Quarterly report pursuant to Section 13 or 15(d)

Other Receivable and Prepaid Expenses

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Other Receivable and Prepaid Expenses
3 Months Ended
Sep. 30, 2017
Other Receivable and Prepaid Expenses [Abstract]  
OTHER RECEIVABLE AND PREPAID EXPENSES

NOTE 3 - OTHER RECEIVABLE AND PREPAID EXPENSES

 

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. As of September 30, 2017 and June 30, 2017, the Company had other receivables of biotechnology tax credits from New York City of approximately $151,000 and $232,000 respectively.

 

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

 

    September 30, 
2017
    June 30, 
2017
 
Rent   $ 10,000     $ 3,300  
Research and development     7,200       9,600  
Insurance     250,000       344,000  
Legal     38,700       64,800  
Other     63,500       50,800  
                 
Total   $ 369,400     $ 472,500