The conversion of the shares is triggered by a Change of Control. The
valuations of the Series A Preferred Stock at each issuance used the following inputs:
a. |
The common stock price was in the range $1.16 to $1.23 |
b. |
The calculated weighted average number of shares of common stock in the period; |
c. |
A 5.36% premium over the common shares for the voting preferences; |
d. |
The calculated weighted average number of total voting shares and the monthly shares representing voting rights of 10.49% to 10.53% of the total; |
e. |
The conversion value is based on an assumption for calculation purposes only of a Change of Control in 4 years from March 1, 2013 for the issuances and a remaining restricted term of 1.33 to 1.17 |
f. |
The 7/21/15 Diwan & Seymour Preferred conversion value is based on the greater of the Change of Control in 4 years from 3/1/13 and the vesting on 6/30/16, 6/30/17, and 6/30/18 resulting in a remaining restricted term of 1.63 to 2.94 years; |
g. |
28.75%
to 27.14% restricted stock discount (based on a restricted stock analysis and call-put analysis curve: 64.42%
to 65.16% volatility, 0.31% to 0.51% risk-free rate) applied to the converted common. |
For the three and six
months ended December 31, 2015 the Scientific Advisory Board (SAB) was granted fully vested warrants to purchase
17,148 shares of commons stock with an exercise price of $1.50 per share expiring in August, 2019 and fully vested warrants
to purchase 34,296 shares of common with a purchase price of 1.44 per share expiring November, 2019, respectively These
warrants were valued at $8,231 for the three months and $16,976 for the six months periods and recorded as consulting
expense.
For the three and six
months ended December 31, 2015, the Company’s Board of Directors authorized the issuance of 7,716 and 15,432 fully
vested shares of its Series A Convertible Preferred stock for employee compensation. The Company recorded an expense of
$23,345 and 51,195 for the three months and six months respectively. 7,716 shares are to be issued in a subsequent
period.
For the three and six months ended December 31, 2015, the Company’s Board of Directors authorized
the issuance of 1,295 fully vested shares of its common stock for employee compensation. The Company recorded an expense of $3,300.
For the three months and
six months ended December 31, 2015, the Company’s Board of Directors authorized the issuance of 8,789 and 17,319 respectively,
fully vested shares of its common stock with a restrictive legend for Director Services. The Company recorded an expense of $ 11,250
and $22,499.
For the three months
and six months ended December 31, 2015, the Company’s Board of Directors authorized the issuance of 22,689 and 43,144
respectively, fully vested shares of its common stock with a restrictive legend for consulting services. The Company recorded
an expense of $27,000. and $54,000. Respectively.
On December 31, 2015 two
Holders of the Company’s Series B Debentures elected to receive the $80,000 quarterly interest payable in restricted common
stock of the Company. For the three months ended December 31, 2015 the Company’s Board of Directors authorized the issuance
of 66,666 shares of the Company’s restricted common stock for interest payable to the Holders. The Holders are entities controlled
by Dr. Milton Boniuk, a director of the Company.
On December 31, 2015 the
Holder of the Company’s Series C Debentures elected to receive the $166,667 quarterly interest payable in restricted common
stock of the Company. For the three months ended December 31, 2015 the Company’s Board of Directors authorized the issuance
of 138,889 shares of the Company’s restricted common stock for interest payable to the Holder. The Holder is an entity controlled
by Dr. Milton Boniuk, a director of the Company.
The expense recognized by the Company
upon issuance of restricted common shares for compensation or services is determined by the average market value of the Company’s
common shares over the service period.
The Company estimated the fair value
of the warrants granted to the Scientific Advisory Board on the date of grant using the Black-Scholes Option-Pricing Model with
the following weighted-average assumptions:
Expected life (year) | |
| 4 | |
| |
| | |
Expected volatility | |
| 57.81 | % |
| |
| | |
Expected annual rate of quarterly dividends | |
| 0.00 | % |
| |
| | |
Risk-free rate(s) | |
| 1.42 | % |
Note 9 - Stock Options and Warrants
The following table presents the activity of stock
options issued for the six months ended December 31, 2015 as follows:
| |
| | |
| | |
Weighted | | |
| |
| |
| | |
Weighted | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
Number of | | |
Exercise Price | | |
Contractual | | |
Intrinsic | |
Stock Options | |
Shares | | |
per share ($) | | |
Term (years) | | |
Value ($) | |
Outstanding and exercisable at June 30, 2015 | |
| 535,715 | | |
$ | 0.35 | | |
| 0.23 | | |
$ | 2,094,643 | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| 428,573 | | |
| - | | |
| - | | |
| - | |
Expired | |
| 107,142 | | |
| - | | |
| - | | |
| - | |
Canceled | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at December 31, 2015 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
As of December 31, 2015 there was no unrecognized compensation
cost.
Stock Warrants
Stock Warrants | |
Number of Shares | | |
Weighted Average Exercise Price per share ($) | | |
Weighted Average Remaining Contractual Term (years) | | |
Aggregate Intrinsic Value ($) | |
| |
| | |
| | |
| | |
| |
Outstanding and exercisable at June 30, 2015 | |
| 5,976,675 | | |
$ | 5.14 | | |
| 3.20 | | |
$ | 19,000 | |
| |
| | | |
| | | |
| | | |
| | |
Granted | |
| 34,296 | | |
| 1.50 | | |
| 3.63 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Canceled | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding and exercisable at December 31, 2015 | |
| 6,010,971 | | |
$ | 5.12 | | |
| 2.70 | | |
$ | - | |
Of the above warrants, 345,713 expire
in fiscal year ending June 30, 2016; 68,571 expire in fiscal year ending June 30, 2017; 68,577 in fiscal year ending June 30, 2018;
5,493,814 in fiscal year ending June 30, 2019 and 34,296 expire in fiscal year ending June 30, 2020.
Note 10 – Fair Value Measurement
Fair value measurements
At December 31, 2015 and June 30, 2015,
the fair value of derivative liabilities is estimated using a lattice model that is based on the individual characteristics of
our warrants, preferred and common stock, the derivative liability on the valuation date as well as assumptions for volatility,
remaining expected life, risk-free interest rate and, in some cases, credit spread. The derivative liabilities are the only Level
3 fair value measures.
At December 31, 2015 and June 30, 2015
the estimated fair values of the liabilities measured on a recurring basis are as follows:
| |
Fair Value Measurements at | |
| |
December 31, 2015: | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| |
| | |
| | |
| |
Derivative liability – Series B debentures | |
$ | - | | |
| - | | |
$ | 99,469 | |
Derivative liability – Series C debentures | |
| - | | |
| - | | |
| 240,482 | |
Derivative liability – warrants | |
| - | | |
| - | | |
| 2,543,342 | |
Total derivatives | |
$ | - | | |
$ | - | | |
$ | 2,883,293 | |
| |
Fair Value Measurements at | |
| |
June 30, 2015: | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| |
| | |
| | |
| |
Derivative liability – Series B debentures | |
$ | - | | |
| - | | |
$ | 366,764 | |
Derivative liability – Series C debentures | |
| - | | |
| - | | |
| 476,289 | |
Derivative liability – warrants | |
| - | | |
| - | | |
| 3,442,754 | |
Total derivatives | |
$ | - | | |
$ | - | | |
$ | 4,285,807 | |
In conjunction with the Company’s
registered direct offerings of Units, consisting of the Company’s common stock and warrants, on September 12, 2013 and January
24, 2014 the Company issued 2,945,428, and 2,479,935 warrants respectively, and, of which, 2,610,071 and 2,479,935 respectively
are outstanding at December 31, 2015. Additionally, the Company issued 58,910 and 76,306 warrants, respectively, to the placement
agents which are also outstanding at December, 31, 2015, for a total number of 5,425,222 warrants outstanding pursuant
to the aforesaid registered direct offerings.
The Company accounts for stock purchase
warrants as either equity instruments or derivative liabilities depending on the specific terms of the warrant agreements. Under
applicable accounting guidance, stock warrants must be accounted for as derivative financial instruments if the warrants contain
full-ratchet anti-dilution provisions, which preclude the warrants from being considered indexed to its own stock. The warrants
described above contained a full-ratchet anti-dilution feature and are thus classified as a derivative liability.
The Company used a lattice model to
calculate the fair value of the derivative warrants based on a probability weighted discounted cash flow model. This model is based
on future projections of the various potential outcomes. The features that were analyzed and incorporated into the model included
the exercise and full reset features.
The Warrants
were valued as of December 31, 2015 and June 30, 2015 with the following assumptions:
|
- |
The 5 year warrants issued on 9/12/13 and 1/24/14 included Investor and Placement Agent Warrants with an exercise price of $5.25 and $6.05 (subject to adjustments-full ratchet reset). |
|
- |
The stock price would fluctuate with the Company projected volatility. |
|
- |
The Holder would exercise the warrant as they become exercisable (effective registration at issuance) at target prices of the higher of 2 times the projected exercise/reset price or 2 times the stock price. |
|
- |
The next capital raise would fluctuate with an annual volatility. The projected volatility curve was based on historical volatilities of the Company for the valuation periods. The projected annual volatility for the valuation dates are: |
1 Year | |
| |
6/30/15 | |
| 62 | % |
12/31/15 | |
| 68 | % |
The primary factors driving the economic
value of options are stock price; stock volatility; reset events and exercise behavior. Projections of these variables over the
remaining term of the warrant are either derived or based on industry averages. Based on the above, a probability was assigned
to each scenario for each future period, and the appropriate derivative value was determined for each scenario. The option value
was then probability weighted and discounted to the present.
The following tables present the activity
for liabilities measured at estimated fair value using unobservable inputs for the six months ended December 31, 2015:
| |
Fair Value Measurement Using Significant | |
| |
Unobservable Inputs | |
| |
Derivative liability – Series B | | |
Derivative liability – Series C | | |
Derivative liability – warrant | |
| |
| | |
| | |
| |
Beginning balance at July 1, 2015 | |
$ | 366,764 | | |
$ | 476,289 | | |
$ | 3,442,754 | |
Additions during the year | |
| - | | |
| - | | |
| - | |
Change in fair value | |
| (267,295 | ) | |
| (235,807 | ) | |
| (899,412 | ) |
Transfer in and/or out of Level 3 | |
| - | | |
| - | | |
| - | |
Balance at December 31, 2015 | |
$ | 99,469 | | |
$ | 240,482 | | |
$ | 2,543,342 | |
Note 11 - Commitments and Contingencies
Operating Lease
The Company completed the relocation
of its laboratory and office from 135 Wood Street, West Haven, Connecticut to 1 Controls Drive, Shelton, Connecticut around June,
2015. The Company was renting 135 Wood Street on a month-to-month basis.
Total rent expense at 135 Wood Street,
West Haven, Connecticut amounted to $0 and $26,085 for the three months ended December 31, 2015 and 2014, respectively and $0 and $52,170 for the six months ended December 31, 2015 and 2014, respectively.
License Agreements
The Company is dependent upon its license agreement with
TheraCour Pharma, Inc. (See Note 4). If the Company lost the right to utilize any of the proprietary information that is the subject
of the TheraCour Pharma license agreement on which it depends, the Company will incur substantial delays and costs in development
of its drug candidates.
Legal Proceedings
There are no pending legal proceeding
against the Company to the best of the Company’s knowledge as of the date hereof and to the Company’s knowledge, no
action, suit or proceeding has been threatened against the Company.
Note 12 – Subsequent Events
On
January 23, 2016, the Company’s Board of Directors and a majority of the holders of the Company’s Series A Convertible
Preferred Shares (the “Series A Shares”) approved an amendment to the Certificate of Designation of the Series A Shares
to increase the number of authorized Series A Shares from 4,000,000 to 8,500,000.
PART I
The following discussion should be read
in conjunction with the information contained in the financial statements of the Company and the notes thereto appearing elsewhere
herein and in conjunction with the Management’s Discussion and Analysis of Financial Condition and Results of Operations
set forth in the Company’s Annual Report on Form 10-K for the year ended June 30, 2015. Readers should carefully review the
risk factors disclosed in this Form 10-K and other documents filed by the Company with the SEC.
As used in this report, the terms “Company”,
“we”, “our”, “us” and “NNVC” refer to NanoViricides, Inc., a Nevada corporation.
SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS
This Report contains forward-looking statements
within the meaning of the federal securities laws.. All statements other than statements of historical fact made in this report
are forward looking. In particular, the statements herein regarding industry prospects and future results of operations or financial
position are forward-looking statements. These include statements about our expectations, beliefs, intentions or strategies for
the future, which we indicate by words or phrases such as “anticipate,” “expect,” “intend,”
“plan,” “will,” “we believe,” “Company believes,” “management believes”
and similar language. These forward-looking statements can be identified by the use of words such as “believes,” “estimates,”
“could,” “possibly,” “probably,” “anticipates,” “projects,” “expects,”
“may,” “will,” or “should,” or other variations or similar words. No assurances can be given
that the future results anticipated by the forward-looking statements will be achieved. Forward-looking statements reflect management’s
current expectations and are inherently uncertain. The forward-looking statements are based on the current expectations of NanoViricides,
Inc. and are inherently subject to certain risks, uncertainties and assumptions, including those set forth in the discussion under
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this report. Actual
results may differ materially from results anticipated in these forward-looking statements.
Investors are also advised to refer to
the information in our previous filings with the Securities and Exchange Commission (SEC), especially on Forms 10-K, 10-Q and 8-K,
in which we discuss in more detail various important factors that could cause actual results to differ from expected or historic
results. It is not possible to foresee or identify all such factors. As such, investors should not consider any list of such factors
to be an exhaustive statement of all risks and uncertainties or potentially inaccurate assumptions.
Although these forward-looking statements
reflect the good faith judgment of our management, such statements can only be based upon facts and factors currently known to
us. Forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. As such,
our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors,
including those set forth below under the caption “Risk Factors.” For these statements, we claim the protection of
the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You should not
unduly rely on these forward-looking statements, which speak only as of the date on which they were made. They give our expectations
regarding the future but are not guarantees. We undertake no obligation to update publicly or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, unless required by law.
ITEM I: BUSINESS
Organization and Nature of Business
Overview
NanoViricides, Inc. is a leading company
in the application of nanomedicine technologies to the complex issues of viral diseases. The nanoviricide® technology enables
direct attacks at multiple points on a virus particle. It is believed that such attacks would lead to the virus particle becoming
ineffective at infecting cells. Antibodies in contrast attack a virus particle at only a maximum of two attachment points per antibody.
In addition, the nanoviricide technology also simultaneously enables attacking the rapid intracellular reproduction of the virus
by incorporating one or more active pharmaceutical ingredients (APIs) within the core of the nanoviricide. The nanoviricide technology
is the only technology in the world, to the best of our knowledge, that is capable of both (a) attacking extracellular virus thereby
breaking the reinfection cycle, and simultaneously (b) disrupting intracellular production of the virus, thereby enabling complete
control of a virus infection.
Our anti-viral therapeutics, that we call
“nanoviricides® ” are designed to look to the virus like the native host cell surface to which it binds. Since
these binding sites for a given virus do not change despite mutations and other changes in the virus, we believe that our drugs
will be broad-spectrum, i.e. effective against most if not all strains, types, or subtypes, of a given virus, provided the virus-
binding portion of the nanoviricide is engineered appropriately.
NanoViricides, Inc. is one of a few bio-pharma
companies that have all the capabilities needed from research and development to marketable drug manufacture in the small quantities
needed for human clinical trials. With the completion of and relocation to our new campus at 1 Controls Drive, Shelton, CT, we
now possess state of the art nanomedicines characterization facilities that enable us to perform IND-enabling nanomedicine analysis
and characterization studies of any of our various drug candidates in house. In addition, we now have the ability to scale up production
of any of our drug candidates, and implement state of the art in-process controls as well as post-process analysis controls in
order to establish robust c-GMP-capable production methodologies. All of the biological testing and characterization of our drug
candidates continues to be performed by external academic or institutional collaborators and contract research organizations (CRO).
The Company develops its drugs, that we
call a nanoviricide®, using a platform technology. This approach enables rapid development of new drugs against a number of
different viruses. A nanoviricide is a “biomimetic” - it is designed to “look like” the cell surface to
the virus. To accomplish this, we have developed a polymeric micelle structure composed of PEG and fatty acids that is designed
to create a surface like the cell membrane, with the fatty acids going inside of the micelle. On this surface, we chemically attach,
at regular intervals, virus-binding ligands. The virus is believed to be attracted to the nanomicelle by these ligands, and thereby
binds to the nanoviricide using the same glycoproteins that it uses for binding to a host cell. Upon such binding, a “lipid
mixing” interaction between the lipid envelope of the virus and the nanomicelle is thought to take place, leading to the
virus attempting to enter the nanomicelle. We believe many different kinds of viruses are likely to get destroyed in the process.
We engineer the ligands to “mimic”
the same site on the cell surface protein to which the virus binds. These sites do not change no matter how much a given virus
mutates. Thus we believe that if a virus so mutates that it is not attacked by our nanoviricide, then it also would not bind to
the human host cell receptor effectively and therefore would be substantially reduced in its pathogenicity. Our success at developing
broad-spectrum nanoviricides depends upon how successfully we can design decoys of the cell surface receptor as ligands, among
other factors.
With the recent success of our anti-HSV
drug development program, the Company has determined that it is in the best interest of its shareholders to re-prioritize our drug
development programs and focus on topical drug development against several indications related to infections by herpes family viruses.
The Company recognized, after consultations with its FDA regulatory advisors, namely Biologics Consulting (of Alexandria, VA),
and several other experts in the field, that the development of these topical drug candidates towards human clinical trials is
likely to be considerably faster than the development of our anti-influenza systemic (injectable) drug candidate.
The Company believes that it will be
developing drugs against four different topical indications in the HerpeCide™ program, namely: (a) skin cream/lotion
for the topical treatment of “cold sores” (typically caused by HSV-1); (b) eye drops/gel for the treatment of
ocular herpes keratitis (mostly caused by HSV-1, sometimes by HSV-2 primarily in neonates); (c) skin cream/lotion for the
treatment of “genital lesions” caused by herpesvirus (typically HSV-2); and (d) skin cream/lotion for the
treatment of shingles (caused by HHV-3 also known as VZV i.e the chickenpox virus).
Animal model studies of lethal herpesvirus
infection using the highly pathogenic and neurotropic HSV-1 H129 strain in two different sites resulted in 85% to 100% survival
in animals treated with certain anti-HSV nanoviricide drug candidates, while control animals uniformly died. We reported on these
studies as the results became available in April 2015, from Professor Emeritus Ken Rosenthal’s lab at NEOMED, and in August
2015, from TransPharm Preclinical Solutions, LLC, Jackson, MI, a CRO. Previously, we have improved the anti-HSV drug candidates
in cell culture studies and were able to achieve significant effectiveness before engaging into animal studies.
We re-designed the anti-HSV drug candidates
so that the solutions would not run off the skin when applied. With this redesign, our drug candidates demonstrated complete survival
of HSV-1 H129 lethally infected animals.
The Company thus has achieved animal studies
efficacy proof of concept for HSV-1 skin topical treatment. The Company believes that the broad-spectrum nature of these drug candidates
should allow effectiveness against related herpesvirus types such as HSV-2 as well as the more distantly related HHV-3.
The Company is in the process of establishing
additional collaborations towards IND-enabling development of drug candidates against the four indications listed earlier.
Of these, the Company has announced on
February 1, 2016, that it has entered into an agreement with the University of Wisconsin for the evaluation of its nanoviricides®
drug candidates in models of ocular herpes virus infections.
The studies will be performed in the laboratory
of Dr. Curtis Brandt, an expert in herpes simplex virus infections and in evaluating anti-viral agents. The Company has previously
reported the successes of its nanoviricides drug candidates in pre-clinical studies of dermal herpes virus infections in mouse
models. The studies in Dr. Brandt’s laboratory will be critical in optimizing its anti-herpes drug candidates against ocular
herpes virus infections. The goal of these studies will be to identify a drug development candidate as a treatment for ocular keratitis
in humans caused by herpes simplex virus infections.
Dr. Brandt is Professor in the Departments
of Ophthalmology and Visual Sciences, Medical Microbiology and Immunology, and Director of the Vision Research Core at the University
of Wisconsin. The studies will be conducted by Collaborative Ophthalmic Research Laboratories, CORL, at the University.
The Company intends to test several drug
candidates with different formulation consistencies in multiple animal studies in order to select a clinical development candidate
for ocular herpes keratitis. Following identification of the clinical development candidate, the Company will engage into scaled
up production of said drug candidate at our Scale-Up Lab in the new campus. The Scale-up Lab has been in operation since June 2015,
and we have scaled most production operations to 200g scale.
The Company believes that a 200g batch
production scale is sufficient for the quantities needed for further IND-enabling studies of the clinical drug candidate. These
studies include formulation optimization studies, dose-response efficacy studies, efficacy studies with different viral strains,
and preliminary safety/tox in small and medium size animals, followed by cGLP safety/tox in larger animals, and PK/PD studies (pharmacokinetics
and pharmacodynamics studies) in standard animal models.
The Company believes that all of these
IND-enabling studies for each of the topical drug indications will be of a limited nature, and of short durations.
The Company is evaluating the possibility
of performing Phase I and Phase II human clinical studies internationally. It is widely believed that Phase I studies can be performed
in Australia more quickly than in the USA due to differences in regulatory procedures and guidelines.
Ocular infections with HSV-1 have been
reported to be the leading cause of infectious blindness in the developed world, with recurrent episodes of viral reactivation
leading to progressive scarring and opacity of the cornea. HSV epithelial keratitis afflicts the epithelium of the cornea. In some
cases, the disease progresses to HSV stromal keratitis, which is a serious condition. HSV stromal keratitis involves the stroma,
the layer of tissue in the cornea, which is deeper in the eye than the epithelium. Its pathology disease involves the HSV infection
of stromal cells, and also involves the inflammatory response to this infection. It can lead to permanent scarring of the cornea
resulting in diminished vision. More serious cases require corneal replacement surgery. About 75% of corneal replacements are known
to fail in a 20 year time frame, due to graft versus host disease (i.e. rejection of the foreign implant by the body), requiring
a new procedures, or resulting in blindness.
Ocular herpes keratitis incidence rates
in the USA alone are reported to be in the range of 65,000 to 150,000 patients per year. Of these approximately 10,000 per year
may be estimated as requiring corneal transplants. The incidence estimates vary widely based on source, and are also assumed to
be underreported. A corneal transplant costs about $15,000 to $25,000 for the surgery, with additional costs for follow on drugs
and treatments.
This scenario exists in spite of available
drugs, namely the acyclovir class of drugs, trifluridine, and others, that are used for treatment of herpes keratitis. The failure
of these drugs is primarily due to limited safety resulting in insufficient drug availability at the site of infection.
Thus, an effective drug with a good
safety profile could have a dramatic impact on this disease. Merit-based compensation for the drug treatment would enable
strong financial incentive and could result in potential revenues in the $50 million to several hundreds of millions range,
depending upon how good the drug is.
The Company believes that it has sufficient
production capacity at its current site to supply the US requirement of the drug for treatment of (ocular) herpes keratitis upon
drug licensure.
The Company believes that its anti-herpes
drug candidate for the treatment of cold sores and for genital lesions should lead to effective control of the cold sores rapidly,
and may also lead to a long lag time before a new recurrence episode occurs. This is because it is believed that recurrence rates
increase by virtue of further infection of new nerve endings from the site of the herpesvirus outbreak which result in additional
nerve cells harboring the virus. If this in situ infection is limited, which we believe is the primary mechanism of nanoviricide
drugs, then it is expected that the number of HSV harboring reservoir cells should decrease, and recurrence rate should go down.
In the United States, approximately 1
million cases of shingles (i.e. zoster) occur annually. The risk of zoster increases with age, and with decreased immune
system function. Zoster is characterized by pain and rash. Discrete cutaneous lesions occur in groups on the skin. The
Company believes that this presentation enables topical therapy for control of the viral outbreak.
One in four patients develop zoster-related
pain that lasts more than 30 days. If it persists more than 3 months, it is called post-herpetic neuralgia (PHN), and may persist
for years. It is thought that zoster-associated pain and PHN is a result of chronic ganglionitis, i.e. continued low-grade production
of the virus in the infected ganglia and related immune response. The Company believes that effective control of the virus production
would minimize or eliminate PHN, a debilitating morbidity of zoster.
Zoster occurs mostly in the abdominal region.
However, in 20% of cases, it occurs in the head area, with reactivation involving trigeminal distribution. These cases of zoster
can lead to serious complications including hemorrhagic stroke (VZV vasculopathy), VZV encephalitis, ophthalmic complications,
and may result in fatalities.
Currently available anti-herpes drugs have
had limited impact on zoster. Thus, an effective drug with a good safety profile could have a dramatic impact on zoster as well
as possibly PHN.
The Company believes that it will be able
to expand its anti-herpes portfolio in the future to include many other herpesviruses such as cytomegalovirus (CMV), KSHV, and
Epstein-Barr virus (EBV, cause of mononucleosis).
The Company thus continues to expand its
portfolio of opportunities, while also making progress towards the clinical trials stage.
The Company continues to work on its anti-influenza
drug candidates in parallel to its HerpeCide program. We are currently developing Injectable FluCide™ for hospitalized patients
with severe influenza as our first, broad-spectrum anti-influenza drug candidate. We have demonstrated the very first effective
orally available nanomedicine, namely oral FluCide™ for out-patients with influenza. The development of Oral FluCide is expected
to follow behind Injectable FluCide.
Because of our limited resources, we have
assigned lower development priorities to our other drug candidates in our pipeline such as DengueCide™ (a broad spectrum
nanoviricide designed to attack all types of dengue viruses and expected to be effective in the Severe Dengue Disease syndromes
including Dengue Hemorrhagic Fever (DHS) and Dengue Shock Syndrome (DSS)) and HIVCide™ (a potential “Functional Cure”
for HIV/AIDS).
In addition, the Company has research programs
to develop drugs against Rabies virus, Ebola and Marburg viruses, MERS Coronavirus (Middle-East Respiratory Syndrome), among others.
The Company also has a technology that we call “ADIF” or “Accurate-Drug-In-Field” technology with which
an effective drug can be developed against a novel virus right in the field using stockpiled nanoviricides® precursors. The
estimated market size for the current drug candidates is well in excess of $40 Billion worldwide, and in the range of $100 Billion
by some estimates.
