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Basis of Presentation
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12 Months Ended | |||
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Jun. 30, 2013
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| Accounting Policies [Abstract] | ||||
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
Going Concern Since its spin-off from Integrated BioPharma, Inc. in August 2008, the Company has incurred significant losses and negative cash flows from operations. As of June 30, 2013, the Company’s accumulated deficit was $37.5 million, and it had cash used in operating activities of $4.8 million and $6.0 million for the years ended June 30, 2013 and 2012, respectively. The Company has historically financed its activities through the sale of common stock and warrants. Through June 30, 2013, the Company has dedicated most of its financial resources to investing in its iBioLaunch™ and iBioModulator™ platforms, advancing its intellectual property, and general and administrative activities. Cash on hand as of June 30, 2013 of $4.4 million, considering the effects of the Settlement Agreement completed in September 2013, is expected to support the Company’s activities through the third quarter of the fiscal year ending June 30, 2014. See Note 17 - Subsequent Events for additional information. The history of significant losses, the negative cash flow from operations, the limited cash resources currently on hand and the dependence by the Company on its ability - about which there can be no certainty - to obtain additional financing to fund its operations after the current cash resources are exhausted raises substantial doubt about the Company’s ability to continue as a going concern. These financial statements were prepared under the assumption that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. The Company plans to fund its future business operations using cash on hand, through proceeds from the sale of additional equity or other securities and through proceeds realized in connection with license and collaboration arrangements. The Company cannot be certain that such funding will be available on favorable terms, or available at all. To the extent that the Company raises additional funds by issuing equity securities, its stockholders may experience significant dilution. If the Company is unable to raise funds when required or on favorable terms, it may have to: a) significantly delay, scale back, or discontinue the product application and/or commercialization of its proprietary technologies; b) seek collaborators for its technology and product candidates on terms that are less favorable than might otherwise be available; c) relinquish or otherwise dispose of rights to technologies, product candidates, or products that it would otherwise seek to develop or commercialize; or d) possibly cease operations. See Part I, Item 1A of this Annual Report on Form 10-K for a more detailed discussion of risks. Reclassifications
Certain prior-period amounts have been reclassified to conform to the current period presentation. Prepaid expenses and other current assets have been combined for presentation in the accompanying balance sheets and statements of cash flows. Depreciation and amortization expenses have been separated in the accompanying statements of cash flows. Share-based compensation expenses have been combined in the accompanying statements of cash flows. |