Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2022 | May 16, 2022 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Entity Registrant Name | NANOVIRICIDES, INC. | |
Entity File Number | 001-36081 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 76-0674577 | |
Entity Address, Address Line One | 1 Controls Drive | |
Entity Address, City or Town | Shelton | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06484 | |
City Area Code | 203 | |
Local Phone Number | 937-6137 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | NNVC | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 11,554,000 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001379006 | |
Current Fiscal Year End Date | --06-30 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 15,572,134 | $ 20,516,677 |
Prepaid expenses | 337,182 | 307,102 |
Deferred financing costs | 37,408 | |
Total current assets | 15,946,724 | 20,823,779 |
PROPERTY AND EQUIPMENT | ||
Property and equipment | 14,582,652 | 14,333,666 |
Accumulated depreciation | (5,777,932) | (5,248,765) |
Property and equipment, net | 8,804,720 | 9,084,901 |
TRADEMARK AND PATENTS | ||
Trademark and patents | 458,954 | 458,954 |
Accumulated amortization | (115,038) | (108,836) |
Trademark and patents, net | 343,916 | 350,118 |
OTHER ASSETS | ||
Service agreements | 45,702 | |
Security deposits | 3,515 | 3,515 |
Total other assets | 49,217 | 3,515 |
Total assets | 25,144,577 | 30,262,313 |
CURRENT LIABILITIES: | ||
Accounts payable | 122,987 | 200,016 |
Accounts payable - related party | 73,587 | 31,539 |
Loan payable | 164,905 | 95,306 |
Accrued expenses | 25,252 | 24,285 |
Total current liabilities | 386,731 | 351,146 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 11,554,476 and 11,515,170 shares issued and outstanding, at March 31, 2022 and June 30, 2021, respectively | 11,554 | 11,515 |
Additional paid-in capital | 145,457,987 | 144,284,593 |
Accumulated deficit | (120,712,179) | (114,385,313) |
Total stockholders' equity | 24,757,846 | 29,911,167 |
Total liabilities and stockholders' equity | 25,144,577 | 30,262,313 |
Series A Convertible Preferred Stock | ||
STOCKHOLDERS' EQUITY: | ||
Series A Convertible Preferred stock, $0.001 par value, 10,000,000 shares designated, 484,195 and 371,490 shares issued and outstanding, at March 31, 2022 and June 30, 2021, respectively | $ 484 | $ 372 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Jun. 30, 2021 |
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 | 11,554,476 | |
Common stock, shares, outstanding | 11,515,170 | |
Series A Convertible Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 484,195 | |
Preferred stock, shares outstanding | 484,195 | 371,490 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING EXPENSES | ||||
Research and development | $ 1,255,074 | $ 1,464,177 | $ 4,613,302 | $ 4,530,448 |
General and administrative | 532,801 | 643,358 | 1,707,514 | 2,139,392 |
Total operating expenses | 1,787,875 | 2,107,535 | 6,320,816 | 6,669,840 |
LOSS FROM OPERATIONS | (1,787,875) | (2,107,535) | (6,320,816) | (6,669,840) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (4,789) | (495) | (6,050) | (77,471) |
Loss on disposal of property and equipment | 0 | 0 | 0 | (2,026) |
Other (expense) income, net | (4,789) | (495) | (6,050) | (79,477) |
NET LOSS | $ (1,792,664) | $ (2,108,030) | $ (6,326,866) | $ (6,749,317) |
Net loss per common share | ||||
Net loss per common share- basic | $ (0.16) | $ (0.19) | $ (0.55) | $ (0.63) |
Net loss per common share- diluted | $ (0.16) | $ (0.19) | $ (0.55) | $ (0.63) |
Weighted average common shares | ||||
Weighted average common shares outstanding- basic | 11,540,926 | 10,953,052 | 11,527,069 | 10,700,405 |
Weighted average common shares outstanding- diluted | 11,540,926 | 10,953,052 | 11,527,069 | 10,700,405 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Jun. 30, 2020 | $ 369 | $ 9,083 | $ 127,311,634 | $ (105,563,124) | $ 21,757,962 |
Balance (in shares) at Jun. 30, 2020 | 368,602 | 9,083,414 | |||
Series A Preferred Stock issued for employee stock compensation | 53,098 | 53,098 | |||
Series A Preferred Stock issued for employee stock compensation (in shares) | 387 | ||||
Common stock issued for consulting and legal services rendered | $ 5 | 26,995 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 5,135 | ||||
Net proceeds from issuance of common stock in connection with equity financing | $ 1,576 | 10,440,640 | 10,442,216 | ||
Net proceeds from issuance of common stock in connection with equity financing (in shares) | 1,575,342 | ||||
Warrants issued to Scientific Advisory Board | 1,986 | 1,986 | |||
Common shares issued for Directors fees | $ 2 | 11,248 | 11,250 | ||
Common shares issued for Directors fees (in shares) | 2,040 | ||||
Net loss | (2,311,233) | (2,311,233) | |||
Balance at Sep. 30, 2020 | $ 369 | $ 10,666 | 137,845,601 | (107,874,357) | 29,982,279 |
Balance (in shares) at Sep. 30, 2020 | 368,989 | 10,665,931 | |||
Balance at Jun. 30, 2020 | $ 369 | $ 9,083 | 127,311,634 | (105,563,124) | 21,757,962 |
Balance (in shares) at Jun. 30, 2020 | 368,602 | 9,083,414 | |||
Net loss | (6,749,317) | ||||
Balance at Mar. 31, 2021 | $ 371 | $ 11,505 | 144,190,346 | (112,312,441) | 31,889,781 |
Balance (in shares) at Mar. 31, 2021 | 371,103 | 11,504,693 | |||
Balance at Sep. 30, 2020 | $ 369 | $ 10,666 | 137,845,601 | (107,874,357) | 29,982,279 |
Balance (in shares) at Sep. 30, 2020 | 368,989 | 10,665,931 | |||
Series A Preferred Stock issued for employee stock compensation | 50,602 | 50,602 | |||
Series A Preferred Stock issued for employee stock compensation (in shares) | 387 | ||||
Common stock issued for consulting and legal services rendered | $ 7 | 26,993 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 7,411 | ||||
Warrants issued to Scientific Advisory Board | 1,215 | 1,215 | |||
Common shares issued for Directors fees | $ 4 | 14,996 | 15,000 | ||
Common shares issued for Directors fees (in shares) | 4,106 | ||||
Net loss | (2,330,054) | (2,330,054) | |||
Balance at Dec. 31, 2020 | $ 369 | $ 10,677 | 137,939,407 | (110,204,411) | 27,746,042 |
Balance (in shares) at Dec. 31, 2020 | 369,376 | 10,677,448 | |||
Series A Preferred Stock issued for employee stock compensation | $ 2 | 71,498 | 71,500 | ||
Series A Preferred Stock issued for employee stock compensation (in shares) | 1,727 | ||||
Common stock issued for consulting and legal services rendered | $ 6 | 26,994 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 6,131 | ||||
Net proceeds from issuance of common stock in connection with equity financing | $ 815 | 6,120,666 | 6,121,481 | ||
Net proceeds from issuance of common stock in connection with equity financing (in shares) | 814,242 | ||||
Warrants issued to Scientific Advisory Board | 1,750 | 1,750 | |||
Common stock issued for employee compensation | $ 4 | 15,034 | 15,038 | ||
Common stock issued for employee compensation (in shares) | 3,572 | ||||
Common shares issued for Directors fees | $ 3 | 14,997 | 15,000 | ||
Common shares issued for Directors fees (in shares) | 3,300 | ||||
Net loss | (2,108,030) | (2,108,030) | |||
Balance at Mar. 31, 2021 | $ 371 | $ 11,505 | 144,190,346 | (112,312,441) | 31,889,781 |
Balance (in shares) at Mar. 31, 2021 | 371,103 | 11,504,693 | |||
Balance at Jun. 30, 2021 | $ 372 | $ 11,515 | 144,284,593 | (114,385,313) | 29,911,167 |
Balance (in shares) at Jun. 30, 2021 | 371,490 | 11,515,170 | |||
Series A Preferred Stock issued for employee stock compensation | $ 10 | $ 0 | 32,880 | 0 | 32,890 |
Series A Preferred Stock issued for employee stock compensation (in shares) | 10,591 | 0 | |||
Series A preferred stock issued for license agreement | $ 100 | 934,988 | 935,088 | ||
Series A preferred stock issued for license agreement (in shares) | 100,000 | ||||
Common stock issued for consulting and legal services rendered | $ 6 | 26,994 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 6,509 | ||||
Warrants issued to Scientific Advisory Board | 1,352 | 1,352 | |||
Common shares issued for Directors fees | $ 4 | 14,996 | 15,000 | ||
Common shares issued for Directors fees (in shares) | 3,524 | ||||
Net loss | (2,613,068) | (2,613,068) | |||
Balance at Sep. 30, 2021 | $ 482 | $ 11,525 | 145,295,803 | (116,998,381) | 28,309,429 |
Balance (in shares) at Sep. 30, 2021 | 482,081 | 11,525,203 | |||
Balance at Jun. 30, 2021 | $ 372 | $ 11,515 | 144,284,593 | (114,385,313) | 29,911,167 |