Of these, our Injectable FluCide anti-influenza
drug candidate for hospitalized patients and our anti-HSV-1 drug candidate for dermal herpes infections or “cold sores”
are in advanced pre-clinical stage. Our remaining drug development programs are presently at pre-clinical stage. We continue to
test several drug candidates under each program even though we may achieve extremely strong results with some of the candidates.
Both of our anti-influenza therapeutic
candidates are designed to be “broad-spectrum”, i.e. they are expected to be effective against most if not all types
of influenzas including the recently discovered novel strain of H7N9, Bird Flu H5N1, other Highly Pathogenic Influenzas (HPI/HPAI),
Epidemic Influenzas such as the 2009 “swine flu” H1N1/A/2009, and Seasonal Influenzas including the recent H3N2 influenza.
The Company has already demonstrated that our anti-influenza drugs have significantly superior activity when compared to oseltamivir
(Tamiflu®) against two unrelated influenza A subtypes, namely, H1N1 and H3N2 in a highly lethal animal model.
Our position that an injectable drug
against influenza is a viable option is now affirmed by the US FDA licensure of the very first injectable drug for influenza
in December 2014, namely peramivir (Rapivab, by BioCryst). Interestingly, peramivir as an injection was approved even though
it did not appear to provide significant additional benefits over other drugs in its class. Overall, patients who received
600 mg of peramivir had symptom relief 21 hours sooner, on average, than those who received the placebo, which is consistent
with other drugs in the same class. Additionally, peramivir injection was found to be not effective for hospitalized patients
with severe influenza.
Thus, an effective therapy for patients
hospitalized with severe influenza continues to be an unmet need. In addition, a single injection treatment of non-hospitalized
patients would be a viable drug if it provides superior benefits to existing therapies.
Both of our anti-influenza drug candidates
can be used as prophylactics to protect at-risk personnel such as health-care workers and immediate family members and caretakers
of a patient.
We are developing our anti-herpes drug
candidates and the injectable FluCide for severely ill patients towards IND applications in parallel. We have engaged Biologics
Consulting Group, a well-known group of regulatory consultants, to advise us on the regulatory pathways, and the studies required
for the IND applications for the various indications.
In addition, the Company is developing
broad-spectrum eye drops that are expected to be effective against a majority of the viral infections of the external eye. Most
of these viral infections are from adenoviruses or from herpesviruses. The Company has shown excellent efficacy of its drug candidates
against EKC (adenoviral epidemic kerato-conjunctivitis) in an animal model. In addition, the anti-HSV drug candidates have shown
excellent efficacy in cell culture studies, as well as in a lethal skin infection animal model.
Topical treatment of herpesvirus infection
is important because of the disfiguring nature of herpesvirus breakouts, the associated local pain, and the fact that the virus
grows in these breakouts to expand its domain within the human host further. Topical treatment can deliver much higher local levels
of drugs than a systemic treatment can, and thus can be more effective and safer at the same time. Systemic drug treatment results
in side effects because of the high systemic drug concentrations that need to be achieved and the large drug quantities that must
be administered. Since the virus remains mostly localized in the area of the rash and connected nerve apparatus, using high concentrations
of drugs delivered in small quantities topically would allow maximizing the effectiveness while minimizing the side effects.
The Company is also developing an anti-HIV
drug. The drug candidates in this HIVCide™ program were found to have effectiveness equal to that of a triple drug HAART
cocktail therapy in the standard humanized SCID-hu Thy/Liv mouse model. Moreover, the nanoviricides were long acting. Viral load
suppression continued to hold for more than four weeks after stopping HIVCide treatment. The Company believes that this strong
effect and sustained effect together indicate that HIVCide can be developed as a single agent that would provide “Functional
Cure” from HIV/AIDS. The Company believes that substantially all HIV virus can be cleared upon HIVCide treatment, except
the integrated viral genome in latent cells. This would enable discontinuation of treatment until HIV reemerges from the latent
reservoir, which may be several months without any drugs. Moreover, the Company believes that this therapy would also minimize
the chances of HIV transmission. The Company is currently optimizing the anti-HIV drug candidates. These drug candidates are effective
against both the R5 and X4 subtypes of HIV-1 in cell cultures. The Company believes that these drug candidates are “broad-spectrum”,
i.e. they are expected to be effective against most strains and mutants of HIV, and therefore escape of mutants from our drugs
is expected to be minimal.
Further, the Company is developing a broad-spectrum
drug against Dengue viruses that is expected to be useful for the treatment of any of the four major serotypes of dengue viruses,
including in severe cases of dengue (DSS) and dengue hemorrhagic fever (DHF). It is thought that DSS and DHF caused by prior antibodies
against dengue that a patient’s body creates to fight a second unrelated dengue infection, and the second virus uses these
antibodies effectively to hitch a ride into human cells, thereby causing a more severe infection than in naive patients. The Company
has received an “Orphan Drug Designation” for our DengueCideTM drug from the USFDA as well as the European Medicines
Agency (EMA). This orphan drug designation carries significant economic benefits for the Company.
In addition to these drugs in development,
the Company also has research programs against Rabies virus, Ebola and Marburg viruses, the recently emerged Middle East Respiratory
Syndrome coronavirus (MERS-CoV), and others. To date, the Company does not have any commercialized products. The Company continues
to add to our existing portfolio of products through our internal discovery and clinical development programs and also seeks to
do so through an in-licensing strategy.
We believe we have demonstrated that we
can rapidly develop different types of formulations for different routes of administration, such as injectable, skin cream, lotion,
gel, and even oral, because of the inherent strength of the nanoviricide platform tailorable technology. The technology also enables
us to develop nasal sprays and bronchial aerosols. We plan to develop the appropriate formulations as necessary.
We have recently completed the
development of a c-GMP capable facility in Shelton, Connecticut where we can manufacture multi-kilogram quantities of the
c-GMP-like and c-GMP-compliant batches of drug substances as well as drug products (cGMP = “current Good Manufacturing
Practices”). This multi-purpose facility can produce any of our nanoviricide drug candidates. Moreover, it can produce
our drugs in any of the different formulations we have been working on including injectables, skin creams and lotions, eye
drops and ocular gels, as well as oral syrups. This facility has the capability of production scales from several grams to a
few kilograms per batch, depending upon the product. These quantities are more than sufficient for pre-IND studies,
IND-enabling studies, and human clinical trials of all of the drug candidates we are currently focusing on towards IND.
With our new campus and c-GMP capable facility,
we are now in a position to advance our drug candidates into clinical trials, produce the pre-clinical “tox package”
batches, the clinical batches, as well as initial quantities of marketed drugs. This makes NanoViricides, Inc. one of very few
drug developer companies that have the internal capability to support market entry. Until last year, we were limited to performing
R&D to develop drug candidates capable of further clinical development, but did not have the capability to produce the drug
candidates in a suitable manner and quantities required for the studies to advance them into an IND stage and human clinical trials.
In addition, our new facility is estimated
to enable initial commercial manufacture of our drugs under cGMP guidelines, once licensed, in order to gain market entry. Any
of our drugs once introduced to the market is estimated to generate revenues of several tens of millions of dollars. The market
sizes of many of our drugs are in several billion dollars. Thus, we anticipate developing additional manufacturing capability for
each of our drugs as they mature towards clinical products. We believe that we may be able to license the drugs to bigger pharmaceutical
companies that can manufacture the drugs, or license the manufacture of the drugs to other commercial scale cGMP manufacturing
facilities. The Company has kept its capital expenditures to a minimum in the past, and we intend to continue to do the same, in
order to conserve our cash for drug development purposes, and in order to minimize additional capital requirements.
This versatile, customizable facility is
designed to support the production of kilogram-scale quantities of any of our nanoviricides drugs. In addition, it is designed
to support the production of the drug in any formulation such as injectable, oral, skin cream, eye drops, lotions, etc. The production
scale is designed so that clinical batches for Phase I, Phase II, and Phase III can be made in this facility. The clean room suite
contains areas suitable for the production of sterile injectable drug formulations, which require special considerations.
We have moved our existing equipment, and
we have installed a substantial amount of additional equipment at the Shelton facility. We need to test and validate each piece
of equipment. We will need to validate, test and verify that all the systems are functioning as needed for being able to make cGMP
drug substance batches. Then we will need to run several batches, analyze the resulting products, and establish that our manufacturing
processes are performing satisfactorily to produce the desired drug substance. A minimum of two reproducible batches are generally
required to be made before submitting an Investigational New Drug application (IND) to the US FDA. In addition, we will also need
to seek and obtain US FDA registration as a cGMP facility, after we successfully commission c- GMP-like production of at least
one drug substance at this facility.
We expect the Company will be able to produce
“cGMP-like” material in the new facility once the facility is validated, all of the protocols are finalized, standardized,
and the standard protocols are documented in the manner needed for cGMP operation. A “cGMP-like” drug substance can
be loosely defined as drug substance made using the same processes as c-GMP material but prior to undergoing the FDA registration
process for the c-GMP facility. Such c-GMP-like product can be used for clinical batches for human clinical studies in most countries
around the world. The Company is currently investigating all such options in order to expedite the timeline to entering human clinical
trials. The Company intends to contract out clinical batch fulfillments to outside contract manufacturers.
Our timelines depend upon several assumptions,
many of which are outside the control of the Company, and thus are subject to delays.
Patents, Intellectual Property, and
Licenses
The nanomedicine technologies licensed
from TheraCour Pharma, Inc. (“TheraCour”) serve as the foundation for our intellectual property. The Company holds
a worldwide exclusive perpetual license to this technology for several drugs with specific targeting mechanisms in perpetuity for
the treatment of the following human viral diseases: Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis
C Virus (HCV), Rabies, Herpes Simplex Virus (HSV), Influenza and Asian Bird Flu Virus. The Company has entered into an Additional
License Agreement with TheraCour granting the Company the exclusive licenses in perpetuity for technologies developed by TheraCour
for the additional virus types: Dengue viruses, Japanese Encephalitis virus, West Nile Virus, Viruses causing viral Conjunctivitis
(a disease of the eye) and Ocular Herpes, and Ebola/Marburg viruses. The Company may want to add further virus types to its drug
pipeline. The Company would then need to negotiate with TheraCour an amendment to the Licensing Agreement to include those of such
additional viruses that the Company determines it wants to follow for further development. We are seeking to add to our existing
portfolio of products through our internal discovery pre-clinical development programs and through an in-licensing strategy.
NanoViricides, Inc. holds exclusive, worldwide,
perpetual, licenses from TheraCour Pharma, Inc. to these technologies and patents for a broad range of antiviral applications and
diseases that include all Influenzas including Asian Bird Flu Virus, Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus
(HBV), Hepatitis C Virus (HCV), Herpes Simplex Virus (HSV), Dengue viruses, West Nile Virus, Rabies virus, Ebola/Marburg viruses,
Japanese Encephalitis virus, as well as viruses causing viral Conjunctivitis (a disease of the eye) and ocular herpes. NanoViricides
currently holds two licenses in perpetuity to develop and sell drugs for the treatment of these viral diseases.
These licenses are provided for all the
intellectual property held by TheraCour Pharma, Inc. that relates to our antiviral licensed products. These licenses are not limited
to underlying patents, but also include the know-how, trade secrets, and other important knowledge-base that is utilized for developing
the drugs and making them successful.
In addition, these extremely broad licenses
are not limited to some specific chemical structures, but comprise all possible structures that we could deploy against the particular
virus, based on these technologies. In addition, the licenses are held in perpetuity by NanoViricides for world-wide use. The licenses
are also exclusively provided only to NanoViricides for the licensed products so NanoViricides is the only party that can further
sublicense the resulting drugs to another party, if it so desires. TheraCour cannot further license anything in our licensed products
areas because of the breadth of the license. The licenses can revert only in the case of a default by NanoViricides. The terms
of default are such that effectively TheraCour would be able to take the licenses back only in the event that NanoViricides files
bankruptcy or otherwise declares insolvency and inability to conduct its business. This structure is standard in the licensing
world as it saves the IP from being blocked from commercialization in lengthy and potentially fragmentary bankruptcy proceedings.
A fundamental Patent Cooperation
Treaty (“PCT”) patent application, on which the nanoviricides® technology is based, has resulted in
additional issued patents in Europe and Korea. As with issuances in other countries
including the United States, these patents have been allowed with a very broad range of claims to a large number of families of
chemical structure compositions, pharmaceutical compositions, methods of making the same, and uses of the same. The
corresponding original “pi-polymer” international application, namely, PCT/US06/01820, was filed under the Patent
Cooperation Treaty (PCT) system in 2006. Several other patents have already been granted previously in this patent family in
various countries and regions, including Australia, ARIPO, Canada, China, Hong Kong, Indonesia, Israel, Japan, Mexico, New
Zealand, OAPI, Philippines, Singapore, Vietnam and South Africa, and the USA. Prosecution in several other
countries continues. In May 2012, the US Patent (No. 8,173,764) was granted for “Solubilization and Targeted Delivery
of Drugs with Self-Assembling Amphiphilic Polymers.” The US patent term is expected to last through October 1, 2028,
including anticipated extensions in compensation for time spent in clinical trials. This US Patent has been allowed with a
very broad range of claims to a large number of families of chemical structure compositions, pharmaceutical compositions,
methods of making the same, and uses of the same. The disclosed structures enable self-assembling, biomimetic nanomedicines.
Estimated expiry dates for these patents range nominally from 2027 to 2029 with various extensions accounting for delays in
clinical trials. Additional issuances are expected in Europe, and in several other countries around the world.
In addition to this basic PCT application
that covers the “pi-polymer” structure itself, another PCT application, PCT/US2007/001607, that discloses making antiviral
agents from the TheraCour family of polymers and such structures is in various stages of prosecution in several countries, and
has already issued in at least seven countries and regions. The counterparts of the international PCT application have issued as
a granted patent in Australia, Japan, China, ARIPO, Mexico, New Zealand, OAPI, Pakistan, and, South Africa to date. Additional
issuances are expected in Europe, USA, and in several other countries around the world. This patent application teaches antivirals
based on the TheraCour polymeric micelle technologies, their broad structures and compositions of matter, pharmaceutical compositions,
methods of making the same, and their uses. The nominal expiry dates are expected to range from 2027 to 2029.
The patents are being issued to the inventors
Anil R. Diwan, PhD, Jayant G. Tatake, PhD, and Ann L. Onton, all of who are among the founders of NanoViricides, Inc. The patents
have been assigned to AllExcel, Inc., the Company at which the ground-breaking work was performed. AllExcel, Inc. has contractually
transferred this intellectual property to TheraCour Pharma, Inc.
Presentations and Conferences
Our President, Dr. Anil Diwan, was recently
invited to present a talk entitled “Critical Regulatory Issue in Nanomedicines Translation: Manufacture and Control - What,
How, Why, When” in the session on “Enabling the Business Side of Translation of NanoMedicines”, moderated by
Dr. Raj Bawa, on October 17, 2015, at the 5th Annual Meeting of the American Society for Nanomedicines, held in the Hilton Crystal
City, Washington, DC..
Our CEO, Dr. Eugene Seymour presented an
overview of the Company at the 2015 Rodman and Renshaw Conference held in New York City on September 9-10, 2015.
Our CEO, Dr. Eugene Seymour presented an
overview of the Company at the 2016 Biotech ShowCase Conference held in San Fransisco on January 13, 2016, subsequent to the reported
period.
Our President, Anil R. Diwan, PhD, was
invited to attend the prestigious JP Morgan Life Sciences Conference held in San Fransisco, from January 11-14, 2016, subsequent
to this report.
The Company also continues its efforts
at connecting with additional investors and presenting in investor-oriented business conferences.
On January 23, 2016, the Company held its
2015 Annual Shareholders Meeting at the Sheraton Stamford, in Stamford, CT from 10am to 1:30pm, subsequent to the reporting period.
Anil Diwan, PhD, Dr. Milton Boniuk and Professor Mukund Kulkarni were all re-elected as Class I Directors, each for a two-year
term expiring at the 2017 annual meeting of stockholders and until each of their respective successors are duly elected and qualified
or until each of their respective earlier resignation or removal. Also, the appointment of EisnerAmper LLP as the Company’s
independent registered public accounting firm for the fiscal year ending June 30, 2016, was ratified. After adjournment of the
Business Meeting, Dr. Seymour, our CEO, and Dr. Diwan, our President gave presentations and engaged in discussions with investors.
Emphasis was placed on the Company’s
on-going transition from an R&D and “pre-clinical proof of concept” stage company to a true clinical-stage pharmaceutical
company that could market its drugs on its own, thus maximizing potential value.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATION
The following discussion should be read
in conjunction with the information contained in the consolidated financial statements of the Company and the notes thereto appearing
elsewhere herein and in conjunction with the Management’s Discussion and Analysis of Financial Condition and Results of Operations
set forth in the Company’s Annual Report on Form 10-K for the year ended June 30, 2015. Readers should carefully review the
risk factors disclosed in our Form 10-K for the year ended June 30, 2015 and other documents filed by the Company with the SEC.
As used in this report, the terms “Company”,
“we”, “our”, “us” and “NNVC” refer to NanoViricides, Inc., a Nevada corporation.
PRELIMINARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This Report contains forward-looking statements
within the meaning of the federal securities laws. These include statements about our expectations, beliefs, intentions or strategies
for the future, which we indicate by words or phrases such as “anticipate,” “expect,” “intend,”
“plan,” “will,” “we believe,” “NNVC believes,” “management believes”
and similar language. The forward-looking statements are based on the current expectations of NNVC and are subject to certain risks,
uncertainties and assumptions, including those set forth in the discussion under “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in this report. Actual results may differ materially from results anticipated
in these forward-looking statements. We base the forward-looking statements on information currently available to us, and we assume
no obligation to update them.
Investors are also advised to refer to
the information in our previous filings with the Securities and Exchange Commission (SEC), especially on Forms 10-K, 10-Q and 8-K,
in which we discuss in more detail various important factors that could cause actual results to differ from expected or historic
results. It is not possible to foresee or identify all such factors. As such, investors should not consider any list of such factors
to be an exhaustive statement of all risks and uncertainties or potentially inaccurate assumptions.
Management Discussion - Accomplishments
in Reported Quarter, Our Drug Development Programs and Current Drug Development Strategy
During the reported quarter we have continued
to focus our drug development work plans primarily on our lead Influenza drug candidate, and our anti-Herpes-virus programs.
We now have two advanced pre-clinical drug
candidates, namely, our injectable FluCide for severely ill patients, and our HerpeCide skin treatment for oral herpes cold sores.
In addition, our HerpeCide program is poised to produce additional advanced candidates against ocular herpes and shingles. Our
animal efficacy studies are performed by third parties. We opt into drug developments against specific disease indications for
which we have appropriate partners that can perform the necessary cell culture and animal efficacy studies.
We are developing the anti-herpes drug
candidates and the injectable FluCide for severely ill patients towards IND applications in parallel. We have engaged Biologics
Consulting of Alexandria, VA, a well-known group of regulatory consultants, to advise us on the regulatory pathways, and the studies
required for the IND applications for the various indications.
NanoViricides technology is now maturing
rapidly toward the clinical studies, with the new facility, expanded staff, and the financial strength that we have attained since
uplisting to NYSE-MKT.
To this end, we have completed moving our
operations to our new 18,000+ sqft campus at 1 Controls Drive, Shelton, CT, in a phased manner to minimize impact on current activities.
In addition, we are working on scale-up of the nanomicelle polymer backbone to approximately 500g scale, and on establishing in-process
control systems, as well as on developing post-process characterization assays for the same with the new instrumentation and analysis
equipment we have acquired as we established our new facilities.
Our new campus comprises a state of the
art pharmaceutical R&D synthesis laboratory, a chemistry translational scale-up laboratory, quality control and quality assurance
laboratories, and a pilot-scale cGMP-capable pharmaceutical clinical drug manufacturing facility (“the cGMP Facility”).
The cGMP Facility in our new campus is
capable of multi-kilograms of production per batch. Further, it is capable of producing the most stringent injectable materials
from novel chemical synthesis, novel polymer production, to complete pharmaceutical drug substance and drug product manufacture.
This highly customizable facility is capable of producing any of our nanoviricides nanomedicines, and in all of the formulations
that we currently need, namely, injectable, oral, skin cream, lotion, eye drops, gels, etc.
We plan on using this facility to produce
the drugs needed for our tox package studies and for our human clinical trials, as and when needed. In addition, we believe that
this cGMP capability will allow rapid market introduction of our drug(s) once licensed. We estimate that the resulting sales could
be in the range of several tens of millions of dollars to several hundreds of millions of dollars, depending upon the drug pricing
and quantity of sales.
Having an in-house cGMP Facility for drug
manufacture sets us apart and puts us in the company of a limited number of drug developers. This capability enables the possibility
that NanoViricides could become a stand-alone pharma company, without any dependence on external big pharma collaborations or licensing/marketing
arrangements for revenue generation.
It is well known in the pharma industry
that investor value is maximized if a drug developer can become an independent pharma company with integrated manufacturing and
marketing capabilities.
We believe that a 200g production scale
would be sufficient for the tox package studies as well as initial clinical production for our anti-herpes virus drug candidates.
After the 200 and 500g scale-up is completed, we will continue to scale the production to larger reactors, to approximately 1kg~2kg
batch sizes. This larger scale has been estimated to be needed for production of our Injectable FluCide™ drug candidate for
the tox-package safety studies as well as efficacy studies that are part of the pre-IND development of this drug candidate.
During the reported quarter we have continued
to perform further optimization of our anti-HSV drug candidates. In April 2015, we reported dramatic improvement in clinical symptoms
associated with a herpes simplex virus dermal infection in mice. The topical nanoviricide treatment significantly reduced the clinical
disease, and led to >85% survival of the mice dermally infected with a highly aggressive, neurotropic, HSV-1 H129c strain, wherein
all of the untreated mice had severe clinical morbidity and none of the untreated mice survived. Later in August 2015, we reported
that these results were reproduced at a different laboratory, with 100% survival being observed. The repeat studies were conducted
by Transpharm Preclinical Solutions, a pre-clinical services CRO in Jackson, MI.
We believe that these successes have positioned
us to develop drugs against multiple herpesvirus indications. The potential broad-spectrum nature of our anti-HSV drug candidates
is expected to enable several antiviral indications. Thus, HSV-1 primarily affects skin and mucous membranes causing “cold
sores”. HSV-2 primarily affects skin and mucous membranes leading to genital herpes. HSV-1 infection of the eye causes herpes
keratitis that can lead to blindness in some cases. In addition, human herpesvirus-3 (HHV-3), a.k.a. varicella-zoster virus (VZV),
causes chickenpox in children and when reactivated in adults, causes shingles. Shingles breakouts are amenable to topical treatment,
as are the HSV cold sores, genital lesions, and herpes keratitis of the eye. Most of these indications do not have satisfactory
treatments at present, if any.
Topical treatment of herpesvirus infection
is important because herpesviruses become latent in neuronal cells or in ganglia, and cause periodic localized breakouts that appear
as skin rashes and lesions. Systemic drug treatment results in side effects because of the high systemic drug concentrations that
need to be achieved and the large drug quantities that must be administered. Since the virus remains mostly localized in the area
of the rash and connected nerve apparatus, using high concentrations of drugs delivered in small quantities topically would allow
maximizing the effectiveness while minimizing the side effects.
We are now performing the studies necessary
for selection of IND candidates for several indications related to herpes viruses under our HerpeCide™ program. These indications
include ocular herpes keratitis, oral herpes (“cold sores”), genital herpes, and shingles. After initial achievement
of efficacy in the HSV-1 dermal model, we are now working on establishing the best anti-HSV ligand for our anti-HSV drug candidate
in this model. New ligands, based on a SAR (“structure-activity-relationship”) modeled after the successfully tested
ones were developed using knowledge-based approaches including molecular modeling and bioinformatics studies in our laboratory.
These novel ligands are entering final stages of synthesis and characterization as of this writing. Such SAR studies are undertaken
after initial success and may often result in large improvements in efficacy and safety. In addition, we will test certain nanomicelle
compositions to determine which composition is best suited for the dermal delivery. The nanomedicine technology enables tailor-made
nanomicelle polymer compositions so that transport across skin layers and delivery to the site of action can be accomplished properly.
Once these studies are successfully completed, we expect that we will be able to announce a broad-spectrum drug development candidate
for the dermal HSV-1 infection, namely, “cold sores”.
We plan to replicate similar studies of
our antiviral candidates in models for ocular HSV-1 infection, shingles, and genital HSV-2 infection. We are currently in the process
of identifying collaborators with capabilities in these areas, and establishing appropriate collaborations, agreements, and contracts.
We have recently signed an agreement with the Collaborative Ophthalmic Research Laboratories, CORL, at the University of Wisconsin,
Madison, to perform studies intended to identify a drug development candidate as a treatment for ocular keratitis in humans caused
by herpes simplex virus infections. The studies will be performed in the laboratory of Dr. Curtis Brandt, an expert in herpes simplex
virus infections and in evaluating anti-viral agents.
We believe that our anti-herpes drug development
program is thus maturing towards a franchise of drug candidates, such as eye drops and gel formulations for ocular herpes keratitis,
skin creams for oral herpes “cold sores”, for genital herpes lesions, and for shingles (which is caused by the herpesvirus
called Varicella-Zoster virus that also causes chickenpox in children).
The current market size for drugs for
the treatment of herpes infections is about $2~4 billion. We believe that when an effective topical treatment is introduced,
the market size is likely to expand substantially.
We are also working on further developments
in our FluCide™ anti-Influenza drug development project, and in particular, on our broad-spectrum anti-influenza drug for
hospitalized, severely ill patients, Injectable FluCide™.
In addition, NanoViricides, Inc. is possibly
the first company in the world in the entire field of nanomedicines to have developed a nanomedicine drug that is effective when
taken orally (by mouth). Our oral anti-influenza drug candidate, NV-INF-2, has shown extremely high broad-spectrum effectiveness
against two different influenza A viruses in animal models, in our FluCide™ program. We believe that the Oral FluCide drug
development will follow the Injectable FluCide for hospitalized patients as the latter enters human clinical trials. We believe
we now have the ability to manufacture sufficient drug material for initial market entry of our Injectable FluCide drug candidate
when licensed by the FDA or another regulatory agency. However, an oral drug against influenza is expected to require very large
manufacturing facility in order to address the large worldwide out-patient influenza market, comprising billions of cases every
year. We intend to out-license the oral FluCide drug candidate when appropriate.
