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Basis of Presentation
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12 Months Ended | |||
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Jun. 30, 2014
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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, 2014, the Company’s accumulated deficit was $41.2 million, and it had cash used in operating activities of $4.1 million and $4.8 million for the years ended June 30, 2014 and 2013, respectively. The Company has historically financed its activities through the sale of common stock and warrants. Through June 30, 2014, 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, 2014 of $3.6 million and the results of the common stock purchase agreement with Aspire Capital Fund LLC are expected to support the Company’s activities through June 30, 2015. The extent to which the Company utilizes the purchase agreement with Aspire Capital as a source of funding will depend on a number of factors, including the prevailing market price of the Company’s common stock and the volume of trading in its common stock. See Note 18 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. Reclassifications
Certain prior-period amounts have been reclassified to conform to the current period presentation. In 2013, loss on abandonments of intangibles was classified as other under cash flows from operating activities. In 2014, loss on abandonments is seperately stated. |