XML 41 R5.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities    
Net loss $ (3,818,259)us-gaap_NetIncomeLoss $ (5,593,682)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 40,703us-gaap_Depreciation 41,391us-gaap_Depreciation
Amortization of debt discounts 140,363us-gaap_AmortizationOfFinancingCostsAndDiscounts 173,490us-gaap_AmortizationOfFinancingCostsAndDiscounts
Bad debt expense 4,719us-gaap_ProvisionForDoubtfulAccounts 5,801us-gaap_ProvisionForDoubtfulAccounts
Employee stock option compensation expense 658,527us-gaap_ShareBasedCompensation 1,438,050us-gaap_ShareBasedCompensation
Loss on extinguishment of debt 596,648us-gaap_GainsLossesOnExtinguishmentOfDebt   
Loss on disposal of assets    11,413us-gaap_GainLossOnDispositionOfAssets1
(Gain) loss on stock issued for interest (12,841)gltc_GainLossOnConversionOfInterest 201,175gltc_GainLossOnConversionOfInterest
Changes in assets and liabilities:    
Accounts receivable (46,680)us-gaap_IncreaseDecreaseInAccountsReceivable (52,355)us-gaap_IncreaseDecreaseInAccountsReceivable
Inventories (212,876)us-gaap_IncreaseDecreaseInInventories (259,781)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other current assets 80,318us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (15,687)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Other assets 14,000us-gaap_IncreaseDecreaseInOtherOperatingAssets   
Accounts payable (54,892)us-gaap_IncreaseDecreaseInAccountsPayable (64,280)us-gaap_IncreaseDecreaseInAccountsPayable
Accrued expenses 171,273us-gaap_IncreaseDecreaseInAccruedLiabilities 133,315us-gaap_IncreaseDecreaseInAccruedLiabilities
Litigation accrual (448,044)gltc_IncreaseDecreaseInLitigationAccrual   
Accrual for severance agreement    (98,537)gltc_AccrualForSeveranceAgreement
Deferred revenue    (7,019)us-gaap_IncreaseDecreaseInDeferredRevenue
Net cash used in operating activities (2,887,041)us-gaap_NetCashProvidedByUsedInOperatingActivities (4,086,706)us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from Investing Activities    
Purchases of equipment (10,380)us-gaap_PaymentsToAcquireMachineryAndEquipment (72,851)us-gaap_PaymentsToAcquireMachineryAndEquipment
Net cash used in investing activities (10,380)us-gaap_NetCashProvidedByUsedInInvestingActivities (72,851)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from Financing Activities    
Proceeds from sale of stock through private placements 46,505us-gaap_ProceedsFromIssuanceOfCommonStock 2,038,538us-gaap_ProceedsFromIssuanceOfCommonStock
Proceeds from sale of stock under stock purchase agreement    570,000us-gaap_ProceedsFromOtherEquity
Proceeds from sale of stock and warrants 2,305,000us-gaap_ProceedsFromIssuanceOfWarrants 730,000us-gaap_ProceedsFromIssuanceOfWarrants
Proceeds from exercise of warrants    25,000us-gaap_ProceedsFromWarrantExercises
Proceeds from exercise of stock options    18,200us-gaap_ProceedsFromStockOptionsExercised
Proceeds from advances on secured convertible line of credit - related party 625,000us-gaap_ProceedsFromSecuredLinesOfCredit   
Repayments of convertible notes with related parties    (85,880)us-gaap_RepaymentsOfConvertibleDebt
Repayments of convertible notes with third parties    (115,822)us-gaap_RepaymentsOfOtherDebt
Proceeds from convertible notes with related parties    1,000,000us-gaap_ProceedsFromRelatedPartyDebt
Payments on insurance finance contract (68,204)gltc_PaymentsOnInsuranceFinanceContract (39,705)gltc_PaymentsOnInsuranceFinanceContract
Net cash provided by financing activities 2,908,301us-gaap_NetCashProvidedByUsedInFinancingActivities 4,140,331us-gaap_NetCashProvidedByUsedInFinancingActivities
Net increase (decrease) in cash and cash equivalents 10,880us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (19,226)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents - beginning 66,266us-gaap_CashAndCashEquivalentsAtCarryingValue 90,275us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents - ending 77,146us-gaap_CashAndCashEquivalentsAtCarryingValue 71,049us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 2,353us-gaap_InterestPaid 2,911us-gaap_InterestPaid
Cash paid for income taxes      
Supplementary Disclosure of Non-cash Investing and Financing Activities:    
Financing of prepaid insurance contracts 89,925us-gaap_LiabilitiesAssumed1 92,846us-gaap_LiabilitiesAssumed1
Beneficial conversion feature of convertible notes 16,771gltc_BeneficialConversionFeatureOfConvertibleNotesCashFlowSupplemental 311,949gltc_BeneficialConversionFeatureOfConvertibleNotesCashFlowSupplemental
Loan discount from warrants    601,949gltc_LoanDiscountFromWarrants
Stock issued for interest payable 224,811gltc_StockIssuedForInterestSupplementalDisclosure 149,811gltc_StockIssuedForInterestSupplementalDisclosure
Conversion of notes for common stock    $ 82,132gltc_ConversionOfNotesForCommonStockSupplementalDisclosure