Cover
Cover - shares | 9 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 001-39015 | |
Entity Registrant Name | BIOVIE INC. | |
Entity Central Index Key | 0001580149 | |
Entity Tax Identification Number | 46-2510769 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 2120 Colorado Avenue Suite 230 | |
Entity Address, City or Town | Santa Monica | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90404 | |
City Area Code | (310) | |
Local Phone Number | 444-4300 | |
Title of 12(b) Security | Class A Common Stock, par value $0.0001 per share | |
Trading Symbol | BIVI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,958,516 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
CURRENT ASSETS: | ||
Cash | $ 11,351,258 | $ 37,195 |
Other assets | 42,855 | 375,785 |
Total current assets | 11,394,113 | 412,980 |
OTHER ASSETS: | ||
Intangible assets, net | 1,153,194 | 1,325,226 |
Goodwill | 345,711 | 345,711 |
Total other assets | 1,498,905 | 1,670,937 |
TOTAL ASSETS | 12,893,018 | 2,083,917 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 1,428,434 | 1,259,206 |
Derivative liability - warrants | 16,411,504 | |
Derivative liability - conversion option on convertible debenture | 5,000,800 | |
Convertible debenture - related party, net of unearned discount of $0 and $462,864 and capitalized accrued interest of $0 and $48,407 at March 31, 2021 and June 30, 2020, respectively | 848,543 | |
Total current liabilities | 1,428,434 | 23,520,053 |
Loan payable | 62,500 | 62,500 |
TOTAL LIABILITIES | 1,490,934 | 23,582,553 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock; $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, $0.0001 par value; 800,000,000 shares authorized at March 31, 2021 and June 30, 2020; 13,957,792 and 5,204,392 shares issued and outstanding at March 31, 2021 and June 30, 2020, respectively | 1,395 | 520 |
Additional paid in capital | 104,753,666 | 19,538,742 |
Accumulated deficit | (93,352,977) | (41,037,898) |
Total stockholders' equity (deficit) | 11,402,084 | (21,498,636) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 12,893,018 | $ 2,083,917 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Unearned Discount | $ 0 | $ 462,864 |
Capitalized Accured Interest | $ 0 | $ 48,407 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 800,000,000 | 800,000,000 |
Common Stock, Shares, Issued | 13,957,792 | 5,204,392 |
Common Stock, Shares, Outstanding | 13,957,792 | 5,204,392 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING EXPENSES: | ||||
Amortization expense | $ 57,344 | $ 57,344 | $ 172,032 | $ 172,032 |
Research and development expenses | 696,657 | 353,198 | 1,759,769 | 1,003,124 |
Selling, general and administrative expenses | 2,247,510 | 288,711 | 4,519,830 | 940,762 |
TOTAL OPERATING EXPENSES | 3,001,511 | 699,253 | 6,451,631 | 2,115,918 |
LOSS FROM OPERATIONS | (3,001,511) | (699,253) | (6,451,631) | (2,115,918) |
OTHER (INCOME) EXPENSE: | ||||
Change in fair value of derivative liabilities | (366,550) | (8,279,919) | (8,125,328) | |
Interest expense | 33,699 | 559,455 | 3,532,234 | |
Interest income | (8,643) | (14,408) | (233) | |
TOTAL OTHER (INCOME) EXPENSE, NET | (8,643) | (332,851) | (7,734,872) | (4,593,327) |
NET (LOSS) INCOME | (2,992,868) | (366,402) | 1,283,241 | 2,477,409 |
Deemed dividends - Related Party | 53,598,320 | 17,099,058 | ||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (2,992,868) | $ (366,402) | $ (52,315,079) | $ (14,621,649) |
NET (LOSS) INCOME PER COMMON SHARE | ||||
- Basic | $ (0.22) | $ (0.07) | $ (4.64) | $ (3.02) |
- Diluted | $ (0.22) | $ (0.07) | $ (4.64) | $ (3.02) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | ||||
- Basic | 13,919,933 | 5,199,003 | 11,269,212 | 4,839,802 |
- Diluted | 13,919,933 | 5,199,003 | 11,269,212 | 4,839,802 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 1,283,241 | $ 2,477,409 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Amortization of intangible assets | 172,032 | 172,032 |
Stock based compensation | 2,340,533 | 24,846 |
Common shares issued for interest payment | 13,487 | |
Common shares issued for service | 39,200 | |
Interest expense from convertible debenture | 537,275 | 3,516,537 |
Change in fair value of derivative liabilities | (8,279,919) | (8,125,328) |
Changes in operating assets and liabilities | ||
Other assets | 332,930 | (243,030) |
Accounts payable and accrued expenses | 169,228 | 856,639 |
Net cash used in operating activities | (3,444,680) | (1,268,208) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net proceeds from issuance of common stock | 15,628,010 | |
Proceeds from exercise of warrants | 516,551 | |
Payment of convertible debenture - related party | (1,821,818) | |
Proceeds from loan payable - related party | 432,000 | |
Proceeds from convertible debenture - related party | 436,000 | 500,000 |
Net cash provided by financing activities | 14,758,743 | 932,000 |
Net increase (decrease) in cash | 11,314,063 | (336,208) |
Cash, beginning of period | 37,195 | 339,923 |
Cash, end of period | 11,351,258 | 3,715 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | 22,180 | 2,212 |
Cash paid for taxes | ||
SCHEDULE OF NON-CASH FINANCING ACTIVITIES: | ||
Deemed dividends - related party | 53,598,320 | 17,099,058 |
Stock warrants classified as derivative liability | $ 7,530,308 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' (Deficit) Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning Balance, Shares at Jun. 30, 2019 | 4,058,724 | |||
Beginning Balance at Jun. 30, 2019 | $ 406 | $ 9,392,573 | $ (7,262,072) | $ 2,130,907 |
Issuance of commitment shares | $ 112 | 10,068,638 | 10,068,750 | |
Issuance of commitment shares, Shares | 1,125,000 | |||
Deemed dividend for purchase option - related party | (17,099,058) | (17,099,058) | ||
Net loss | (3,821,227) | (3,821,227) | ||
Ending Balance, Shares at Sep. 30, 2019 | 5,183,724 | |||
Ending Balance at Sep. 30, 2019 | $ 518 | 19,461,211 | (28,182,357) | (8,720,628) |
Beginning Balance, Shares at Jun. 30, 2019 | 4,058,724 | |||
Beginning Balance at Jun. 30, 2019 | $ 406 | 9,392,573 | (7,262,072) | 2,130,907 |
Net loss | $ 2,477,409 | |||
Ending Balance, Shares at Mar. 31, 2020 | 1,443,067 | |||
Ending Balance at Mar. 31, 2020 | $ 519 | 19,538,743 | (21,883,721) | $ (2,344,459) |
Stock based compensation | 24,846 | |||
Issuance of shares for services | 39,200 | |||
Issuance of shares for interest payment | 13,487 | |||
Proceeds from exercise of warrants | ||||
Beginning Balance, Shares at Sep. 30, 2019 | 5,183,724 | |||
Beginning Balance at Sep. 30, 2019 | $ 518 | 19,461,211 | (28,182,357) | (8,720,628) |
Net loss | 6,665,038 | 6,665,038 | ||
Ending Balance, Shares at Dec. 31, 2019 | 5,199,346 | |||
Ending Balance at Dec. 31, 2019 | $ 518 | 19,472,373 | (21,517,319) | (2,044,428) |
Stock based compensation | 11,162 | 11,162 | ||
Net loss | (366,402) | $ (366,402) | ||
Ending Balance, Shares at Mar. 31, 2020 | 1,443,067 | |||
Ending Balance at Mar. 31, 2020 | 519 | 19,538,743 | (21,883,721) | $ (2,344,459) |
Stock based compensation | 13,684 | 13,684 | ||
Issuance of shares for services | $ 1 | 39,199 | 39,200 | |
Issuance of shares for services, Shares | 11,200 | |||
Issuance of shares for interest payment | 13,487 | 13,487 | ||
Issuance of shares for interest payment, Shares | 4,422 | |||
Beginning Balance, Shares at Jun. 30, 2020 | 5,204,392 | |||
Beginning Balance at Jun. 30, 2020 | $ 520 | 19,538,742 | (41,037,898) | (21,498,636) |
Deemed dividend for purchase option - related party | 536 | 53,597,784 | (53,598,320) | |
Net loss | 7,333,916 | 7,333,916 | ||
Ending Balance, Shares at Sep. 30, 2020 | 13,916,164 | |||
Ending Balance at Sep. 30, 2020 | $ 1,391 | 101,896,586 | (87,302,302) | 14,595,675 |
Net proceeds from issuance of common stock | $ 180 | 15,627,830 | 15,628,010 | |
Net proceeds from issuance of common stock, Shares | 1,799,980 | |||
Redemption of warrants - related party | $ 155 | 13,132,230 | 13,132,385 | |
Redemption of warrants - related party, Shares | 1,549,750 | |||
Deemed dividend for purchase option - related party, Shares | 5,359,832 | |||
Cashless exercise of warrants | ||||
Cashless exercise of options, Shares | 2,210 | |||
Beginning Balance, Shares at Jun. 30, 2020 | 5,204,392 | |||
Beginning Balance at Jun. 30, 2020 | $ 520 | 19,538,742 | (41,037,898) | (21,498,636) |
Net loss | $ 1,283,241 | |||
Ending Balance, Shares at Mar. 31, 2021 | 928,221 | |||
Ending Balance at Mar. 31, 2021 | $ 1,395 | 104,753,666 | (93,352,977) | $ 11,402,084 |
Stock based compensation | 2,340,533 | |||
Issuance of shares for services | ||||
Issuance of shares for interest payment | ||||
Proceeds from exercise of warrants | 516,551 | |||
Beginning Balance, Shares at Sep. 30, 2020 | 13,916,164 | |||
Beginning Balance at Sep. 30, 2020 | $ 1,391 | 101,896,586 | (87,302,302) | 14,595,675 |
Net loss | (3,057,807) | |||
Ending Balance, Shares at Dec. 31, 2020 | 13,957,792 | |||
Ending Balance at Dec. 31, 2020 | $ 1,391 | 103,433,515 | (90,360,109) | 13,074,797 |
Stock based compensation | 1,536,929 | |||
Net loss | (2,992,868) | $ (2,992,868) | ||
Ending Balance, Shares at Mar. 31, 2021 | 928,221 | |||
Ending Balance at Mar. 31, 2021 | 1,395 | 104,753,666 | (93,352,977) | $ 11,402,084 |
Stock based compensation | 803,604 | 803,604 | ||
Cashless exercise of warrants | ||||
Cashless exercise of options, Shares | 304 | |||
