Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Jun. 30, 2015
Current assets    
Cash $ 1,708,488 $ 5,278,706
Restricted cash 0 450,167
Other current assets 134,773 387,511
Total current assets 1,843,261 6,116,384
Non-current assets    
Fixed assets, net 6,073,480 4,524,912
Intangibile assets, net 55,260 58,906
Deposit 562,500 563,000
Total non-current assets 6,691,240 5,146,818
Total Assets 8,534,501 11,263,202
Current liabilities:    
Accounts payable and accrued expenses 2,215,927 1,408,399
Convertible notes payable 60,000 60,000
Deferred lease liability, current portion 114,269 98,671
Lease payable, current portion 70,526 93,852
Interest payable 14,079 13,079
Warrant derivative liability 17,461 31,777
Total current liabilities 2,492,262 1,705,778
Non-current liabilities:    
Deferred lease liability, less current portion 460,794 480,490
Lease payable, less current portion 0 23,127
Total non-current liabilities 460,794 503,617
Total Liabilities $ 2,953,056 $ 2,209,395
Commitments and Contingencies (Note 11)
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued and outstanding $ 0 $ 0
Common stock, $0.001 par value, 200,000,000 shares authorized; 24,338,219 and 24,338,219 shares issued and outstanding, December 31, 2015 and June 30, 2015 24,341 24,341
Additional paid-in capital 40,216,691 38,138,754
Accumulated deficit (36,463,135) (29,109,288)
Total stockholders' equity 3,777,897 9,053,807
Total Liabilities, Series A Convertible Preferred Stock and Stockholders' Equity 8,534,501 11,263,202
Series A Convertible Preferred Stock [Member]    
Non-current liabilities:    
Series A Convertible Preferred Stock - subject to redemption, $0.01 par value, $1.95 redemption value; 15,000,000 authorized; 1,025,699 and no shares issued and outstanding, December 31, 2015 and June 30, 2015, respectively $ 1,803,548 $ 0