SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Impact of adoption of ASC Topic 606

The cumulative effect of applying ASC Topic 606 to the Company’s consolidated balance sheet was as follows:

	Balance at June 30, 2018			Net Adjustment			Balance at July 1, 2018
Deferred revenue	$	500,000		$	(500,000	)	$	-
Accumulated deficit		(332,045,906	)		500,000			(331,545,906	)

The impact of adoption of ASC Topic 606 on the Company’s consolidated balance sheet as of March 31, 2019 is as follows:

	As reported March 31, 2019			Adjustments			As reported without adoption of ASC Topic 606
ASSETS
Current assets:
Cash and cash equivalents	$	19,813,349		$	-		$	19,813,349
Prepaid expenses and other current assets		697,178			-			697,178
Total current assets		20,510,527			-			20,510,527
								-
Property and equipment, net		156,648			-			156,648
Other assets		338,916			-			338,916
Total assets	$	21,006,091		$	-		$	21,006,091
								-
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	474,773		$	-		$	474,773
Accrued expenses		2,640,208			-			2,640,208
Notes payable, net of discount		1,328,973			-			1,328,973
Other current liabilities		495,169			-			495,169
Total current liabilities		4,939,123			-			4,939,123
								-
Notes payable, net of discount		-			-			-
Deferred revenue		-			500,000			500,000
Other non-current liabilities		-			-			-
Total liabilities		4,939,123			500,000			5,439,123
Stockholders’ equity:
Preferred stock		40			-			40
Common stock		2,030,634			-			2,030,634
Additional paid-in capital		362,033,736			-			362,033,736
Accumulated deficit		(347,997,442	)		(500,000	)		(348,497,442	)
Total stockholders’ equity		16,066,968			(500,000	)		15,566,968
Total liabilities and stockholders’ equity	$	21,006,091		$	-		$	21,006,091

Schedule of net income (loss) per share

	Three Months Ended March 31,						Nine Months Ended March 31,
	2019			2018			2019			2018
Net (loss) income	$	(5,727,130	)	$	(739,183	)	$	(16,451,536	)	$	12,894,640
Denominator:
Weighted average common shares - Basic		207,016,304			197,485,758			206,148,695			197,277,286
Effect of dilutive shares:
Common stock equivalents arising from stock options,
warrants and conversion of preferred stock		-			-			-			3,610,611
Restriced stock units		-			-			-			1,825,066
Weighted average common shares - Diluted		207,016,304			197,485,758			206,148,695			202,712,963
Net (loss) income per common share:
Basic	$	(0.03	)	$	(0.00	)	$	(0.08	)	$	0.07
Diluted	$	(0.03	)	$	(0.00	)	$	(0.08	)	$	0.06