We have performed preliminary safety and
toxicology studies on certain drug candidates in the FluCide program. In all of the studies conducted, the drug candidates were
found to be extremely safe. Both mouse and rat models have been employed for these studies. Some of the earlier studies were performed
at KARD Scientific, MA. Recent studies have been performed at BASi, Inc., a well regarded pre-clinical CRO for tox package studies.
As a result of the strong safety, we have estimated a batch size requirement of about 2kg ~ 2.5kg of Injectable FluCide that will
be needed to complete the full set of tox studies as well as efficacy studies in different influenza virus strains in cell cultures
as well as in animal models. We have engaged in the scale up of production as described elsewhere.
We are continuing the CMC (Chemistry, Manufacture
and Control) related work and scale-up as described earlier. This drug development phase is intensive in terms of workload for
any drug candidate. In our case, and in general for nanomedicines, the workload in this phase is much more intensive than for small
chemical drugs. This is because we have to perform this work for the small chemical anti-viral ligand, the nanomicelle, and for
their chemical conjugate, which is our final nanoviricide drug candidate. FluCide drug candidate was our first drug candidate for
which this work was undertaken. This work was delayed because of the significant delays in making our new facilities operational
that were outside our control. Our new campus became operational around June 2015, and the scale-up and CMC program for Injectable
FluCide has gained momentum since then. The knowledge and expertise gained in this project is helping with our anti-herpes drug
candidate CMC development. Thus we anticipate the CMC program for our anti-herpes drug candidate to be significantly less time
consuming.
We believe that because of the smaller
quantity requirements and the less rigorous tox package studies needed for the dermal topical treatment, our anti-herpes drug candidates
are likely to move more rapidly towards clinical stage, while we continue to work on our anti-influenza drug candidate.
We believe that we will perform development
of the EKC adenovirus drug in the context of the ocular nanoviricide drug against herpes keratitis, with the goal of developing
a single broad-spectrum drug candidate that works against both adenovirus infections as well as herpesvirus infections of the external
eye. Our other important drug programs, namely DengueCide™ (anti-Dengue viruses drug development), and HIVCide™ (anti-HIV/AIDS
drug development), are at a lower priority at present. In addition, we are watching with interest the recent development of Gilead
Sciences and USAMRIID regarding the nucleotide analog GS-5734 as an anti-Ebola drug. We had re-engaged our anti-Ebola drug development
program only because of the major pandemic threat posed to global health in the 2014 epidemic, when no viable drug candidates were
around, although several drug candidates were in different stages. We also continue to work on several other research programs
that we believe will feed our pipeline in the future.
We have limited our expenditures on socially
conscious projects such as “Neglected Tropical Diseases” (NTD’s), and “Bio-defense” projects to the
extent that participatory funding from third parties is available. To this end, we attempt to obtain grants and contracts financing
from government and non-government sources. We will continue to work on these programs as time and resources permit. In addition,
we continue to develop novel technologies such as ADIF™ (“Accurate-Drug-In-Field™”) which may possibly
represent one of the best scientific approaches against manmade and natural novel disease agents. Outbreaks of natural, novel viral
diseases, such as Ebola, MERS-CoV, SARS-CoV, H7N9 Influenza, and others, will continue to occur. At present, there is no feasible
therapeutic intervention for outbreaks of novel viruses, such as the recent Ebola virus epidemic, and the MERS coronavirus outbreak.
We continue to work on acquiring and establishing
new resources including equipment and instrumentation at our new campus in Shelton CT. NanoViricides as well as our affiliates
have added significant strength in our staffing, reaching a total staff strength of about 30 personnel, most of whom are scientists.
Our new campus in Shelton has enabled this substantial expansion of our capabilities. This expansion is necessary to accomplish
the substantial amount of scientific investigations, process engineering, quality engineering, large scale production and document
preparation that goes towards filing investigational new drug applications (IND’s) to the US Food and Drug Administration
(“FDA”), and equivalent applications to regulatory agencies across the globe. This expansion has also enabled us to
strengthen our novel platform technologies, and engage into further novel, application- oriented R&D work directed to the goal
of eradication of viral diseases.
It is believed that the development of
the topical anti-herpes drug candidates may be significantly faster and easier than the development of the injectable FluCide that
we are currently working on. Therefore, we have planned on continuing the development of the HerpeCide drug candidates as well
as the FluCide drug candidate towards clinical trials in parallel. With the expanded R&D labs, Analytical Labs, the new Bio
labs, the new Process Scale-Up production facility, and the new cGMP-capable manufacturing facility established at our new Shelton
campus, we are in a much stronger position than ever to move our drug development programs into the clinic rapidly.
The potential broad-spectrum nature of
our anti-HSV drug candidates is expected to enable several antiviral indications. Thus, HSV-1 primarily affects skin and mucous
membranes causing “cold sores”. HSV-2 primarily affects skin and mucous membranes leading to genital herpes. HSV-1
infection of the eye causes herpes keratitis that can lead to blindness in some cases. In addition, human herpesvirus-3 (HHV-3),
a.k.a. varicella-zoster virus (VZV), causes chickenpox in children and when reactivated in adults, causes shingles. Shingles breakouts
are amenable to topical treatment, as are the HSV cold sores, genital lesions, and herpes keratitis of the eye. Most of these indications
do not have satisfactory treatments at present, if any. Further, the treatment of herpesvirus infections caused by acyclovir- and
famciclovir- resistant mutants is currently an unmet medical need.
The childhood chickenpox vaccine has reduced
the cases of chickenpox, but this is a live attenuated virus vaccine that persists in the body. All adults who have had chickenpox
in childhood continue to harbor the chickenpox virus, and are expected to develop shingles at some time, with the risk of shingles
increasing with age or weakening of the immune system surveillance. In addition to the shingles breakout itself, post-herpetic
neuralgia (pain) (PHN) is a significant morbidity of shingles, and to a lesser extent, of oral and genital herpes. PHN is initially
caused probably by the inflammation and immune response related to the local virus expansion, but persists well after the virus
has subsided, the blisters have scabbed off, and the skin has recovered, due to the nerve damage that results from the local large
viral load during infection. Current PHN treatments are symptomatic, affecting the pain signaling circuit (such as novocaine, pramoxine,
capsaicin, etc.), and do not produce lasting control. An effective therapy that results in strong local control of the virus production
during the breakout itself is expected to minimize the resulting immune responses and nerve damage, and thereby minimize or possibly
eliminate PHN.
The Company thus believes that it can develop
its broad-spectrum anti-herpes drug candidate towards at least four topical indications, namely, (a) oral herpes (“cold sores”),
(b) genital herpes, (c) ocular herpes keratitis, and (d) shingles.
These nanoviricides are designed as topical
treatment for the breakout of herpes sores. Our animal studies results are very significant considering that topical acyclovir
in the form of a cream as well as an ointment, are approved for the treatment of cold sores. We believe our strong anti-herpes
nanoviricide® drug candidates are capable of reaching approval as a drug for topical use against herpes cold sores, based on
these datasets. Further drug development is necessary towards the goal of drug approval.
Existing therapies against HSV include
acyclovir and drugs chemically related to it. These drugs must be taken orally or by injection. Available topical treatments, including
formulations containing acyclovir or chemically related anti-HSV drugs, are not very effective. Currently, there is no cure for
herpes infection.
The market size for existing herpes simplex
virus treatments is in excess of $2 billion annually. The Company believes that a drug that is superior to existing therapies would
result in significantly expanded market size.
The Company has engaged with Transpharm
Preclinical Solutions to perform the topical animal studies as well as cell culture studies for the herpesvirus topical treatments.
Transpharm is a pre-clinical contract research services organization (CRO) that offers numerous types of studies for testing antimicrobials,
antivirals, antifungals, antiparasitics, along with newer therapies using antibodies. TransPharm’s scientists’ skill
set covers a broad range of Research and Development, enabling numerous services at the request of a client. TransPharm will perform
the topical dermal efficacy studies for our anti-HSV drug candidates. In addition, we are also seeking CROs and other Institutes
of merit where we can perform anti-HSV efficacy studies for other indications including ocular herpes keratitis, shingles, and
genital herpes infections in small animal models, to broaden our anti-HSV franchise.
The Company met with its FDA advisory consulting
group, namely, Biologics Consulting, of Alexandria, VA, to chart out the path towards approval of anti-HSV topical treatments.
The Company believes, based on these meetings, that the drug approval process for a topical treatment would be significantly faster
and less expensive compared to an injectable drug development. Therefore the Company has now put HerpeCide development at high
priority. The Company intends to work on HerpeCide topical treatments in parallel to its FluCide injectable drug development.
The Company believes that the anti-influenza
drug candidates it has developed are broad-spectrum, i.e. they should work against most if not all of influenza viruses. This is
because, in spite of mutations and antigenic drift, all influenza viruses bind to the same cell surface receptor called sialic
acid, and the Company has developed small chemical ligands that mimic this receptor, to attack the influenza viruses. These ligands
are chemically attached to the Company’s polymeric micelle backbones that mimic the cell membrane, to create the nanoviricides.
The Company has previously shown effectiveness of its very early anti-influenza drug candidates against two different strains of
H5N1 Bird Flu virus in cell culture studies. The Company has since then improved the ligands as well as the chemistries as reported
from time to time.
As part of the advanced IND–enabling
development of our Injectable FluCide™ drug candidate, we performed initial safety-toxicology screening of an optimized FluCide™
drug candidate in a GLP-like toxicology study in rats. We reported that a good safety profile was observed for this drug candidate
in rats, around the end of January 2015. These results are extremely important since they indicate that FluCide continues to look
very promising as one of the most advanced candidates in the Company’s drug development pipeline.
No direct adverse clinical effects were
found upon administration of this FluCide candidate intravenously at doses of up to 300mg/kg/day for 14 days (a total of 4,200mg/kg)
in rats. Organs were examined for gross histological observations. Microscopic histological tissue analysis was also performed.
There were no adverse histological findings in gross organ level histological examination, nor were there any adverse findings
in microscopic histological analysis. Equally importantly, there were no meaningful effects observed on animal weight gain, food
consumption, hematology, or clinical chemistry at the end of the 14 day dosing period.
The Company believes that these strong
safety data bode well for our other drug programs as well. This is because a nanoviricide is built of two parts – (1) a virus
specific ligand, that is chemically attached to (2) a “nanomicelle” or polymeric micelle based on our specific chemistries.
It is reasonable to believe that the nanomicelle structures of our other drug candidates should also be safe. In addition, we believe
that we have chosen antiviral ligands for our other drug candidates in a very conservative, safety-biased fashion.
The study was conducted at BASi (Bioanalytical
Systems, Inc., NASDAQ: BASI) in Evansville, Indiana. The study was performed in a cGLP-like fashion, compliant with BASi Evansville
standard operating procedures. BASi has over 40 years of experience providing contract research services and niche instrumentation
to the life sciences, primarily drug research and development.
These results are in agreement with the
previously reported results of a non-GLP toxicology study in mice. The current study results also support the Company’s positive
findings in animal models of infection with different influenza A virus strains in which no safety or toxicology concerns were
observed. The Company has previously reported that many of its FluCide candidates demonstrated extremely high anti-influenza activity
in those models.
This study was developed in collaboration
with BASi and conducted by BASi in a c-GLP-like fashion in order to understand the safety parameters of FluCide intravenous dosing.
We have been actively studying different
chemical processes and routes of synthesis of the backbone polymer, the ligand, and the nanoviricide drug itself, which is a chemical
conjugate of the two. The objective of these studies is to develop pathways that will allow industrial manufacturing scale production
of a well-defined drug substance, so that multiple batches will produce consistent product. Our studies also involve the development
of methods of chemical and physical characterization of the materials at various stages in the entire production process. These
studies also include performing the syntheses at different scales, and at least sufficiently characterizing the products at different
stages to enable decision-making regarding different possible process variations. We are also continuing to develop additional
tests that are needed for analyses of samples from animals that will be generated during the safety/toxicology studies, and later
in the human clinical trials. Such tests are needed for estimating a drug’s distribution pattern in the body as well as the
time profile of the distribution. Such tests are also needed to decipher the metabolic fate of the drug. Since a nanoviricide drug
is not a simple small chemical or an antibody, development of these tests is relatively complex, and is taking a significant amount
of time.
The next phase of the toxicology package
studies for our injectable influenza drug candidate will involve larger animals, and will require much larger quantities of the
anti-influenza drug candidate. In order to accomplish this, we have continued to scale up our production processes for both the
backbone polymer and the ligands at our new Shelton facility. We believe that we will be able to make as much as a few kilograms
in a single batch in the new cGMP-capable facility. We have continued to work successfully towards large-scale production of this
anti-Influenza drug candidate. The Scale-Up Laboratory in our new Shelton campus now has the necessary equipment for this scale
up. Initial process engineering and in-process control schemes have been designed, and in-process control equipment required for
this has been identified. Appropriate equipment has been ordered to test the suitability of the control procedures we have designed.
Some of this equipment is being tested in practice now. Initial batches for each synthesis step are being committed.
The Company intends to develop data about
effectiveness of its drug candidates against certain unrelated influenza A viruses using both cell culture studies and animal models
in a reasonable manner. These data will be needed as part of the IND application that the Company is working on. An IND application
will be required for the Company to enter into human clinical trials.
In the case of HIVCide™ we are
close to completing the ligand optimization and are also in the process of further optimizing the polymer backbone. We have
already identified certain polymeric backbone chemistries that appear to provide extended viral load suppression for as long
as 30 days or more even after stopping the drug, in animal studies. Given the chronic nature of HIV/AIDS, such a drug that
has long sustained effect is expected to provide significant benefits to the patient. We believe once a week dosing is
possible. Anti-HIV drug development is both expensive and slow because of the nature of the animal studies that require SCID
mice whose immune system is destroyed and then replaced by surgically implanting and growing human immune system tissues in
the mouse body. Due to our limited resources, HIVCide development is further hampered. Nevertheless we have continued to make
progress in the HIVCide program. We are also working on developing a total cure of HIV/AIDS. In addition to minimizing the
viral load to achieve a ” Functional Cure” with the HIVCide, a total cure would require development of a drug
that hones in onto infected cells, and seeks to destroy only the HIV infected cells that harbor the HIV genome inside it. We
believe we have excellent technologies for such site-directed, specific approaches. This program is in R&D stage and we
expect that it will take some time before a drug candidate with the potential of totally curing HIV/AIDS can be
identified.
Our anti-HIV program is conducted at a
lower priority level because the Company lacks the resources needed to commit to the development of an anti-HIV drug. We will continue
to advance this program albeit at a relatively slow pace in order to enable us to seek appropriate partnerships and/or non-dilutive
funding.
Previously we have reported on certain
anti-HIV studies in animals that were designed to discriminate the comparative effectiveness of different ligands. We reported
that our lead anti-HIV candidate achieved anti-HIV efficacy equivalent to a HAART (highly active anti-retroviral therapy) triple
drug cocktail in this recently completed animal study. Treatment with this lead anti-HIV nanoviricide reduced HIV levels and protected
the human T cells (CD4+/CD8+) to the same extent as treatment with the HAART cocktail. The three drug HAART cocktail used for comparison
in this study is one of the combination therapies recommended for initial therapy in humans. No evidence of drug toxicity was observed
in the case of nanoviricide drug candidates. We later reported that this lead anti- HIV drug candidate achieved a long term anti-HIV
effect with a much shorter dosing regimen and a markedly lower total drug dose than the HAART drug cocktail therapy in a recent
animal study. The antiviral effect of the anti-HIV nanoviricide (“HIVCideTM”) continued throughout the 48 days of study
even though HIVCide dosing was discontinued after only 20 days. The clinical benefit of HIVCide was found to be sustained for at
least four weeks after the last drug dose. Treatment with the lead anti-HIV nanoviricide both (1) reduced the HIV viral load and
(2) also protected the human T cells (CD4+, CD8+, as well as double-positive CD4+CD8+), equally well as compared to treatment with
the three-drug HAART cocktail, at 24-days as well as at 48-days, even though the HIVCide treatment was stopped at 20 days. The
lead candidate is now undergoing further optimization.
A long and sustained effect of HIVCide
would lead to improved patient compliance, which is a sought after goal in HIV therapy. With this new study, we believe that we
are close to a “Functional Cure” of HIV wherein the patient can take treatment until the viral load is undetectable
and then stop treatment until an episode of virus reawakening occurs.
Our drug candidates against dengue viruses
have previously achieved significant survival of mice in a lethal infection animal model of dengue disease. This model simulates
antibody-dependent enhancement of dengue, which is believed to lead in humans to severe dengue, and dengue hemorrhagic fever. These
studies were performed by Professor Eva Harris at the University of Berkeley.
The Company reports summaries of its studies
as the data becomes available to the Company, after analyzing and verifying same, in its press releases. The studies of biological
testing of materials provide information that is relatively easy to understand and therefore readily reported. In addition, we
continue to engage in substantial work that is needed for the optimization of synthesis routes and for the chemical characterization
of the nanoviricide drug candidates. We also continue to work on improving the drug candidates and the virus binding ligands where
necessary. We continue to work on creating the information needed for the development of controlled chemical synthesis procedures
that is vital for developing c-GMP manufacturing processes.
In addition, we have now developed a state
of the art, multi-purpose, customizable cGMP-capable manufacturing facility that can produce any of our drug candidates in sufficient
quantities so that any of our drug candidates can now move into IND-enabling studies and production is no longer a constraint to
our progress. Until now, we were hampered in our progress towards an IND due to the lack of ability to manufacture our drugs in
large enough quantities and in a suitable cGMP-capable environment. We are now one of the very few small pharmaceutical drug innovators
that possess their own cGMP or cGMP-capable manufacturing facility.
Intellectual Property and Patents
We have previously announced certain important
issuances of patents on the TheraCour® technology underlying our nanoviricides® drugs. A fundamental patent on the polymeric
micelles composition, structure and uses was issued in the USA with substantially broad claims. This validates the novelty of our
approach as well as our leadership position in the nanomedicines based on polymeric micelle technologies. This patent application
has so far been issued, granted, and/or validated, with substantially similar broad claims as 52 different patents in different
countries and multi-country intellectual property organizations. The Company announced in May 2012 that a fundamental patent, on
which the nanoviricides® technology is based, is due to be issued in the USA on May 8, 2012. The US Patent (No. 8,173,764)
is granted for “Solubilization and Targeted Delivery of Drugs with Self-Assembling Amphiphilic Polymers.” It was issued
on May 8, 2012. The patent term is expected to last through October 1, 2028, including anticipated extensions in compensation for
time spent in clinical trials. This US Patent has been allowed with a very broad range of claims to a large number of families
of chemical structure compositions, pharmaceutical compositions, methods of making the same, and uses of the same. The disclosed
structures enable self-assembling, biomimetic nanomedicines. NanoViricides, Inc. holds exclusive, perpetual, worldwide licenses
to these technologies for a broad range of antiviral applications and diseases. The other national and regional counterparts of
the international Patent Cooperation Treaty (“PCT”) application number PCT/US06/01820, which was filed in 2006, have
issued as a Singapore National Patent Publication, a South African patent, and also as an ARIPO regional patent, an OAPI regional
patent (covering Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Republic of Congo, Cote d’Ivoire, Equatorial
Guinea, Gabon, Guinea, Guinea Bissau, Mali, Mauritania, Niger, Senegal, and Togo). It has also issued as a granted patent in New
Zealand, China, Mexico, Japan, Australia, Canada, several countries in Europe, Hong Kong, Indonesia, Israel, Korea, Malaysia, Philippines,
Pakistan, and Vietnam among others. Estimated expiry dates range nominally from 2026 to 2027 prior to accounting for various extensions
available in different regions and countries. Additional issuances are continuing in Europe, and in several other countries around
the world.
Another fundamental patent application on the antivirals developed
using the polymeric micelles has so far been issued, granted, and/or validated, with substantially broad claims as well, as 9 different
patents. The counterparts of the international PCT application PCT/US2007/001607 have issued as a granted patent in ARIPO, Australia,
China, Japan, Mexico, New Zealand, OAPI, South Africa, and Korea to date. Additional issuances are expected in Europe, USA, and
in several other countries around the world. This patent application teaches antivirals based on the TheraCour polymeric micelle
technologies, their broad structures and compositions of matter, pharmaceutical compositions, methods of making the same, and their
uses. The nominal expiry dates are expected to range from 2027 to 2029. Further patent prosecution in several other regions and
countries is continuing.
A total of 61 patents have
been issued globally as of August 23, 2015, on the basis of the two international PCT patent families that cover the fundamental
aspects of our platform technology. Additional patent grants are expected to continue as the applications progress through prosecution
processes. All of the resulting patents have substantially broad claims.
These patents have nominal expiry dates
in 2026 to 2027. The dates can be further extended in several countries and regions for the additional allowances due to the regulatory
burden of drug development process, or other local considerations, such as licensing to a local majority held company. Many countries
allow up to five years extension for regulatory delays.
No patent applications have been filed
for the actual drug candidates that we intend to develop as drugs as of now. We intend to file the patent application for FluCide
and HerpeCide before entering human clinical trials. The estimated expiry date for the FluCide and HerpeCide patents, if and when
issued, would be no earlier than 2035-2036.
With the achievement of extremely high
levels of effectiveness in appropriate animal models for its current drug candidates listed above, the Company has progressed to
advance its drugs into the IND-enabling studies needed to go into the clinical stage. Our drug development strategy now is to focus
on the IND-enabling studies for at least one, possibly two, indications in the HerpeCide topical treatment program, and our injectable
FluCide drug candidate for severely ill patients hospitalized with influenza (IND = Investigational New Drug application). In addition,
the other programs will continue to progress at different priorities.
In March 2012, we held a pre-IND meeting
with the United States Food & Drug Administration (“FDA”) for our anti-influenza drug candidate, NV-INF-1. We obtained
valuable advice from the US FDA regarding the requirements for filing an Investigational New Drug (“IND”) for this
anti-influenza drug candidate. The feedback from the FDA at this pre-IND meeting was very useful for our other anti-viral drug
development programs as well.
Our strategy is to minimize capital expenditure.
We therefore rely on third party collaborations for the testing of our drug candidates. We continue to engage with our previous
collaborators. In addition, we have engaged with TransPharm preclinical services for herpesvirus animal models. We have engaged
Biologics Consulting Group, Inc., to help us with the FDA regulatory submissions. We are also engaged with Australian Biologics
Pty, Ltd to help us with clinical trials and regulatory approvals in Australia. We believe that cGMP-like manufactured product
is acceptable for entering human clinical trials in Australia.
The drugs are required to be manufactured
in cGMP-compliant manner (cGMP = “current Good Manufacturing Practices”) for use in human clinical trials. We have
now developed a facility where the drugs can be manufactured in such a fashion. In addition, the process of making the materials
has to be optimized and appropriate analytical and quality control methods must be developed. This is a part of CMC (“Chemistry,
Manufacture and Controls”) activities required before filing an Investigational New Drug application (IND) to allow human
clinical studies. The Company is progressing steadily in satisfying the CMC requirements for its Injectable anti- Influenza drug
candidates at present.
We are now optimizing the production processes
at different scales of production. As part of this, we are designing, evaluating, and implementing various in-process controls.
We are developing and implementing several tools and methods for the characterization of the materials we produce as part of making
the final drug substance. Much of the work performed for the optimization of the polymer backbone of the nanoviricide would be
applicable to several of our drug candidates. After the processes and methods are finalized, we will need to document the production
processes as well as the specific characterization methods into standardized procedures. We will then need to manufacture at least
two batches under the standardized protocols, and establish that the product meets the acceptance criteria. If the batches are
not reproducibly acceptable, then we will need to further optimize the processes to eliminate the problems. Once the batches are
acceptable, the resulting product would be considered “c-GMP-like” and we would be able to use it in human clinical
trials.
NanoViricides, Inc. intends to perform
the regulatory filings and own all the regulatory licenses for the drugs it is currently developing. The Company will develop these
drugs in part via subcontracts to TheraCour Pharma, Inc., the exclusive source for these nanomaterials. The Company may manufacture
these drugs itself, or under subcontract arrangements with external manufacturers that carry the appropriate regulatory licenses
and have appropriate capabilities. The Company intends to distribute these drugs via subcontracts with distributor companies or
in partnership arrangements. The Company plans to market these drugs either on its own or in conjunction with marketing partners.
The Company also plans to actively pursue co-development, as well as other licensing agreements with other Pharmaceutical companies.
Such agreements may entail up-front payments, milestone payments, royalties, and/or cost sharing, profit sharing and many other
instruments that may bring early revenues to the Company. Such licensing and/or co-development agreements may shape the manufacturing
and development options that the company may pursue. There can be no assurance that the Company will be able to enter into co-development
or other licensing agreements.
To date, we have engaged in organizational
activities; developing and sourcing compounds and preparing nano-materials; and experimentation involving preclinical studies using
cell cultures and animals. Several of the Company’s drug candidates have shown excellent levels of efficacy and preliminary
safety in animal studies in many different animal models against many different viruses. The Company determined that its anti-Influenza
program, “FluCide™”, was the most advanced and obtained and held a pre-IND meeting with the US FDA for the same
on March 29, 2012. The Company believes it has gained valuable guidance from the FDA that enables us to develop and execute a product
development plan for our anti-influenza drug candidate with the goal of filing an Investigational New Drug (IND) application to
the US FDA, and similar applications in other countries in the world for the Injectable FluCide drug candidate. In addition, much
of what we have learned is applicable other nanomedicine drug candidates we are developing for different indications including
the various herpesvirus infection indications such as oral herpes infections, genital herpes infections, herpes keratitis (eye
infections), and shingles. Our recent results in the dermal HSV-1 infection model suggest that our dermal herpesvirus drug candidates
are now at an advanced pre-clinical stage of development. We anticipate that this will enable us to advance our anti-herpesvirus
indications franchise rapidly through pre-clinical studies towards IND filings and human clinical development further towards licensure.
Collaborations, Agreements and Contracts
Our strategy is to minimize capital expenditure.
We therefore rely on third party collaborations for the testing of our drug candidates. We continue to engage with our previous
collaborators. We also seek to engage with additional collaborators, as necessitated for the progress of our programs.
