Quarterly report pursuant to Section 13 or 15(d)

Prepaid Expenses

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Prepaid Expenses
6 Months Ended
Dec. 31, 2016
Prepaid Expenses [Abstract]  
PREPAID EXPENSES

NOTE 3 - PREPAID EXPENSES

 

Prepaid expenses consisted of the following (rounded to nearest $00):

 

    December 31, 
2016
    June 30, 
2016
 
Research and development   $ 14,700     $ 17,600  
Insurance     155,100       346,100  
Biotechnology tax credit receivable     232,000       231,900  
Legal     166,400       171,100  
Other     10,800       31,400  
                 
Total   $ 579,000     $ 798,100  

 

New York City allows investors and owners of merging technology companies focused on biotechnology to claim a tax credit against the General Corporation Tax and Unincorporated Business Tax for amounts paid or incurred for certain facilities, operations, and employee training in New York City. During the years ended June 30, 2016 and 2015, the Company obtained certificates of biotechnology tax credit from New York City of approximately $149,000 and $82,000, respectively.