Balance (in shares) at Jun. 30, 2021 | 371,490 | 11,515,170 | |||
Net loss | (6,326,866) | ||||
Balance at Mar. 31, 2022 | $ 484 | $ 11,554 | 145,457,987 | (120,712,179) | 24,757,846 |
Balance (in shares) at Mar. 31, 2022 | 484,195 | 11,554,476 | |||
Balance at Sep. 30, 2021 | $ 482 | $ 11,525 | 145,295,803 | (116,998,381) | 28,309,429 |
Balance (in shares) at Sep. 30, 2021 | 482,081 | 11,525,203 | |||
Series A preferred stock issued for license agreement | 33,367 | 33,367 | |||
Series A preferred stock issued for license agreement (in shares) | 387 | ||||
Common stock issued for consulting and legal services rendered | $ 6 | 26,994 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 5,993 | ||||
Warrants issued to Scientific Advisory Board | 1,644 | 1,644 | |||
Common shares issued for Directors fees | $ 3 | 14,997 | 15,000 | ||
Common shares issued for Directors fees (in shares) | 3,288 | ||||
Net loss | (1,921,134) | (1,921,134) | |||
Balance at Dec. 31, 2021 | $ 482 | $ 11,534 | 145,372,805 | (118,919,515) | 26,465,306 |
Balance (in shares) at Dec. 31, 2021 | 482,468 | 11,534,484 | |||
Series A Preferred Stock issued for employee stock compensation | $ 2 | 39,399 | 39,401 | ||
Series A Preferred Stock issued for employee stock compensation (in shares) | 1,727 | ||||
Common stock issued for consulting and legal services rendered | $ 12 | 26,988 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 11,632 | ||||
Warrants issued to Scientific Advisory Board | 785 | 785 | |||
Common stock issued for employee compensation | $ 3 | 6,765 | 6,768 | ||
Common stock issued for employee compensation (in shares) | 3,572 | ||||
Common shares issued for Directors fees | $ 5 | 11,245 | 11,250 | ||
Common shares issued for Directors fees (in shares) | 4,788 | ||||
Net loss | (1,792,664) | (1,792,664) | |||
Balance at Mar. 31, 2022 | $ 484 | $ 11,554 | $ 145,457,987 | $ (120,712,179) | $ 24,757,846 |
Balance (in shares) at Mar. 31, 2022 | 484,195 | 11,554,476 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (6,326,866) | $ (6,749,317) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Preferred shares issued as compensation | 105,658 | 175,200 |
Preferred shares issued pursuant to license agreement | 935,088 | 0 |
Common shares issued as compensation and for services | 129,018 | 137,288 |
Warrants granted to Scientific Advisory Board | 3,781 | 4,951 |
Depreciation | 529,167 | 522,172 |
Amortization of loan origination fees | 0 | 18,013 |
Amortization | 6,202 | 6,202 |
Loss on disposal of property and equipment | 0 | 2,026 |
Write-off of deferred financing costs | 0 | 12,190 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 204,118 | 180,988 |
Other assets | (45,702) | 10,158 |
Accounts payable | (77,029) | (282,492) |
Accounts payable - related party | 42,048 | 21,495 |
Accrued expenses | 967 | (45,012) |
NET CASH USED IN OPERATING ACTIVITIES | (4,493,550) | (5,986,138) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (248,986) | (154,122) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net proceeds from issuance of common stock and warrants | 0 | 16,563,697 |
Payment of note payable - related party | 0 | (1,100,000) |
Deferred financing costs | (37,408) | 0 |
Payment of loan payable | (164,599) | (132,513) |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (202,007) | 15,331,184 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (4,944,543) | 9,190,924 |
Cash and cash equivalents at beginning of period | 20,516,677 | 13,708,594 |
Cash and cash equivalents at end of period | 15,572,134 | 22,899,518 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Interest paid | 3,488 | 3,171 |
Non-Cash Financing and Investing Activities: | ||
Directors and Officers Insurance financed through loan | $ 234,198 | $ 235,476 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Mar. 31, 2022 | |
Organization and Nature of Business | |
Organization and Nature of Business | Note 1 – Organization and Nature of Business NanoViricides, Inc. (the “Company”) is a nano-biopharmaceutical research and development company specializing in the discovery, development, and commercialization of drugs to combat viral infections using its unique and novel nanomedicines technology. NanoViricides is also 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 the Company develops, as well as for production scale-up, and c-GMP-like production in quantities needed for human clinical trials, where the Company’s design, development, and production work is performed. The biological studies such as the effectiveness, safety, bio-distribution and Pharmacokinetics/Pharmacodynamics on the Company’s drug candidates are performed by external collaborators and contract organizations. The Company has several drugs in various stages of early development. COVID-19 has become the Company’s lead drug program due to the necessity of responding to the pandemic. The Company began development of a drug to treat COVID-19 patients just as the cases of the novel disease were being reported from China. The Company’s drug candidates for COVID-19 successfully entered core safety pharmacology studies required prior to any human clinical trials around October/November, 2020. The studies were completed in January and February 2021, and the Company had received, at that time, draft reports from the external Contract Research Organization (CRO). The final quality audited reports on these studies have been signed and released to the Company. These cGLP core safety pharmacology reports are required for an Investigational New Drug (IND) Application. The Company is currently working on a pre-IND application to the US Food and Drug Administration (FDA) to seek guidance for an IND. The Company is also involved with tasks needed for setting up and executing human clinical trials for the Company’s COVID-19 drug candidates, including selection of a Clinical Trial Contract Research Organization. In addition to the FDA, the Company is also seeking to obtain regulatory approvals from other international bodies in order to perform the clinical trials in countries other than the USA. The Company cannot provide a timeline at this point because of external dependencies in the filing of regulatory applications, their approval(s) and beginning of clinical trials. There are 15 COVID-19 drugs that have received Emergency Use Authorization (EUA) and one drug that has received full approval (remdesivir) from the FDA (https://www.fda.gov/drugs/coronavirus-covid-19-drugs/coronavirus-treatment-acceleration-program-ctap#dashboard). In addition, there are at least three vaccines licensed in the USA and several more are in use internationally. Apart from remdesivir and antibodies, there are very few drugs with direct antiviral effect that have EUA or are in clinical trials. Internationally, virus variants have continued to emerge with resistance to drugs and vaccines. Scientists believe it is only a matter of time before resistant variants against existing vaccines and therapeutics become commonplace. Thus the need for therapeutics that the virus would not escape by mutations, such as the broad-spectrum, pan-coronavirus nanoviricides drug candidates, remains unmet. Additionally, specific populations such as immune-compromised persons, HIV-positive persons, and others would require therapeutics even if they are fully vaccinated, as the weak immune system in these populations limits the ability of vaccines to protect from COVID-19 infection and disease. The Company plans on re-engaging its other lead antiviral program against herpes viruses, i.e. the HerpeCide™ program, as soon as it becomes feasible to conduct the corresponding antiviral human clinical studies. In the HerpeCide program alone, the Company has drug candidates against at least five indications at different stages of development. Of these, the Company is advancing the shingles drug candidate towards human clinical trials. The IND-enabling Safety/Toxicology studies required for doing so have been completed and the Company was in the process of preparing an IND application for this drug candidate when the SRAS-CoV-2 virus struck, whereupon management pivoted its efforts to respond to the threat of what has now become the COVID-19 pandemic. In addition, the Company’s drug candidates against HSV-1 “cold sores” and HSV-2 “genital herpes” are in advanced studies and are expected to follow the shingles drug candidate into human