We have recently signed an agreement with
the Collaborative Ophthalmic Research Laboratories, CORL, at the University of Wisconsin, Madison, to perform studies intended
to identify a drug development candidate as a treatment for ocular keratitis in humans caused by herpes simplex virus infections.
The studies will be performed in the laboratory of Dr. Curtis Brandt, an expert in herpes simplex virus infections and in evaluating
anti-viral agents.
We have signed a Master Services Agreement
with TransPharm Preclinical Services, Jackson, MI. TransPharm is currently performing evaluation of our anti-HSV drug candidates
in a dermal model of HSV-1 infection.
We have an agreement with the Professor
Eva Harris lab at the University of California at Berkeley for evaluation and development of our Denguecide drug candidates.
We have engaged Biologics Consulting Group,
Inc., to help us with the US FDA regulatory submissions. We are also engaged with Australian Biologics Pty, Ltd to help us with
clinical trials and regulatory approvals in Australia. We believe that cGMP-like manufactured product is acceptable for entering
human clinical trials in Australia.
In addition, we have signed a Master Services
Agreement with Public Health England (PHE), UK.
We have also signed a new CRADA-Materials
Transfer Agreement with USAMRIID for the evaluation of our anti-Ebola nanoviricide drug candidates.
We anticipate completing master services
agreements, after performing our due diligence, with additional parties in furtherance of our anti-viral drug development programs.
We have continued to achieve significant
milestones in our drug development activities. All of our drug development programs are presently at pre-clinical or advanced pre-clinical
stage. We believe we are advancing these programs at a faster pace than industry peers. We continue to test several drug candidates
under each program even though we may achieve extremely strong results with some of the candidates
The Company’s Drug Pipeline in
Brief
We currently have, in early, active development,
(1) HerpeCide™ skin cream/lotion against Herpes virus cold sores, (2) HerpeCide eye drops for ocular herpes keratitis treatment,
(3) HerpeCide skin cream/lotion for treatment of herpes zoster aka shingles, (4) HerpeCide skin cream/lotion for the treatment
of genital Herpes, in the HerpCide program; (5) an Injectible FluCide™ for hospitalized patients with severe influenza; (6)
Oral FluCide™ for outpatient – both of these drug candidates are expected to be active against Epidemic Influenzas
including the current novel H1N1/2009 “Swine flu” virus, H5N1 and other Highly Pathogenic Avian Influenzas (H5N, H7N,
H9N HPAI, Bird Flu), as well as common seasonal human Influenzas, in the FluCide program; (7) HIVCide, a potential “Functional
Cure that is active against both the R5 and X4 strains of HIV, (8) Eye drops against viral diseases of the eye such as Epidemic
Kerato-Conjunctivitis (EKC) and Herpes Keratitis, and (9) DengueCide against Dengue viruses. Of these, the HerpeCide program and
the FluCide program are our highest priority programs.
The epidemic and pandemic potential as
well as the constantly changing nature of influenza viruses is well known. The HIV/AIDS worldwide epidemic and the “curse
of slow death” nature of HIV viral infection is also well known. Adenoviral Epidemic Kerato-Conjunctivitis (EKC) is a severe
pink eye disease that may lead to blurry vision in certain patients after recovery. Herpes simplex viral infections cause keratitis
of the eye, and severe cases of infection may sometimes necessitate corneal transplants. Oral and genital herpes is also a well-known
disease. Dengue viral infection is also known as “break-bone fever”. What is worse, that when a patient is infected
with a dengue virus a second time, if the virus is a different serotype, then it can cause a severe dengue disease, or dengue hemorrhagic
syndrome, with very high morbidity and a high rate of fatality. This is because, the patient’s immune system mounts an attack,
but the antibodies that it generates, directed at the previous infecting virus, are not effective against the new infection, and
instead the new infecting virus uses them to hitch a ride into host cells that it infects more severely. This phenomenon is called
“Antibody-Dependent Enhancement” or “ADE” for short. Both the safety and effectiveness of any drug
has to be determined experimentally. The safety of a nanoviricide drug is expected to depend upon the safety of the nanomicelle
portion as well as the safety of the antiviral ligand. We have observed excellent safety of our injectable anti-influenza drug
candidates. This leads us to believe that the nanomicelle backbones of these drug candidates that were evaluated in preliminary
safety studies should be safe in most if not all routes of administration.
We also have research programs against
Rabies virus, Ebola/Marburg family of viruses, as well as other viral hemorrhagic fevers. We also have a research program called
ADIF(™) “Accurate-Drug-In-Field”, that we believe is the only way to combat a novel viral threat right in the
field before it becomes an epidemic like SARS, bird flu H5N1, Ebola, or other viral outbreak. The Company’s ability to achieve
progress in the drugs in development is dependent upon available financing and upon the Company’s ability to raise capital.
The Company will negotiate with TheraCour to obtain licenses for additional viral diseases as necessary. However, there can be
no assurance that TheraCour will agree to license these materials to the Company, or to do so on terms that are favorable to the
Company.
Analysis of Financial Condition,
and Result of Operations
As of December 31, 2015, we had cash and
equivalents of $28,237,621 current prepaid expenses of $105,998, and property, plant and equipment of $12,000,648, net of depreciation
of $1,527,213. Long-term liabilities were $10,998,149 and stockholders’ equity is $28,384,257 at December 31, 2015.
As of June 30, 2015, we had $31,467,748
in hand, and additional assets of $214,425 in the form of prepaid expenses. Property, plant and equipment stood at $11,962,648
net of accumulated depreciation of $1,534,203. Long term liabilities were $11,800,327 and stockholders’ equity was $31,785,867
at June 30, 2015.
During the reporting quarter we spent approximately
$1,213,000 in cash toward operating expenses and approximately $29,000 toward capital expenditures. For the six month period we
spent approximately $2,867,000 toward operating expenses and $363,000 toward capital expenditures.
We do not anticipate any major capital
costs going forward in the near future.
Based on the current rate of expenditures
(excluding capital costs), we believe that we have sufficient funds in hand to last at least through December 31, 2017, or two
years. In addition, in order to conserve cash expenditures, we also pay compensation in stock and stock instruments to various
parties.
Thus, the Company believes that our spending
continues to be in line with our estimates. We have not engaged in any additional raises after the “old warrant” conversion
that closed in September 2014. We believe that we will not need to raise additional capital in the near future.
We project, based on various estimates
that we have obtained, that our current available financing is sufficient for accomplishing the goal of filing one or possibly
two IND or equivalent regulatory applications, and initial human clinical trials in at least one of our drug programs. Two of our
drug programs, namely Injectable FluCide, and HerpeCide skin cream, are now in the late pre-clinical or IND-enabling studies stage.
We anticipate that these drug candidates will move forward into IND or equivalent regulatory filings, and ensuing human clinical
trials. As these drug candidates are advancing into the clinic, we believe that our additional drug candidates will also move forward
into IND-enabling studies. We are thus poised for strong growth with a number of drug candidates in a number of disease indications.
The Company does not currently have any
revenue. All of the Company’s products are in development stage and require successful development through regulatory processes
before commercialization. We have generated funding through the issuances of debt and private placement of common stock and also
the sale of our registered securities. The Company does not currently have any long term debt, other than convertible debentures
as disclosed earlier. We have not generated any revenues and we may not be able to generate revenues in the near future. We may
not be successful in developing our drugs and start selling our products when planned, or we may not become profitable in the future.
We have incurred net losses in each fiscal period since inception of our operations.
Research and Development Costs
The Company does not maintain separate
accounting line items for each project in development. The Company maintains aggregate expense records for all research and development
conducted. Because at this time all of the Company’s projects share a common core material, the Company allocates expenses
across all projects at each period-end for purposes of providing accounting basis for each project. Project costs are allocated
based upon labor hours performed for each project.
The Company has signed several cooperative
research and development agreements with different agencies and institutions. The Company expects to enter into additional cooperative
agreements with other governmental and non-governmental, academic, or commercial, agencies, institutions, and companies. There
can be no assurance that a final agreement may be achieved and that the Company will execute any of these agreements. However,
should any of these agreements materialize, the Company will need to implement a system to track these costs by project and account
for these projects as customer-sponsored activities and show these project costs separately.
Requirement for Additional Capital
As of December 31, 2015, we
have current assets of approximately $28,344,000. This amount is more than sufficient for our operations through almost two
years or December 31, 2017, at the Company’s current rate of expenditure, and including the projected expenditure for
certain human clinical trials.
While we now have the necessary funds based
on our current operations to last more than the next 24 months, we anticipate undertaking additional expenditures to accelerate
our progress to regulatory submissions. With our current funds we believe that we have sufficient funding available to perform
Toxicology Package studies, and additional animal efficacy studies, to move at least one of our drug candidates into an Investigational
New Drug Application (“IND”) with the US FDA or a similar application with an international regulatory agency, and
to conduct Phase I and Phase IIa human clinical trials of at least one of our drug candidates. In order to file an IND application,
we also need to enable manufacturing of the drug under US FDA guidelines called cGMP, which we plan to perform at our new campus
in 1 Controls Drive, Shelton, CT, which became operational around June 2015.
We anticipate that we have sufficient funding
to take at least one of our drug candidates through initial Phase I and Phase II human clinical trials. At present, we believe
that we may also have sufficient additional funding in hand to take at least one more drug candidate into an IND application stage.
These estimates are based on various preliminary discussions and “soft” quotes from contract research organizations
that provide pre-clinical and clinical studies support. The estimates are also based on certain time estimates for achievement
of various objectives. If we miss these time estimates or if the actual costs of the development are greater than the early estimates
we have at present, our drug development cost estimates may be substantially greater than anticipated now. In that case, we may
have to re-prioritize our programs and/or seek additional funding. Also, additional funding, if available, will allow us to move
our other drug candidates towards IND filings. These additional funds will be needed to pay for additional personnel, increased
subcontract costs related to the expansion and further development of our drug pipeline, and for additional capital and operational
expenditures required to file IND applications. We will accelerate our business plans provided that we can obtain such additional
funding. We believe that we currently have adequate financing for our current business plan of operations.
The Company does not have direct experience
in taking a drug through human clinical trials. In addition, we depend upon external collaborators, service providers and consultants
for much of our drug development work. As such our projections and estimates may be significantly off from actual future results
both in terms of timeline and in terms of cost budgets.
We anticipate that we will incur the following
additional expenses as our drug candidates mature into human clinical trials:
1. Research and Development of $9,000,000:
Planned costs for in-vivo and in-vitro studies for the various HerpeCide program drug candidates, pan-influenza FluCide,, Eye nanoviricide,
HIVCide, Dengue, and other research programs including Rabies.
2. Corporate overhead of $2,000,000: This
amount includes budgeted office salaries, legal, accounting, investor relations, public relations, and other costs expected to
be incurred by being a public reporting company.
3. Capital costs of $500,000: This is the
estimated cost for additional equipment and laboratory improvements.
4. Staffing costs of $1,500,000: This is
the estimated cost of hiring additional scientific staff and consulting firms to assist with FDA compliance, material characterization,
pharmaco-kinetic, pharmaco-dynamic and toxicology studies, and other items related to FDA compliance, as required for development
of necessary data for filing an Investigational New Drug with the United States Food and Drug Administration.
5. If and when we initiate human clinical
trials for any one of the HerpeCide indications, we anticipate approximately $1 million in total costs for the Phase I clinical
trials, and approximately $2 million for the Phase IIa (human efficacy study) clinical trials.
6. If and when we initiate human clinical
trials for Injectable FluCide, we anticipate approximately $2 million in total costs for the Phase I clinical trials, and approximately
$4 million for the Phase IIa (virus challenge human efficacy study) clinical trials.
We believe that we have sufficient funding
available to accomplish the steps 1 through 6 listed above with our current available cash.
In addition, in a subsequent year, if our
anti-herpesvirus Phase I and Phase IIa are successful, we anticipate approximately $5 million for anti-herpesvirus Phase IIb (human
efficacy study in a larger group of patients) human clinical trials. Further, in a subsequent year, if Phase I and Phase IIa of
our Injectable FluCide drug candidate are successful, we anticipate approximately $7~8 million for Phase IIb human clinical trials.
These estimates are based on rough quotes
from potential investigators, and assumptions relative to additional costs. These estimates assume that our drug candidates, Injectable
FluCide, and Dermal HerpeCide, are highly effective and therefore are estimated to require relatively few patients in each arm
of each trial in order to establish statistically significant results. Actual costs maybe material different than those set forth
above which could cause the Company to modify its expected operations.
We therefore believe that we currently
have sufficient funds in hand to take at least one more drug candidate through the initial human clinical trials, and at least
one more drug candidate into initial human clinical trials.
The Company anticipates it will have sufficient
access to capital even if it decides to develop ocular HerpeCide, dermal HerpeCide, or Injectable FluCide through Phase III on
its own. The Company believes it will continue to be able to successfully raise financing as needed. If we are unable to obtain
additional financing, our business plan will be significantly delayed.
The Company has limited experience with
pharmaceutical drug development. Thus, our budget estimates are not based on experience, but rather based on advice given by our
associates and consultants. As such these budget estimates may not be accurate. In addition, the actual work to be performed is
not known at this time, other than a broad outline, as is normal with any scientific work. As further work is performed, additional
work may become necessary or change in plans or workload may occur. Such changes may have an adverse impact on our estimated budget.
Such changes may also have an adverse impact on our projected timeline of drug development.
We believe that this coming year’s
work-plan will lead us to obtain certain information about the safety and efficacy of some of the drugs under development in animal
models. If our studies are not successful, we will have to develop additional drug candidates and perform further studies. If our
studies are successful, then we expect to be able to undertake further studies in animal models to obtain necessary data regarding
the pharmaco-kinetic and pharmaco-dynamic profiles of our drug candidates. We believe these data will then enable us to file an
Investigational New Drug Application, towards the goal of obtaining FDA approval for testing the drugs in human patients.
Most pharmaceutical companies expect 4
to 10 years of study to be required before a drug candidate reaches the IND stage. We believe that because we are working in the
infectious agents’ area, our studies will have objective response end points, and most of our human clinical studies will
be of relatively short durations. Our business plan is based on these assumptions. If we find that we have underestimated the time
duration of our studies, or we have to undertake additional studies, due to various reasons within or outside of our control, this
will grossly and adversely impact both our timelines and our financing requirements.
Management intends to use capital and debt
financing, as required, to fund the Company’s operations. Management also intends to pursue non-diluting funding sources
such as government grants and contracts as well as licensing agreements with other pharmaceutical companies. There can be no assurance
that the Company will be able to obtain the additional capital resources necessary to fund its anticipated obligations beyond December
31, 2017. The Company currently has no long term debt other than the convertible debentures as disclosed.
Results of Operations
The Company is a biopharmaceutical company
and did not have any revenue for the six months ended December 31, 2015 and 2014.
Revenues - The Company
is a non-revenue producing entity.
Operating Expenses -
Research and development expenses for the three months ended December 31, 2015 increased $235,762 to $1,152,501 from $916,739 and
for the six months ended December 31, 2015 increased $631,727 to $2,359,573 from $1,727,846 for the six months ended December 31,
2014. This increase in the cost of research and development is largely attributable to the increase in research and development
payroll costs, lab supplies and materials.
General and administrative expenses for
the three months ended December 31, 2015 increased $150,636 to $937,800 from $787,164 for the three months ended December 31,
2014 and increased $365,387 to $1,955,779 from $1,590,392 for the six months ended December 31, 2014. The increase for the three
months resulted from an increase in staff and expenses for our new facilities. The increase for the six months resulted from non
cash compensation costs paid in corporate stock offset by lower rent and other operating expenses in general.
Other Income
(Expenses) – Net interest income (expense) decreased $26,488 for the three months ended December 31, 2015
to ($4,562) from ($31,050) for the three months ended December 31, 2014. Net interest income (expense) decreased $68,788 for
the six months ended December 31, 2015 to $4,261 from ($64,525) for the six months ended December 31, 2014. Net interest
income included interest on cash equivalent deposits in interest-bearing accounts at market rates. The decrease is due to
volatility in market rates that reduced the valuations of our deposits.
Interest Expenses –
Interest expense for the three months ended December 31, 2015 and 2014 was $245,000 and $247,444. Interest expense was $490,000
for the six months ended December 31, 2015 and $492,444 for the six months ended December 31, 2014.
Other Expenses –
Discount on convertible debentures for the three months ended December 31, 2015 increased $60,002 to $349,962 from $289,960 for
the three months ended December 31, 2014. Discount on convertible debentures for the six months ended December 31, 2015 increased
$120,494 to $683,670 from $563,178 for the six months ended December 31, 2014. The increase reflects amortization of the discount
on the Company’s Series B and Series C Convertible Debentures.
Other
Income – Change in fair value of derivatives for the three months ended December 31, 2015
decreased $476,683 to ($85,467) from $391,216 for the three months ended December 31, 2014. Change in fair value of
derivatives for the six months ended December 31, 2015 decreased $2,006,426 to $1,402,515 from $3,408,941 for the six months
ended December 31, 2014. Change in the fair value of derivatives is a non cash item estimated based upon certain actuarial
assumptions. See Footnote 7 to the Financial Statements.
Income Taxes –
There is no provision for income taxes due to ongoing operating losses.
Net Loss -
For the six months ended December 31, 2015, the Company had a net loss of ($4,082,246), or ($0.07) per share (as adjusted) on a
fully diluted basis compared to a net loss of ($1,029,444), or ($0.05) per share (as adjusted) on a fully diluted basis for the
six months ended December 31, 2014. The Company does not have any revenue and reports its operating and other expenses resulting
in a net operating loss for the current period. The net loss in the current period has been reduced, in part, from the
change in the fair value of derivatives.
Liquidity and Capital Reserves
The Company had cash and
cash equivalents of approximately $28,238,000 as of December 31, 2015 and accounts payable and accrued liabilities
of approximately $1,466,000. Additionally, $6 million of the Company's Series B
Convertible Debentures mature in February, 2017.
Since inception, the Company has expended
substantial resources on research and development. Consequently, we have sustained substantial losses. The Company has an accumulated
deficit of approximately $58,182,000 at December 31, 2015.
Our cash and cash equivalent balance is
sufficient for us to continue our operations through December 31, 2017 at our current rate of expenditure.
Off Balance Sheet Arrangements
We have not entered into any off-balance
sheet arrangements during the six months ended December 31, 2015.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.
Market risk is the risk of loss arising
from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices.
We currently have no foreign operations and are not exposed to foreign currency fluctuations. Our primary exposure to market risk
is interest rate risk associated with our short term cash equivalent investments, which the Company deems to be non-material. The
Company does not have any financial instruments held for trading or other speculative purposes and does not invest in derivative
financial instruments, interest rate swaps or other investments that alter interest rate exposure. The Company does not have any
credit facilities with variable interest rates.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and
Procedures
Under the supervision and with the participation
of the external firms that perform the finance and accounting functions for our Company, together with our Chief Executive Officer
(“CEO”) and Chief Financial Officer (“CFO”) we conducted an evaluation of our disclosure controls and procedures,
as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”).
Based on the evaluation of our controls
and procedures, our CEO and CFO have concluded that as of the end of the period covered by this report our disclosure controls
and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act) were not effective to provide reasonable assurance
that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the
time periods specified by the rules and forms of the SEC and is accumulated and communicated to management, including the CEO and
CFO, as appropriate to allow timely decisions regarding required disclosure due to the material weakness in internal control over
financial reporting described below.
Management concluded that the effectiveness
of our internal controls over financial reporting as of the date of this report were not effective because of a material weakness
in the reporting process due to the insufficient complement of personnel with the appropriate level of knowledge to identify and
account for non-routine transactions such as derivative instruments. The Company disclosed and reported this material weakness
in conjunction with its restatement of its annual and interim financial statements for the fiscal year ended June 30, 2014, and
for the interim financial statements for the period ended September 30, 2014.
A material weakness is a deficiency or
combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material
misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. Although management
has implemented certain initiatives as of December 31, 2015, and we believe that such initiatives will fully remediate the identified
weakness, these initiatives have not been in operation for a sufficient period of time, nor has the Company initiated a new financial
transaction containing derivatives, for the Company to obtain evidence of its operating effectiveness. Therefore Management has
concluded that as of December 31, 2015, the material weakness in internal control over financial reporting described above has
not been fully remediated for the current fiscal year, although the Company has made significant progress towards this goal.
Management has taken several steps to correct
the material weakness identified. We have made additions to personnel and have improved corresponding internal control procedures.
In particular, in May 2015, the Company added an Accounting Manager, reporting to our Controller. This person comes to us with
over 30 years of experience in senior financial roles such as controller, divisional controller, and chief accounting officer,
in large companies with multi-site operations. He has garnered experience with analysis and recording for complex agreements that
required specific evaluations including evaluation of ratcheting rights provisions. This person is currently in additional training
regarding SEC filing requirements. In addition, where needed, the Company may seek assistance from third parties to supplement
current resources. With these additions, plus the experience gained by the Company officials in the process of identifying and
correcting the derivative effects of our prior financing agreements over the last year, the Company is confident that it has taken
the necessary steps to remediate the identified material weakness. The Company has not, and in the near future, does not intend
to, perform additional financings. Our improved internal controls procedures along with our improved expertise level as described
above have significantly upgraded our internal control over financial reporting and are expected to fully remediate the material
weakness described above.
Changes in internal control over financial
reporting
There were no material changes in our internal
control over financial reporting (as defined in Rule 13a- 15(f) under the Exchange Act) that occurred for the quarter ended December
31, 2015, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting,
other than as discussed above.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, we may be a party to
legal proceedings in the ordinary course of our business in addition to those described below. We do not, however, expect such
other legal proceedings to have a material adverse effect on our business, financial condition or results of operations.
There are no legal proceedings against
the Company to the best of the Company’s knowledge as of the date hereof and to the Company’s knowledge, no action,
suit or proceeding has been threatened against the Company.
ITEM 2. UNREGISTERED SALES
OF EQUITY SECURITIES AND USE OF PROCEEDS.
On July 21, 2015, the Board of Directors
approved a new employment agreement with Dr. Anil Diwan, the Company’s president. Pursuant to the terms of the employment
agreement, the Company’s Board of Directors authorized the issuance of 225,000 of the Company’s Series A preferred
shares to Dr. Diwan. As of December 31, 2015 204,420 of these shares have been issued and 20,580 will be issued in a subsequent
period. 75,000 shares will vest on June 30, 2016 and the remainder of the shares will vest over the three years of the employment
agreement and are subject to forfeiture. The Company recognized a non cash compensation expense related to the issuance of the
Series A Preferred Shares of $154,672 for the six months ended December 31, 2015.
On July 21, 2015, the Board of Directors
approved a new employment agreement with Dr. Eugene Seymour, the Company’s Chief Executive Officer. Pursuant to the terms
of the employment agreement, the Company’s Board of Directors authorized the issuance of 225,000 of the Company’s Series
A preferred shares to Dr. Seymour. As of December 31, 2015 204,420 of these shares have been issued and 20,580 will be issued in
a subsequent period. 75,000 shares will vest on June 30, 2016 and the remainder of the shares will vest over the three years of
the employment agreement and are subject to forfeiture. The Company recognized a non cash compensation expense related to the issuance
of the Series A Preferred Shares of $154,672 for the six months ended December 31, 2015.
For the six months ended
December 31, 2015, the Scientific Advisory Board (SAB) was granted fully vested warrants to purchase 34,296 shares of common
stock with an exercise price of $1.50 per share expiring in August, 2019. These warrants were valued at $16,976
and recorded as consulting expense.
For the six months ended
December 31, 2015, the Company’s Board of Directors authorized the issuance of 7,716 fully vested shares of its Series A Convertible
Preferred stock for employee compensation. The Company recorded an expense of $27,850.
For the six months ended
December, 2015, the Company’s Board of Directors authorized the issuance of 1,295 fully vested shares of its common
stock for employee compensation. The Company recorded an expense of $3,300.
For the six months ended December
31, 2015, the Company’s Board of Directors authorized the issuance of 17,319 fully vested shares of its common stock with
a restrictive legend for Director Services. The Company recorded an expense of $22,499.
For the six months ended December
31, 2015, the Company’s Board of Directors authorized the issuance of 43,144 fully vested shares of its common stock with
a restrictive legend for consulting services. The Company recorded an expense of $54,000.
On December 31, 2015 two Holders of
the Company’s Series B Debentures elected to receive quarterly interest payable in restricted common stock of the company.
For the three months ended December 31, 2015 the Company’s Board of Directors authorized the issuance of 66,666 shares of
the Company’s restricted common stock for interest payable to the Holders. The Holders are entities controlled by Dr. Milton
Boniuk, a director of the Company.
On December 31, 2015 the Holder of the
Company’s Series C Debentures elected to receive quarterly interest payable in restricted common stock of the company. For
the three months ended December 31, 2015 the Company’s Board of Directors authorized the issuance of 138,889 shares of the
Company’s restricted common stock for interest payable to the Holder. The Holder is an entity controlled by Dr. Milton Boniuk,
a director of the Company.