Proceeds from exercise of warrants | $ 4 | $ 516,547 | $ 516,551 | |
Proceeds from exercise of warrants, Shares | 41,324 |
Background Information
Background Information | 9 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background Information | 1. Background Information BioVie Inc. (the “Company”) is a clinical-stage company developing innovative drug therapies to treat chronic debilitating conditions including liver disease and neurological and neuro-degenerative disorders and certain cancers. We are currently focused on developing and commercializing BIV201 (continuous infusion terlipressin), a novel approach to the treatment of ascites due to chronic liver cirrhosis. Our therapy BIV201 is based on a drug that is approved in about 40 countries to treat related complications of liver cirrhosis (part of the same disease pathway as ascites), but not yet available in the United States. BIV201’s active agent is a potent vasoconstrictor and has shown efficacy for reducing portal hypertension in studies around the world. The goal is for BIV201 to interrupt the ascites disease pathway, thereby halting the cycle of accelerating fluid generation in ascites patients. BioVie completed a Phase 2a clinical trial of BIV201 in patients with refractory ascites due to advanced liver cirrhosis at the McGuire Research Institute in Richmond, VA in 2019. The Company met with representatives of the Food and Drug Administration (“FDA”) in a Type C Guidance Meeting to discuss the study results and plan our next clinical study. Subsequently we requested a Type B Meeting and submitted an extensive pre-meeting information package. In April 2020, the FDA provided a written response that provided new guidance regarding primary and secondary endpoints, BIV201 dosing levels, quality of life measures and other key aspects of the clinical trial design. After further communications, the Company completed the clinical trial design protocol and was cleared to begin a Phase 2 clinical study. We activated the first trial sites in the first calendar quarter of 2021 and patient screening is now underway. The Phase 2 study results will be used to guide the design of a pivotal Phase 3 clinical trial. We have developed a patent-pending novel liquid formulation of BIV201 for use in this study that is intended to improve convenience for outpatient administration and avoid potential formulation errors that may occur when pharmacists reconstitute the powder version of terlipressin. BIV201 has the potential to improve the health of thousands of patients suffering from life-threatening complications of liver cirrhosis due to hepatitis, nonalcoholic steatohepatitis (NASH), and alcoholism. It has FDA Fast-Track status and Orphan Drug designation for the most common of these complications, ascites, which represents a significant unmet medical need. An Orphan drug that is first-to-market typically receives 7 years of market exclusivity in the United States for the designated use(s). The FDA has never approved any drug specifically for treating ascites. In addition, the Company is applying for global patent coverage of a proprietary liquid formulation of terlipressin for use in the Phase 2 and Phase 3 clinical trials, which has been cleared by the FDA. This could eventually provide up to 20 years of patent protection in countries where the Company seeks patent issuance according to local patent laws. The BIV201 development program began at LAT Pharma LLC. On April 11, 2016, the Company acquired LAT Pharma LLC and the On April 27, 2021, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with NeurMedix, Inc. (“NeurMedix”) and Acuitas Group Holdings, LLC (“Acuitas”), which are related party affiliates, pursuant to which the Company has agreed to acquire certain assets from NeurMedix and assume certain liabilities of NeurMedix, in exchange for the consideration of cash and shares of common stock. (collectively, the “Transaction”). The acquired assets include, among others, those related to certain drug candidates being developed by NeurMedix, including NE3107, a small molecule orally administered inhibitor of insulin resistance and the pathological inflammatory cascade, with a novel mechanism of action that has potential applications for treatment against Alzheimer’s Disease and Parkinson’s Disease. See Note 9 - Subsequent Events. |
Liquidity
Liquidity | 9 Months Ended |
Mar. 31, 2021 | |
Liquidity | |
Liquidity | 2. Liquidity Liquidity and Going Concern The Company’s operations are subject to a number of factors that can affect its operating results and financial conditions. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital. The Company’s financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of March 31, 2021, the Company had working capital of approximately $10 million and cash of $11.4 million and, stockholders’ equity was approximately $11.4 million, and its accumulated deficit was approximately $93.4 million. In addition, the Company has not generated any revenues and no revenues are expected in the foreseeable future. The Company’s future operations are dependent on the success of the Company’s ongoing development and commercialization effort, as well as continuing to secure additional financing. The future viability of the Company is largely dependent upon its ability to raise additional capital to finance its operations. Management expects that future sources of funding may include sales of equity, obtaining loans, or other strategic transactions. The emergence of widespread health emergencies or pandemics of the coronavirus ("Covid-19"), may lead to continued regional quarantines, business shutdowns, labor shortages, disruptions to supply chains, and overall economic instability, including the duration and spread of the outbreak and restrictions and the impact of Covid-19 on the financial markets and the overall economy, all of which are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s ability to raise funds may be materially adversely affected. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient financing on terms acceptable to the Company, if at all, to fund continuing operations. These circumstances raise substantial doubt on the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. Significant Accounting Policies Basis of Presentation – Interim Financial Information These unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United State 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 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 condensed balance sheet at June 30, 2020 was derived from audited annual financial statements but does not contain all the footnote disclosures from the annual financial statements. These unaudited interim condensed financial statements and information included under the heading: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the Company’s audited financial statements for the fiscal years ended June 30, 2020 and 2019 in our Annual Report on form 10-K filed with Securities Exchange Commission (“SEC”) on August 6, 2020, and as amended by Amendment No. 1 on Form 10-K/A and filed with the SEC on August 7, 2020. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10K for the fiscal year ended June 30, 2020 filed with the SEC on August 6, 2020, and as amended by Amendment No. 1 on Form 10-K/A and filed with the SEC on August 7, 2020. BIOVIE INC. Notes to Condensed Financial Statements For the Nine Months Ended March 31, 2021 and 2020 (unaudited) 3. Significant Accounting Policies (continued) Loan Pursuant to Paycheck Protection Program The Company received $62,500 in loan proceeds pursuant to the Paycheck Protection Program (“PPP”), under the Coronavirus Aid Relief and Economic Security (CARES) Act. The PPP Loan is evidenced by a loan application and payment agreement by and between the Company and Lender. The Company applied for the loan in May 2020 and received funding for its maximum amount of $62,500 on May 21, 2020. The term of the loan is for 60 months and matures on the fifth-year anniversary from the date of funding. It bears interest at an annual rate of 1%. The PPP loan is subject to 100% forgiveness. The Company has filed the application for forgiveness, in February 2021 and is pending confirmation of forgiveness by the SBA. There can be no assurance that such forgiveness will occur. The Company is accounting for the loan as debt and if forgiveness is granted the Company will recognize a gain on extinguishment. Net (loss) income per Common Share Basic net (loss) income per common share is computed by dividing the net (loss) income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per common share is computed by dividing the net (loss) income attributable to common stockholders by the weighted average number of shares of common stock outstanding 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 debentures. For the nine months ended March 31, 2021 and 2020, all potential securities were anti-dilutive as a result of the effect of the change in fair value of the derivative liability creating a net loss available to common shareholders. For the three months ended March 31, 2021 and 2020, such amounts were excluded from the diluted loss since their effect was considered anti-dilutive due to net loss for the period. The table below shows the number of outstanding stock options and warrants March 31, 2021 March 31, 2020 Number of Shares Number of Shares Stock Options 755,200 68,400 Warrants 173,021 1,374,667 Total 928,221 1,443,067 Recent accounting pronouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASU’s”). ASU’s not discussed below were assessed and determined to be either not applicable or expected to have minimal impact on our balance sheets or statement of operations. In August 2018, the FASB issued ASU 2018-13, “Fair value measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. The new guidance modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. This ASU was adopted as of July 1, 2020. There has been no impact to its condensed financial statements and related disclosures. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 4. Intangible Assets The Company’s intangible assets consist of intellectual property acquired from LAT Pharma, Inc. and are amortized over their estimated useful lives. The following is a summary of the intangible assets as of March 31, 2021 and June 30, 2020: Summary of the intangible assets March 31, 2021 June 30, 2020 Intellectual Property $ 2,293,770 $ 2,293,770 Less Accumulated Amortization (1,140,576 ) (968,544 ) Intellectual Property, Net $ 1,153,194 $ 1,325,226 Amortization expense for the three-month period ended March 31, 2021 and 2020 was $57,344 and $57,344 respectively. Amortization expense for the nine-month period ended March 31, 2021 and 2020 was $172,032 and $172,032 respectively. Estimated future amortization expense Year ending June 30, 2021 (Remaining three months) $ 57,344 2022 229,377 2023 229,377 2024 229,377 2025 229,377 2026 178,342 Intellectual Property, Net $ 1,153,194 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions Equity Transactions with Acuitas On September 22, 2020, concurrent with the closing of the Company’s Offering, approximately $1.8 million was paid to Acuitas satisfying all amounts owed on the Debenture due September 24, 2020 held by the Company’s controlling stockholder, Acuitas. Additionally in connection with the close of the public offering on September 22, 2020, the Company issued an aggregate of 6,909,582 During the three months ended September 30, 2020, the Company received additional draws under the Debenture totaling $436,000. The total draws as of September 22, 2020 were $1.7 million and the related total number of warrants issuable at $4.00 per share of common stock was 424,750 of which 328,250 warrants had been issued. In accordance with the Debenture agreements, as more fully described below; at September 22, 2020 upon the Company’s close of its public offering, al1 the warrants issued related to the debenture totaling 1,453,250 were mandatorily redeemed along with the additional 96,500 shares common stock issued to Acuitas. The following paragraphs summarize the background of those financings and arrangements which were settled and redeemed on September 22, 2020. On July 3, 2018, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Acuitas and certain other purchasers identified in the Purchase Agreement (together with Acuitas, the “Purchasers”) pursuant to which (i) the Purchasers agreed to purchase an aggregate of 2,133,332 shares of the our Series A Convertible Preferred Stock (the “Preferred Stock”) at a price per share of $1.50 per share of Preferred Stock (the “Initial Sale”) and (ii) we agreed to issue warrants (the “Warrants”) to purchase 1,706,666 shares of common stock, each subject to the terms and conditions set forth in the Purchase Agreement, for an aggregate consideration of $3.2 million. We received $160,000 of the $3.2 million in April and May 2018 as prepaid equity. Acuitas also received an additional 6,667 Warrants in connection with the payoff of a note issued by us in favor of Acuitas. The Initial Sale and issuance of the Warrants occurred on July 3, 2018. In addition, Acuitas had the option to purchase up to an additional 1,600,000 shares of common stock at a price per share of $1.88, and warrants on the same terms as the Warrants, within two weeks following the one year anniversary of the closing of the Initial Sale (the “Subsequent Sale”) in the event that we did not obtain $3,000,000 of funding through various non-dilutive grants prior to the one year anniversary of the closing of the Initial Sale, less any federal or FDA grant funding received by the Company. Acuitas is controlled by our Chairman and Chief Executive Officer, Terren Peizer and the Purchasers included Jonathan Adams, James Lang, Cuong Do and Michael Sherman, who are members of our Board. The Purchase Agreement contained customary representations and warranties. In connection with the disclosure schedule associated with the representations and warranties, we also disclosed customary information, including the following: (i) the existence of the Mallinckrodt petition before the U.S. Patent Trial and Appeal Board, (ii) our capitalization, (iii) our obligation to pay a low single digit royalty on the net sales of BIV201 (continuous infusion terlipressin) to be shared among LAT Pharma LLC members, PharmaIN Corporation and The Barrett Edge, Inc. pursuant to the Agreement and Plan of Merger, dated April 11, 2016, by and between LAT Pharma LLC and us, (iv) our obligation to pay a low single digit royalty on net sales of all terlipressin products covered by specified patents up to a maximum of $200,000 per year pursuant to the Technology Transfer Agreement, dated July 25, 2016, by and between us and the University of Padova (Italy), and (v) certain recent issuances of common stock by us. BIOVIE INC. Notes to Condensed Financial Statements For the Nine Months Ended March 31, 2021 and 2020 (unaudited) 5. Related Party Transactions (continued) Each share of Preferred Stock automatically converted into 1 share of common stock upon the filing with the Secretary of State of the State of Nevada of a Certificate of Amendment to our Articles of Incorporation (the “Amendment”) on August 13, 2018 that increased the number of authorized shares of common stock to 800,000,000. The Amendment was approved by the written consent of the holders of more than a majority of our issued and outstanding common stock on July 3, 2018 and was filed with the Secretary of State of the State of Nevada 20 calendar days following the distribution of our Definitive Information Statement on Schedule 14 that was filed with the SEC on July 13, 2018. Pursuant to a letter agreement dated June 24, 2019, Acuitas agreed to modify its existing rights under the Purchase Agreement so that: - Acuitas agreed to immediately exchange its existing 1,606,667 Warrants for common stock such that it will have effectively exercised its Warrants in full pursuant to a cashless exercise thereof at an assumed current market price of $45.00 per share and, as a result received an aggregate of 95% of the shares covered thereby, or 1,526,094 shares of common stock; - Acuitas agreed to (i) waive its rights to a 50% adjustment of the purchase price of the Preferred Stock in the Initial Sale, the exercise price of the Warrants and the price per share in the Subsequent Sale in the event of certain reductions in the useful life of our current intellectual property rights, and (ii) effectively exercise its rights to purchase securities in a Subsequent Sale pursuant to a “cashless purchase” at an assumed current market price of approximately $11.25 per share, conditioned in each case on the listing of our common stock on Nasdaq or the raising of $2.0 million in additional funds in the form of another securities offering, in either case not later than November 30, 2019, which will result Acuitas having irrevocably waived its rights to an adjustment in the purchase price of the Preferred Stock in the Initial Sale and the exercise price of the Warrants and the purchase price of per share in the Subsequent Sale upon the issuance by us of an aggregate of 1,339,958 shares of common stock (the “Subsequent Sale Shares”) to Acuitas, which is expected to occur concurrently with the closing of our potential public offering and listing on Nasdaq; - Acuitas shall in exchange for the foregoing agreements and waivers have the option to purchase additional shares of common stock and warrants to purchase one share of common stock for each share of common stock purchased during the period from September 1, 2019 to November 30, 2019 at the then-effective purchase price of the Preferred Stock in the Initial Sale (the “Funding Option”), provided that any shares issued pursuant to any exercise of the Funding Option will reduce share-for-share the amount of shares issued pursuant to the deemed exercise of its rights to purchase securities in a Subsequent Sale mentioned above. BIOVIE INC. Notes to Condensed Financial Statements For the Nine Months Ended March 31, 2021 and 2020 (unaudited) 5. Related Party Transactions (continued) Convertible Debenture Transaction with Acuitas On September 24, 2019, the Company entered into a Securities Purchase Agreement (the “2019 Purchase Agreement”) with Acuitas pursuant to which (i) Acuitas agreed to purchase a 10% OID Convertible Delayed Draw Debenture due September 24, 2020 for an aggregate commitment amount of up to $2.0 million, and (ii) the Company issued 1,125,000 shares (the “Commitment Shares”) of the Company’s common stock and warrants (the “Commitment Warrants”) to purchase an equal number of shares, each subject to the terms and conditions set forth in the 2019 Purchase Agreement. The Debenture accrues additional principal at the rate of 6% per annum and interest at the rate of 10% per annum, is convertible into shares of common stock at $4.00 per share prior to the completion of the company’s planned public offering of units (the “Public Offering”) or, subsequent to the closing of the Public Offering, the lower of $4.00 or 80% of the offering price per unit to the public in the Public Offering and are mandatorily redeemable upon such closing at 100% of the accrued principal amount and unpaid interest to the date of redemption. The Commitment Warrants are five-year warrants, exercisable upon the earlier of the effectiveness of the Company’s current reverse stock split or December 1, 2019, at an amount equal to the lower of $4.00 or 80% of the offering price per unit to the public in the Public Offering. Upon entering into the 2019 Purchase Agreement, the Company drew an initial $500,000 under the Debenture and in accordance with the 2019 Purchase Agreement, Acuitas received an additional 125,000 warrants (the “Bridge Warrants”) having the same terms as the Commitment Warrants. Any future draws under the Debenture, which may be made from and after October 15, 2019, November 15, 2019 and December 15, 2019 in equal tranches of $500,000 each, will entitle Acuitas to receive additional Bridge Warrants in equal amount upon such funding. In addition, the 2019 Purchase Agreement provides that, should the underwriters in the Public Offering exercise their option to purchase additional securities during the 45 days following closing and the issuance of such securities would result in Acuitas' beneficial ownership (on a fully diluted basis) of shares of common stock being below 60%, Acuitas shall be issued a number of additional shares of common stock and warrants having the same terms as the Commitment Warrants to result in its beneficial ownership (on a fully diluted basis) of shares of common stock equaling 60%. The issuance of 1,125,000 shares of the Company’s commons stock and warrants to purchase an equal amount number of shares, to its controlling stockholder for the Bridge Financing was accounted for as a deemed dividend due to its related party nature and $17.1 million representing the excess of the fair value of the consideration given for the financing, net of debt discount; was recorded in accumulated deficit for the year ended June 30, 2020, accordingly. A debt discount of $500,000 against the debenture was recorded which will be amortized over the term of the debenture using the effective interest method. The Company recognized amortization of the unearned discount for the three-month period ended March 31, 2021 and 2020 of $0 and $20,307, respectively, and for the nine months period ended March 31, 2021 and 2020 of $21,336 and $41,902, respectively. The Company received draws under the Debenture that totaled approximately $1.3 million during the year ended June 30, 2020. The total interest expense related to the draws under the Debenture was approximately $99,000 for the year ended June 30, 2020. On April 1, 2020, the Company entered an amendment to modify the payment of accrued interest amounts under the original terms of the Debenture to capitalize all such amounts as would otherwise accrue on the Debenture. On January 4, 2020, payment of $13,487 accrued interest due was paid through the issuance of 4,422 shares of the Company’s common stock. Acuitas and the Company continue to discuss the need and timing for some or all the remaining draws under the Debenture Agreement. Subsequent to the initial $500,000 draw on September 24, 2019, the Company received draws that totaled $813,000 as July 13, 2020, and accordingly; the Company issued additional Bridge Warrants to purchase 203,250 shares of common stock to its controlling stockholder under the terms of the Bridge Financing. Accordingly, on April 16, 2020, the Company recorded the warrants to purchase 125,000 common stock related to the second $500,000 draw under the debenture as a derivative warrant liability as of June 30, 2020. The Company recorded the warrants related to the draws totaling $313,000 to purchase 78,250 common shares as derivative liabilities. BIOVIE INC. Notes to Condensed Financial Statements For the Nine Months Ended March 31, 2021 and 2020 (unaudited) 5. Related Party Transactions (continued) Pursuant to the 2019 Purchase Agreement, Acuitas agreed to further modify its existing rights under the Purchase Agreement dated July 3, 2018 with the Company so that Acuitas’ previous agreement in June 2019 to waive its rights to a 50% adjustment of the purchase price of the Preferred Stock in the July 2018 transaction, the exercise price of the warrants in such transaction and the price per share in a Subsequent Sale in the event of certain reductions in the useful life of our current intellectual property rights, and effectively exercise its rights to purchase securities in a Subsequent Sale pursuant to a “cashless purchase” at an assumed current market price of approximately $11.25 per share, conditioned in each case on the listing of the Company’s common stock on Nasdaq or the raising of $2.0 million in additional funds in the form of another securities offering, in either case not later than November 30, 2019, such that Acuitas will have irrevocably waived its rights to an adjustment in the purchase price of the Preferred Stock in the Initial Sale and the exercise price of the Warrants and the purchase price of per share in the Subsequent Sale upon the issuance by us of an aggregate of 2,679,916 shares of common stock and 2,679,916 warrants having the same terms as the Commitment Warrants to Acuitas, upon the closing of the Public Offering. Pursuant to an amendment to the 2019 Purchase Agreement dated October 9, 2019, Acuitas agreed to modify its existing rights under the 2019 Purchase Agreement so that: - The Commitment Warrants (and related warrants issued upon the first draw under the Debenture) were replaced with warrants having similar terms, but which are automatically exercised upon the closing of the offering at an exercise price equal to the par value of the common stock; - Acuitas' existing rights under the Purchase Agreement dated July 3, 2018 with the Company were further amended so that the number of Subsequent Sale Shares would be multiplied by four (in lieu of the changes to the Purchase Agreement originally provided for in the 2019 Purchase Agreement); and - The provisions of the 2019 Purchase Agreement providing that, should the underwriters in the offering exercise their option to purchase additional securities during the 45 days following closing and the issuance of such securities would result in Acuitas’ beneficial ownership (on a fully diluted basis) of shares of common stock being below 60%, Acuitas will be issued a number of additional shares of common stock and warrants having the same terms as the Commitment Warrants to result in its beneficial ownership (on a fully diluted basis) of shares of common stock equaling 60% have been modified such that, upon the exercise of such option by the underwriters, the Company will issue to Acuitas a number of securities that will result in Acuitas’ fully diluted beneficial ownership after the exercise of such option being the same as prior thereto. On July 14, 2020, the Company, entered into a further extension of its letter agreements dated April 8, 2020, that furthered extended its letter agreement dated February 10, 2020 with Acuitas regarding Acuitas’ previous agreement to modify its existing rights under the Purchase Agreement dated July 3, 2018 with the Company so that its June 2019 waiver of its rights to a 50% adjustment of the purchase price applicable to its initial investment in the Company and the exercise price of the warrants received in such transaction and the price per share should it exercise certain rights to purchase additional securities in the event of certain reductions in the useful life of the Company’s intellectual property rights and commitment to purchase such securities upon the closing of the Offering and commitment to purchase such additional securities would remain effective until October 31, 2020, and accordingly Acuitas was entitled to receive an aggregate of 5,359,832 shares of Common Stock at such closing. In addition, the parties agreed that certain draws under the Company’s current bridge financing with Acuitas were to be made based with respect to the Company’s ongoing capital requirements and current market conditions, notwithstanding certain scheduled availability dates set forth in the 10% OID Convertible Delayed Draw Debenture issued in connection therewith. The letter agreement of July 14, 2020 also confirmed the understanding between the Company and Acuitas regarding certain amounts funded to BioVie that were intended as “partial draws” of credit available under the Debenture which, as of July 14, 2020 hereof aggregated $813,000 in aggregate principal amount in additional to amounts initial funded under the Debenture. Accordingly, such “partial draws” accrued additional principal as amounts otherwise funded pursuant to the original schedule of draws included in the Debenture (as modified by the letter agreement between BioVie and Acuitas dated April 1, 2020 regarding the capitalization of interest otherwise payable) and shall entitle Acuitas to receive a pro rata amount of Bridge Warrants. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements On September 22, 2020, concurrent with the closing of the Offering; the warrants related to derivative liabilities were automatically exercised in full and the convertible Debenture was paid off in cash expiring the conversion option. The fair value of the derivative liabilities - warrants and derivative liability - conversion option on convertible Debenture prior to redemption at September 22, 2020 was $13.1 million, and the change in the fair value of $8.3 million from June 30, 2020 was recorded in the accompanying condensed Statements of Operations. At September 22, 2020, the derivative liabilities, both the warrants and expired conversion option totaling $ 13.1 million were then recorded as additional paid in capital upon automatic exercise of the warrants and payoff of the Debenture. At March 31, 2021 and June 30, 2020, the estimated fair value of derivative liabilities measured on a recurring basis are as follows: Fair Value Measurements at Level 1 Level 2 Level 3 Total Derivative liability - Warrants $ — $ — $ — $ — Derivative liability -Conversion option on convertible debenture — — — — Total derivatives $ — $ — $ — $ — Fair Value Measurements at June 30, 2020 Level 1 Level 2 Level 3 Total Derivative liability - Warrants $ — $ — $ 16,411,504 $ 16,411,504 Derivative liability -Conversion option on convertible debenture — — 5,000,800 5,000,800 Total derivatives $ — $ — $ 21,412,304 $ 21,412,304 The following table presents the activity for liabilities measured at fair value using unobservable inputs Derivative liabilities - Warrants Derivative liability - Conversion Option on Convertible Debenture Beginning balance at July 1, 2020 $ 16,411,504 $ 5,000,800 Additions to level 3 liabilities — — Change in in fair value of level 3 liability (6,054,121 ) (2,225,798 ) Transfer in and/or out of Level 3 (10,357,383 ) (2,775,002 ) Balance at March 31, 2021 $ — $ — BIOVIE INC. Notes to Condensed Financial Statements For the Nine Months Ended March 31, 2021 and 2020 (unaudited) 6. Fair Value Measurements (continued) Derivative liability – Warrants The Company accounts for stock purchase warrants as either equity instruments or derivative liabilities depending on the specific terms of the warrant agreements. Under applicable accounting guidance, stock warrants that are precluded from being indexed to the Company’s own stock because of full-rachet anti-dilution provisions or the adjustments to the strike price due to an occurrence of a future event; are accounted for as derivative financial instruments. The stock warrants issued September 24, 2019 were not considered indexed to the Company’s own stock because of the adjustment to strike price, an occurrence of a future event such as the Company’s pending capital raise. The warrants associated with the level 3 liability were issued on September 24, 2019 and were valued using the Black-Scholes-Merton model. The valuation at June 30, 2020 used the following assumptions: stock price of $ 14 4.00 5 year 76.61% 0% 0.29% The valuation at September 22, 2020 of the warrants associated with equity financing prior to their automatic exercise in full used were the following assumptions: stock price of $ 9.55 4.00 4 year 79.69% 0% 0.21% Derivative liability – Conversion option in convertible debenture The Company recognized a derivative liability for the conversion option of the $2 million 10% OID Convertible Delayed Draw Debenture; which may be convertible into shares of common stock at $4.00 per share prior to the completion of an offering or, subsequent to the closing of the offering, the lower of $4.00 or 80% of the offering price per unit to the public in such offering and are mandatorily redeemable upon such closing at 100% of the accrued principal amount and unpaid interest to the date of redemption. The valuation at June 30, 2020 used the following assumptions: stock price of $ 14 4.00 0.25 62.47% 0% 0.16% The valuation at September 22, 2020 used the following assumptions: stock price of $ 9.55 4.00 45.49% 0% 0.01% The related Debenture was paid off in cash on September 22, 2020, expiring the conversion option. (See note 5 “Related Party Transactions ” |
Equity Transactions
Equity Transactions | 9 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Transactions | 7. Equity Transactions Stock Options The following table summarizes the activity relating to the Company’s stock options Options Weighted-Average Exercise Price Weighted Remaining Average Contractual Term Aggregate Intrinsic Value Outstanding at June 30, 2020 60,400 $ 11.06 4.2 $ 352,600 Granted 698,000 14.63 4.7 954,239 Options Exercised or Forfeited (3,200 ) 4.76 — — Outstanding at March 31, 2021 755,200 $ 13.85 4.4 $ 1,516,511 Exercisable at March 31, 2021 236,500 $ 13.85 4.4 $ 1,516,511 The fair value of each option grant on the date of grant is estimated using the Black-Scholes option. The pricing model reflected the following weighted-average assumptions March 31, 2021 March 31, 2020 Expected life of options (In years) 5 5 Expected volatility 77.05% 73.74% Risk free interest rate 0.5% 1.63% Dividend Yield 0% 0% Expected volatility is based on the historical volatilities of three comparable companies of the daily closing price of their respective common stock and the expected life of options is based on historical data with respect to employee exercise periods. The Company accounts for forfeitures as they are incurred. The Company recorded stock-based compensation expense of $ 803,604 2,340,533 13,684 24,846 As of March 31, 2021, unrecognized stock-based compensation cost was $ 3,721,620 3 years BIOVIE INC. Notes to Condensed Financial Statements For the Nine Months Ended March 31, 2021 and 2020 (unaudited) 7. Equity Transactions (continued) The following is a summary of stock options outstanding and exercisable by exercise price Exercise Price Outstanding Weighted Average Contract Life Exercisable $ 2.80 7,200 3.8 7,200 $ 3.75 4,800 2.8 4,800 $ 6.25 1,600 2.6 1,600 $ 7.50 25,600 4.9 25,600 $ 8.75 1,600 3.0 1,600 $ 9.54 800 4.5 800 $ 9.90 800 4.5 800 $ 12.50 4,000 1.8 4,000 $ 13.91 691,600 4.7 172,900 $ 25.00 1,600 1.5 1,600 $ 26.25 4,400 1.1 4,400 $ 27.50 800 1.0 800 $ 28.75 1,600 1.4 1,600 $ 31.25 4,000 0.6 4,000 $ 42.09 4,800 4.8 4,800 Stock Warrants The following table summarizes the warrants activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value Outstanding and exercisable at June 30, 2020 1,374,667 $ 7.72 4.2 $ 13,799,331 Granted 293,248 $ 6.61 5.0 $ — Expired — $ — — $ — Exercised (41,644 ) $ 12.40 4.0 $ — Exercised - Acuitas (1,453,250 ) $ 4.00 4.0 $ — Outstanding and exercisable at March 31, 2020 173,021 $ 10.49 3.4 $ 2,203,264 Of the above warrants, 9,391 expire in fiscal year ending June 30, 2022, 4,815 expire in fiscal year ending June 30, 2023, 110,140 expire in fiscal year ending June 30, 2025 and 48,675 expire in fiscal year ending June 30, 2026. BIOVIE INC. Notes to Condensed Financial Statements For the Nine Months Ended March 31, 2021 and 2020 (unaudited) 7. Equity Transactions (continued) Issuance of common stock through exercise of Stock Options and Warrants On July 28, 2020, the Company issued 2,210 3,200 4.76 On January 27, 2021, the Company issued 304 320 1.88 On March 23, 2021, the Company issued 27,000 27,000 12.50 On March 24, 2021, the Company issued 14,324 14,324 12.50 Issuance of warrants On July 13, 2020, the Company issued Warrants to purchase 203,250 4 5 years On September 22, 2020, the Company issued warrants to purchase 89,998 12.50 5 years Issuance of stock options On October 1, 2020, the Company issued stock options to purchase 800 9.54 5 years On October 13, 2020, the Company issued stock options to purchase 800 9.90 5 years On December 18, 2020, the Company issued stock options to purchase 691,600 13.91 5 years On January 19, 2021, the Company issued stock option grants to purchase a total of 4,800 42.09 5 years |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Office Lease On July 1, 2019, the Company’s office moved with Acuitas’ new offices to 2120 Colorado Avenue Ste 230, Santa Monica, CA 90404. There is no lease agreement for the new premises and the Company continues to accrue monthly lease payments of $1,000 for the new office under the terms of the previous month-to-month lease for the previous premises which may be cancelled upon 30 days’ written notice. Challenge to US Patent On April 30, 2018, we received notice that Mallinckrodt had petitioned the U.S. Patent and Trademark Office (“USPTO”) to institute an Inter Partes Review of our U.S. Patent No. 9,655,945 titled “Treatment of Ascites” (the “’945 patent”). Inter Partes Review is a trial proceeding conducted with the USPTO Patent Trial and Appeal Board (PTAB) to review the patentability of one or more claims of a patent. Such review is limited to grounds of novelty and obviousness on the basis of prior art consisting of patents and printed publications. On November 13, 2019, the Patent Trial and Appeal Board of the United States Patent and Trademark Office (the “Board”) issued a written decision in the inter partes This ruling