clinical trials. Shingles in adults and chicken pox in children is caused by the same virus, namely VZV (Varicella-zoster virus, aka HHV-3 or human herpesvirus-3). There are estimated to be approximately 120,000-150,000 annual chickenpox cases in the USA in the post-vaccination-era, i.e. since childhood vaccination with the live attenuated varicella virus Oka strain has become standard. In addition, the Company has drugs in development against all influenzas in our FluCide™ program, as well as drug candidates against HIV/AIDS, Dengue, Ebola/Marburg, and other viruses. The Company’s drugs are based on several patents, patent applications, provisional patent applications, and other proprietary intellectual property held by TheraCour Pharma, Inc. (“TheraCour”), to which the Company has broad, exclusive licenses. The first license agreement the Company executed with TheraCour on September 1, 2005 (“Exclusive License Agreement”), gave the Company an exclusive, worldwide license for the treatment of the following human viral diseases: Human Immunodeficiency 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 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. In addition, on November 1, 2019, the Company entered into a world-wide, exclusive, sub-licensable, license (“VZV License Agreement”) to use, promote, offer for sale, import, export, sell and distribute drugs that treat VZV infections, using TheraCour’s proprietary as well as patented technology and intellectual property. The discovery of ligands and polymer materials as well as formulations, the chemistry and chemical characterization, as well as process development and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. Upon commercialization, NanoViricides will pay 15% of net sales to TheraCour, as defined in the agreement. The Company was not required to make any upfront payments to TheraCour and agreed to the following milestone payments to TheraCour; the issuance of 75,000 shares of the Company’s Series A preferred stock upon the grant of an IND Application; $1,500,000 in cash upon completion of Phase I Clinical Trials; $2,500,000 in cash upon completion of Phase II clinical trials; and $5,000,000 in cash upon completion of Phase III clinical trials. On September 9, 2021, the Company entered into a world-wide, exclusive, sub-licensable, license (“Covid-19 License Agreement”) to use, promote, offer for sale, import, export, sell and distribute drugs that treat Covid-19 infections, using TheraCour’s proprietary as well as patented technology and intellectual property. The discovery of ligands and polymer materials as well as formulations, the chemistry and chemical characterization, as well as process development and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. Upon commercialization, NanoViricides will pay 15% of net sales to TheraCour, as defined in the agreement. The Company was not required to make any upfront cash payments to TheraCour and agreed to the following milestone payments to TheraCour: (i) the issuance of 100,000 shares of the Company’s Series A preferred stock within 30 days upon execution of this agreement; (ii) the issuance of 50,000 shares of the Company’s Series A preferred stock upon the approval of the Company's IND Application or its equivalent by a competent regulatory authority; (iii) $1,500,000 upon initiation of Phase I clinical trials, or its equivalent, for at least one licensed product within-the field on, or before, three (3) months from the date of the authority’s acceptance of the IND, or its equivalent; (iv) $2,000,000 in cash upon completion of Phase 1 clinical trials; (v) $2,500,000 in cash upon completion of Phase IIA clinical trials, or, its equivalent; (vi) the issuance of 100,000 shares of the Company’s Series A preferred stock upon the initiation of Phase 3 clinical trials, or, its equivalent, for at least one licensed product within the field; and (vii) $5,000,000 in cash, or 500,000 shares of the Company’s Series A preferred stock upon completion of Phase III clinical trials, or its equivalent. Upon commercialization, NanoViricides will pay 15% of net sales to TheraCour, as defined in the agreement. |
Liquidity
Liquidity | 9 Months Ended |
Mar. 31, 2022 | |
Liquidity | |
Liquidity | Note 2 - Liquidity The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets and liquidation of liabilities in the normal course of business. As reflected in the financial statements, the Company has an accumulated deficit at March 31, 2022 of approximately $121 million and a net loss of approximately $6.3 million and net cash used in operating activities of approximately $4.5 million for the nine months then ended. In addition, the Company has not generated any revenues and no Since the onset of the COVID-19 pandemic, the Company has focused its efforts primarily on a single lead program to minimize cost outlays, namely, taking the COVID-19 drug candidate against SARS-CoV-2 into human clinical trials. The prior lead program for a shingles drug will follow the COVID-19 drug program. On July 31, 2020, the Company entered into an At Market Issuance Sales Agreement (an “ATM”) with B. Riley Securities, Inc. and Kingswood Capital Markets, pursuant to which the Company may offer and sell, from time to time, shares of common stock, having an aggregate offering price of up to $50 million. On March 2, 2021 the Company sold 814,242 shares of common stock at an average price of $7.83 under the Sales Agreement with B. Riley Securities, Inc. The net proceeds to the Company from the offering was approximately $6.1 million after deducting underwriting discounts and commissions and other offering expenses. The Company believes that it has several important milestones that it will be achieving in the ensuing year. Management believes that as it achieves these milestones, the Company’s ability to raise additional funds in the public markets would be enhanced. The Company has not experienced a direct financial adverse impact of the effects of the COVID-19 pandemic. However, the pandemic required the Company to reorganize its priorities, because of the impact on the ability to conduct antiviral drug trials for the Company’s then lead program for shingles drug treatment. While clinical trials were in general adversely affected, the ability to enroll patients into the shingles antiviral drug clinical trial with the desired inclusion criteria became limited due to the widespread coronavirus infection. The shingles clinical trial design and conduct would also become more complex. The emergence of widespread health emergencies due to COVID-19 have led to regional quarantines, shutdowns, shortages, disruptions of supply chains, and economic instability. The impact of COVID-19 on the financial markets and the overall economy are highly uncertain and cannot be predicted at this time. Though the Company has not experienced a direct financial impact, if the financial markets and/or the overall economy are impacted for an extended period, the Company’s ability to raise funds, in the future, may be materially adversely affected. Management believes that the Company’s existing resources will be sufficient to fund the Company’s planned operations and expenditures through May 15, 2023. However, the Company cannot provide assurance that its plans will not change or that changed circumstances will not result in the depletion of its capital resources more rapidly than it currently anticipates. The Company will need to raise additional capital to fund its long-term operations and research and development plans including human clinical trials for its various drug candidates until it generates revenue which reaches a level sufficient to provide self-sustaining cash flows. The accompanying financial statements do not include any adjustments that may result from the outcome of such unidentified uncertainties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 3 - 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) that 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 the Company’s audited financial statements and related notes included in the Company’s Form 10-K for the fiscal year ended June 30, 2021 filed with the SEC on October 12, 2021. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021 filed on October 12, 2021. Net Loss per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net 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 and convertible preferred stock. The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation, as they were anti-dilutive: Potentially Outstanding Dilutive Common Shares For the For the Nine Months Nine Months Ended Ended March 31, 2022 March 31, 2021 Options — 5,000 Warrants 9,146 9,146 Total potentially outstanding dilutive common shares 9,146 14,146 The Company has 484,195 shares of Series A preferred stock outstanding as of March 31, 2022. 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 of the Company or the Company’s intellectual property. 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 March 31, 2022, the number of potentially dilutive shares of the Company’s common stock into which these Series A preferred shares can be converted into is 1,694,683, and is not included in diluted earnings per share since the shares are contingently convertible only upon a change of control. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions | |
Related Party Transactions | Note 4 - Related Party Transactions Related Parties Related parties with whom the Company had transactions are: Related Parties Relationship Dr. Anil R. Diwan Chairman, President, CEO, significant stockholder and Director TheraCour Pharma, Inc. (“TheraCour”) An entity owned and controlled by Dr. Anil R. Diwan For the three months ended For the nine months ended March 31, March 31, March 31, March 31, 2022 2021 2022 2021 Property and Equipment During the reporting period, TheraCour acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company $ 39,324 $ 84,466 $ 120,041 $ 87,026 As of March 31, June 30, 2022 2021 Account Payable – Related Party Pursuant to an Exclusive License Agreement with TheraCour, the Company was granted exclusive licenses for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour. In consideration for obtaining these exclusive licenses, the Company agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of certain direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) the Company will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on the Company’s behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour and; (4) to pay an advance payment equal to twice the amount of the previous months invoice to be applied as a prepayment towards expenses. Accounts payable due TheraCour at March 31, 2022 and June 30, 2021 was $564,587 and $522,539, respectively, which include $200,000 of deferred accounts payable due to TheraCour which is scheduled to be paid in May, 2022 and which was further offset by a two month advance (see above) of $491,000. $ 73,587 $ 31,539 For the three months ended For the nine months ended March 31, March 31, March 31, March 31, 2022 2021 2022 2021 Research and Development Costs Paid to Related Party Development fees and other costs charged by and paid to TheraCour pursuant to the 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 March 31, 2022 and June 30, 2021 $ 587,239 $ 706,537 $ 1,754,143 $ 1,961,603 License Milestone Fee – Related Party On September 9, 2021, the Company entered into a COVID-19 License Agreement to use, promote, offer for sale, import, export, sell and distribute drugs that treat Covid-19 infections, using TheraCour’s proprietary as well as patented technology and intellectual property. Pursuant to such license agreement, the Board of Directors authorized the issuance of 100,000 fully vested shares of the Company’s Series A preferred stock as a license milestone payment and recorded an expense to Research and Development of $0 and $935,088 for the three and nine months ended March 31, 2022, respectively. Mortgage Note Payable - Related Party On December 16, 2019, the Company entered into an Open End Mortgage Note (the “Note”) with Dr. Anil Diwan, the Company’s founder, Chairman, President and CEO, to loan the Company up to $2,000,000 in two tranches of $1,000,000 (the “Loan”). The Note was paid off on December 31, 2020. The Note bore interest at the rate of 12% per annum and was secured by a mortgage granted against the Company’s headquarters. Dr. Anil Diwan received 10,000 shares of the Company’s Series A preferred stock as a loan origination fee which was amortized over the one year term of the loan using the effective interest method. The fair value of the 10,000 shares of the Company’s Series A preferred stock when issued on December 16, 2019 was $39,301. The Series A preferred stock fair value is based on the converted value of the Series A preferred stock to common at a ratio of 1:3.5. Amortization expense on the loan origination fee for the three and nine months ended March 31, 2021 was $0 and $18,013 respectively. The Company had drawn down $1.1 million of this loan. Interest was payable only on the amount drawn down. The lender had escrowed $132,000 of interest payable pursuant to the Loan. For the three and nine months ended March 31, 2021, the Company incurred interest expense of $0 and $62,773, respectively. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Mar. 31, 2022 | |
Property and Equipment | |
Property and Equipment | Note 5 - Property and Equipment Property and equipment, stated at cost, less accumulated depreciation consisted of the following: March 31, June 30, 2022 2021 GMP Facility $ 8,149,416 $ 8,020,471 Land 260,000 260,000 Office Equipment 57,781 57,781 Furniture and Fixtures 5,607 5,607 Lab Equipment 6,109,848 5,989,807 Total Property and Equipment 14,582,652 14,333,666 Less Accumulated Depreciation (5,777,932) (5,248,765) Property and Equipment, Net $ 8,804,720 $ 9,084,901 Depreciation expense for the three months ended March 31, 2022 and 2021 was $179,492 and $174,076, respectively, and for the nine months ended March 31, 2022 and 2021 were $529,167 and $522,172, respectively. |
Trademark and Patents
Trademark and Patents | 9 Months Ended |
Mar. 31, 2022 | |
Trademarks and Patents | |
Trademarks and Patents | Note 6 - Trademark and Patents Trademark and patents, stated at cost, less accumulated amortization consisted of the following: December 31, June 30, 2021 2021 Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (115,038) (108,836) Trademarks and Patents, Net $ 343,916 $ 350,118 Amortization expense amounted to approximately $2,067 and $2,067 for the three months ended March 31, 2022 and 2021, respectively, and for the nine months ended March 31, 2022 and 2021 were approximately $6,202 and $6,202, respectively. |
Loan Payable
Loan Payable | 9 Months Ended |
Mar. 31, 2022 | |
Loan Payable | |
Loan Payable | Note 7 – Loan Payable The Company financed its Directors and Officers liability insurance policies through BankDirect for the periods January 1, 2022 to December 31, 2022, and January 1, 2021 to December 31, 2021. The original loan balances as of January 1, 2022, and January 1, 2021 was $234,198 , and $235,476 , respectively, payable at the rate of $23,932 and $24,062 monthly including interest at an annual rate of 4.74% and 5% respectively, through October of each year. At March 31, 2022 and June 30, 2021, the loan balance was $164,905, and $95,306 , respectively. For the three and nine months ended March 31, 2022, the Company incurred interest expense of $2,502 and $3,445 , respectively. For the three and nine months ended March 31, 2021, the Company incurred interest expense of $2,516 and $3,282 , respectively. |
Equity Transactions
Equity Transactions | 9 Months Ended |
Mar. 31, 2022 | |
Equity Transactions | |