All of the securities set forth above were
issued by the Company pursuant to Section 4(2) of the Securities Act of 1933, as amended, or the provisions of Rule 504 of Regulation
D promulgated under the Securities Act. All such shares issued contained a restrictive legend and the Holders confirmed that they
were acquiring the shares for investment and without intent to distribute the shares. All of the purchasers were friends or business
associates of the Company’s management and all were experienced in making speculative investments, understood the risks associated
with investments, and could afford a loss of the entire investment. The Company did not utilize an underwriter or a placement agent
for any of these offerings of its securities.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
Exhibit No. |
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Description |
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31.1 |
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Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer |
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31.2 |
|
Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer |
|
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|
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32.1 |
|
Section 1350 Certification of Chief Executive Officer |
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|
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|
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32.2 |
|
Section 1350 Certification of Chief Financial Officer |
|
|
|
|
|
101.INS |
|
XBRL Instance Document |
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|
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101.SCH |
|
XBRL Taxonomy Extension Schema Document |
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101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document |
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|
|
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101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document |
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|
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101.LAB |
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XBRL Taxonomy Extension Label Linkbase Document |
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101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document |
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SIGNATURES
Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
NANOVIRICIDES, INC. |
|
|
|
/s/ Eugene Seymour, MD |
Dated: February 9, 2016 |
Name: Eugene Seymour, M.D. |
|
Title: Chief Executive Officer and Director |
|
(Principal Executive Officer ) |
|
|
|
/s/ Meeta Vyas |
Dated: February 9, 2016 |
Name: Meeta Vyas |
|
Title: Chief Financial Officer |
|
(Chief Financial Officer) |
Exhibit 31.1
Certification
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Eugene Seymour,
certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of
NanoViricides, Inc.; |
| 2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this
quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report; |
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report
is being prepared; |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this quarterly report based on such evaluation; and |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal over
financial reporting; |
| 5. | I have disclosed, based on my most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the
equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize
and report financial information; and |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Dated: February 9, 2016
|
|
/s/ Eugene Seymour, MD |
|
|
Name: Eugene Seymour, M.D. |
|
|
Title: Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit
31.2
Certification
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Meeta Vyas, certify
that:
| 1. | I have reviewed this quarterly report on Form 10-Q of
NanoViricides, Inc.; |
| 2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this
quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report; |
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report
is being prepared; |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this quarterly report based on such evaluation; and |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal over
financial reporting; |
| 5. | The registrant’s other certifying officer and I have disclosed, based on my most recent evaluation
of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s
board of directors (or persons performing the equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize
and report financial information; and |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Dated: February 9, 2016
|
|
|
|
|
/s/ Meeta Vyas |
|
|
Name: Meeta Vyas |
|
|
Title: Chief Financial Officer, |
|
|
(Principal Accounting and Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. §1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report
on Form 10-Q (the “Report”) of NanoViricides, Inc. (the “Company”) for the quarter ended December 31, 2015,
the undersigned, Eugene Seymour, the Chief Executive Officer of the Company, hereby certifies pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of the undersigned’s knowledge and
belief:
| (1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated: February 9, 2016
|
|
/s/ Eugene Seymour |
|
|
Name: Eugene Seymour, M.D. |
|
|
Title: Chief Executive Officer, |
|
|
(Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. §1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report
on Form 10-Q (the “Report”) of NanoViricides, Inc. (the “Company”) for the quarter ended December 31, 2015,
the undersigned, Meeta Vyas, the Chief Financial Officer of the Company, hereby certifies pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of the undersigned’s knowledge and belief:
| (1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated: February 9, 2016
|
|
/s/ Meeta Vyas |
|
|
Name: Meeta Vyas |
|
|
Title: Chief Financial Officer, |
|
|
(Principal Financial and Accounting Officer) |
v3.3.1.900
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v3.3.1.900
Balance Sheets - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 28,237,621
|
$ 31,467,748
|
Prepaid expenses |
105,998
|
214,425
|
Total Current Assets |
28,343,619
|
31,682,173
|
PROPERTY AND EQUIPMENT |
|
|
Property and equipment |
13,527,861
|
13,496,851
|
Accumulated depreciation |
(1,527,213)
|
(1,534,203)
|
Property and equipment, net |
12,000,648
|
11,962,648
|
TRADEMARK |
|
|
Trademark and patents |
458,954
|
458,954
|
Accumulated amortization |
(63,352)
|
(59,217)
|
Trademark and patents, net |
395,602
|
399,737
|
OTHER ASSETS |
|
|
Service agreements |
109,143
|
142,531
|
Total Assets |
40,849,012
|
44,187,089
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
176,172
|
89,517
|
Accounts payable - related party |
1,111,170
|
316,196
|
Accrued expenses |
12,596
|
28,515
|
Deferred interest payable - current portion |
166,668
|
166,667
|
Total Current Liabilities |
1,466,606
|
600,895
|
Deferred interest payable - long term portion |
249,999
|
333,333
|
Total Long Term Liabilities |
10,998,149
|
11,800,327
|
Total Liabilities |
$ 12,464,755
|
$ 12,401,222
|
COMMITMENTS AND CONTINGENCIES |
|
|
STOCKHOLDERS’ EQUITY: |
|
|
Common stock, $0.001 par value; 150,000,000 shares authorized, 57,822,538 and 57,242,070 shares issued and outstanding at December 31, 2015 and June 30, 2015, respectively |
$ 57,822
|
$ 57,242
|
Additional paid-in capital |
86,504,253
|
85,824,613
|
Accumulated deficit |
(58,181,818)
|
(54,099,572)
|
Total Stockholders' Equity |
28,384,257
|
31,785,867
|
Total Liabilities and Stockholders' Equity |
40,849,012
|
44,187,089
|
Warrant [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Derivative liability |
2,543,342
|
3,442,754
|
Series B Debentures [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Debenture subscription deposit |
5,075,012
|
4,700,582
|
Derivative liability |
99,469
|
366,764
|
Series C Debentures [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Debenture subscription deposit |
2,789,845
|
2,480,605
|
Derivative liability |
240,482
|
476,289
|
Series A Convertible Preferred Stock [Member] |
|
|
STOCKHOLDERS’ EQUITY: |
|
|
Series A Convertible Preferred stock, $0.001 par value, 4,000,000 shares designated, 4,000,000 and 3,583,445 shares issued and outstanding at December 31, 2015 and June 30, 2015, respectively |
$ 4,000
|
$ 3,584
|
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v3.3.1.900
Balance Sheets [Parenthetical] - $ / shares
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
150,000,000
|
150,000,000
|
Common stock, shares issued |
57,822,538
|
57,242,070
|
Common stock, shares, outstanding |
57,822,538
|
57,242,070
|
Series A Convertible Preferred Stock [Member] |
|
|
Preferred stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
4,000,000
|
4,000,000
|
Preferred stock, shares issued |
4,000,000
|
3,583,445
|
Preferred stock, shares outstanding |
4,000,000
|
3,583,445
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Statements of Operations - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
OPERATING EXPENSES |
|
|
|
|
Research and development |
$ 1,152,501
|
$ 916,739
|
$ 2,359,573
|
$ 1,727,846
|
General and administrative |
937,800
|
787,164
|
1,955,779
|
1,590,392
|
Total operating expenses |
2,090,301
|
1,703,903
|
4,315,352
|
3,318,238
|
LOSS FROM OPERATIONS |
(2,090,301)
|
(1,703,903)
|
(4,315,352)
|
(3,318,238)
|
OTHER INCOME (EXPENSE): |
|
|
|
|
Interest (expense) income |
(4,562)
|
(31,050)
|
4,261
|
(64,525)
|
Interest expense |
(245,000)
|
(247,444)
|
(490,000)
|
(492,444)
|
Discount on convertible debentures |
(349,962)
|
(289,960)
|
(683,670)
|
(563,178)
|
Change in fair value of derivatives |
(85,467)
|
391,216
|
1,402,515
|
3,408,941
|
Other (expense) income |
(684,991)
|
(177,238)
|
233,106
|
2,288,794
|
LOSS BEFORE INCOME TAX PROVISION |
(2,775,292)
|
(1,881,141)
|
(4,082,246)
|
(1,029,444)
|
INCOME TAX PROVISION |
0
|
0
|
0
|
0
|
NET LOSS |
$ (2,775,292)
|
$ (1,881,141)
|
$ (4,082,246)
|
$ (1,029,444)
|
NET LOSS PER COMMON SHARE |
|
|
|
|
Basic (in dollars per share) |
$ (0.05)
|
$ (0.03)
|
$ (0.07)
|
$ (0.02)
|
Diluted (in dollars per share) |
$ (0.05)
|
$ (0.04)
|
$ (0.07)
|
$ (0.05)
|
Weighted average common shares outstanding |
|
|
|
|
Basic (in shares) |
57,588,081
|
56,557,352
|
57,431,198
|
56,066,776
|
Diluted (in shares) |
57,588,081
|
59,224,019
|
57,431,198
|
58,733,443
|
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v3.3.1.900
Statement of Changes in Stockholders' Equity - 6 months ended Dec. 31, 2015 - USD ($)
|
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Series A Preferred Stock [Member] |
Balance at Jun. 30, 2015 |
$ 31,785,867
|
$ 57,242
|
$ 85,824,613
|
$ (54,099,572)
|
$ 3,584
|
Balance (in shares) at Jun. 30, 2015 |
|
57,242,070
|
|
|
3,583,445
|
Common Shares issued for employee stock bonus |
3,300
|
$ 1
|
3,299
|
0
|
$ 0
|
Common Shares issued for employee stock bonus (In Shares) |
|
1,295
|
|
|
0
|
Series A Preferred Shares issued for employee stock compensation |
337,194
|
$ 0
|
336,778
|
0
|
$ 416
|
Series A Preferred Shares issued for employee stock compensation (in shares) |
|
0
|
|
|
416,555
|
Share issued for consulting and legal services rendered |
54,000
|
$ 43
|
53,957
|
0
|
$ 0
|
Share issued for consulting and legal services rendered (in shares) |
|
43,144
|
|
|
0
|
Warrants issued to Scientific Advisory Board |
16,976
|
$ 0
|
16,976
|
0
|
$ 0
|
Common Shares issued for Directors fees |
22,499
|
$ 17
|
22,482
|
0
|
$ 0
|
Common Shares issued for Directors fees (in shares) |
|
17,319
|
|
|
0
|
Common Shares issued upon stock option exercise |
0
|
$ 313
|
(313)
|
0
|
$ 0
|
Common Shares issued upon stock option exercise (in shares) |
|
313,155
|
|
|
0
|
Common shares issued for debenture interest |
246,667
|
$ 206
|
246,461
|
0
|
$ 0
|
Common shares issued for debenture interest (in shares) |
|
205,555
|
|
|
0
|
Net loss |
(4,082,246)
|
$ 0
|
0
|
(4,082,246)
|
$ 0
|
Balance at Dec. 31, 2015 |
$ 28,384,257
|
$ 57,822
|
$ 86,504,253
|
$ (58,181,818)
|
$ 4,000
|
Balance (in shares) at Dec. 31, 2015 |
|
57,822,538
|
|
|
4,000,000
|
X |
- DefinitionRepresents the shares issued for payment of debenture interest.
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v3.3.1.900
Statements of Cash Flows - USD ($)
|
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (4,082,246)
|
$ (1,029,444)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Series A Preferred shares issued as compensation |
337,194
|
157,094
|
Common shares issued as compensation and for services |
79,799
|
76,503
|
Common shares issued for interest |
246,667
|
0
|
Warrants granted to Scientific Advisory Board |
16,976
|
39,269
|
Depreciation |
325,486
|
102,664
|
Amortization |
4,135
|
4,386
|
Change in fair value of derivative liability |
(1,402,515)
|
(3,408,941)
|
Amortization of debt discount on convertible debentures |
683,670
|
563,178
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses |
108,426
|
(127,022)
|
Other current assets |
0
|
150,000
|
Deferred expenses |
0
|
250,000
|
Other long term assets |
33,388
|
0
|
Accounts payable |
86,655
|
125,511
|
Accounts payable - related party |
794,974
|
158,619
|
Accrued expenses |
(15,919)
|
69,940
|
Deferred interest payable |
(83,333)
|
0
|
NET CASH USED IN OPERATING ACTIVITIES |
(2,866,641)
|
(2,868,243)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase of property and equipment |
(363,486)
|
(5,313,326)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from exercise of warrants |
0
|
6,743,295
|
NET CHANGE IN CASH |
(3,230,127)
|
(1,438,274)
|
Cash at beginning of period |
31,467,748
|
36,696,892
|
Cash at end of period |
28,237,621
|
35,258,618
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: |
|
|
Interest paid |
490,000
|
0
|
Income tax paid |
0
|
0
|
NON CASH FINANCING AND INVESTING ACTIVITIES: |
|
|
Series A Preferred stock issued as discount on Debentures |
0
|
1,152,297
|
Common Stock issued upon cashless exercise of stock options |
313
|
0
|
Reduction in leasehold improvements and fixtures and accumulated depreciation due to decommissioning of West Haven, CT facilities |
$ 332,476
|
$ 0
|
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v3.3.1.900
Organization and Nature of Business
|
6 Months Ended |
Dec. 31, 2015 |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] |
|
Nature of Operations [Text Block] |
Note 1 - Organization and Nature of Business NanoViricides, Inc. was incorporated under the laws of the State of Colorado on July 25, 2000 as Edot-com.com, Inc. which was organized for the purpose of conducting internet retail sales. On April 1, 2005, Edot-com.com, Inc. was incorporated under the laws of the State of Nevada for the purpose of re-domiciling as a Nevada corporation. On May 12, 2005, the corporations were merged and Edot-com.com, Inc., the Nevada corporation, became the surviving entity. On June 1, 2005, Edot-com.com, Inc. (“ECMM”) acquired Nanoviricides, Inc., a privately owned Florida corporation (“NVI”), pursuant to an Agreement and Plan of Share Exchange (the “Exchange”). Nanoviricides, Inc. was incorporated under the laws of the State of Florida on May 12, 2005. Pursuant to the terms of the Exchange, ECMM acquired NVI in exchange for an aggregate of 80,000,000 newly issued shares of ECMM common stock resulting in an aggregate of 100,000,000 shares of ECMM common stock issued and outstanding. NVI then became a wholly-owned subsidiary of ECMM. The ECMM shares were issued to the NVI shareholders on a pro rata basis, on the basis of 4,000 shares of the Company’s common stock for each share of NVI common stock held by such NVI shareholder at the time of the Exchange. As a result of the Exchange transaction, the former NVI stockholders held approximately 80% of the voting capital stock of the Company immediately after the Exchange. For financial accounting purposes, this acquisition was a reverse acquisition of the Company by NVI, under the purchase method of accounting, and was treated as a recapitalization with NVI as the acquirer. Accordingly, the financial statements have been prepared to give retroactive effect to May 12, 2005 (date of inception), of the reverse acquisition completed on June 1, 2005, and represent the operations of NVI. On June 28, 2005, NVI was merged into its parent ECMM and the separate corporate existence of NVI ceased. Effective on the same date, Edot-com.com, Inc. changed its name to NanoViricides, Inc. and its stock symbol to “NNVC”, respectively. NanoViricides, Inc. (the “Company”), is a nano-biopharmaceutical company whose business goals are to discover, develop and commercialize therapeutics to advance the care of patients suffering from life-threatening viral infections. NanoViricides is unique in the bio-pharma field in that it possesses its own state of the art facilities for the design, synthesis, analysis and characterization of the nanomedicines that we develop, as well as for production scale-up, and e-GMP-like production in quantities needed for human clinical trials. The biological studies such as the effectiveness, safety, bio-distribution and Pharmacokinetics/Pharmacodynamics on our drug candidates are performed by external collaborators and contract organizations. We are a company with several drugs in various stages of early development. Our drugs are based on several patents, patent applications, provisional patent applications, and other proprietary intellectual property held by TheraCour Pharma, Inc. (“TheraCour”), to which we have the necessary exclusive licenses in perpetuity. The first agreement we executed with TheraCour on September 1, 2005, gave us an exclusive, worldwide license for the treatment of the following human viral diseases: Human Immuno deficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Herpes Simplex Virus (HSV), Influenza and Asian Bird Flu Virus. On February 15, 2010 the Company executed an Additional License Agreement with TheraCour. Pursuant to the Additional License Agreement, the Company was granted exclusive licenses, in perpetuity, for technologies, developed by TheraCour, for the development of drug candidates for the treatment of Dengue viruses, Ebola/Marburg viruses, Japanese Encephalitis, viruses causing viral Conjunctivitis (a disease of the eye) and Ocular Herpes. As consideration for obtaining these exclusive licenses, we agreed to pay a one time licensing fee equal to 2,000,000 shares (adjusted for the 3.5 to 1 reverse split) of the Company’s Series A Convertible Preferred Stock (the “Series A Preferred Stock”). The Series A Preferred Stock is convertible, only upon sale or merger of the Company, or the sale of or license of substantially all of the Company’s intellectual property, into shares of the Company’s common stock at the rate of 3.5 shares of common stock for each share of Series A Preferred Stock. The Series A Preferred Stock has a preferred voting preference at the rate of nine votes per share. The Series A Preferred Stock do not contain any rights to dividends, have no liquidation preference, and are not to be amended without the Holder’s approval. The 2,000,000 shares were valued at the par value of $2,000.
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v3.3.1.900
Summary of Significant Accounting Policies
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies [Text Block] |
Note 2 - Summary of Significant Accounting Policies Basis of Presentation Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The accompanying financial statements and the information included under the heading “Management’s Discussion and Analysis or Plan of Operation” should be read in conjunction with our Company’s audited financial statements and related notes included in our Company’s form 10-K for the fiscal year ended June 30, 2015 filed with the SEC on September 14, 2015. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 filed on September 14, 2015. Net Income (Loss) per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants, convertible preferred stock, and convertible debentures. The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation as they were anti-dilutive: | | Potentially Outstanding Dilutive Common Shares | | | | For the | | For the | | | | Six Months | | Six Months | | | | Ended | | Ended | | | | December 31,2015 | | December 31, 2014 | | | | | | | | | | Stock options | | | - | | | 535,715 | | | | | | | | | | Warrants | | | 6,010,971 | | | 5,942,379 | | | | | | | | | | Total potentially outstanding dilutive common shares | | | 6,010,971 | | | 6,478,094 | | In addition, the Company has issued Convertible Debentures to investors. A portion of the interest required to be paid on the debentures had been paid in shares of the Company’s $0.001 par value common stock (“Interest Shares”) according to the terms of such debenture. No additional Interest Shares are required to be issued under the terms of the debenture. The Company will need to issue 571,428 warrants on January 15, 2016 relating to the additional interest to be paid on the Series B debentures. Coupon interest payable quarterly related to the Series B debentures is payable in cash or shares of Common Stock at the average of the open and close value on the date such interest payment is due at the option of the Holder. For the quarter ended December 31, 2015, two Holders of the Series B debentures elected to receive quarterly interest in restricted common stock of the Company. These two Holders are controlled by Dr. Milton Boniuk, a director of the Company. At December 31, 2015, the number of potentially dilutive shares of the Company’s common stock into which the Series B debentures can be converted based upon the conversion price of $3.50 is 1,714,286. The Company has also issued 4,000,000 shares Series A Preferred Stock to investors and others as of December 31, 2015. Only in the event of a “change of control” of the Company, each Series A preferred share is convertible to 3.5 shares of its new common stock. A “Change of Control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition. In the absence of a Change of Control event, the Series A Preferred Stock is not convertible into Common Stock, and does not carry any dividend rights or any other financial effects. At December 31, 2015, the number of potentially dilutive shares of the Company’s common stock into which these Series A Preferred shares can be converted into is 14,000,000 and is not included in diluted earnings per share since the shares are contingently convertible only upon a Change of Control. Pursuant to the redemption provisions of the Series C Debentures, the Company, at its sole option, shall have the right, but not the obligation, to repurchase the Debenture at any time prior to the Maturity Date (the “Redemption”). If the Company intends to repurchase the Debenture, and if the closing bid price of the Common Stock is greater than $5.25 on the Redemption Date, unless the Holder, on or prior to the Redemption Date, elects to receive the “Redemption Payment”, as that term is defined herein, the Company shall pay to the Holder: (i) 952,381 shares of Common Stock in consideration of the exchange of the principal amount of the Debenture; and (ii) any and all accrued coupon interest. If on or prior to the Redemption Date, the Holder elects to receive the Redemption Payment, or the closing bid price of the Common Stock is less than $5.25, the Company shall issue to the Holder: (i) the principal amount of the Debenture; (ii) any accrued coupon interest; (iii) additional interest of 7% per annum for the period from the date of issuance of the Debenture to the Redemption Date; and (iv) warrants to purchase 619,048 shares of Common Stock which shall expire in three years from the date of issuance at an exercise price of $6.05 per share of Common Stock (the “Redemption Warrants”, and collectively with (i) (iii), the “Redemption Payment”). The Company shall use its best efforts to register the shares underlying the Redemption Warrants under a “shelf” registration statement, provided same is available to the Company, in accordance with the provisions of the Securities Act. Coupon interest payable quarterly related to the Series C debenture is payable in cash or shares of common stock at the average of the open and close price. Such interest payment is due at the option of the Holder. For the quarter ended December 31, 2015, the Holder of the Series C Debenture elected to receive the quarterly interest in restricted common stock of the Company. The Holder is an entity controlled by Dr. Milton Boniuk, a director of the Company. At December 31, 2015, the number of potential dilutive shares of the Company’s common stock into which the Series C debentures can be converted based upon the conversion provisions contained in the debenture is 952,381. The following represents a reconciliation of the numerators and denominators of the basic and diluted per share calculations for (loss) income from continuing operations: | | For the three months ended | | For the six months ended | | | | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 | | Calculation of basic loss per share of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss attributable to common stockholders | | $ | (2,775,292) | | $ | (1,881,141) | | $ | (4,082,246) | | $ | (1,029,444) | | | | | | | | | | | | | | | | Denominator for basic weighted average shares of common stock | | | 57,588,081 | | | 56,557,352 | | | 57,431,198 | | | 56,066,776 | | | | | | | | | | | | | | | | Basic loss per share of common stock | | $ | (0.05) | | $ | (0.03) | | $ | (0.07) | | $ | (0.02) | | | | | | | | | | | | | | | | Calculation of diluted loss per share of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss attributable to common stockholders | | $ | (2,775,292) | | $ | (1,881,141) | | $ | (4,082,246) | | $ | (1,029,444) | | | | | | | | | | | | | | | | Add: Income impact of assumed conversion of Debentures | | | - | | | (222,053) | | | - | | | (2,044,459) | | | | | | | | | | | | | | | | Net loss attributable to common stockholders plus assumed conversions | | $ | (2,775,292) | | $ | (2,103,194) | | $ | (4,082,246) | | $ | (3,073,903) | | | | | | | | | | | | | | | | Denominator for basic weighted average shares of common stock | | | 57,588,081 | | | 56,557,352 | | | 57,431,198 | | | 56,066,776 | | | | | | | | | | | | | | | | Incremental shares from assumed conversions of Debentures payable | | | - | | | 2,666,667 | | | - | | | 2,666,667 | | | | | | | | | | | | | | | | Denominator for diluted weighted average shares of common stock | | | 57,588,081 | | | 59,224,019 | | | 57,431,198 | | | 58,733,443 | | | | | | | | | | | | | | | | Diluted loss per share of common stock | | $ | (0.05) | | $ | (0.04) | | $ | (0.07) | | $ | (0.05) | | Series B and Series C debentures were excluded from the loss per share calculation for the three and six months ended December 31, 2015 because the impact is anti-dilutive. Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The new standard will be effective for reporting periods beginning after December 15, 2016, with early adoption permitted. Management is currently evaluating the impact of the adoption of ASU 2014-15 on the Company’s financial statements and disclosures. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30), “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years. We expect the adoption of this guidance will not have a material impact on our financial statements.
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v3.3.1.900
Financial Condition
|
6 Months Ended |
Dec. 31, 2015 |
Financial Condition Disclosure [Abstract] |
|
Financial Condition Disclosure [Text Block] |
Note 3- Financial Condition The Company’s financial statements for the interim period ended December 31, 2015 have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company has a deficit accumulated from inception. In addition, the Company has not generated any revenues and no revenues are anticipated in the short-term. Since May 2005, the Company has been engaged exclusively in research and development activities focused on developing targeted antiviral drugs. The Company has not yet commenced any product commercialization. Such losses are expected to continue for the foreseeable future and until such time, if ever, as the Company is able to attain sales levels sufficient to support its operations. There can be no assurance that the Company will achieve or maintain profitability in the future. As of December 31, 2015 the Company had cash and cash equivalents of $28,237,621. The Company has sufficient capital to continue its business, at least, through December 31, 2017, at the current rate of expenditure. While the Company continues to incur significant operating losses with significant capital requirements, the Company has been able to finance its business through sale of its securities. The Company may require additional capital to finance currently unplanned capital costs and additional staffing requirements, if they arise, during the next 24 months. The Company has in the past adjusted its priorities and goals in line with the cash on hand and capital availability. The Company believes it can adjust its priorities of drug development and its plan of operations as necessary, if it is unable to raise additional funds.
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v3.3.1.900
Related Party Transactions
|
6 Months Ended |
Dec. 31, 2015 |
Related Party Transactions [Abstract] |
|
Related Party Transactions Disclosure [Text Block] |
Note 4 - Related Party Transactions Related Parties Related parties with whom the Company had transactions are: Related Parties | | Relationship | | | | Anil R. Diwan | | Chairman, President, significant stockholder and director | | | | Eugene Seymour | | CEO, Significant shareholder, Director | | | | TheraCour Pharma, Inc. | | An entity owned and controlled by a significant stockholder | | | | InnoHaven, LLC | | An entity owned and controlled by a significant stockholder | | | | Milton Boniuk, MD | | Director and significant stockholder | Property and Equipment | | For the three months ended | | For the six months ended | | | | December 31, | | December 31, | | December 31, | | December 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | | | | | | | | | | | | | The Company acquired 1 Controls Drive, Shelton, Connecticut from InnoHaven, LLC | | | | | $ | 4,222,549 | | | | | $ | 4,222,549 | | | | | | | | | | | | | | | | During the reporting period, TheraCour Pharma, Inc. acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company | | $ | 6,747 | $ | | 78,311 | | $ | 14,648 | | $ | 188,889 | | Account Payable Related Party | | As of | | | | December 31, | | June 30, | | | | 2015 | | 2015 | | | | | | | | | | Pursuant to an Exclusive License Agreement we entered into with TheraCour Pharma, Inc., (TheraCour), the Company was granted exclusive licenses in perpetuity for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. In consideration for obtaining this exclusive license, we agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) we will pay $25,000 per month for usage of lab supplies and chemicals from existing stock held by TheraCour, (3) we will pay $2,000 or actual costs, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf. Accounts payable due TheraCour Pharma Inc. on the reporting date was | | $ | 1,111,170 | | $ | 316,196 | | | | For the three months ended | | For the six months ended | | | | December 31, | | December 31, | | December 31, | | December 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | Research and Development Costs Paid to Related Parties | | | | | | | | | | | | | | | | | | | | | | | | | | | | Development fees and other costs charged by and paid to TheraCour Pharma, Inc. pursuant to exclusive License Agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at December 31, 2015 and 2014 | | $ | 996,398 | | $ | 520,955 | | $ | 2,012,614 | | $ | 1,290,140 | | Long-Term Debentures Payable to a Director | | As of | | | | December 31, | | June 30, | | | | 2015 | | 2015 | | Series B Convertible Debentures - Milton Boniuk | | $ | 4,000,000 | | $ | 4,000,000 | | Series C Convertible Debentures - Milton Boniuk | | | 5,000,000 | | | 5,000,000 | | | | | | | | | | Total Long Term Debentures Payable to a Director | | $ | 9,000,000 | | $ | 9,000,000 | | | | As of | | | | December 31, | | June 30, | | Debenture Interest Paid to a Director | | 2015 | | 2015 | | Coupon interest payable on $5,000,000 Series C Convertible Debentures and deferred. The deferred interest is paid out quarterly over the remaining term of the debenture commencing September 30, 2015: | | | | | | | | Deferred interest payable - short-term | | $ | 166,668 | | $ | 166,667 | | Deferred interest payable - long-term | | | 249,999 | | | 333,333 | | Coupon interest expense on the Series B Debentures to Dr. Milton Boniuk for the three months ended December 31, 2015 and 2014 was $80,000 and $80,000 respectively, and for the six months ended December 31, 2015 and 2014 was $160,000 and $160,000, respectively. Coupon interest expense recognized on Series C Debentures to Dr. Milton Boniuk for the six months ended December 31, 2015 and 2014 was $125,000 and $125,000, respectively and for the six months ended December 31, 2015 and 2014 was $250,000 and $250,000, respectively.
