Going Concern |
6 Months Ended | |
|---|---|---|
Dec. 31, 2015 | ||
| Going Concern [Abstract] | ||
| Going Concern Disclosure [Text Block] |
Note 3 Going Concern
As reflected in the accompanying financial statements, the Company has a net loss of $7,353,847 and net cash used in operations of $4,798,290 for the six months ended December 31, 2015, and working capital deficit of $649,001 and stockholders’ equity of $3,777,897 with an accumulated deficit of $36,463,135 at December 31, 2015. In addition, the Company is in the preclinical stage and has not yet generated any revenues. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company expects that its current cash resources as well as expected lack of operating cash flows will not be sufficient to sustain operations for a period greater than one year. The ability of the Company to continue its operations is dependent on Management's plans, which include continuing to raise capital through issuances of common and preferred stock. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. |