Equity Transactions | Note 8 - Equity Transactions On September 9, 2021, the Company entered into a COVID-19 License Agreement to use, promote, offer for sale, import, export, sell and distribute drugs that treat Covid-19 infections, using TheraCour’s proprietary as well as patented technology and intellectual property. Pursuant to such license agreement, the Board of Directors authorized the issuance of 100,000 fully vested shares of the Company’s Series A preferred stock as a license milestone payment and recorded an expense of $0 and $935,088 for the three and nine months ended March 31, 2022. On September 14, 2021, the Board of Directors and Dr. Anil Diwan, President and Chairman of the Board agreed to the extension of Dr. Diwan’s employment agreement for a period of one year from July 1, 2021 through June 30, 2022 under the same general terms and conditions. The Company granted Dr. Diwan an award of 10,204 shares of the Company’s Series A preferred stock. The shares shall be vested in quarterly installments of 2,551 shares on September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022 and are subject to forfeiture. The Company recognized non-cash compensation expense related to the issuance of the Series A preferred stock of $27,246 and $81,738 for the three and nine months ended March 31, 2022, respectively. The balance of $27,244 will be recognized as the remaining 2,551 shares vest and service is rendered for the year ended June 30, 2022. For the three and nine months ended March 31, 2022, the Company’s Board of Directors authorized the issuance of 1,727 and 2,501, respectively of fully vested shares of its Series A preferred stock for employee compensation. The Company recorded expense of $12,155 and $23,920, respectively for the three and nine months ended March 31, 2022 related to these issuances. The fair value of the Series A preferred stock was the following for the dates indicated: Date Shares Value 07/31/2021 10,333 $ 111,012 08/31/2021 129 1,718 09/30/2021 100,129 936,984 10/31/2021 129 2,166 11/30/2021 129 1,895 12/31/2021 129 2,060 01/31/2022 129 1,336 02/28/2022 129 1,008 03/01/2022 1,340 8,888 03/31/2022 129 923 112,705 $ 1,067,990 There is currently no market for the shares of Series A preferred stock and they can only be converted into shares of common stock upon a change of control of the Company as more fully described in the Certificate of Designation. The Company, therefore, estimated the fair value of the Series A preferred stock granted to various employees and others on the date of grant. The conversion of the shares is triggered by a change of control. The valuations of the Series A Convertible preferred stock at each issuance used the following inputs: a. The common stock price for the nine months ended March 31, 2022 was in the range $1.67 to $7.86 . Series A preferred stock issued to employees as compensation, were valued at the common stock price on the date of issuance multiplied by the conversion rate of 3.5. b. The conversion value is based on an assumption, for calculation purposes only, of a change in control in 3.5 years from the date of issuance. c. 32.2% discount for lack of marketability (based upon a call put analysis): 144.7% to 149.1% historical volatility, 0.57% to 0.51% risk free rate applied to the converted common stock. During the nine months ended March 31, 2022, the Scientific Advisory Board was granted in August 2021 fully vested warrants to purchase 572 shares of common stock with an exercise price of $4.65 per share expiring in August 2025, in November 2021 fully vested warrants to purchase 572 shares of common stock with an exercise price of $5.92 per share expiring in November 2025, and in February 2022 fully vested warrants to purchase 572 shares of common stock with an exercise price of $2.69 per share expiring in February 2026. The fair value of the warrants was $785 for the three months ended March 31, 2022 and $3,781 for the nine months ended March 31, 2022 and was recorded as consulting expense. 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 Expected life (year) 4 Expected volatility 86.0-91.4 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 0.615-1.870 % For the three and nine months ended March 31, 2022, the Company’s Board of Directors authorized the issuance of 11,632 and 24,134, respectively, fully vested shares of its common stock with a restrictive legend for consulting services. The Company recorded expense of $27,000 and $81,000, respectively, for the three and nine months ended March 31, 2022, which is reflective of the fair value on the dates of issuance. For the three and nine months ended March 31, 2022, the Company’s Board of Directors authorized the issuance of 4,788 and 11,600, respectively, fully vested shares of its common stock with a restrictive legend for director services. The Company recorded an expense of $11,250 and $41,250 for the three and nine months ended March 31, 2022, which is reflective of the fair value on the dates of issuance. For both the three and nine months ended March 31, 2022, the Company’s Board of Directors authorized the issuance of 3,572 of fully vested shares of its common stock for employee compensation. The Company recorded an expense of $6,768 for both the three and nine months ended March 31, 2022 which was the fair value on the date of issuance. |
Stock Warrants and Options
Stock Warrants and Options | 9 Months Ended |
Mar. 31, 2022 | |
Stock Warrants and Options | |
Stock Warrants and Options | Note 9 - Stock Warrants and Options Stock Warrants Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Stock Warrants Shares ($) (years) ($) Outstanding and exercisable at June 30, 2021 9,146 $ 10.80 2.00 $ 1,943 Granted 1,716 4.42 3.63 — Expired (1,716) 25.93 — — Outstanding and exercisable at March 31, 2022 9,146 $ 6.77 1.93 $ — Of the above warrants 572 expire in fiscal year ending June 30, 2022, 2,286 expire in fiscal year ending June 30, 2023, 2,286 warrants expire in the fiscal year ending June 30, 2024, 2,286 warrants expire in the fiscal year ending June 30, 2025, and 1,716 warrants expire in the fiscal year ending June 30, 2026. Stock Options Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Stock Options Shares ($) (years) ($) Outstanding and exercisable at June 30, 2021 5,000 $ 10.00 .16 $ — Granted — — — — Expired 5,000 10.00 — — Outstanding and exercisable at March 31, 2022 — — — — The options expired on August 31, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 10 - Commitments and Contingencies Legal Proceedings There are no pending 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. Employment Agreements The Company and Dr. Diwan, President and Chairman of the Board of Directors, entered into an extension of employment agreement effective July 1, 2018 for a term of three years. Dr. Diwan’s will be paid an annual base salary of $400,000. Additionally, Dr. Diwan was awarded a grant of 26,250 shares of the Company’s Series A preferred stock. 8,750 shares vested equally on June 30, 2019, 2020 2021 On March 3, 2010, the Company entered into an employment agreement with Dr. Jayant Tatake to serve as Vice President of Research and Development. The employment agreement provides for a term of four years with a base salary of $150,000. In addition, the Company issued 1,340 shares of Series A preferred stock and 1,786 shares of common stock upon entering into the agreement, and will issue an additional 1,340 shares of Series A preferred stock and 1,786 shares of common stock on each anniversary date of the agreement. The shares of Series A preferred stock were issued in recognition of Dr. Tatake’s work towards the achievement of several patents by the Company. The Compensation Committee of the Board of Directors has extended the current provisions of the employment agreement pending its review of current industry compensation arrangements and employment agreements. On March 3, 2010, the Company entered into an employment agreement with Dr. Randall Barton to serve as Chief Scientific Officer. The employment agreement provided for a term of four years with a base salary of $150,000. In addition, the Company issued 1,786 shares of common stock upon entering into the agreement, and will issue an additional 1,786 shares of common stock on each anniversary date of the agreement. The Compensation Committee of the Board of Directors has extended the current provisions of the employment agreement pending its review of current industry compensation arrangements and employment agreements. On May 30, 2013, the Company entered into an employment agreement with Meeta Vyas, wife of the Company’s President and Chairman of the Board, to serve as its Chief Financial Officer. The employment agreement provided for a term of three years with a base salary of $9,000 per month and 129 shares of Series A preferred stock, also on a monthly basis. On January 1, 2015, her cash compensation was increased to $10,800 per month. The agreement is renewable on an annual basis. The Compensation Committee of the Board of Directors has extended the current provisions of the employment agreement pending its review of current industry compensation arrangements and employment agreements. License Agreements The Company is dependent upon its license agreements with TheraCour (See Notes 1 and 4). If the Company lost the right to utilize any of the proprietary information that is the subject of the TheraCour license agreement on which it depends, the Company will incur substantial delays and costs in development of its drug candidates. On November 1, 2019, the Company entered into a VZV License Agreement with TheraCour for an exclusive license for the Company to use, promote, offer for sale, import, export, sell and distribute products for the treatment of VZV derived indications. Process development and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. On September 9, 2021, the Company entered into a Covid-19 License Agreement to use, promote, offer for sale, import, export, sell and distribute drugs that treat Covid-19 infections, using TheraCour’s proprietary as well as patented technology and intellectual property. The discovery of ligands and polymer materials as well as formulations, the chemistry and chemical characterization, as well as process development and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies | |
Basis of Presentation - Interim Financial Information | 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) that 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 the Company’s audited financial statements and related notes included in the Company’s Form 10-K for the fiscal year ended June 30, 2021 filed with the SEC on October 12, 2021. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021 filed on October 12, 2021. |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net 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 and convertible preferred stock. The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation, as they were anti-dilutive: Potentially Outstanding Dilutive Common Shares For the For the Nine Months Nine Months Ended Ended March 31, 2022 March 31, 2021 Options — 5,000 Warrants 9,146 9,146 Total potentially outstanding dilutive common shares 9,146 14,146 The Company has 484,195 shares of Series A preferred stock outstanding as of March 31, 2022. 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 of the Company or the Company’s intellectual property. 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 March 31, 2022, the number of potentially dilutive shares of the Company’s common stock into which these Series A preferred shares can be converted into is 1,694,683, and is not included in diluted earnings per share since the shares are contingently convertible only upon a change of control. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies | |
Schedule of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation | The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation, as they were anti-dilutive: Potentially Outstanding Dilutive Common Shares For the For the Nine Months Nine Months Ended Ended March 31, 2022 March 31, 2021 Options — 5,000 Warrants 9,146 9,146 Total potentially outstanding dilutive common shares 9,146 14,146 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions | |
Summary of related parties | Related Parties Relationship Dr. Anil R. Diwan Chairman, President, CEO, significant stockholder and Director TheraCour Pharma, Inc. (“TheraCour”) An entity owned and controlled by Dr. Anil R. Diwan For the three months ended For the nine months ended March 31, March 31, March 31, March 31, 2022 2021 2022 2021 Property and Equipment During the reporting period, TheraCour acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company $ 39,324 $ 84,466 $ 120,041 $ 87,026 As of March 31, June 30, 2022 2021 Account Payable – Related Party Pursuant to an Exclusive License Agreement with TheraCour, the Company was granted exclusive licenses for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour. In consideration for obtaining these exclusive licenses, the Company agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of certain direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) the Company will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on the Company’s behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour and; (4) to pay an advance payment equal to twice the amount of the previous months invoice to be applied as a prepayment towards expenses. Accounts payable due TheraCour at March 31, 2022 and June 30, 2021 was $564,587 and $522,539, respectively, which include $200,000 of deferred accounts payable due to TheraCour which is scheduled to be paid in May, 2022 and which was further offset by a two month advance (see above) of $491,000. $ 73,587 $ 31,539 For the three months ended For the nine months ended March 31, March 31, March 31, March 31, 2022 2021 2022 2021 Research and Development Costs Paid to Related Party Development fees and other costs charged by and paid to TheraCour pursuant to the 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 March 31, 2022 and June 30, 2021 $ 587,239 $ 706,537 $ 1,754,143 $ 1,961,603 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Property and Equipment | |
Schedule of property and equipment | Property and equipment, stated at cost, less accumulated depreciation consisted of the following: March 31, June 30, 2022 2021 GMP Facility $ 8,149,416 $ 8,020,471 Land 260,000 260,000 Office Equipment 57,781 57,781 Furniture and Fixtures 5,607 5,607 Lab Equipment 6,109,848 5,989,807 Total Property and Equipment 14,582,652 14,333,666 Less Accumulated Depreciation (5,777,932) (5,248,765) Property and Equipment, Net $ 8,804,720 $ 9,084,901 |
Trademark and Patents (Tables)
Trademark and Patents (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Trademarks and Patents | |
Schedule of trademark and patents, stated at cost, less accumulated amortization | Trademark and patents, stated at cost, less accumulated amortization consisted of the following: December 31, June 30, 2021 2021 Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (115,038) (108,836) Trademarks and Patents, Net $ 343,916 $ 350,118 |
Equity Transactions (Tables)
Equity Transactions (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Schedule of estimation of estimated the fair value of the warrants granted | 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 Expected life (year) 4 Expected volatility 86.0-91.4 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 0.615-1.870 % |
Series A Preferred stock | |
Schedule of fair value of Series A preferred Stock | The fair value of the Series A preferred stock was the following for the dates indicated: Date Shares Value 07/31/2021 10,333 $ 111,012 08/31/2021 129 1,718 09/30/2021 100,129 936,984 10/31/2021 129 2,166 11/30/2021 129 1,895 12/31/2021 129 2,060 01/31/2022 129 1,336 02/28/2022 129 1,008 03/01/2022 1,340 8,888 03/31/2022 129 923 112,705 $ 1,067,990 |
Stock Warrants and Options (Tab
Stock Warrants and Options (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock option activity | Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Stock Options Shares ($) (years) ($) Outstanding and exercisable at June 30, 2021 5,000 $ 10.00 .16 $ — Granted — — — — Expired 5,000 10.00 — — Outstanding and exercisable at March 31, 2022 — — — — |
Stock Warrants | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock option activity | 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, 2021 9,146 $ 10.80 2.00 $ 1,943 Granted 1,716 4.42 3.63 — Expired (1,716) 25.93 — — Outstanding and exercisable at March 31, 2022 9,146 $ 6.77 1.93 $ — |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) - USD ($) | Sep. 09, 2021 | Nov. 01, 2019 | Mar. 31, 2022 |
Cash upon completion of Phase I Clinical Trials | $ 1,500,000 | ||
Cash upon completion of Phase II Clinical Trials | 2,500,000 | ||
Cash upon completion of Phase III Clinical Trials | $ 5,000,000 | ||
TheraCour | |||
Percentage of Net Sales Allocated for Royalty Payments | 15.00% | 15.00% | |
Series A Convertible Preferred Stock | |||
Issuance of shares | 75,000 | ||
Series A Convertible Preferred Stock | TheraCour | |||
Number of shares issuable upon execution of agreement | 100,000 | ||
Threshold period for issuance of shares upon execution of agreement | 30 days | ||
Issuance of shares upon the approval | 50,000 | ||
Shares value upon initiation of Phase I Clinical Trials | $ 1,500,000 | ||
Cash upon completion of Phase I Clinical Trials | 2,000,000 | ||
Cash upon completion of Phase II Clinical Trials | 2,500,000 | ||
Shares value upon initiation of Phase III Clinical Trials | 100,000 | ||
Cash upon completion of Phase III Clinical Trials | 5,000,000 | ||
Shares value upon completion of Phase III Clinical Trials | $ 500,000 | ||