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
Property and Equipment
|
6 Months Ended |
Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment Disclosure [Text Block] |
Note 5 - Property and Equipment Property and equipment, stated at cost, less accumulated depreciation consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | | | | | | | Land | | $ | 260,000 | | $ | 260,000 | | | | | | | | | | GMP Facility | | | 7,979,202 | | | 7,905,938 | | | | | | | | | | Office Equipment | | | 68,579 | | | 65,241 | | | | | | | | | | Furniture and Fixtures | | | 5,607 | | | 1,400 | | | | | | | | | | Lab Equipment | | | 5,214,473 | | | 5,264,272 | | | | | | | | | | Total Property and Equipment | | | 13,527,861 | | | 13,496,851 | | | | | | | | | | Less Accumulated Depreciation | | | (1,527,213) | | | (1,534,203) | | Property and Equipment, Net | | $ | 12,000,648 | | $ | 11,962,648 | | Depreciation expense for the three months ended December 31, 2015 and 2014 were $163,880 and $51,332 respectively and for the six months ended December 31, 2015 and 2014 were $325,486 and $102,664, respectively. In the current reporting period the Company completed the transfer of laboratories and personnel from its previous laboratory facilities at 135 Wood Street, West Haven, CT to 1 Controls Drive, Shelton, CT. The Company recorded the abandonment of fully depreciated laboratory fixtures associated with the 135 Wood Street facility of $332,476 as a reduction to Property and Equipment with a corresponding reduction to Accumulated Depreciation.
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- DefinitionThe entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
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v3.3.1.900
Trademark and Patents
|
6 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets Disclosure [Text Block] |
Note 6 - Trademark and Patents Trademark and patents, stated at cost, less accumulated amortization consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | | | | | | | Trademarks and Patents | | $ | 458,954 | | $ | 458,954 | | Less Accumulated Amortization | | | (63,352) | | | (59,217) | | Trademarks and Patents, Net | | $ | 395,602 | | $ | 399,737 | | Amortization expense amounted to $2,067 and $2,193 for the three months ended December 31, 2015 and 2014 respectively and $4,135 and $4,386 for the six months ended December 31, 2015 and 2014 respectively.
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- DefinitionThe entire disclosure for all or part of the information related to intangible assets.
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v3.3.1.900
Convertible Debentures
|
6 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Debt Disclosure [Text Block] |
Note 7 Convertible Debentures On February 1, 2013, the Company raised gross proceeds of $6,000,000 which includes $4,000,000 from a family investment office and a charitable foundation controlled by Dr. Milton Boniuk, a member of the Company’s board of directors, through the issuance of our Series B Debentures. The investors purchased unsecured convertible debentures with a 4-year term. The debentures bear an interest rate of 8% p.a. payable quarterly in cash or the Holder at its option may elect to receive such coupon interest payment in shares of common stock and calculated on the date of issuance, using the average of the open and close prices of the Company’s common stock on the date such interest payment is due. For the three months December 31, 2015, two holders of the Company’s Series B Convertible Debentures elected to receive quarterly coupon interest of $80,000 in restricted common shares of the Company. The Board of Director authorized the issuance of 66,666 shares of the Conpany’s restricted $0.001 par value common shares in payment of the coupon interest. Additional interest was payable in restricted common stock of 571,429 shares at issuance, January 15, 2014, and 2015, and additional interest of 571,429 warrants to be issued on January 15, 2016. The warrants are exercisable at $3.50 per warrant and will be valid for 3 years after issuance. The investors can convert the principal and any accrued interest into common stock at a fixed price of $3.50 per share. The Company can prepay the debentures, in which case the base interest rate shall increase by a 7% prepayment penalty. The Company agreed to use its best efforts to register the interest shares and the shares issuable from the interest warrants under a “shelf” registration statement provided same is available, in accordance with the provisions of the Securities Act. The following table presents the balance of the Series B Debenture payable, net of discount at December 31, 2015 and June 30, 2015. The debt discount is being accreted to interest expense over the term of the debenture: | | December 31, 2015 | | June 30, 2015 | | | | | | | | | | Proceeds | | $ | 6,000,000 | | $ | 6,000,000 | | Debt discount for bifurcated derivative | | | (2,735,310) | | | (2,735,310) | | | | | 3,264,690 | | | 3,264,690 | | | | | | | | | | Accumulated amortization of debt discount | | | 1,810,322 | | | 1,435,892 | | | | | | | | | | Debenture payable - Series B, net | | $ | 5,075,012 | | $ | 4,700,582 | | The debenture contains embedded derivatives which are not clearly and closely related to the host instrument. The embedded derivatives are bifurcated from the host debt instrument and treated as a liability. The single compound embedded derivative features valued include the: | 1. | Principal conversion feature at maturity based on fixed conversion price subject to standard adjustments. | | 2. | Redemption additional interest and Redemption Warrants offering. | | 3. | Additional Interest Shares and Interest Warrants. | The Company recognized amortization of this discount as an additional interest charge to “Discount on convertible debentures” for the three month periods ended December 31, 2015 and 2014 in the amount of $190,803 and $163,890,respectively. and for the six month periods ended December 31, 2015 and 2014 in the amount of $374,430 and $321,618, respectively The Company used a lattice model that values the compound embedded derivatives of the Series B Convertible Debenture based on a probability weighted discounted cash flow model at December 31, 2015 and June 30, 2015, respectively. The following assumptions were used for the valuation of the compound embedded derivative at December 31, 2015 and June 30, 2015: | · | The balance of the Series B Convertible Debenture as of December 31, 2015 and June 30, 2015 is $6,000,000; | | · | The underlying stock price was used as the fair value of the common stock; The stock price decreased to $1.18 at December 31, 2015 but higher projected annual volatility increased the warrant value with the $3.50 exercise price. The stock price decreased to $1.75 at June 30, 2015 which decreased the warrant value with the $3.50 exercise price; | | · | The projected annual volatility was based on the Company historical volatility: | 1 year 12/31/2015 68.2% 6/30/15 62.1% | · | An event of default would occur 0% of the time, increasing 1.00% per month to a maximum of 10%; | | · | The Company would redeem the debentures projected initially at 0% of the time and increase monthly by 1.0% to a maximum of 20.0% (from alternative financing being available for a Redemption event to occur); | | · | The Holder would automatically convert the interest if the Company was not in default and its shares value would be equivalent to the cash value; | | · | The Holder would automatically convert the debenture at maturity if the registration was effective and the Company was not in default. | | · | The Weighted Cost of Capital discount rate (based on the Market Value of the transaction at issuance) adjusted for changes in the risk free rate is 22.02%. | | · | Even through the shares are restricted the underlying assumption is that any restriction on resale will be removed either through registration or the passage of time at the time of issuance. | The fair value of the compound embedded derivatives of the Series B Convertible Debenture at December 31, 2015 and June 30, 2015 was $99,469 and $366,764, respectively. On July 2, 2014 (the “Closing Date”), the Company accepted a subscription in the amount of $5,000,000 for a 10% Coupon Series C Convertible Debenture (the “Debenture”) from Dr. Milton Boniuk, a member of the Company’s Board of Directors (the “Holder”). The Debenture is due on June 30, 2018 (the “Maturity Date”) and is convertible, at the sole option of the Holder, into restricted shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) at the conversion price of $5.25 per share of Common Stock. The Debenture bears interest at the coupon rate of ten percent (10%) per annum, computed on an annual basis of a 365 day year, payable in quarterly installments on March 31, June 30, September 30 and December 31 of each calendar year until the Maturity Date. In accordance with the debenture agreement, the interest for the initial year of the debenture shall be deferred and paid over the remainder of the term. The Holder at its option may choose to receive such coupon interest payment in shares of Common Stock calculated using the average of the open and close prices of the Company’s common stock on the date such interest payment is due. For the three months ended December 31, 2015 the Holder of the Company’s C Convertible Debenture elected to receive the quarterly coupon interest of $166,667 in restricted common shares of the Company. The Board of Directors authorized the issuance of 138,889 share of the Company’s restricted $.001 par value common shares in payment of such coupon interest. The Company has the right, but not the obligation, to repay the Debenture prior to the Maturity Date (the “Redemption Payment”). If the closing bid price of the Common Stock is in excess of $5.25 when the Company notifies the Holder it has elected to prepay the Debenture (the “Redemption Date”), the Company must redeem the Debenture by delivering to the Holder 952,381 shares of Common Stock and any unpaid coupon interest in lieu of a cash Redemption Payment. If the Holder elects to receive the Redemption Payment in cash, or if the closing bid price of the Common Stock is less than $5.25, the Company shall pay to the Holder a Redemption Payment in cash equal to the principal amount of the Debenture, plus any accrued coupon interest, plus additional interest of 7% per annum for the period from the Closing Date to the Redemption Date and warrants to purchase 619,048 shares of Common Stock which shall expire in three years from the date of issuance at the exercise price of $6.05 per share of Common Stock. The Company cannot conclude that it has sufficient authorized and unissued shares to settle the contract after considering all other commitments that may require the issuance of stock during the maximum period the derivative instrument could remain outstanding. This is due to the fact that the interest payments are payable in stock of the Company, at the option of the Holder, based on the current market price of the common stock on the date such payments are due. Therefore, the number of shares due as interest payments is essentially indeterminate and the Company cannot conclude that it has sufficient authorized and unissued shares to settle the conversion feature. Accordingly, the Company bifurcated the embedded features from the host contract and recorded them as a derivative liability at fair value. A debt discount was recognized in the same amount as the derivative liability associated with embedded features bifurcated from the Series C Convertible Debenture. On July 2, 2014, in conjunction with the issuance of the Company’s Series C Convertible Debentures, the Company issued 187,000 shares of its Series A Convertible Preferred stock (the “Series A”) to Dr. Milton Boniuk, pursuant to the terms of the Debenture. Proceeds received in a financing transaction are allocated to the instruments issued prior to evaluating hybrid contracts for bifurcation of embedded derivatives. Since the Series A Convertible Preferred Stock is classified as equity, the proceeds allocated to the Preferred Stock are recorded at relative fair value. The fair value of the Series A was $1,645,606 at issuance and the relative fair value was calculated as $1,152,297. The remaining amount of the proceeds was allocated to the Debenture and a debt discount of $1,152,297 was recorded to offset the amount of the proceeds allocated to the Series A. Then, the embedded derivative was bifurcated at its fair value of $1,879,428 with the remaining balance allocated to the host instrument (Debenture). The total debt discount will be amortized over the term of the Debenture using the effective interest method. The Company recognized amortization of this discount as an additional interest charge to “Discount on convertible debentures” in the amount of $159,159 and $126,070 for the three month period ended December 31, 2015 and 2014 respectively and $309,240 and $241,560 for the six month periods ended December 31, 2015 and 2014 respectively. The following represents the balance of the Debenture payable Series C, net of discount at December 31, 2015 and June 30, 2015: | | December 31, 2015 | | June 30, 2015 | | | | | | | | | | Proceeds | | $ | 5,000,000 | | $ | 5,000,000 | | Debt Discount: | | | | | | | | Series A Preferred | | | (1,152,297) | | | (1,152,297) | | Embedded derivative | | | (1,879,428) | | | (1,879,428) | | | | | 1,968,275 | | | 1,968,275 | | | | | | | | | | Accumulated amortization of debt discount | | | 821,570 | | | 512,330 | | | | | | | | | | Debenture payable - Series C, net | | $ | 2,789,845 | | $ | 2,480,605 | | The Company used a lattice model that values the compound embedded derivatives of the Series C Convertible Debenture based on a probability weighted discounted cash flow model at December 31, 2015 and June 30, 2015. The following assumptions were used for the valuation of the compound embedded derivative at December 31, 2015 and June 30, 2015: | · | The balance of the Series C Convertible Debenture as of December 31, 2015 and June 30, 2015 is $5,000,000; | | · | The underlying stock price was used as the fair value of the common stock; The stock price decreased to $1.18 at December 31, 2015 but higher projected annual volatility increased the warrant value with the $6.05 exercise price. The stock price decreased to $1.75 at June 30, 2015 which decreased the warrant value with the $6.05 exercise price; | | · | The projected annual volatility was based on the Company historical volatility: | 1 year 12/31/2015 68.2% 6/30/15 62% | · | An event of default would occur 0% of the time, increasing 1.00% per month to a maximum of 10%; | | · | The Company would redeem the debentures projected initially at 0% of the time and increase monthly by 1.0% to a maximum of 5.0% (from alternative financing being available for a Redemption event to occur); | | · | The Holder would automatically convert the interest if the Company was not in default and its shares value was equivalent to the cash value; | | · | The Holder would automatically convert the debenture at maturity if the registration was effective and the Company was not in default. | | · | The weighted cost of capital discount rate (based on the market value of the transaction at issuance) adjusted for changes in the risk free rate is 22.02% and 21.97%, respectively. | | · | Even though the shares are restricted the underlying assumption is that any restriction on resale will be removed either through registration or the passage of time at the time of issuance. | The fair value of the compound embedded derivatives of the Series C Convertible Debenture at December 31, 2015 and June 30, 2015 was $240,482 and $476,289, respectively.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.3.1.900
Equity Transactions
|
6 Months Ended |
Dec. 31, 2015 |
Stockholders' Equity Note [Abstract] |
|
Stockholders' Equity Note Disclosure [Text Block] |
Note 8 - Equity Transactions On July 21, 2015, the Board of Directors approved a new employment agreement with Dr. Anil Diwan, the Company’s president. Pursuant to the terms of the employment agreement, the Company’s Board of Directors authorized the issuance of 225,000 of the Company’s Series A preferred shares to Dr. Diwan. As of December 31, 2015 204,420 of these shares have been issued and 20,580 will be issued in a subsequent period. 75,000 shares will vest on June 30, 2016 and the remainder of the shares will vest over the three years of the employment agreement and are subject to forfeiture. The Company recognized a non cash compensation expense related to the issuance of the Series A Preferred Shares of $77,336 for the three months ended December 31, 2015 and $154,672 for the six months ended December 31, 2015. On July 21, 2015, the Board of Directors approved a new employment agreement with Dr. Eugene Seymour, the Company’s Chief Executive Officer. Pursuant to the terms of the employment agreement, the Company’s Board of Directors authorized the issuance of 225,000 of the Company’s Series A preferred shares to Dr. Seymour. As of December 31, 2015 204,420 of these shares have been issued and 20,580 will be issued in a subsequent period. 75,000 shares will vest on June 30, 2016 and the remainder of the shares will vest over the three years of the employment agreement and are subject to forfeiture. The Company recognized a non cash compensation expense related to the issuance of the Series A Preferred Shares of $77,336 for the three months ended December 31, 2015 and $154,672 for the six months ended December 31, 2015. The Company estimated the fair value of the Series A Preferred stock granted to various employees and others on the date of grant. The Series A Preferred stock fair value is based on the greater of i) the converted value to common at a ratio of 1:3.5; or ii) the value of the voting rights since the Holder would lose the voting rights upon conversion. The conversion of the shares is triggered by a Change of Control. The valuations of the Series A Preferred Stock at each issuance used the following inputs: a. | The common stock price was in the range $1.16 to $1.23 | b. | The calculated weighted average number of shares of common stock in the period; | c. | A 5.36% premium over the common shares for the voting preferences; | d. | The calculated weighted average number of total voting shares and the monthly shares representing voting rights of 10.49% to 10.53% of the total; | e. | The conversion value is based on an assumption for calculation purposes only of a Change of Control in 4 years from March 1, 2013 for the issuances and a remaining restricted term of 1.33 to 1.17 | f. | The 7/21/15 Diwan & Seymour Preferred conversion value is based on the greater of the Change of Control in 4 years from 3/1/13 and the vesting on 6/30/16, 6/30/17, and 6/30/18 resulting in a remaining restricted term of 1.63 to 2.94 years; | g. | 28.75% to 27.14% restricted stock discount (based on a restricted stock analysis and call-put analysis curve: 64.42% to 65.16% volatility, 0.31% to 0.51% risk-free rate) applied to the converted common. | For the three and six months ended December 31, 2015 the Scientific Advisory Board (SAB) was granted fully vested warrants to purchase 17,148 shares of commons stock with an exercise price of $1.50 per share expiring in August, 2019 and fully vested warrants to purchase 34,296 shares of common with a purchase price of 1.44 per share expiring November, 2019, respectively These warrants were valued at $8,231 for the three months and $16,976 for the six months periods and recorded as consulting expense. For the three and six months ended December 31, 2015, the Company’s Board of Directors authorized the issuance of 7,716 and 15,432 fully vested shares of its Series A Convertible Preferred stock for employee compensation. The Company recorded an expense of $23,345 and 51,195 for the three months and six months respectively. 7,716 shares are to be issued in a subsequent period. For the three and six months ended December 31, 2015, the Company’s Board of Directors authorized the issuance of 1,295 fully vested shares of its common stock for employee compensation. The Company recorded an expense of $3,300. For the three months and six months ended December 31, 2015, the Company’s Board of Directors authorized the issuance of 8,789 and 17,319 respectively, fully vested shares of its common stock with a restrictive legend for Director Services. The Company recorded an expense of $11,250 and $22,499. For the three months and six months ended December 31, 2015, the Company’s Board of Directors authorized the issuance of 22,689 and 43,144 respectively, fully vested shares of its common stock with a restrictive legend for consulting services. The Company recorded an expense of $27,000. and $54,000. Respectively. On December 31, 2015 two Holders of the Company’s Series B Debentures elected to receive the $80,000 quarterly interest payable in restricted common stock of the Company. For the three months ended December 31, 2015 the Company’s Board of Directors authorized the issuance of 66,666 shares of the Company’s restricted common stock for interest payable to the Holders. The Holders are entities controlled by Dr. Milton Boniuk, a director of the Company. On December 31, 2015 the Holder of the Company’s Series C Debentures elected to receive the $166,667 quarterly interest payable in restricted common stock of the Company. For the three months ended December 31, 2015 the Company’s Board of Directors authorized the issuance of 138,889 shares of the Company’s restricted common stock for interest payable to the Holder. The Holder is an entity controlled by Dr. Milton Boniuk, a director of the Company. The expense recognized by the Company upon issuance of restricted common shares for compensation or services is determined by the average market value of the Company’s common shares over the service period. The Company estimated the fair value of the warrants granted to the Scientific Advisory Board on the date of grant using the Black-Scholes Option-Pricing Model with the following weighted-average assumptions: Expected life (year) | | 4 | | | | | | Expected volatility | | 57.81 | % | | | | | Expected annual rate of quarterly dividends | | 0.00 | % | | | | | Risk-free rate(s) | | 1.42 | % |
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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v3.3.1.900
Stock Options and Warrants
|
6 Months Ended |
Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
Note 9 - Stock Options and Warrants The following table presents the activity of stock options issued for the six months ended December 31, 2015 as follows: | | | | | | Weighted | | | | | | | Weighted | | Average | | | | | | | Average | | Remaining | | Aggregate | | | | Number of | | Exercise Price | | Contractual | | Intrinsic | | Stock Options | | Shares | | per share ($) | | Term (years) | | Value ($) | | Outstanding and exercisable at June 30, 2015 | | | 535,715 | | $ | 0.35 | | | 0.23 | | $ | 2,094,643 | | Granted | | | - | | | - | | | - | | | - | | Exercised | | | 428,573 | | | - | | | - | | | - | | Expired | | | 107,142 | | | - | | | - | | | - | | Canceled | | | - | | | - | | | - | | | - | | Outstanding at December 31, 2015 | | | - | | $ | - | | | - | | $ | - | | As of December 31, 2015 there was no unrecognized compensation cost. Stock Warrants | | | | Weighted | | | | | | | | | | Average | | Weighted | | | | | | | | Exercise | | Average | | | | | | | | Price | | Remaining | | Aggregate | | | | Number of | | per share | | Contractual Term | | Intrinsic Value | | Stock Warrants | | Shares | | ($) | | (years) | | ($) | | | | | | | | | | | | | | Outstanding and exercisable at June 30, 2015 | | | 5,976,675 | | $ | 5.14 | | | 3.20 | | $ | 19,000 | | | | | | | | | | | | | | | | Granted | | | 34,296 | | | 1.50 | | | 3.63 | | | - | | Exercised | | | - | | | - | | | - | | | - | | Expired | | | - | | | - | | | - | | | - | | Canceled | | | - | | | - | | | - | | | - | | Outstanding and exercisable at December 31, 2015 | | | 6,010,971 | | $ | 5.12 | | | 2.70 | | $ | - | | Of the above warrants, 345,713 expire in fiscal year ending June 30, 2016; 68,571 expire in fiscal year ending June 30, 2017; 68,577 in fiscal year ending June 30, 2018; 5,493,814 in fiscal year ending June 30, 2019 and 34,296 expire in fiscal year ending June 30, 2020.
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- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
Fair Value Measurement
|
6 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair Value Disclosures [Text Block] |
Note 10 Fair Value Measurement Fair value measurements At December 31, 2015 and June 30, 2015, the fair value of derivative liabilities is estimated using a lattice model that is based on the individual characteristics of our warrants, preferred and common stock, the derivative liability on the valuation date as well as assumptions for volatility, remaining expected life, risk-free interest rate and, in some cases, credit spread. The derivative liabilities are the only Level 3 fair value measures. At December 31, 2015 and June 30, 2015 the estimated fair values of the liabilities measured on a recurring basis are as follows: | | Fair Value Measurements at | | | | December 31, 2015: | | | | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | Derivative liability Series B debentures | | $ | - | | | - | | $ | 99,469 | | Derivative liability Series C debentures | | | - | | | - | | | 240,482 | | Derivative liability warrants | | | - | | | - | | | 2,543,342 | | Total derivatives | | $ | - | | $ | - | | $ | 2,883,293 | | | | Fair Value Measurements at | | | | June 30, 2015: | | | | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | Derivative liability Series B debentures | | $ | - | | | - | | $ | 366,764 | | Derivative liability Series C debentures | | | - | | | - | | | 476,289 | | Derivative liability warrants | | | - | | | - | | | 3,442,754 | | Total derivatives | | $ | - | | $ | - | | $ | 4,285,807 | | In conjunction with the Company’s registered direct offerings of Units, consisting of the Company’s common stock and warrants, on September 12, 2013 and January 24, 2014 the Company issued 2,945,428, and 2,479,935 warrants respectively, and, of which, 2,610,071 and 2,479,935 respectively are outstanding at December 31, 2015. Additionally, the Company issued 58,910 and 76,306 warrants, respectively, to the placement agents which are also outstanding at December, 31, 2015, for a total number of 5,425,222 warrants outstanding pursuant to the aforesaid registered direct offerings. The Company accounts for stock purchase warrants as either equity instruments or derivative liabilities depending on the specific terms of the warrant agreements. Under applicable accounting guidance, stock warrants must be accounted for as derivative financial instruments if the warrants contain full-ratchet anti-dilution provisions, which preclude the warrants from being considered indexed to its own stock. The warrants described above contained a full-ratchet anti-dilution feature and are thus classified as a derivative liability. The Company used a lattice model to calculate the fair value of the derivative warrants based on a probability weighted discounted cash flow model. This model is based on future projections of the various potential outcomes. The features that were analyzed and incorporated into the model included the exercise and full reset features. The Warrants were valued as of December 31, 2015 and June 30, 2015 with the following assumptions: | - | The 5 year warrants issued on 9/12/13 and 1/24/14 included Investor and Placement Agent Warrants with an exercise price of $5.25 and $6.05 (subject to adjustments-full ratchet reset). | | - | The stock price would fluctuate with the Company projected volatility. | | - | The Holder would exercise the warrant as they become exercisable (effective registration at issuance) at target prices of the higher of 2 times the projected exercise/reset price or 2 times the stock price. | | - | The next capital raise would fluctuate with an annual volatility. The projected volatility curve was based on historical volatilities of the Company for the valuation periods. The projected annual volatility for the valuation dates are: | 1 Year | | | | 6/30/15 | | 62 | % | 12/31/15 | | 68 | % | The primary factors driving the economic value of options are stock price; stock volatility; reset events and exercise behavior. Projections of these variables over the remaining term of the warrant are either derived or based on industry averages. Based on the above, a probability was assigned to each scenario for each future period, and the appropriate derivative value was determined for each scenario. The option value was then probability weighted and discounted to the present. The following tables present the activity for liabilities measured at estimated fair value using unobservable inputs for the six months ended December 31, 2015: | | Fair Value Measurement | | | | Using Significant | | | | Unobservable Inputs | | | | Derivative | | Derivative | | Derivative | | | | liability | | liability | | liability | | | | Series B | | Series C | | warrant | | | | | | | | | | Beginning balance at July 1, 2015 | | $ | 366,764 | | $ | 476,289 | | $ | 3,442,754 | | Additions during the year | | | - | | | - | | | - | | Change in fair value | | | (267,295) | | | (235,807) | | | (899,412) | | Transfer in and/or out of Level 3 | | | - | | | - | | | - | | Balance at December 31, 2015 | | $ | 99,469 | | $ | 240,482 | | $ | 2,543,342 | |
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Commitments and Contingencies
|
6 Months Ended |
Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies Disclosure [Text Block] |
Note 11 - Commitments and Contingencies Operating Lease The Company completed the relocation of its laboratory and office from 135 Wood Street, West Haven, Connecticut to 1 Controls Drive, Shelton, Connecticut around June, 2015. The Company was renting 135 Wood Street on a month-to-month basis. Total rent expense at 135 Wood Street, West Haven, Connecticut amounted to $0 and $26,085 for the three months ended December 31, 2015 and 2014, respectively and $0 and $52,170 for the six months ended December 31, 2015 and 2014, respectively. License Agreements The Company is dependent upon its license agreement with TheraCour Pharma, Inc. (See Note 4). If the Company lost the right to utilize any of the proprietary information that is the subject of the TheraCour Pharma license agreement on which it depends, the Company will incur substantial delays and costs in development of its drug candidates. Legal Proceedings There are no pending legal proceeding against the Company to the best of the Company’s knowledge as of the date hereof and to the Company’s knowledge, no action, suit or proceeding has been threatened against the Company.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
Subsequent Events
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6 Months Ended |
Dec. 31, 2015 |
Subsequent Events [Abstract] |
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Subsequent Events [Text Block] |
Note 12 Subsequent Events On January 23, 2016, the Company’s Board of Directors and a majority of the holders of the Company’s Series A Convertible Preferred Shares (the “Series A Shares”) approved an amendment to the Certificate of Designation of the Series A Shares to increase the number of authorized Series A Shares from 4,000,000 to 8,500,000.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
Summary of Significant Accounting Policies (Policies)
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6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Basis of Accounting, Policy [Policy Text Block] |
Basis of Presentation Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The accompanying financial statements and the information included under the heading “Management’s Discussion and Analysis or Plan of Operation” should be read in conjunction with our Company’s audited financial statements and related notes included in our Company’s form 10-K for the fiscal year ended June 30, 2015 filed with the SEC on September 14, 2015. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 filed on September 14, 2015.