is unrelated to the Company’s Orphan drug designations for ascites and hepatorenal syndrome (“HRS”), which remain unchanged. An Orphan drug that is first-to-market typically receives 7 years of market exclusivity in the United States for the designated use(s). In addition, the ruling does not affect the Company’s rights in its pending patent application directed to proprietary liquid formulations of terlipressin for use in its planned Phase 2 and Phase 3 trials, subject to FDA clearance, which could eventually provide up to 20 years of patent coverage in each country in which the Company seeks patent protection, such as the United States, if a patent issues from a patent application according to the patent laws of each issuing country. Royalty Agreements Pursuant to the Agreement and Plan of Merger entered into on April 11, 2016 between our predecessor entities, LAT Pharma LLC and NanoAntibiotics, Inc., BioVie is obligated to pay a low single digit royalty on net sales of BIV201 (continuous infusion terlipressin) to be shared among LAT Pharma Members, PharmaIn Corporation, and The Barrett Edge, Inc. BIOVIE INC. Notes to Condensed Financial Statements For the Nine Months Ended March 31, 2021 and 2020 (unaudited) 8. Commitments and Contingencies (continued) The Company and PharmaIN Corporation, LAT Pharma’s former partner focused on the development of new modified drug candidates in the same therapeutic field but not including BIV201, had agreed to pay royalties equal to less than 1% of future net sales of each company's ascites drug development programs, or if such program is licensed to a third party, less than 5% of each company's net license revenues. On December 24, 2018, the Company returned its partial ownership rights to the PharmaIN modified terlipressin development program and simultaneously paid the remaining balance due on a related debt. PharmaIN, Corp. rights to our program remain unchanged. Additionally, the Company obligation to pay a low single digit royalty on the net sales of BIV201 (continuous infusion terlipressin) to be shared among LAT Pharma LLC members, and The Barrett Edge, Inc. pursuant to the Agreement and Plan of Merger, dated April 11, 2016, by and between LAT Pharma LLC. The Company has an obligation to pay a low single digit royalty on net sales of all terlipressin products covered by specified patents up to a maximum of $200,000 per year pursuant to the Technology Transfer Agreement, dated July 25, 2016, by and between us and the University of Padova (Italy). Pursuant to the Technology Transfer Agreement entered into on July 25, 2016 between BioVie and the University of Padova (Italy), BioVie is obligated to pay a low single digit royalty on net sales of all terlipressin products covered by US patent no. 9,655,645 and any future foreign issuances capped at a maximum of $200,000 per year. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events On April 19, 2021, the Company issued 724 760 1.88 On April 30, 2021, the Company issued 13,500 12.50 On April 27, 2021, the Company entered into a Purchase Agreement with NeurMedix, and Acuitas, which are related party affiliates, pursuant to which the Company has agreed to acquire certain assets from NeurMedix and assume certain liabilities of NeurMedix, in exchange for the consideration described below. The acquired assets include, among others, those related to certain drug candidates being developed by NeurMedix, including NE3107, a small molecule orally administered inhibitor of insulin resistance and the pathological inflammatory cascade, with a novel mechanism of action that has potential applications for treatment against Alzheimer’s Disease and Parkinson’s Disease. At the closing of the Transaction, BioVie will issue to NeurMedix 8,361,308 shares of the Company’s common stock and make a cash payment equal to the aggregate amount of NeurMedix’s direct and documented cash expenditures to advance certain clinical programs from March 1, 2021 through the closing, which cash payment is estimated to be approximately $3.0 million. Subject to the terms and conditions of the Purchase Agreement, following the closing, BioVie will also be obligated to deliver contingent consideration to NeurMedix (or its successor) consisting of (i) a cash payment of approximately $7.3 million, subject to a pivotal clinical trial for NE3107 meeting its primary endpoint(s) and BioVie having successfully raised at least $50 million in new capital, and (ii) shares of BioVie’s common stock having an aggregate value of up to $3.0 billion, subject to the achievement of certain clinical, regulatory and commercial milestones related to the drug candidates to be acquired by the Company from NeurMedix, as more fully set forth in the Purchase Agreement. On May 9, 2021, the Company, NeurMedix and Acuitas entered into Amendment No. 1 to the APA (the Amendment and the APA as so amended, the Purchase Agreement), pursuant to which the parties agreed, among other things, to modify the contingent stock consideration that BioVie may be obligated to deliver to NeurMedix (or its successor) pursuant to the Purchase Agreement. Previously, BioVie was obligated to deliver contingent stock consideration to NeurMedix (or its successor) consisting of shares of BioVies common stock having an aggregate value of up to $3.0 billion, subject to the achievement of certain clinical, regulatory and commercial milestones related to the drug candidates to be acquired by BioVie from NeurMedix, and subject to a cap limiting each issuance of shares if such issuance would result in the beneficial ownership of NeurMedix and its affiliates exceeding 89.9999% of BioVies issued and outstanding common stock. Pursuant to the Amendment, BioVie will be obligated to deliver contingent stock consideration to NeurMedix (or its successor) consisting of up to 18.0 million shares of BioVies common stock, with 4.5 million shares issuable upon the achievement of each of the four milestones set forth in the Purchase Agreement, subject to a cap limiting the issuance of shares if such issuance would result in the beneficial ownership of NeurMedix and its affiliates exceeding 87.5% of BioVies issued and outstanding common stock. The Transaction is expected to close twenty calendar days after a related definitive information statement on Schedule 14C is mailed to the Company’s stockholders and is anticipated to close in the second calendar quarter of 2021. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation – Interim Financial Information | Basis of Presentation – Interim Financial Information These unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United State 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 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 condensed balance sheet at June 30, 2020 was derived from audited annual financial statements but does not contain all the footnote disclosures from the annual financial statements. These unaudited interim condensed financial statements and information included under the heading: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the Company’s audited financial statements for the fiscal years ended June 30, 2020 and 2019 in our Annual Report on form 10-K filed with Securities Exchange Commission (“SEC”) on August 6, 2020, and as amended by Amendment No. 1 on Form 10-K/A and filed with the SEC on August 7, 2020. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10K for the fiscal year ended June 30, 2020 filed with the SEC on August 6, 2020, and as amended by Amendment No. 1 on Form 10-K/A and filed with the SEC on August 7, 2020. |
Loan Pursuant to Paycheck Protection Program | Loan Pursuant to Paycheck Protection Program The Company received $62,500 in loan proceeds pursuant to the Paycheck Protection Program (“PPP”), under the Coronavirus Aid Relief and Economic Security (CARES) Act. The PPP Loan is evidenced by a loan application and payment agreement by and between the Company and Lender. The Company applied for the loan in May 2020 and received funding for its maximum amount of $62,500 on May 21, 2020. The term of the loan is for 60 months and matures on the fifth-year anniversary from the date of funding. It bears interest at an annual rate of 1%. The PPP loan is subject to 100% forgiveness. The Company has filed the application for forgiveness, in February 2021 and is pending confirmation of forgiveness by the SBA. There can be no assurance that such forgiveness will occur. The Company is accounting for the loan as debt and if forgiveness is granted the Company will recognize a gain on extinguishment. |
Net (loss) income per Common Share | Net (loss) income per Common Share Basic net (loss) income per common share is computed by dividing the net (loss) income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per common share is computed by dividing the net (loss) income attributable to common stockholders by the weighted average number of shares of common stock outstanding 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 debentures. For the nine months ended March 31, 2021 and 2020, all potential securities were anti-dilutive as a result of the effect of the change in fair value of the derivative liability creating a net loss available to common shareholders. For the three months ended March 31, 2021 and 2020, such amounts were excluded from the diluted loss since their effect was considered anti-dilutive due to net loss for the period. The table below shows the number of outstanding stock options and warrants March 31, 2021 March 31, 2020 Number of Shares Number of Shares Stock Options 755,200 68,400 Warrants 173,021 1,374,667 Total 928,221 1,443,067 |