Percentage of Net Sales Allocated for Royalty Payments | 15.00% |
Liquidity (Details)
Liquidity (Details) - USD ($) | Mar. 02, 2021 | Jul. 31, 2020 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 |
Financial Condition [Line Items] | |||||||||||
Retained Earnings (Accumulated Deficit) | $ (120,712,179) | $ (120,712,179) | $ (114,385,313) | ||||||||
Net loss | (1,792,664) | $ (1,921,134) | $ (2,613,068) | $ (2,108,030) | $ (2,330,054) | $ (2,311,233) | (6,326,866) | $ (6,749,317) | |||
Net Cash Provided by (Used in) Operating Activities | (4,493,550) | $ (5,986,138) | |||||||||
Revenue | 0 | ||||||||||
Cash and cash equivalents | $ 15,572,134 | $ 15,572,134 | $ 20,516,677 | ||||||||
ATM Offering [Member] | Sales Agreement | |||||||||||
Financial Condition [Line Items] | |||||||||||
Price of a share | $ 7.83 | ||||||||||
Net proceeds from the offering | $ 6,100,000 | $ 50,000,000 | |||||||||
Shares issued | 814,242 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Warrants and Options (Details) - shares | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounting Policies [Line Items] | ||
Total potentially outstanding dilutive common shares | 9,146 | 14,146 |
Derivative liability - Warrants | ||
Accounting Policies [Line Items] | ||
Total potentially outstanding dilutive common shares | 9,146 | 9,146 |
Employee Stock Option | ||
Accounting Policies [Line Items] | ||
Total potentially outstanding dilutive common shares | 5,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) | 9 Months Ended | ||
Mar. 31, 2022USD ($)shares | Mar. 31, 2021shares | Jun. 30, 2021shares | |
Accounting Policies [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,146 | 14,146 | |
Series A Convertible Preferred Stock | |||
Accounting Policies [Line Items] | |||
Preferred Stock, Shares Outstanding | 484,195 | 371,490 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,694,683 | ||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3.5 | ||
Percentage of Change of Control | $ | $ 60 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Research and development | $ 1,255,074 | $ 1,464,177 | $ 4,613,302 | $ 4,530,448 | |
TheraCour | |||||
Property and Equipment | 39,324 | 84,466 | 120,041 | 87,026 | |
Account Payable - Related Party | 73,587 | 73,587 | $ 31,539 | ||
Research and development | $ 587,239 | $ 706,537 | $ 1,754,143 | $ 1,961,603 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Nov. 01, 2019 | Mar. 31, 2022 | Mar. 31, 2022 | Jun. 30, 2021 |
Related Party Transaction [Line Items] | ||||
Other General and Administrative Expense | $ 2,000 | |||
Percentage of Direct Costs | 30.00% | |||
Accrued Royalties | $ 0 | $ 0 | $ 0 | |
TheraCour | ||||
Related Party Transaction [Line Items] | ||||
Percentage Of Net Sales Allocated For Royalty Payments | 15.00% | 15.00% | ||
Accounts Payable | 564,587 | $ 564,587 | $ 522,539 | |
Deferred accounts payable | $ 200,000 | |||
Series A Preferred stock | ||||
Related Party Transaction [Line Items] | ||||
Number of shares fully vested | 100,000 | |||
License milestone payment | 0 | $ 935,088 | ||
Series A Preferred stock | TheraCour | ||||
Related Party Transaction [Line Items] | ||||
Deferred development fees exchanged for shares | 491,000 | 491,000 | ||
Series A Preferred stock | Research and Development | ||||
Related Party Transaction [Line Items] | ||||
License milestone payment | $ 0 | $ 935,088 |
Related Party Transactions - Mo
Related Party Transactions - Mortgage Note Payable - Related Party (Details) | Dec. 16, 2019USD ($)itemshares | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Jan. 01, 2022USD ($) | Jan. 01, 2021USD ($) |
Related Party Transaction [Line Items] | |||||||
Amount of loan | $ 234,198 | $ 235,476 | |||||
Amount of interest payable escrowed | $ 132,000 | ||||||
Amount of interest expense which reduced the interest escrow retained by the lender | $ 0 | $ 62,773 | |||||
Series A Preferred stock | |||||||
Related Party Transaction [Line Items] | |||||||
Series A shares issued in exchange of deferred development fees owed (in shares) | shares | 10,000 | ||||||
Series A shares issued in exchange of deferred development fees owed | $ 39,301 | $ 23,920 | 1,067,990 | ||||
Converted value to common shares | 3.5 | ||||||
Amortization expense on loan origination fee | $ 0 | $ 18,013 | |||||
Open End Mortgage Note | Dr. Anil Diwan | |||||||
Related Party Transaction [Line Items] | |||||||
Number of tranches | item | 2 | ||||||
Amount of loan per tranche | $ 1,000,000 | ||||||
Interest rate per annum (as a percent) | 12.00% | ||||||
Drew down amount | $ 1,100,000 | ||||||
Open End Mortgage Note | Dr. Anil Diwan | Maximum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Amount of loan | $ 2,000,000 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Details) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Property and Equipment | ||
GMP Facility | $ 8,149,416 | $ 8,020,471 |
Land | 260,000 | 260,000 |
Office Equipment | 57,781 | 57,781 |
Furniture and Fixtures | 5,607 | 5,607 |
Lab Equipment | 6,109,848 | 5,989,807 |
Total Property and Equipment | 14,582,652 | 14,333,666 |
Less Accumulated Depreciation | (5,777,932) | (5,248,765) |
Property and Equipment, Net | $ 8,804,720 | $ 9,084,901 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Property and Equipment | ||||
Depreciation | $ 179,492 | $ 174,076 | $ 529,167 | $ 522,172 |
Trademark and Patents - Tradema
Trademark and Patents - Trademarks and Patents (Details) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Trademarks and Patents | ||
Trademarks and Patents | $ 458,954 | $ 458,954 |
Less Accumulated Amortization | (115,038) | (108,836) |
Trademarks and Patents, Net | $ 343,916 | $ 350,118 |
Trademark and Patents - Additio
Trademark and Patents - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Trademarks and Patents | ||||
Amortization | $ 2,067 | $ 2,067 | $ 6,202 | $ 6,202 |
Loan Payable (Details)
Loan Payable (Details) - USD ($) | Jan. 01, 2022 | Jan. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 |
Loan Payable | |||||||
Loan balance | $ 234,198 | $ 235,476 | |||||
Amount of loan repayment per month | $ 23,932 | $ 24,062 | |||||
Interest rate | 4.74% | 5.00% | |||||
Loan payable | $ 164,905 | $ 164,905 | $ 95,306 | ||||
Interest expense | $ 2,502 | $ 2,516 | $ 3,445 | $ 3,282 |
Equity Transactions - Fair Valu
Equity Transactions - Fair Value of Series A preferred stock (Details) - Series A Preferred stock - USD ($) | Dec. 16, 2019 | Dec. 31, 2020 | Mar. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 112,705 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 39,301 | $ 23,920 | $ 1,067,990 |
Issuance Date One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 10,333 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 111,012 | ||
Issuance Date Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 129 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 1,718 | ||
Issuance Date Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 100,129 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 936,984 | ||
Issuance Date Four [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 129 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 2,166 | ||
Issuance Date Five [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 129 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 1,895 | ||
Issuance Date Six [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 129 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 2,060 | ||
Issuance Date Seven [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 129 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 1,336 | ||
Issuance Date Eight [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 129 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 1,008 | ||
Issuance Date Nine [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 1,340 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 8,888 | ||
Issuance Date Ten [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 129 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 923 |
Equity Transactions - CEO (Deta
Equity Transactions - CEO (Details) - Chief Executive Officer [Member] | 9 Months Ended |
Mar. 31, 2022 | |
Expected life (year) | 4 years |
Expected annual rate of quarterly dividends | 0.00% |
Minimum [Member] | |
Expected volatility | 86.00% |
Risk-free rate(s) | 0.615% |
Maximum [Member] | |
Expected volatility | 91.40% |