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Earnings Per Share, Policy [Policy Text Block] |
Net Income (Loss) per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants, convertible preferred stock, and convertible debentures. The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation as they were anti-dilutive: | | Potentially Outstanding Dilutive Common Shares | | | | For the | | For the | | | | Six Months | | Six Months | | | | Ended | | Ended | | | | December 31,2015 | | December 31, 2014 | | | | | | | | | | Stock options | | | - | | | 535,715 | | | | | | | | | | Warrants | | | 6,010,971 | | | 5,942,379 | | | | | | | | | | Total potentially outstanding dilutive common shares | | | 6,010,971 | | | 6,478,094 | | In addition, the Company has issued Convertible Debentures to investors. A portion of the interest required to be paid on the debentures had been paid in shares of the Company’s $0.001 par value common stock (“Interest Shares”) according to the terms of such debenture. No additional Interest Shares are required to be issued under the terms of the debenture. The Company will need to issue 571,428 warrants on January 15, 2016 relating to the additional interest to be paid on the Series B debentures. Coupon interest payable quarterly related to the Series B debentures is payable in cash or shares of Common Stock at the average of the open and close value on the date such interest payment is due at the option of the Holder. For the quarter ended December 31, 2015, two Holders of the Series B debentures elected to receive quarterly interest in restricted common stock of the Company. These two Holders are controlled by Dr. Milton Boniuk, a director of the Company. At December 31, 2015, the number of potentially dilutive shares of the Company’s common stock into which the Series B debentures can be converted based upon the conversion price of $3.50 is 1,714,286. The Company has also issued 4,000,000 shares Series A Preferred Stock to investors and others as of December 31, 2015. Only in the event of a “change of control” of the Company, each Series A preferred share is convertible to 3.5 shares of its new common stock. A “Change of Control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition. In the absence of a Change of Control event, the Series A Preferred Stock is not convertible into Common Stock, and does not carry any dividend rights or any other financial effects. At December 31, 2015, the number of potentially dilutive shares of the Company’s common stock into which these Series A Preferred shares can be converted into is 14,000,000 and is not included in diluted earnings per share since the shares are contingently convertible only upon a Change of Control. Pursuant to the redemption provisions of the Series C Debentures, the Company, at its sole option, shall have the right, but not the obligation, to repurchase the Debenture at any time prior to the Maturity Date (the “Redemption”). If the Company intends to repurchase the Debenture, and if the closing bid price of the Common Stock is greater than $5.25 on the Redemption Date, unless the Holder, on or prior to the Redemption Date, elects to receive the “Redemption Payment”, as that term is defined herein, the Company shall pay to the Holder: (i) 952,381 shares of Common Stock in consideration of the exchange of the principal amount of the Debenture; and (ii) any and all accrued coupon interest. If on or prior to the Redemption Date, the Holder elects to receive the Redemption Payment, or the closing bid price of the Common Stock is less than $5.25, the Company shall issue to the Holder: (i) the principal amount of the Debenture; (ii) any accrued coupon interest; (iii) additional interest of 7% per annum for the period from the date of issuance of the Debenture to the Redemption Date; and (iv) warrants to purchase 619,048 shares of Common Stock which shall expire in three years from the date of issuance at an exercise price of $6.05 per share of Common Stock (the “Redemption Warrants”, and collectively with (i) (iii), the “Redemption Payment”). The Company shall use its best efforts to register the shares underlying the Redemption Warrants under a “shelf” registration statement, provided same is available to the Company, in accordance with the provisions of the Securities Act. Coupon interest payable quarterly related to the Series C debenture is payable in cash or shares of common stock at the average of the open and close price. Such interest payment is due at the option of the Holder. For the quarter ended December 31, 2015, the Holder of the Series C Debenture elected to receive the quarterly interest in restricted common stock of the Company. The Holder is an entity controlled by Dr. Milton Boniuk, a director of the Company. At December 31, 2015, the number of potential dilutive shares of the Company’s common stock into which the Series C debentures can be converted based upon the conversion provisions contained in the debenture is 952,381. The following represents a reconciliation of the numerators and denominators of the basic and diluted per share calculations for (loss) income from continuing operations: | | For the three months ended | | For the six months ended | | | | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 | | Calculation of basic loss per share of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss attributable to common stockholders | | $ | (2,775,292) | | $ | (1,881,141) | | $ | (4,082,246) | | $ | (1,029,444) | | | | | | | | | | | | | | | | Denominator for basic weighted average shares of common stock | | | 57,588,081 | | | 56,557,352 | | | 57,431,198 | | | 56,066,776 | | | | | | | | | | | | | | | | Basic loss per share of common stock | | $ | (0.05) | | $ | (0.03) | | $ | (0.07) | | $ | (0.02) | | | | | | | | | | | | | | | | Calculation of diluted loss per share of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss attributable to common stockholders | | $ | (2,775,292) | | $ | (1,881,141) | | $ | (4,082,246) | | $ | (1,029,444) | | | | | | | | | | | | | | | | Add: Income impact of assumed conversion of Debentures | | | - | | | (222,053) | | | - | | | (2,044,459) | | | | | | | | | | | | | | | | Net loss attributable to common stockholders plus assumed conversions | | $ | (2,775,292) | | $ | (2,103,194) | | $ | (4,082,246) | | $ | (3,073,903) | | | | | | | | | | | | | | | | Denominator for basic weighted average shares of common stock | | | 57,588,081 | | | 56,557,352 | | | 57,431,198 | | | 56,066,776 | | | | | | | | | | | | | | | | Incremental shares from assumed conversions of Debentures payable | | | - | | | 2,666,667 | | | - | | | 2,666,667 | | | | | | | | | | | | | | | | Denominator for diluted weighted average shares of common stock | | | 57,588,081 | | | 59,224,019 | | | 57,431,198 | | | 58,733,443 | | | | | | | | | | | | | | | | Diluted loss per share of common stock | | $ | (0.05) | | $ | (0.04) | | $ | (0.07) | | $ | (0.05) | | Series B and Series C debentures were excluded from the loss per share calculation for the three and six months ended December 31, 2015 because the impact is anti-dilutive.
|
New Accounting Pronouncements, Policy [Policy Text Block] |
Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The new standard will be effective for reporting periods beginning after December 15, 2016, with early adoption permitted. Management is currently evaluating the impact of the adoption of ASU 2014-15 on the Company’s financial statements and disclosures. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30), “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years. We expect the adoption of this guidance will not have a material impact on our financial statements.
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v3.3.1.900
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation as they were anti-dilutive: | | Potentially Outstanding Dilutive Common Shares | | | | For the | | For the | | | | Six Months | | Six Months | | | | Ended | | Ended | | | | December 31,2015 | | December 31, 2014 | | | | | | | | | | Stock options | | | - | | | 535,715 | | | | | | | | | | Warrants | | | 6,010,971 | | | 5,942,379 | | | | | | | | | | Total potentially outstanding dilutive common shares | | | 6,010,971 | | | 6,478,094 | | The following represents a reconciliation of the numerators and denominators of the basic and diluted per share calculations for (loss) income from continuing operations: | | For the three months ended | | For the six months ended | | | | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 | | Calculation of basic loss per share of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss attributable to common stockholders | | $ | (2,775,292) | | $ | (1,881,141) | | $ | (4,082,246) | | $ | (1,029,444) | | | | | | | | | | | | | | | | Denominator for basic weighted average shares of common stock | | | 57,588,081 | | | 56,557,352 | | | 57,431,198 | | | 56,066,776 | | | | | | | | | | | | | | | | Basic loss per share of common stock | | $ | (0.05) | | $ | (0.03) | | $ | (0.07) | | $ | (0.02) | | | | | | | | | | | | | | | | Calculation of diluted loss per share of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss attributable to common stockholders | | $ | (2,775,292) | | $ | (1,881,141) | | $ | (4,082,246) | | $ | (1,029,444) | | | | | | | | | | | | | | | | Add: Income impact of assumed conversion of Debentures | | | - | | | (222,053) | | | - | | | (2,044,459) | | | | | | | | | | | | | | | | Net loss attributable to common stockholders plus assumed conversions | | $ | (2,775,292) | | $ | (2,103,194) | | $ | (4,082,246) | | $ | (3,073,903) | | | | | | | | | | | | | | | | Denominator for basic weighted average shares of common stock | | | 57,588,081 | | | 56,557,352 | | | 57,431,198 | | | 56,066,776 | | | | | | | | | | | | | | | | Incremental shares from assumed conversions of Debentures payable | | | - | | | 2,666,667 | | | - | | | 2,666,667 | | | | | | | | | | | | | | | | Denominator for diluted weighted average shares of common stock | | | 57,588,081 | | | 59,224,019 | | | 57,431,198 | | | 58,733,443 | | | | | | | | | | | | | | | | Diluted loss per share of common stock | | $ | (0.05) | | $ | (0.04) | | $ | (0.07) | | $ | (0.05) | |
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v3.3.1.900
Related Party Transactions (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Related Party Transactions [Abstract] |
|
Schedule of Related Party Transactions [Table Text Block] |
Property and Equipment | | For the three months ended | | For the six months ended | | | | December 31, | | December 31, | | December 31, | | December 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | | | | | | | | | | | | | The Company acquired 1 Controls Drive, Shelton, Connecticut from InnoHaven, LLC | | | | | $ | 4,222,549 | | | | | $ | 4,222,549 | | | | | | | | | | | | | | | | During the reporting period, TheraCour Pharma, Inc. acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company | | $ | 6,747 | $ | | 78,311 | | $ | 14,648 | | $ | 188,889 | | Account Payable Related Party | | As of | | | | December 31, | | June 30, | | | | 2015 | | 2015 | | | | | | | | | | Pursuant to an Exclusive License Agreement we entered into with TheraCour Pharma, Inc., (TheraCour), the Company was granted exclusive licenses in perpetuity for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. In consideration for obtaining this exclusive license, we agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) we will pay $25,000 per month for usage of lab supplies and chemicals from existing stock held by TheraCour, (3) we will pay $2,000 or actual costs, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf. Accounts payable due TheraCour Pharma Inc. on the reporting date was | | $ | 1,111,170 | | $ | 316,196 | | | | For the three months ended | | For the six months ended | | | | December 31, | | December 31, | | December 31, | | December 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | Research and Development Costs Paid to Related Parties | | | | | | | | | | | | | | | | | | | | | | | | | | | | Development fees and other costs charged by and paid to TheraCour Pharma, Inc. pursuant to exclusive License Agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at December 31, 2015 and 2014 | | $ | 996,398 | | $ | 520,955 | | $ | 2,012,614 | | $ | 1,290,140 | | Long-Term Debentures Payable to a Director | | As of | | | | December 31, | | June 30, | | | | 2015 | | 2015 | | Series B Convertible Debentures - Milton Boniuk | | $ | 4,000,000 | | $ | 4,000,000 | | Series C Convertible Debentures - Milton Boniuk | | | 5,000,000 | | | 5,000,000 | | | | | | | | | | Total Long Term Debentures Payable to a Director | | $ | 9,000,000 | | $ | 9,000,000 | | | | As of | | | | December 31, | | June 30, | | Debenture Interest Paid to a Director | | 2015 | | 2015 | | Coupon interest payable on $5,000,000 Series C Convertible Debentures and deferred. The deferred interest is paid out quarterly over the remaining term of the debenture commencing September 30, 2015: | | | | | | | | Deferred interest payable - short-term | | $ | 166,668 | | $ | 166,667 | | Deferred interest payable - long-term | | | 249,999 | | | 333,333 | |
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- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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v3.3.1.900
Property and Equipment (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment [Table Text Block] |
Property and equipment, stated at cost, less accumulated depreciation consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | | | | | | | Land | | $ | 260,000 | | $ | 260,000 | | | | | | | | | | GMP Facility | | | 7,979,202 | | | 7,905,938 | | | | | | | | | | Office Equipment | | | 68,579 | | | 65,241 | | | | | | | | | | Furniture and Fixtures | | | 5,607 | | | 1,400 | | | | | | | | | | Lab Equipment | | | 5,214,473 | | | 5,264,272 | | | | | | | | | | Total Property and Equipment | | | 13,527,861 | | | 13,496,851 | | | | | | | | | | Less Accumulated Depreciation | | | (1,527,213) | | | (1,534,203) | | Property and Equipment, Net | | $ | 12,000,648 | | $ | 11,962,648 | |
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v3.3.1.900
Trademark and Patents (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Finite-Lived Intangible Assets [Table Text Block] |
Trademark and patents, stated at cost, less accumulated amortization consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | | | | | | | Trademarks and Patents | | $ | 458,954 | | $ | 458,954 | | Less Accumulated Amortization | | | (63,352) | | | (59,217) | | Trademarks and Patents, Net | | $ | 395,602 | | $ | 399,737 | |
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v3.3.1.900
Convertible Debentures (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Series B Debentures [Member] |
|
Schedule of Long-term Debt Instruments [Table Text Block] |
The debt discount is being accreted to interest expense over the term of the debenture: | | December 31, 2015 | | June 30, 2015 | | | | | | | | | | Proceeds | | $ | 6,000,000 | | $ | 6,000,000 | | Debt discount for bifurcated derivative | | | (2,735,310) | | | (2,735,310) | | | | | 3,264,690 | | | 3,264,690 | | | | | | | | | | Accumulated amortization of debt discount | | | 1,810,322 | | | 1,435,892 | | | | | | | | | | Debenture payable - Series B, net | | $ | 5,075,012 | | $ | 4,700,582 | |
|
Series C Debentures [Member] |
|
Schedule of Long-term Debt Instruments [Table Text Block] |
The following represents the balance of the Debenture payable Series C, net of discount at December 31, 2015 and June 30, 2015: | | December 31, 2015 | | June 30, 2015 | | | | | | | | | | Proceeds | | $ | 5,000,000 | | $ | 5,000,000 | | Debt Discount: | | | | | | | | Series A Preferred | | | (1,152,297) | | | (1,152,297) | | Embedded derivative | | | (1,879,428) | | | (1,879,428) | | | | | 1,968,275 | | | 1,968,275 | | | | | | | | | | Accumulated amortization of debt discount | | | 821,570 | | | 512,330 | | | | | | | | | | Debenture payable - Series C, net | | $ | 2,789,845 | | $ | 2,480,605 | |
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- DefinitionTabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
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v3.3.1.900
Stock Options and Warrants (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Stock Options [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
The following table presents the activity of stock options issued for the six months ended December 31, 2015 as follows: | | | | | | Weighted | | | | | | | Weighted | | Average | | | | | | | Average | | Remaining | | Aggregate | | | | Number of | | Exercise Price | | Contractual | | Intrinsic | | Stock Options | | Shares | | per share ($) | | Term (years) | | Value ($) | | Outstanding and exercisable at June 30, 2015 | | | 535,715 | | $ | 0.35 | | | 0.23 | | $ | 2,094,643 | | Granted | | | - | | | - | | | - | | | - | | Exercised | | | 428,573 | | | - | | | - | | | - | | Expired | | | 107,142 | | | - | | | - | | | - | | Canceled | | | - | | | - | | | - | | | - | | Outstanding at December 31, 2015 | | | - | | $ | - | | | - | | $ | - | |
|
Stock Warrants [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
As of December 31, 2015 there was no unrecognized compensation cost. Stock Warrants | | | | Weighted | | | | | | | | | | Average | | Weighted | | | | | | | | Exercise | | Average | | | | | | | | Price | | Remaining | | Aggregate | | | | Number of | | per share | | Contractual Term | | Intrinsic Value | | Stock Warrants | | Shares | | ($) | | (years) | | ($) | | | | | | | | | | | | | | Outstanding and exercisable at June 30, 2015 | | | 5,976,675 | | $ | 5.14 | | | 3.20 | | $ | 19,000 | | | | | | | | | | | | | | | | Granted | | | 34,296 | | | 1.50 | | | 3.63 | | | - | | Exercised | | | - | | | - | | | - | | | - | | Expired | | | - | | | - | | | - | | | - | | Canceled | | | - | | | - | | | - | | | - | | Outstanding and exercisable at December 31, 2015 | | | 6,010,971 | | $ | 5.12 | | | 2.70 | | $ | - | |
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v3.3.1.900
Fair Value Measurement (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] |
At December 31, 2015 and June 30, 2015 the estimated fair values of the liabilities measured on a recurring basis are as follows: | | Fair Value Measurements at | | | | December 31, 2015: | | | | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | Derivative liability Series B debentures | | $ | - | | | - | | $ | 99,469 | | Derivative liability Series C debentures | | | - | | | - | | | 240,482 | | Derivative liability warrants | | | - | | | - | | | 2,543,342 | | Total derivatives | | $ | - | | $ | - | | $ | 2,883,293 | | | | Fair Value Measurements at | | | | June 30, 2015: | | | | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | Derivative liability Series B debentures | | $ | - | | | - | | $ | 366,764 | | Derivative liability Series C debentures | | | - | | | - | | | 476,289 | | Derivative liability warrants | | | - | | | - | | | 3,442,754 | | Total derivatives | | $ | - | | $ | - | | $ | 4,285,807 | |
|
Schedule Of Projected Annual Volatility [Table Text Block] |
The projected annual volatility for the valuation dates are: 1 Year | | | | 6/30/15 | | 62 | % | 12/31/15 | | 68 | % |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
The following tables present the activity for liabilities measured at estimated fair value using unobservable inputs for the six months ended December 31, 2015: | | Fair Value Measurement | | | | Using Significant | | | | Unobservable Inputs | | | | Derivative | | Derivative | | Derivative | | | | liability | | liability | | liability | | | | Series B | | Series C | | warrant | | | | | | | | | | Beginning balance at July 1, 2015 | | $ | 366,764 | | $ | 476,289 | | $ | 3,442,754 | | Additions during the year | | | - | | | - | | | - | | Change in fair value | | | (267,295) | | | (235,807) | | | (899,412) | | Transfer in and/or out of Level 3 | | | - | | | - | | | - | | Balance at December 31, 2015 | | $ | 99,469 | | $ | 240,482 | | $ | 2,543,342 | |
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v3.3.1.900
Organization and Nature of Business (Details Textual) - USD ($)
|
6 Months Ended |
|
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Feb. 15, 2010 |
Product Information [Line Items] |
|
|
|
Entity Incorporation, State Country Name |
Colorado
|
|
|
Entity Incorporation, Date Of Incorporation |
Jul. 25, 2000
|
|
|
Business Acquisition, Name of Acquired Entity |
Edot-com.com, Inc
|
|
|
Business Acquisition, Date of Acquisition Agreement |
May 12, 2005
|
|
|
Common stock, shares issued |
57,822,538
|
57,242,070
|
|
Common stock, shares, outstanding |
57,822,538
|
57,242,070
|
|
ECMM [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Common Stock Shares Issued Prorata Basis |
4,000
|
|
|
Stock Issued During Period, Shares, New Issues |
80,000,000
|
|
|
Common stock, shares issued |
100,000,000
|
|
|
Common stock, shares, outstanding |
100,000,000
|
|
|
Business Acquisition, Percentage of Voting Interests Acquired |
80.00%
|
|
|
Series A Preferred Stock [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Preferred stock, shares issued |
|
|
2,000,000
|
Series A Convertible Preferred stock, $0.001 par value, 4,100,000 shares designated, 4,041,161 and 3,583,445 shares issued and outstanding, respectively |
|
|
$ 2,000
|
Convertible Preferred Stock, Terms of Conversion |
The Series A Preferred Stock is convertible, only upon sale or merger of the company, or the sale of or license of substantially all of the Company’s intellectual property, into shares of the Company’s common stock at the rate of 3.5 shares of common stock for each share of Series A Preferred Stock.
|
|
|
Stockholders' Equity, Reverse Stock Split |
(adjusted for the 3.5 to 1 reverse split)
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v3.3.1.900
Summary of Significant Accounting Policies (Details) - shares
|
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Accounting Policies [Line Items] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
6,010,971
|
6,478,094
|
Stock options [Member] |
|
|
Accounting Policies [Line Items] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
0
|
535,715
|
Warrants [Member] |
|
|
Accounting Policies [Line Items] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
6,010,971
|
5,942,379
|
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v3.3.1.900
Summary of Significant Accounting Policies (Details 1) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Calculation of basic loss per share of common stock: |
|
|
|
|
Net loss attributable to common stockholders |
$ (2,775,292)
|
$ (1,881,141)
|
$ (4,082,246)
|
$ (1,029,444)
|
Denominator for basic weighted average shares of common stock |
57,588,081
|
56,557,352
|
57,431,198
|
56,066,776
|
Basic loss per share of common stock |
$ (0.05)
|
$ (0.03)
|
$ (0.07)
|
$ (0.02)
|
Calculation of diluted loss per share of common stock: |
|
|
|
|
Net loss attributable to common stockholders |
$ (2,775,292)
|
$ (1,881,141)
|
$ (4,082,246)
|
$ (1,029,444)
|
Add: Income impact of assumed conversion of Debentures |
0
|
(222,053)
|
0
|
(2,044,459)
|
Net loss attributable to common stockholders plus assumed conversions |
$ (2,775,292)
|
$ (2,103,194)
|
$ (4,082,246)
|
$ (3,073,903)
|
Denominator for basic weighted average shares of common stock |
57,588,081
|
56,557,352
|
57,431,198
|
56,066,776
|
Incremental shares from assumed conversions of Debentures payable |
0
|
2,666,667
|
0
|
2,666,667
|
Denominator for diluted weighted average shares of common stock |
57,588,081
|
59,224,019
|
57,431,198
|
58,733,443
|
Diluted loss per share of common stock |
$ (0.05)
|
$ (0.04)
|
$ (0.07)
|
$ (0.05)
|
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v3.3.1.900
Summary of Significant Accounting Policies (Details Textual) - $ / shares
|
6 Months Ended |
|
|
Dec. 31, 2015 |
Jan. 15, 2016 |
Jun. 30, 2015 |
Accounting Policies [Line Items] |
|
|
|
Common Stock, Par Or Stated Value Per Share |
$ 0.001
|
|
$ 0.001
|
Debt Instrument, Redemption, Description |
the Company, at its sole option, shall have the right, but not the obligation, to repurchase the Debenture at any time prior to the Maturity Date (the “Redemption”). If the Company intends to repurchase the Debenture, and if the closing bid price of the Common Stock is greater than $5.25 on the Redemption Date, unless the Holder, on or prior to the Redemption Date, elects to receive the “Redemption Payment”, as that term is defined herein, the Company shall pay to the Holder: (i) 952,381 shares of Common Stock in consideration of the exchange of the principal amount of the Debenture; and (ii) any and all accrued coupon interest. If on or prior to the Redemption Date, the Holder elects to receive the Redemption Payment, or the closing bid price of the Common Stock is less than $5.25, the Company shall issue to the Holder: (i) the principal amount of the Debenture; (ii) any accrued coupon interest; (iii) additional interest of 7% per annum for the period from the date of issuance of the Debenture to the Redemption Date; and (iv) warrants to purchase 619,048 shares of Common Stock which shall expire in three years from the date of issuance at an exercise price of $6.05 per share of Common Stock (the “Redemption Warrants”, and collectively with (i) (iii), the “Redemption Payment”). The Company shall use its best efforts to register the shares underlying the Redemption Warrants under a “shelf” registration statement, provided same is available to the Company, in accordance with the provisions of the Securities Act.