Recent accounting pronouncements | Recent accounting pronouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASU’s”). ASU’s not discussed below were assessed and determined to be either not applicable or expected to have minimal impact on our balance sheets or statement of operations. In August 2018, the FASB issued ASU 2018-13, “Fair value measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. The new guidance modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. This ASU was adopted as of July 1, 2020. There has been no impact to its condensed financial statements and related disclosures. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
number of outstanding stock options and warrants | The table below shows the number of outstanding stock options and warrants |
Significant Accounting Policies | March 31, 2021 March 31, 2020 Number of Shares Number of Shares Stock Options 755,200 68,400 Warrants 173,021 1,374,667 Total 928,221 1,443,067 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of the intangible assets | Summary of the intangible assets |
Intangible Assets | March 31, 2021 June 30, 2020 Intellectual Property $ 2,293,770 $ 2,293,770 Less Accumulated Amortization (1,140,576 ) (968,544 ) Intellectual Property, Net $ 1,153,194 $ 1,325,226 |
Estimated future amortization expense | Estimated future amortization expense |
Intangible Assets (Details 2) | Year ending June 30, 2021 (Remaining three months) $ 57,344 2022 229,377 2023 229,377 2024 229,377 2025 229,377 2026 178,342 Intellectual Property, Net $ 1,153,194 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
At March 31, 2021 and June 30, 2020, the estimated fair value of derivative liabilities measured on a recurring basis are as follows: | At March 31, 2021 and June 30, 2020, the estimated fair value of derivative liabilities measured on a recurring basis are as follows: |
Fair Value Measurements | Fair Value Measurements at Level 1 Level 2 Level 3 Total Derivative liability - Warrants $ — $ — $ — $ — Derivative liability -Conversion option on convertible debenture — — — — Total derivatives $ — $ — $ — $ — |
activity for liabilities measured at fair value using unobservable inputs | The following table presents the activity for liabilities measured at fair value using unobservable inputs |
Fair Value Measurements (Details 2) | Derivative liabilities - Warrants Derivative liability - Conversion Option on Convertible Debenture Beginning balance at July 1, 2020 $ 16,411,504 $ 5,000,800 Additions to level 3 liabilities — — Change in in fair value of level 3 liability (6,054,121 ) (2,225,798 ) Transfer in and/or out of Level 3 (10,357,383 ) (2,775,002 ) Balance at March 31, 2021 $ — $ — |
Equity Transactions (Tables)
Equity Transactions (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
activity relating to the Company’s stock options | The following table summarizes the activity relating to the Company’s stock options |
Equity Transactions | Options Weighted-Average Exercise Price Weighted Remaining Average Contractual Term Aggregate Intrinsic Value Outstanding at June 30, 2020 60,400 $ 11.06 4.2 $ 352,600 Granted 698,000 14.63 4.7 954,239 Options Exercised or Forfeited (3,200 ) 4.76 — — Outstanding at March 31, 2021 755,200 $ 13.85 4.4 $ 1,516,511 Exercisable at March 31, 2021 236,500 $ 13.85 4.4 $ 1,516,511 |
weighted-average assumptions | The fair value of each option grant on the date of grant is estimated using the Black-Scholes option. The pricing model reflected the following weighted-average assumptions |
Equity Transactions (Details 2) | March 31, 2021 March 31, 2020 Expected life of options (In years) 5 5 Expected volatility 77.05% 73.74% Risk free interest rate 0.5% 1.63% Dividend Yield 0% 0% |
summary of stock options outstanding and exercisable by exercise price | The following is a summary of stock options outstanding and exercisable by exercise price |
Equity Transactions (Details 3) | Exercise Price Outstanding Weighted Average Contract Life Exercisable $ 2.80 7,200 3.8 7,200 $ 3.75 4,800 2.8 4,800 $ 6.25 1,600 2.6 1,600 $ 7.50 25,600 4.9 25,600 $ 8.75 1,600 3.0 1,600 $ 9.54 800 4.5 800 $ 9.90 800 4.5 800 $ 12.50 4,000 1.8 4,000 $ 13.91 691,600 4.7 172,900 $ 25.00 1,600 1.5 1,600 $ 26.25 4,400 1.1 4,400 $ 27.50 800 1.0 800 $ 28.75 1,600 1.4 1,600 $ 31.25 4,000 0.6 4,000 $ 42.09 4,800 4.8 4,800 |
summarizes the warrants activity | The following table summarizes the warrants activity |
Equity Transactions (Details 4) | Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value Outstanding and exercisable at June 30, 2020 1,374,667 $ 7.72 4.2 $ 13,799,331 Granted 293,248 $ 6.61 5.0 $ — Expired — $ — — $ — Exercised (41,644 ) $ 12.40 4.0 $ — Exercised - Acuitas (1,453,250 ) $ 4.00 4.0 $ — Outstanding and exercisable at March 31, 2020 173,021 $ 10.49 3.4 $ 2,203,264 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - shares | Mar. 31, 2021 | Mar. 31, 2020 |
Summary of Investment Holdings [Line Items] | ||
Shares, Outstanding | 928,221 | 1,443,067 |
Warrant [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Shares, Outstanding | 173,021 | 1,374,667 |
Equity Option [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Shares, Outstanding | 755,200 | 68,400 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intellectual Property | $ 2,293,770 | $ 2,293,770 |
Less Accumulated Amortization | (1,140,576) | (968,544) |
Intellectual Property, Net | $ 1,153,194 | $ 1,325,226 |
Intangible Assets (Details 2)
Intangible Assets (Details 2) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Year ending June 30, 2021 (Remaining three months) | $ 57,344 | |
2022 | 229,377 | |
2023 | 229,377 | |
2024 | 229,377 | |
2025 | 229,377 | |
2026 | 178,342 | |
Intellectual Property, Net | $ 1,153,194 | $ 1,325,226 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - shares | Mar. 31, 2021 | Sep. 22, 2020 | Jun. 30, 2020 |
Related Party Transaction [Line Items] | |||
Common Stock, Shares, Issued | 13,957,792 | 5,204,392 | |
Acuitas Group Holdings L L C [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock, Shares, Issued | 6,909,582 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 21,412,304 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 21,412,304 | |
Derivative Liability Warrants [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 16,411,504 | |
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | ||
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | ||
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 16,411,504 | |
Derivative Liability Conversion Option On Convertible Debenture [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 5,000,800 | |
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | ||
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | ||
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 5,000,800 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 2) | 9 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Beginning balance at July 1, 2020 | $ 21,412,304 |
Balance at March 31, 2021 | |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Beginning balance at July 1, 2020 | 21,412,304 |
Balance at March 31, 2021 | |
Derivative Liability Warrants [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Beginning balance at July 1, 2020 | 16,411,504 |
Balance at March 31, 2021 | |
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Beginning balance at July 1, 2020 | 16,411,504 |
Additions to level 3 liabilities | |
Change in in fair value of level 3 liability | (6,054,121) |
Transfer in and/or out of Level 3 | (10,357,383) |
Balance at March 31, 2021 | |
Derivative Liability Conversion Option On Convertible Debenture [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Beginning balance at July 1, 2020 | 5,000,800 |
Balance at March 31, 2021 | |
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Beginning balance at July 1, 2020 | 5,000,800 |
Additions to level 3 liabilities | |
Change in in fair value of level 3 liability | (2,225,798) |
Transfer in and/or out of Level 3 | (2,775,002) |
Balance at March 31, 2021 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details Narrative) - Fair Value, Inputs, Level 3 [Member] - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 22, 2020 | Jun. 30, 2020 | |
Derivative Liability Warrants [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Share Price | $ 9.55 | $ 14 |
Exercise Price | $ 4 | $ 4 |
Term | 4 years | 5 years |
Volatility Rate | 79.69% | 76.61% |
Dividend Yield | 0.00% | 0.00% |
Risk-Free Interest Rate | 0.21% | 0.29% |
Derivative Liability Conversion Option On Convertible Debenture [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Share Price | $ 9.55 | $ 14 |
Exercise Price | $ 4 | $ 4 |
Term | 3 months | |
Volatility Rate | 45.49% | 62.47% |
Dividend Yield | 0.00% | 0.00% |
Risk-Free Interest Rate | 0.01% | 0.16% |
Equity Transactions (Details)
Equity Transactions (Details) - USD ($) | Mar. 24, 2021 | Mar. 23, 2021 | Jan. 27, 2021 | Jan. 19, 2021 | Dec. 18, 2020 | Oct. 13, 2020 | Oct. 02, 2020 | Jul. 28, 2020 | Mar. 31, 2021 |