Risk-free rate(s) | 1.87% |
Equity Transactions - Warrants
Equity Transactions - Warrants - Fair Value Assumptions (Details) | Mar. 31, 2022 |
Scientific Advisory Board Common Stock Warrants [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and Rights Outstanding, Valuation Technique | us-gaap:ValuationTechniqueOptionPricingModelMember |
Equity Transactions - Additiona
Equity Transactions - Additional Information (Details) - USD ($) | Sep. 14, 2021 | Dec. 16, 2019 | Jun. 30, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Sep. 30, 2021 | Aug. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2020 | Mar. 31, 2022 | Jun. 30, 2022 |
Class of Stock [Line Items] | |||||||||||||
Ratio of Converted Value To Common | 3.50% | ||||||||||||
Subsequent event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Recognition of remaining shares service rendered value | $ 27,244 | ||||||||||||
Recognition of remaining shares service rendered (in shares) | 2,551 | ||||||||||||
Derivative liability - Warrants | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Allocated Share-based Compensation Expense | $ 785 | $ 3,781 | |||||||||||
Number Of Common Stock To Be Issued Upon Conversion Of Warrants | 572 | 572 | 572 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.69 | $ 5.92 | $ 4.65 | ||||||||||
Director [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 4,788 | 11,600 | |||||||||||
Stock-based compensation expense | $ 11,250 | $ 41,250 | |||||||||||
President [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Share based compensation subject to forfeiture | 2,551 | 2,551 | 2,551 | 2,551 | |||||||||
Employee Compensations [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 3,572 | 3,572 | |||||||||||
Stock-based compensation expense | $ 6,768 | $ 6,768 | |||||||||||
Consulting Services [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 11,632 | 24,134 | |||||||||||
Stock-based compensation expense | $ 27,000 | $ 81,000 | |||||||||||
Series A Convertible Preferred Stock | Measurement Input, Discount for Lack of Marketability | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Expected life (year) | 3 years 6 months | ||||||||||||
Discount | 32.20% | ||||||||||||
Series A Convertible Preferred Stock | Measurement Input, Discount for Lack of Marketability | Minimum [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Historical volatility | 144.70% | ||||||||||||
Risk-free rate(s) | 0.51% | ||||||||||||
Series A Convertible Preferred Stock | Measurement Input, Discount for Lack of Marketability | Maximum [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Historical volatility | 149.10% | ||||||||||||
Risk-free rate(s) | 0.57% | ||||||||||||
Series A Preferred stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 100,000 | ||||||||||||
License milestone payment | $ 0 | $ 935,088 | |||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 39,301 | $ 23,920 | $ 1,067,990 | ||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 112,705 | ||||||||||||
Series A Preferred stock | Minimum [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Share Price | $ 1.67 | $ 1.67 | $ 1.67 | ||||||||||
Series A Preferred stock | Maximum [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Share Price | $ 7.86 | $ 7.86 | $ 7.86 | ||||||||||
Series A Preferred stock | President [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance of non-cash expenses | $ 27,246 | $ 81,738 | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 10,204 | ||||||||||||
Series A Preferred stock | Employee Compensations [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 12,155 | $ 23,920 | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 1,727 | 2,501 |
Stock Warrants and Options - St
Stock Warrants and Options - Stock Warrants (Details) - Stock Warrants - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding and exercisable | 9,146 | |
Number of Shares, Granted | 1,716 | |
Number of Shares, Expired | (1,716) | |
Number of Shares, Outstanding and exercisable | 9,146 | 9,146 |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 10.80 | |
Weighted Average Exercise Price per share, Granted (dollars per share) | 4.42 | |
Weighted Average Exercise Price per share, Expired (dollars per share) | 25.93 | |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 6.77 | $ 10.80 |
Weighted Average Remaining Contractual Term (years), Granted | 3 years 7 months 17 days | |
Weighted Average Remaining Contractual Term (years), Outstanding and exercisable | 1 year 11 months 4 days | 2 years |
Aggregate Intrinsic Value, Outstanding and exercisable (in dollars) | $ 0 | $ 1,943 |
Aggregate Intrinsic Value, Granted (in dollars) | 0 | |
Aggregate Intrinsic Value, Expired (in dollars) | $ 0 |
Stock Warrants and Options - _2
Stock Warrants and Options - Stock options (Details) - Stock Option - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding and exercisable | 5,000 | |
Number of Shares, Granted | 0 | |
Number of Shares, Outstanding and exercisable | 0 | 5,000 |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 10 | |
Weighted Average Exercise Price per share, Granted (dollars per share) | 0 | |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 0 | $ 10 |
Weighted Average Remaining Contractual Term (years), Outstanding and exercisable | 1 month 28 days | |
Aggregate Intrinsic Value, Outstanding and exercisable (in dollars) | $ 0 | $ 0 |
Aggregate Intrinsic Value, Granted (in dollars) | $ 0 | |
Number of Shares, Expired | 5,000 | |
Weighted Average Exercise Price per share, Expired (dollars per share) | $ 10 | |
Aggregate Intrinsic Value, Expired (in dollars) | $ 0 |
Stock Warrants and Options - Ad
Stock Warrants and Options - Additional Information (Details) | 9 Months Ended |
Mar. 31, 2022shares | |
June 30, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 572 |
June 30, 2023 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 2,286 |
June 30, 2024 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 2,286 |
June 30, 2025 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 2,286 |
June 30, 2026 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Exercisable | 1,716 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Sep. 14, 2021 | Jan. 01, 2015 | May 30, 2013 | Mar. 03, 2010 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2021 | Mar. 31, 2022 |
Commitments and Contingencies [Line Items] | ||||||||
Common stock, shares issued | 11,554,476 | |||||||
Employment Agreement Term | 3 years | |||||||
Series A Preferred stock | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 112,705 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 100,000 | |||||||
Series A Convertible Preferred Stock | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Preferred stock, shares issued | 484,195 | |||||||
President And Board Of Directors, Chairman [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Base Salary | $ 400,000 | |||||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 26,250 | |||||||
President And Board Of Directors, Chairman [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 8,750 | |||||||
President And Board Of Directors, Chairman [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 8,750 | |||||||
President And Board Of Directors, Chairman [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 8,750 | |||||||
Chief Scientific Officer [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Common stock, shares issued | 1,786 | |||||||
Additional Common Stock Shares Issued | 1,786 | |||||||
Increase In Base Salary | $ 150,000 | |||||||
Employment Agreement Term | 4 years | |||||||
Vice President [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Common stock, shares issued | 1,786 | |||||||
Additional Common Stock Shares Issued | 1,786 | |||||||
Preferred stock, shares issued | 1,340 | |||||||
Additional Preferred Stock Shares Issued | 1,340 | |||||||
Increase In Base Salary | $ 150,000 | |||||||
Employment Agreement Term | 4 years | |||||||
Vice President [Member] | Series A Preferred stock | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 10,204 | |||||||
Chief Financial Officer [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Increase In Base Salary | $ 10,800 | $ 9,000 | ||||||
Employment Agreement Term | 3 years | |||||||
Chief Financial Officer [Member] | Series A Preferred stock | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Preferred stock, shares issued | 129 |