|
|
|
Subsequent Event [Member] |
|
|
|
Accounting Policies [Line Items] |
|
|
|
Common Stock, Par Or Stated Value Per Share |
|
$ 0.001
|
|
Convertible Debentures Shares Reserved For Future issuance |
|
571,428
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
Accounting Policies [Line Items] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price |
$ 3.5
|
|
|
Convertible Preferred Stock, Shares Issued upon Conversion |
14,000,000
|
|
|
Preferred Stock, Shares Issued |
4,000,000
|
|
3,583,445
|
Common Stock [Member] | Series B Convertible Debentures [Member] |
|
|
|
Accounting Policies [Line Items] |
|
|
|
Debt Conversion, Converted Instrument, Shares Issued |
1,714,286
|
|
|
Debt Instrument, Convertible, Conversion Price |
$ 3.50
|
|
|
Common Stock [Member] | Series C Convertible Debentures [Member] |
|
|
|
Accounting Policies [Line Items] |
|
|
|
Debt Conversion, Converted Instrument, Shares Issued |
952,381
|
|
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|
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
Financial Condition [Line Items] |
|
|
|
|
Cash and cash equivalents |
$ 28,237,621
|
$ 31,467,748
|
$ 35,258,618
|
$ 36,696,892
|
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|
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Research and development |
$ 1,152,501
|
$ 916,739
|
$ 2,359,573
|
$ 1,727,846
|
|
Due to Related Parties |
9,000,000
|
|
9,000,000
|
|
$ 9,000,000
|
Deferred interest payable - short term |
166,668
|
|
166,668
|
|
166,667
|
Deferred interest payable - long term |
249,999
|
|
249,999
|
|
333,333
|
Series B Convertible Debentures [Member] |
|
|
|
|
|
Due to Related Parties |
4,000,000
|
|
4,000,000
|
|
4,000,000
|
Deferred interest payable - short term |
80,000
|
|
80,000
|
|
|
Series C Convertible Debenture [Member] |
|
|
|
|
|
Due to Related Parties |
5,000,000
|
|
5,000,000
|
|
5,000,000
|
Deferred interest payable - short term |
$ 166,667
|
|
$ 166,667
|
|
|
Innohaven, LLC [Member] |
|
|
|
|
|
Property, Plant and Equipment, Additions |
|
4,222,549
|
|
4,222,549
|
|
TheraCour Pharma, Inc [Member] |
|
|
|
|
|
Net Account Payable to related party |
$ 1,111,170
|
|
$ 1,111,170
|
|
$ 316,196
|
Research and development |
996,398
|
520,955
|
2,012,614
|
1,290,140
|
|
Property, Plant and Equipment, Additions |
$ 6,747
|
$ 78,311
|
$ 14,648
|
$ 188,889
|
|
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|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Related Party Transaction [Line Items] |
|
|
|
|
Related Party Transaction, Description of Transaction |
|
|
charge its costs (direct and indirect) plus no more than 30% of direct costs
|
|
Lab Supplies and Chemicals Fees |
|
|
$ 25,000
|
|
Other General and Administrative Expense |
|
|
2,000
|
|
Series B Convertible Debenture [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
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$ 80,000
|
$ 80,000
|
160,000
|
$ 160,000
|
Series C Convertible Debenture [Member] |
|
|
|
|
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|
|
|
|
Interest Payable |
5,000,000
|
|
5,000,000
|
|
Interest Expense, Debt |
$ 125,000
|
$ 125,000
|
$ 250,000
|
$ 250,000
|
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|
Dec. 31, 2015 |
Jun. 30, 2015 |
Property, Plant and Equipment [Line Items] |
|
|
Land |
$ 260,000
|
$ 260,000
|
GMP Facility |
7,979,202
|
7,905,938
|
Office Equipment |
68,579
|
65,241
|
Furniture and Fixtures |
5,607
|
1,400
|
Lab Equipment |
5,214,473
|
5,264,272
|
Total Property and Equipment |
13,527,861
|
13,496,851
|
Less Accumulated Depreciation |
(1,527,213)
|
(1,534,203)
|
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$ 12,000,648
|
$ 11,962,648
|
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Dec. 31, 2015 |
Dec. 31, 2014 |
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$ 163,880
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$ 51,332
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$ 325,486
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$ 102,664
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Trademark and Patents (Details Textual) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Trademarks And Patents [Line Items] |
|
|
|
|
Amortization |
$ 2,067
|
$ 2,193
|
$ 4,135
|
$ 4,386
|
Trademark and Patents [Member] |
|
|
|
|
Trademarks And Patents [Line Items] |
|
|
|
|
Amortization |
|
|
$ 4,135
|
$ 4,386
|
X |
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v3.3.1.900
Convertible Debentures (Details) - Series B Debentures [Member] - USD ($)
|
6 Months Ended |
12 Months Ended |
Dec. 31, 2015 |
Jun. 30, 2015 |
Proceeds |
$ 6,000,000
|
$ 6,000,000
|
Debt discount for bifurcated derivative |
(2,735,310)
|
(2,735,310)
|
Net Proceeds From Issuance Of Debt |
3,264,690
|
3,264,690
|
Accumulated amortization of debt discount |
1,810,322
|
1,435,892
|
Debenture payable - Series B, net |
$ 5,075,012
|
$ 4,700,582
|
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v3.3.1.900
Convertible Debentures (Details 1) - Series C Debentures [Member] - USD ($)
|
6 Months Ended |
12 Months Ended |
Dec. 31, 2015 |
Jun. 30, 2015 |
Proceeds |
$ 5,000,000
|
$ 5,000,000
|
Net Proceeds From Issuance Of Debt |
1,968,275
|
1,968,275
|
Accumulated amortization of debt discount |
821,570
|
512,330
|
Debenture payable - Series C, net |
2,789,845
|
2,480,605
|
Embedded Derivative Financial Instruments [Member] |
|
|
Debt discount |
(1,879,428)
|
(1,879,428)
|
Series A Preferred Stock [Member] |
|
|
Debt discount |
$ (1,152,297)
|
$ (1,152,297)
|
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v3.3.1.900
Convertible Debentures (Details Textual) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
Jul. 02, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Jan. 24, 2014 |
Sep. 12, 2013 |
Feb. 02, 2013 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock, par value (in dollars per share) |
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
|
|
|
Debt Conversion, Converted Instrument, Amount |
|
|
|
$ 0
|
$ 1,152,297
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
|
|
|
|
|
$ 6.05
|
$ 5.25
|
|
Debt Instrument, Redemption, Description |
|
|
|
the Company, at its sole option, shall have the right, but not the obligation, to repurchase the Debenture at any time prior to the Maturity Date (the “Redemption”). If the Company intends to repurchase the Debenture, and if the closing bid price of the Common Stock is greater than $5.25 on the Redemption Date, unless the Holder, on or prior to the Redemption Date, elects to receive the “Redemption Payment”, as that term is defined herein, the Company shall pay to the Holder: (i) 952,381 shares of Common Stock in consideration of the exchange of the principal amount of the Debenture; and (ii) any and all accrued coupon interest. If on or prior to the Redemption Date, the Holder elects to receive the Redemption Payment, or the closing bid price of the Common Stock is less than $5.25, the Company shall issue to the Holder: (i) the principal amount of the Debenture; (ii) any accrued coupon interest; (iii) additional interest of 7% per annum for the period from the date of issuance of the Debenture to the Redemption Date; and (iv) warrants to purchase 619,048 shares of Common Stock which shall expire in three years from the date of issuance at an exercise price of $6.05 per share of Common Stock (the “Redemption Warrants”, and collectively with (i) (iii), the “Redemption Payment”). The Company shall use its best efforts to register the shares underlying the Redemption Warrants under a “shelf” registration statement, provided same is available to the Company, in accordance with the provisions of the Securities Act.
|
|
|
|
|
|
Common Stock, Par Or Stated Value Per Share |
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
|
|
|
Interest Payable, Current |
|
$ 166,668
|
|
$ 166,668
|
|
$ 166,667
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Share Price |
|
$ 1.23
|
|
$ 1.23
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Share Price |
|
$ 1.16
|
|
$ 1.16
|
|
|
|
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Common Stock, Capital Shares Reserved for Future Issuance |
|
|
|
|
|
|
|
|
571,429
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Debt Instrument, Term |
|
|
|
3 years
|
|
|
|
|
|
Derivative Liability, Noncurrent |
|
$ 2,543,342
|
|
$ 2,543,342
|
|
$ 3,442,754
|
|
|
|
Series B Convertible Debentures [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Amortization of Debt Discount (Premium) |
|
$ 190,803
|
$ 163,890
|
374,430
|
321,618
|
|
|
|
|
Proceeds from Convertible Debt |
|
|
|
$ 6,000,000
|
|
|
|
|
|
Debt Instrument, Term |
|
|
|
4 years
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
8.00%
|
|
8.00%
|
|
|
|
|
|
Warrants To Be Issued In Fourth Year |
|
|
|
|
|
|
|
|
571,429
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
$ 3.50
|
|
$ 3.50
|
|
$ 3.50
|
|
|
$ 3.50
|
Debt Instrument, Redemption, Description |
|
|
|
the Company, at its sole option, shall have the right, but not the obligation, to repurchase the Debenture at any time prior to the Maturity Date (the “Redemption”). If the Company intends to repurchase the Debenture, and if the closing bid price of the Common Stock is greater than $5.25 on the Redemption Date, unless the Holder, on or prior to the Redemption Date, elects to receive the “Redemption Payment”, as that term is defined herein, the Company shall pay to the Holder: (i) 952,381 shares of Common Stock in consideration of the exchange of the principal amount of the Debenture; and (ii) any and all accrued coupon interest. If on or prior to the Redemption Date, the Holder elects to receive the Redemption Payment, or the closing bid price of the Common Stock is less than $5.25, the Company shall issue to the Holder: (i) the principal amount of the Debenture; (ii) any accrued coupon interest; (iii) additional interest of 7% per annum for the period from the date of issuance of the Debenture to the Redemption Date; and (iv) warrants to purchase 619,048 shares of Common Stock which shall expire in three years from the date of issuance at an exercise price of $6.05 per share of Common Stock (the “Redemption Warrants”, and collectively with (i) (iii), the “Redemption Payment”). The Company shall use its best efforts to register the shares underlying the Redemption Warrants under a “shelf” registration statement, provided same is available to the Company, in accordance with the provisions of the Securities Act
|
|
|
|
|
|
Long-term Debt, Excluding Current Maturities, Total |
|
$ 6,000,000
|
|
$ 6,000,000
|
|
$ 6,000,000
|
|
|
|
Share Price |
|
$ 1.18
|
|
$ 1.18
|
|
|
|
|
|
Debt Instrument, Debt Default, Description of Violation or Event of Default |
|
|
|
An event of default would occur 0% of the time, increasing 1.00% per month to a maximum of 10%;
|
|
|
|
|
|
Projected Redemption Percentage Of Time |
|
|
|
0.00%
|
|
62.10%
|
|
|
|
Projected Annual Volatility Percentage |
|
|
|
68.20%
|
|
|
|
|
|
Weighted Average Discount Rate, Percent |
|
|
|
22.02%
|
|
|
|
|
|
Interest Payable, Current |
|
$ 80,000
|
|
$ 80,000
|
|
|
|
|
|
Restricted common stock authorized for interest payable |
|
66,666
|
|
|
|
|
|
|
|
Series B Convertible Debentures [Member] | Embedded Derivative Financial Instruments [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Derivative Liability, Noncurrent |
|
$ 99,469
|
|
$ 99,469
|
|
$ 366,764
|
|
|
|
Series B Convertible Debentures [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Projected Redemption Percentage Of Time |
|
|
|
20.00%
|
|
|
|
|
|
Series B Convertible Debentures [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Projected Redemption Percentage Of Time |
|
|
|
1.00%
|
|
|
|
|
|
Series B Convertible Debentures [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock, par value (in dollars per share) |
|
$ 0.001
|
|
$ 0.001
|
|
|
|
|
|
Common Stock, Par Or Stated Value Per Share |
|
$ 0.001
|
|
$ 0.001
|
|
|
|
|
|
Series B Convertible Debentures [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Proceeds from Convertible Debt |
|
|
|
$ 4,000,000
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Amortization of Debt Discount (Premium) |
|
$ 159,159
|
$ 126,070
|
$ 309,240
|
$ 241,560
|
|
|
|
|
Debt Conversion, Converted Instrument, Shares Issued |
187,000
|
|
|
|
|
|
|
|
|
Proceeds from Convertible Debt |
$ 1,645,606
|
|
|
|
|
|
|
|
|
Repayments of Other Debt |
1,152,297
|
|
|
|
|
|
|
|
|
Debt Instrument, Unamortized Discount |
1,152,297
|
|
|
|
|
|
|
|
|
Debt Conversion, Converted Instrument, Amount |
$ 1,879,428
|
|
|
|
|
|
|
|
|
Series C Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock, par value (in dollars per share) |
$ 0.001
|
|
|
|
|
|
|
|
|
Debt Instrument, Convertible, Conversion Price |
$ 5.25
|
|
|
|
|
|
|
|
|
Debt Instrument, Convertible, Carrying Amount of Equity Component |
$ 5,000,000
|
|
|
|
|
|
|
|
|
Redemption On Debentures |
952,381
|
|
|
|
|
|
|
|
|
Warrants to purchase of Common Stock |
619,048
|
|
|
|
|
|
|
|
|
Common stock exercise price |
$ 6.05
|
|
|
|
|
|
|
|
|
Common Stock, Par Or Stated Value Per Share |
0.001
|
|
|
|
|
|
|
|
|
Series C Convertible Debenture [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Debt Instrument, Maturity Date |
|
|
|
Jun. 30, 2018
|
|
|
|
|
|
Debt Instrument, Convertible, Conversion Price |
$ 5.25
|
|
|
|
|
|
|
|
|
Proceeds from Issuance of Debt |
|
|
|
$ 5,000,000
|
|
$ 5,000,000
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
10.00%
|
|
|
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
$ 6.05
|
|
$ 6.05
|
|
$ 6.05
|
|
|
|
Share Price |
|
$ 1.18
|
|
$ 1.18
|
|
$ 1.75
|
|
|
|
Debt Instrument, Debt Default, Description of Violation or Event of Default |
|
|
|
An event of default would occur 0% of the time, increasing 1.00% per month to a maximum of 10%;
|
|
|
|
|
|
Projected Redemption Percentage Of Time |
|
|
|
0.00%
|
|
62.00%
|
|
|
|
Projected Annual Volatility Percentage |
|
|
|
68.20%
|
|
|
|
|
|
Weighted Average Discount Rate, Percent |
|
|
|
22.02%
|
|
21.97%
|
|
|
|
Closing Common Stock Bid Price |
$ 5.25
|
|
|
|
|
|
|
|
|
Additional Interest Rate For Warrants |
7.00%
|
|
|
|
|
|
|
|
|
Interest Payable, Current |
|
$ 166,667
|
|
$ 166,667
|
|
|
|
|
|
Restricted common stock authorized for interest payable |
|
138,889
|
|
|
|
|
|
|
|
Series C Convertible Debenture [Member] | Embedded Derivative Financial Instruments [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Derivative Liability, Noncurrent |
|
$ 240,482
|
|
$ 240,482
|
|
$ 476,289
|
|
|
|
Series C Convertible Debenture [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Projected Redemption Percentage Of Time |
|
|
|
5.00%
|
|
|
|
|
|
Series C Convertible Debenture [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Projected Redemption Percentage Of Time |
|
|
|
1.00%
|
|
|
|
|
|
Series C Convertible Debenture [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock, par value (in dollars per share) |
|
$ 0.001
|
|
$ 0.001
|
|
|
|
|
|
Common Stock, Par Or Stated Value Per Share |
|
$ 0.001
|
|
$ 0.001
|
|
|
|
|
|
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v3.3.1.900
Equity Transactions (Details Textual) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
Jan. 31, 2016 |
Jul. 21, 2015 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Jan. 24, 2014 |
Sep. 12, 2013 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
|
|
|
|
$ 6.05
|
$ 5.25
|
Interest Payable, Current |
|
|
$ 166,668
|
$ 166,668
|
$ 166,667
|
|
|
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage |
|
|
|
5.36%
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term |
|
|
|
4 years
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
|
|
|
57.81%
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate |
|
|
|
1.42%
|
|
|
|
Consulting expense [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Allocated Share-based Compensation Expense |
|
|
$ 8,231
|
$ 16,976
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period |
|
|
|
1 year 7 months 17 days
|
|
|
|
Share Price |
|
|
$ 1.16
|
$ 1.16
|
|
|
|
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage |
|
|
|
10.49%
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term |
|
|
|
1 year 2 months 1 day
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions |
|
|
|
27.14%
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
|
|
|
64.42%
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate |
|
|
|
0.31%
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period |
|
|
|
2 years 11 months 8 days
|
|
|
|
Share Price |
|
|
1.23
|
$ 1.23
|
|
|
|
Share Based Compensation Arrangement By Share Based Payment Award, Voting Rights, Percentage |
|
|
|
10.53%
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term |
|
|
|
1 year 3 months 29 days
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions |
|
|
|
28.75%
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
|
|
|
65.16%
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate |
|
|
|
0.51%
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
|
1.50
|
$ 1.50
|
|
|
|
Share Price |
|
|
$ 1.44
|
$ 1.44
|
|
|
|
Warrant [Member] | August 2019 |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Number Of Common Stock To Be Issued Upon Conversion Of Warrants |
|
|
17,148
|
|
|
|
|
Warrant [Member] | November 2019 |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Number Of Common Stock To Be Issued Upon Conversion Of Warrants |
|
|
|
34,296
|
|
|
|
Restricted Stock [Member] | Series B [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Restricted common stock authorized for interest payable |
|
|
66,666
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized |
|
|
17,319
|
17,319
|
|
|
|
Share-based Compensation, Total |
|
|
$ 11,250
|
$ 22,499
|
|
|
|
Stock Issued During Period, Shares, Share-based Compensation, Gross |
|
|
8,789
|
17,319
|
|
|
|
Consulting Services [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized |
|
|
43,144
|
43,144
|
|
|
|
Share-based Compensation, Total |
|
|
$ 27,000
|
$ 54,000
|
|
|
|
Stock Issued During Period, Shares, Share-based Compensation, Gross |
|
|
22,689
|
43,144
|
|
|
|
Employee Compensation [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized |
|
|
1,295
|
1,295
|
|
|
|
Share-based Compensation, Total |
|
|
|
$ 3,300
|
|
|
|
President [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized |
|
225,000
|
|
|
|
|
|
Share-based Compensation, Total |
|
|
$ 77,336
|
$ 154,672
|
|
|
|
Stock Issued During Period, Shares, Share-based Compensation, Gross |
|
|
|
204,420
|
|
|
|
President [Member] | Share-based Compensation Award, Tranche One [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares |
|
75,000
|
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized |
|
225,000
|
|
|
|
|
|
Share-based Compensation, Total |
|
|
77,336
|
$ 154,672
|
|
|
|
Stock Issued During Period, Shares, Share-based Compensation, Gross |
|
|
|
204,420
|
|
|
|
Chief Executive Officer [Member] | Share-based Compensation Award, Tranche One [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares |
|
75,000
|
|
|
|
|
|
Subsequent Event [Member] | President [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Share-based Compensation, Gross |
20,580
|
|
|
|
|
|
|
Subsequent Event [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Share-based Compensation, Gross |
20,580
|
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based Compensation, Total |
|
|
$ 23,345
|
$ 51,195
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross |
|
|
7,716
|
15,432
|
|
|
|
Series B Convertible Debentures [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Interest Payable, Current |
|
|
$ 80,000
|
$ 80,000
|
|
|
|
Series C [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Restricted common stock authorized for interest payable |
|
|
138,889
|
|
|
|
|
Series C Convertible Debentures [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Interest Payable, Current |
|
|
$ 166,667
|
$ 166,667
|
|
|
|
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v3.3.1.900
Stock Options and Warrants (Details) - Stock Options [Member] - USD ($)
|
6 Months Ended |
12 Months Ended |
Dec. 31, 2015 |
Jun. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Number of Shares, Outstanding |
535,715
|
|
Number of Shares, Granted |
0
|
|
Number of Shares, Exercised |
428,573
|
|
Number of Shares, Expired |
107,142
|
|
Number of Shares, Canceled |
0
|
|
Number of Shares, Outstanding |
0
|
535,715
|
Weighted Average Exercise Price per share, Outstanding (dollars per share) |
$ 0.35
|
|
Weighted Average Exercise Price per share, Granted (dollars per share) |
0
|
|
Weighted Average Exercise Price per share, Exercised (dollars per share) |
0
|
|
Weighted Average Exercise Price per share, Expired (dollars per share) |
0
|
|
Weighted Average Exercise Price per share, Canceled (dollars per share) |
0
|
|
Weighted Average Exercise Price per share, Outstanding (dollars per share) |
$ 0
|
$ 0.35
|
Weighted Average Remaining Contractual Term (years), Granted |
0 years
|
|
Weighted Average Remaining Contractual Term (years), Exercised |
0 years
|
|
Weighted Average Remaining Contractual Term (years), Expired |
0 years
|
|
Weighted Average Remaining Contractual Term (years), Canceled |
0 years
|
|
Weighted Average Remaining Contractual Term (years), Outstanding |
0 years
|
2 months 23 days
|
Aggregate Intrinsic Value, Outstanding (in dollars) |
$ 2,094,643
|
|
Aggregate Intrinsic Value, Granted (in dollars) |
0
|
|
Aggregate Intrinsic Value, Exercised (in dollars) |
0
|
|
Aggregate Intrinsic Value, Expired (in dollars) |
0
|
|
Aggregate Intrinsic Value, Canceled (in dollars) |
0
|
|
Aggregate Intrinsic Value, Outstanding (in dollars) |
$ 0
|
$ 2,094,643
|
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v3.3.1.900
Stock Options and Warrants (Details 1) - Stock Warrants [Member] - USD ($)
|
6 Months Ended |
12 Months Ended |
Dec. 31, 2015 |
Jun. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Number of Shares, Outstanding |
5,976,675
|
|
Number of Shares, Granted |
34,296
|
|
Number of Shares, Canceled |
0
|
|
Number of Shares, Outstanding |
6,010,971
|
5,976,675
|
Weighted Average Exercise Price per share, Outstanding (dollars per share) |
$ 5.14
|
|
Weighted Average Exercise Price per share, Granted (dollars per share) |
1.50
|
|
Weighted Average Exercise Price per share, Exercised (dollars per share) |
0
|
|
Weighted Average Exercise Price per share, Expired (dollars per share) |
0
|
|
Weighted Average Exercise Price per share, Canceled (dollars per share) |
0
|
|
Weighted Average Exercise Price per share, Outstanding (dollars per share) |
$ 5.12
|
$ 5.14
|
Weighted Average Remaining Contractual Term (years), Granted |
3 years 7 months 17 days
|
|
Weighted Average Remaining Contractual Term (years), Exercised |
0 years
|
|
Weighted Average Remaining Contractual Term (years), Expired |
0 years
|
|
Weighted Average Remaining Contractual Term (years), Canceled |
0 years
|
|
Weighted Average Remaining Contractual Term (years), Outstanding |
2 years 8 months 12 days
|
3 years 2 months 12 days
|
Aggregate Intrinsic Value, Outstanding (in dollars) |
$ 19,000
|
|
Aggregate Intrinsic Value, Granted (in dollars) |
0
|
|
Aggregate Intrinsic Value, Exercised (in dollars) |
0
|
|
Aggregate Intrinsic Value, Expired (in dollars) |
0
|
|
Aggregate Intrinsic Value, Cancelled (in dollars) |
0
|
|
Aggregate Intrinsic Value, Outstanding (in dollars) |
$ 0
|
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|
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v3.3.1.900
Stock Options and Warrants (Details Textual)
|
6 Months Ended |
Dec. 31, 2015
shares
|
June 30, 2016 [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Warrants Exercisable |
345,713
|
Warrants Expiration Date |
Jun. 30, 2016
|
June 30, 2017 [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Warrants Exercisable |
68,571
|
Warrants Expiration Date |
Jun. 30, 2017
|
June 30, 2018 [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Warrants Exercisable |
68,577
|
Warrants Expiration Date |
Jun. 30, 2018
|
June 30, 2019 [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Warrants Exercisable |
5,493,814
|
Warrants Expiration Date |
Jun. 30, 2019
|
June 30, 2020 [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Warrants Exercisable |
34,296
|
Warrants Expiration Date |
Jun. 30, 2020
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v3.3.1.900
Fair Value Measurement (Details) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Warrant [Member] |
|
|
Derivative Liability, Noncurrent |
$ 2,543,342
|
$ 3,442,754
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Derivative Liability, Noncurrent |
0
|
0
|
Fair Value, Inputs, Level 1 [Member] | Derivative liability - Series B debentures [Member] |
|
|
Derivative Liability, Noncurrent |
0
|
0
|
Fair Value, Inputs, Level 1 [Member] | Derivative liability - Series C debentures [Member] |
|
|
Derivative Liability, Noncurrent |
0
|
0
|
Fair Value, Inputs, Level 1 [Member] | Warrant [Member] |
|
|
Derivative Liability, Noncurrent |
0
|
0
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Derivative Liability, Noncurrent |
0
|
0
|
Fair Value, Inputs, Level 2 [Member] | Derivative liability - Series B debentures [Member] |
|
|
Derivative Liability, Noncurrent |
0
|
0
|
Fair Value, Inputs, Level 2 [Member] | Derivative liability - Series C debentures [Member] |
|
|
Derivative Liability, Noncurrent |
0
|
0
|
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] |
|
|
Derivative Liability, Noncurrent |
0
|
0
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Derivative Liability, Noncurrent |
2,883,293
|
4,285,807
|
Fair Value, Inputs, Level 3 [Member] | Derivative liability - Series B debentures [Member] |
|
|
Derivative Liability, Noncurrent |
99,469
|
366,764
|
Fair Value, Inputs, Level 3 [Member] | Derivative liability - Series C debentures [Member] |
|
|
Derivative Liability, Noncurrent |
240,482
|
476,289
|
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] |
|
|
Derivative Liability, Noncurrent |
$ 2,543,342
|
$ 3,442,754
|
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Fair Value Measurement (Details 2)
|
6 Months Ended |
Dec. 31, 2015
USD ($)
|
Derivative liability - Series C debentures [Member] |
|
Beginning balance at July 1, 2015 |
$ 476,289
|
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0
|
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(235,807)
|
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0
|
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240,482
|
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|
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366,764
|
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0
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0
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99,469
|
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|
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3,442,754
|
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0
|
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|
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Fair Value Measurement (Details Textual) - $ / shares
|
1 Months Ended |
|
Jan. 24, 2014 |
Sep. 12, 2013 |
Dec. 31, 2015 |
Class of Warrant or Right, Outstanding |
2,479,935
|
2,610,071
|
5,425,222
|
Warrants Issued |
2,479,935
|
2,945,428
|
|
Warrant Expiration Term |
5 years
|
5 years
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
$ 6.05
|
$ 5.25
|
|
Placement Agents [Member] |
|
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76,306
|
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|
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Period Type: |
duration |
|
v3.3.1.900
Subsequent Events (Details Textual) - Series A Convertible Preferred Stock [Member] - shares
|
Jan. 23, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Subsequent Event [Line Items] |
|
|
|
Preferred Stock, Shares Authorized |
|
4,000,000
|
4,000,000
|
Subsequent Event [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Preferred Stock, Shares Authorized |
8,500,000
|
|
|
X |
- DefinitionThe maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
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- DefinitionDetail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.
+ References
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