Financials

v3.10.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
Dec. 31, 2018
Jun. 30, 2018
Current assets:    
Cash and cash equivalents $ 2,426,751 $ 2,238,943
Other receivable 7,617
Lease payments receivable - short-term 67,235 64,486
Prepaid expenses 537,665 426,921
Total current assets 3,031,651 2,737,967
Fixed assets, net of accumulated depreciation 9,374 12,080
Other assets 18,908 24,788
Lease payments receivable - long-term 238,925 273,244
Total assets 3,298,858 3,048,079
Current liabilities:    
Accounts payable 358,892 765,439
Accrued expenses 1,390,547 659,455
Notes payable 114,738 285,170
Derivative liabilities 4,194,634
Total current liabilities 1,864,177 5,904,698
Promissory notes payable, net of discount of $0 and $4,548,543 2,656,457
Total liabilities 1,864,177 8,561,155
Commitments and contingencies
Stockholders' equity:    
Preferred stock value
Common stock, $0.001 par value,100,000,000 shares authorized, 29,764,210 and 12,549,870 shares issued and outstanding, respectively 29,764 12,550
Additional paid-in capital 106,258,627 88,818,681
Accumulated deficit (104,853,710) (94,344,307)
Total stockholders' equity (deficit) 1,434,681 (5,513,076)
Total liabilities and stockholders' equity (deficit) 3,298,858 3,048,079
Class A Convertible Preferred Stock    
Stockholders' equity:    
Preferred stock value

Source

v3.10.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Operating expenses:        
Research and development $ 1,257,418 $ 150,720 $ 2,678,900 $ 316,470
General and administrative 2,221,566 1,305,865 3,211,314 2,120,971
Total Operating Expenses 3,478,984 1,456,585 5,890,214 2,437,441
Loss from Operations (3,478,984) (1,456,585) (5,890,214) (2,437,441)
Other income (expenses):        
Change in fair value of derivative liabilities 263,907 341,106 (54,636) 335,404
Loss on extinguishment of debt (3,774,468)   (3,774,468)
Interest expense, net (139,765) (311,871) (790,087) (309,349)
Other income 2,350
Total other income (expenses) (3,650,326) 29,235 (4,619,189) 28,405
Net loss $ (7,129,310) $ (1,427,350) $ (10,509,403) $ (2,409,036)
Loss per common share - basic $ (0.28) $ (0.11) $ (0.55) $ (0.19)
Loss per common share - diluted $ (0.28) $ (0.11) $ (0.55) $ (0.19)
Weighted average number of common shares outstanding - basic and diluted 25,583,922 12,547,176 19,066,896 12,540,208

Source

v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities    
Net loss $ (10,509,403) $ (2,409,036)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 2,707 1,130
Stock-based compensation 415,844 202,908
Amortization of deferred financing costs 661,167 207,781
Change in fair value of derivative liabilities 54,636 (335,404)
Fair value of shares relinquished in litigation (394,410)
Loss on promissory note extinguishment 3,774,468
Changes in operating assets and liabilities:    
Other receivable 7,617 232,597
Other assets 5,880  
Lease payment receivable 31,570 29,040
Prepaid expenses (110,744) 232,043
Accounts payable (406,549) (321,995)
Accrued expenses 1,648,372 50,274
Net cash used in operating activities (4,818,845) (2,110,662)
Cash flows from investing activities    
Purchase of fixed assets (2,591)
Net cash used in investing activities (2,591)
Cash flows from financing activities    
Proceeds from promissory notes and warrants, net of fees 6,507,700
Principal payments of notes payable (170,432) (165,435)
Net proceeds from sale of units 5,177,085  
Net cash provided by financing activities 5,006,653 6,342,265
Net (decrease) increase in cash and cash equivalents 187,808 4,229,012
Cash and cash equivalents at beginning of the period 2,238,943 1,710,512
Cash and cash equivalents at end of the period 2,426,751 5,939,524
Cash paid during the period for:    
Income taxes
Interest 1,509 2,131
Non-cash investing and financing transactions:    
Issuances of common stock resulting from cashless exercise of warrants 17
Warrants issued to placement agent 200,658
Warrants issued to promissory note holders 1,266,344
Derivative associated with issuance of promissory notes 3,843,019
Debt issuance cost from accrued financing fees $ 127,757
Write-off of derivative liability due to adoption of ASU 2017-11 59,397  
Conversion of promissory notes and accrued interest to common stock $ 8,030,367  

Source