Financial Statements

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Jun. 30, 2017
Current assets    
Cash and cash equivalents $ 7,012,527 $ 802,328
Restricted cash 100,000 75,214
Accounts receivable, net 578,782 528,039
Inventory, net 1,338,973 1,312,221
Prepaid expenses and other 440,009 310,760
Total current assets 9,470,291 3,028,562
Fixed assets, net 218,684 647,254
Developed technology, net 1,337,333
Customer contracts, net 77,667
Trade names, net 164,037
Licensed assets, net 11,120,086 9,231,072
Goodwill 238,426
Patents, net 245,944 271,278
Deposits 5,088 2,888
Total long-term assets 11,589,802 11,969,955
Total assets 21,060,093 14,998,517
Current liabilities    
Accounts payable and other 2,119,672 2,220,400
Accrued liabilities 185,882 782,536
Accrued compensation 540,674 339,704
Current deferred rent 1,450 6,673
Current contingent consideration 547,100 261,155
Total current liabilities 3,394,778 3,610,468
Long-term contingent consideration 4,146,829 7,386,782
Long-term deferred rent 1,451
Warrant derivative liability 93,981
Total liabilities 7,635,588 10,998,701
Commitments and contingencies (Note 6)
Stockholders' equity    
Preferred Stock, par value $.0001; 50,000,000 shares authorized; none issued
Common Stock, par value $.0001; 100,000,000 shares authorized; shares issued and outstanding 1,794,762 and 41,244, respectively as of June 30, 2018 and 2017 179 4
Additional paid-in capital 92,681,918 73,069,541
Accumulated deficit (79,257,592) (69,069,729)
Total stockholders' equity 13,424,505 3,999,816
Total liabilities and stockholders' equity $ 21,060,093 $ 14,998,517
v3.10.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]    
Product revenue, net $ 3,660,120 $ 3,221,590
Total product revenue 3,660,120 3,221,590
Operating expenses    
Cost of sales 2,050,544 1,417,355
Research and development 167,595 959,857
Research and development - related party (Note 9) 387,960
Sales, general and administrative 17,732,490 17,442,627
Sales, general and administrative - related party (Note 9) 165,131
Impairment of intangible assets 1,856,020 1,265,125
Amortization of intangible assets 1,553,705 1,708,771
Total operating expenses 23,360,354 23,346,826
Loss from operations (19,700,234) (20,125,236)
Other (expense) income    
Interest (expense) (749,423) (2,534,358)
(Loss) on investment (61,519)
Other gain 6,277,873
Derivative income 3,983,921 212,809
Total other (expense) 9,512,371 (2,383,068)
Net loss $ (10,187,863) $ (22,508,304)
Weighted average number of common shares outstanding 665,605 466,024
Basic and diluted net loss per common share $ (15.31) $ (48.30)
v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss $ (10,187,863) $ (22,508,304)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation, amortization and accretion 2,591,270 4,364,680
Impairment of intangible assets 1,856,020 1,265,125
Stock-based compensation expense 348,515 2,502,092
Issuance of restricted stock 248,419 724,613
Other gain (6,277,873)
Warrants issuance and amendments 183,920 1,507
Derivative income (3,983,921) (212,809)
Amortization of prepaid research and development - related party (Note 9) 335,454
Loss on investment 61,519
Common stock issued to executives 509,996
Issuance of warrants to initial investors 596,434
Gain on sale of asset (428,374)
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (50,743) (355,031)
(Increase) decrease in inventory (26,752) 195,427
(Increase) in prepaid expenses and other (129,249) (95,202)
(Decrease) increase in accounts payable and other (109,707) 493,217
(Decrease) in accrued liabilities (596,654) (414,570)
Increase (decrease) in accrued compensation 200,970 (861,226)
(Decrease) in deferred rent (6,674) (4,200)
Net cash used in operating activities (15,940,322) (13,829,652)
Cash flows used in investing activities:    
Deposit (2,200)
Purchases of fixed assets (74,707) (111,608)
Contingent consideration payment (7,385)
Purchase of assets (400,000) (6,000,000)
Investment in Acerus 1,071,707
Sale of investment in Acerus cost (91,864)
Sales of Primsol assets 1,750,000
Purchase of Primsol asset (750,000)
Cash proceed from Nuelle 613,309
Cost related to Nuelle acquisition (16,082)
Net cash used in investing activities (484,292) (3,534,538)
Cash flows from financing activities:    
Issuance of preferred, common stock and warrants 11,839,995
Issuance costs related to preferred, common stock and warrants (1,402,831)
Issuance of preferred, common stock and warrants 12,900,020
Issuance costs related to preferred, common stock and warrants (1,294,235)
Warrant exercises 677,100
S-3 registered offering cost (60,450)
Issuance of common stock to Lincoln Park 739,857
Costs related to the sale of common stock (90,924)
Warrant tender offer 2,243,282
Warrant tender offer cost (312,159)
Registered offering 8,602,499
Registered offering costs (997,865)
Over-allotment warrants purchased by placement agents 2,852
Net cash provided by financing activities 22,659,599 10,187,542
Net change in cash and cash equivalents 6,234,985 (7,176,648)
Cash and cash equivalents restricted cash at beginning of period 877,542 8,054,190
Cash and cash equivalents restricted cash at end of period 7,112,527 877,542
Warrants issued to investors and underwriters (see Note 4) 4,117,997
Warrant exercise of derivative warrants 40,096
Contingent consideration included in accounts payable 8,980
Earn-out payment to Nuelle Shareholders 250,000
Purchase of asset included in contingent consideration 293,216
Contingent consideration 2,553,169
Issuance of common stock to Nuelle share holders 1,837,500
Fixed assets included in accounts payable 10,789
Warrants issued in connection with the equity financing to the placement agents 292,630
Warrants amended in connection with warrant tender offer $ 63,182