Financials

v3.8.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2017
Jun. 30, 2017
Current assets:    
Cash and cash equivalents $ 4,684,567 $ 1,710,512
Other receivable 150,617 232,597
Lease payments receivable - short term 60,571 59,319
Prepaid expenses 369,377 472,489
Total current assets 5,265,132 2,474,917
Fixed assets, net of accumulated depreciation 4,358 2,315
Other assets 21,961 21,961
Lease payments receivable - long term 322,110 337,730
Total assets 5,613,561 2,836,923
Current liabilities:    
Accounts payable 350,542 529,558
Accrued expenses 407,307 394,558
Note payable 194,164 276,670
Derivative liabilities 2,518,011 175,853
Total current liabilities 3,470,024 1,376,639
Promissory notes payable, net of discount of $3,801,125 678,875
Total liabilities 4,148,899 1,376,639
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value, 200,000,000 shares authorized, no shares issued or outstanding
Common stock, $0.001 par value,100,000,000 shares authorized, 12,545,120 and 12,528,374 shares issued and outstanding, respectively 12,545 12,528
Additional paid-in capital 87,817,258 86,831,211
Accumulated deficit (86,365,141) (85,383,455)
Total stockholders' equity 1,464,662 1,460,284
Total liabilities and stockholders' equity 5,613,561 2,836,923
Class A convertible preferred stock    
Stockholders' equity:    
Preferred stock, $0.001 par value, 200,000,000 shares authorized, no shares issued or outstanding

Source

v3.8.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating expenses:    
Research and development $ 165,750 $ 364,152
General and administrative 815,106 1,252,444
Total Operating Expenses 980,856 1,616,596
Loss from Operations (980,856) (1,616,596)
Other income (expenses):    
Change in fair value of derivative liabilities (5,702) (80,043)
Interest income (expense), net 2,522 (851)
Other income 2,350 56,909
Total other income (expenses) (830) (23,985)
Net Loss $ (981,686) $ (1,640,581)
Net loss per common share - basic and diluted $ (0.08) $ (0.14)
Weighted average number of common shares outstanding - basic and diluted 12,532,840 12,035,335

Source

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net loss $ (981,686) $ (1,640,581)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 548 20,163
Stock-based compensation 68,870 172,064
Amortization of deferred financing costs 2,819
Change in fair value of derivative liabilities 5,702 80,043
Changes in operating assets and liabilities:    
Other receivable 81,980 (2,350)
Lease payment receivable 14,368
Prepaid expenses and other current assets 103,112 50,311
Accounts payable (232,510) (587,992)
Accrued expenses (42,251) (229,967)
Other long-term liabilities (6,178)
Net cash used in operating activities (979,048) (2,144,487)
Cash flows from investing activities    
Purchase of fixed assets (2,591) (24,827)
Net cash used in investing activities (2,591) (24,827)
Cash flows from financing activities    
Proceeds from promissory notes and warrants, net of fees 4,038,200
Principal payments of note payable (82,506) (109,234)
Net cash provided by (used in) financing activities 3,955,694 (109,234)
Net increase (decrease) in cash and cash equivalents 2,974,055 (2,278,548)
Cash and cash equivalents at beginning of the period 1,710,512 8,500,207
Cash and cash equivalents at end of the period 4,684,567 6,221,659
Cash paid during the period for:    
Income taxes
Interest 1,969 2,644
Non-cash investing and financing transactions:    
Issuances of common stock resulting from cashless exercise of warrants 17
Warrants issued to placement agent 75,577
Warrants issued to promissory note holders 841,617
Derivative associated with issuance of promissory notes 2,336,456
Debt issuance cost from accrued financing fees $ 108,494

Source