Summary of Investment Holdings [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (14,324) | (27,000) | (320) | (3,200) | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 12.50 | $ 12.50 | $ 1.88 | $ 4.76 | |||||
Equity Option [Member] | |||||||||
Summary of Investment Holdings [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 60,400 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 11.06 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 2 months 12 days | ||||||||
Aggregate Intrinsic Value, Outstanding at beginning of period | $ 352,600 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,800 | 691,600 | 800 | 800 | 698,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 42.09 | $ 13.91 | $ 9.90 | $ 9.54 | $ 14.63 | ||||
Weighted Remaining Average Contractual Term, Granted | 5 years | 5 years | 5 years | 5 years | 4 years 8 months 12 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 954,239 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (3,200) | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 4.76 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 755,200 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 13.85 | ||||||||
Weighted Remaining Average Contractual Term, Ending Balance | 4 years 4 months 24 days | ||||||||
Aggregate Intrinsic Value, Outstanding at end of period | $ 1,516,511 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 236,500 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 13.85 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 1,516,511 |
Equity Transactions (Details 2)
Equity Transactions (Details 2) - Equity Option [Member] | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Summary of Investment Holdings [Line Items] | ||
Expected life of options (In years) | 5 years | 5 years |
Expected volatility | 77.05% | 73.74% |
Risk free interest rate | 0.50% | 1.63% |
Dividend Yield | 0.00% | 0.00% |
Equity Transactions (Details 3)
Equity Transactions (Details 3) | 9 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Stock Option 1 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 2.80 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 7,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 7,200 |
Weighted Average Contractual Life | 3 years 9 months 18 days |
Stock Option 2 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 3.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 4,800 |
Weighted Average Contractual Life | 2 years 9 months 18 days |
Stock Option 3 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 6.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 1,600 |
Weighted Average Contractual Life | 2 years 7 months 6 days |
Stock Option 4 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 7.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 25,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 25,600 |
Weighted Average Contractual Life | 4 years 10 months 24 days |
Stock Option 5 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 8.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 1,600 |
Weighted Average Contractual Life | 3 years |
Stock Option 6 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 9.54 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 800 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 800 |
Weighted Average Contractual Life | 4 years 6 months |
Stock Option 7 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 9.90 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 800 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 800 |
Weighted Average Contractual Life | 4 years 6 months |
Stock Option 8 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 12.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 4,000 |
Weighted Average Contractual Life | 1 year 9 months 18 days |
Stock Option 9 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 13.91 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 691,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 172,900 |
Weighted Average Contractual Life | 4 years 8 months 12 days |
Stock Option 10 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 25 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 1,600 |
Weighted Average Contractual Life | 1 year 6 months |
Stock Option 11 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 26.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,400 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 4,400 |
Weighted Average Contractual Life | 1 year 1 month 6 days |
Stock Option 12 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 27.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 800 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 800 |
Weighted Average Contractual Life | 1 year |
Stock Option 13 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 28.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 1,600 |
Weighted Average Contractual Life | 1 year 4 months 24 days |
Stock Option 14 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 31.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 4,000 |
Weighted Average Contractual Life | 7 months 6 days |
Stock Option 15 [Member] | |
Summary of Investment Holdings [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 42.09 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 4,800 |
Weighted Average Contractual Life | 4 years 9 months 18 days |
Equity Transactions (Details 4)
Equity Transactions (Details 4) - Warrant [Member] - USD ($) | Sep. 22, 2020 | Jul. 13, 2020 | Mar. 31, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Warrant Outstanding, at the beginning of the period | 1,374,667 | ||
Weighted Average Exercise Price, at the beginning of the period | $ 7.72 | ||
Weighted Average Remaining Life, at the beginning of the period | 4 years 2 months 12 days | ||
Aggregate Intrinsic Value, Outstanding at beginning of period | $ 13,799,331 | ||
Warrant Outstanding, at the beginning of the period | 89,998 | 203,250 | 293,248 |
Weighted Average Exercise Price, at the beginning of the period | $ 12.50 | $ 4 | $ 6.61 |
Weighted Average Remaining Life, Granted | 5 years | 5 years | 5 years |
Warrant Outstanding, at the beginning of the period | |||
Weighted Average Exercise Price, at the beginning of the period | |||
Warrant Exercised | (41,644) | ||
Weighted Average Exercise Price, Exercised | $ 12.40 | ||
Weighted Average Remaining Life, Exercised | 4 years | ||
Warrant Exercised - Acuitas | (1,453,250) | ||
Weighted Average Exercise Price, Exercised - Acuitas | $ 4 | ||
Weighted Average Remaining Life, Exercised - Acuitas | 4 years | ||
Warrant Outstanding, at the end of period | 173,021 | ||
Weighted Average Exercise Price, at the end of period | $ 10.49 | ||
Weighted Average Remaining Life, at the end of period | 3 years 4 months 24 days | ||
Aggregate Intrinsic Value, Outstanding at end of period | $ 2,203,264 |
Equity Transactions (Details Na
Equity Transactions (Details Narrative) - USD ($) | Mar. 24, 2021 | Mar. 23, 2021 | Jan. 27, 2021 | Jan. 19, 2021 | Dec. 18, 2020 | Oct. 13, 2020 | Oct. 02, 2020 | Sep. 22, 2020 | Jul. 28, 2020 | Jul. 13, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Summary of Investment Holdings [Line Items] | ||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense | $ 803,604 | $ 13,684 | $ 11,162 | $ 1,536,929 | $ 2,340,533 | $ 24,846 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 14,324 | 27,000 | 320 | 3,200 | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 12.50 | $ 12.50 | $ 1.88 | $ 4.76 | ||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 14,324 | 27,000 | 304 | 2,210 | 304 | 2,210 | ||||||||||||
Warrant [Member] | ||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 89,998 | 203,250 | 293,248 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 12.50 | $ 4 | $ 6.61 | |||||||||||||||
Exercisable period of Warrant | 5 years | 5 years | 5 years | |||||||||||||||
Equity Option [Member] | ||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||
Non-vested Options Granted | 4,800 | 691,600 | 800 | 800 | 698,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 3,200 | |||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 4.76 | |||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 42.09 | $ 13.91 | $ 9.90 | $ 9.54 | $ 14.63 | |||||||||||||
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageGrantedContractualTerm1] | 5 years | 5 years | 5 years | 5 years | 4 years 8 months 12 days | |||||||||||||
Equity Option [Member] | Director [Member] | ||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||
Non-vested Options Granted | 3,721,620 | |||||||||||||||||
Weighted Average Period for Recognition | 3 years |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - $ / shares | Apr. 30, 2021 | Apr. 19, 2021 | Mar. 24, 2021 | Mar. 23, 2021 | Jan. 27, 2021 | Jul. 28, 2020 | Mar. 31, 2021 | Sep. 30, 2020 |
Subsequent Event [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 14,324 | 27,000 | 320 | 3,200 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 12.50 | $ 12.50 | $ 1.88 | $ 4.76 | ||||
Common Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 14,324 | 27,000 | 304 | 2,210 | 304 | 2,210 | ||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 760 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 12.50 | $ 1.88 | ||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 13,500 | 724 |