UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x |
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the fiscal quarter ended December 31, 2015
or
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from
to
Commission File Number: 000-51353
ATRINSIC,
INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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06-1390025 |
(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer
Identification No.) |
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149 Fifth Avenue, Suite 500, New York, New York 10010 |
(Address of Principal Executive Office) (Zip Code) |
(213) 260-4342
Registrants Telephone Number Including Area Code
Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes x
No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See
the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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¨ (Do not check if a smaller reporting company) |
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Smaller reporting company |
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x |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ¨ No x
As of February 22, 2016, there were 400,000,000 outstanding shares of the registrants common stock.
ATRINSIC INC.
Form 10-Q Report
For the
Fiscal Quarter Ended December 31, 2015
TABLE OF CONTENTS
Part I. Financial Information
Item 1. Financial Statements
ATRINSIC, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands except share data)
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December 31, |
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June 30, |
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2015 |
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2015 |
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(Unaudited) |
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ASSETS |
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Current assets |
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Cash |
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$ |
4 |
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$ |
62 |
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Prepaid expenses |
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21 |
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70 |
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Total current assets |
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25 |
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132 |
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Property and equipment (net of accumulated depreciation) |
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1 |
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1 |
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Total assets |
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$ |
26 |
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$ |
133 |
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LIABILITIES AND SHAREHOLDERS DEFICIT |
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Current liabilities |
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Accounts payable and accrued expenses |
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$ |
192 |
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$ |
168 |
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Accrued interest expensestockholders |
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35 |
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21 |
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Short-term convertible notes payabledue to stockholders |
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665 |
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Total current liabilities |
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892 |
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189 |
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Long-term notes payabledue to stockholders |
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515 |
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Total liabilities |
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892 |
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704 |
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COMMITMENTS AND CONTINGENCIES |
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Shareholders deficit: |
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Series A convertible preferred stock, $0.000001 par value, 5,000,000,000 shares authorized, 4,600,000,000 shares issued and outstanding
at December 31, 2015 and June 30, 2015; (Liquidation preference 20,700,000 as of December 31, 2015) |
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5 |
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5 |
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Common stock, $.000001 par value, 100,000,000,000 shares authorized, 400,000,000 shares issued and outstanding at December 31,
2015 and June 30, 2015 |
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Additional paid-in capital |
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1,053 |
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1,053 |
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Accumulated deficit |
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(1,844 |
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(1,555 |
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Shareholders deficit attributed to Atrinsic, Inc. |
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(786 |
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(497 |
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Non-controlling interest |
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(80 |
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(74 |
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Total shareholders deficit |
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(866 |
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(571 |
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TOTAL LIABILITIES AND SHAREHOLDERS DEFICIT |
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$ |
26 |
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$ |
133 |
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See accompanying notes to unaudited condensed consolidated financial statements.
2
ATRINSIC, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in
thousands, except share and per share data)
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Three Months Ended December 31, |
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Six Months Ended December 31, |
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2015 |
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2014 |
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2015 |
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2014 |
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Operating expenses |
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General and administrative |
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$ |
151 |
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$ |
137 |
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$ |
281 |
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$ |
256 |
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Total operating expenses |
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151 |
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137 |
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281 |
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256 |
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Loss from operations |
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(151 |
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(137 |
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(281 |
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(256 |
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Other income (expenses) |
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Other income |
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2 |
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1 |
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4 |
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Interest expensestockholders |
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(8 |
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(4 |
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(15 |
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(6 |
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Total other expenses |
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(8 |
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(2 |
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(14 |
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(2 |
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Net loss |
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(159 |
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(139 |
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(295 |
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(258 |
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Less: net loss attributable to non-controlling interest |
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(1 |
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(6 |
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(6 |
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(13 |
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Net loss attributable to Atrinsic |
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$ |
(158 |
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$ |
(133 |
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$ |
(289 |
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$ |
(245 |
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Net loss per share attributable to Atrinsic common shareholders |
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Basic and diluted |
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$ |
(0.00 |
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$ |
(0.00 |
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$ |
(0.00 |
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$ |
(0.00 |
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Weighted average shares outstanding: |
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Basic and diluted |
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400,000,000 |
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400,000,000 |
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400,000,000 |
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400,000,000 |
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See accompanying notes to unaudited condensed consolidated financial statements.
3
ATRINSIC, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in
thousands)
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Six Months Ended December 31, |
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2015 |
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2014 |
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Cash flows from operating activities |
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Net loss attributable to Atrinsic |
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$ |
(289 |
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$ |
(245 |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Net loss attributable to non-controlling interest in subsidiary |
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(6 |
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(13 |
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Accrued interest on convertible notes payable |
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14 |
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7 |
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Changes in operating assets and liabilities of business, net of acquisitions: |
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Prepaid expenses |
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49 |
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34 |
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Accounts payable and accrued expenses |
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24 |
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26 |
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Net cash used in operating activities |
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(208 |
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(191 |
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Cash flows from financing activities |
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Proceeds from issuance of convertible notes payable due to stockholders |
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150 |
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240 |
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Net cash provided by financing activities |
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150 |
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240 |
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Net (decrease) increase in cash |
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(58 |
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49 |
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Cash at beginning of period |
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62 |
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101 |
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Cash at end of period |
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$ |
4 |
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$ |
150 |
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See accompanying notes to unaudited condensed consolidated financial statements.
4
ATRINSIC, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share data)
NOTE 1NATURE OF OPERATIONS
On June 15, 2012,
the Company filed Chapter 11 in the United States Bankruptcy Court in Southern District of New York (Case No. 12-12553). As of that date, the Company terminated all remaining employees and ceased its normal business operations.
The Company emerged from Chapter 11 on June 26, 2013, at which time the Plan of Reorganization was conditionally confirmed by the United States
Bankruptcy Court, Southern District of New York. The confirmation was subject to the consummation of the Companys acquisition of a 51% controlling interest in Momspot LLC (Momspot), which was subsequently completed on July 12,
2013 (Emergence Date). Momspots goal is to be the premier specialty retail affiliate marketing company targeting women between the ages of 24 and 45 who are either mothers or expecting their first child. The Emergence Date was the
date the Company adopted fresh start accounting in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 852. The adoption of fresh-start accounting resulted in the Company
becoming a new entity for financial reporting purposes. Momspot is currently the Companys business operations. The Companys principle activities are conducted through Momspot.
Since the fourth quarter of the 2015 fiscal year, Momspots development plans has been suspended pending receipt of incremental funding. On
February 12, 2016, the Company sold its 51% interest of Momspot to the remaining 49% interest holder through a split off agreement.
Also on
February 12, 2016, the Company entered into a Merger and completed a financing and at which time the Company entered into the field of neurologic drug development. This transaction is treated as a recapitalization of the Company (reverse
business combination) and is further described in detail in Note 7.
NOTE 2LIQUIDITY AND GOING CONCERN
The Company intends to finance its activities through:
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managing current cash on hand; and |
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seeking additional funds raised in the future. |
The Company has experienced recurring losses and negative cash
flow from operations since emerging from bankruptcy. There is substantial doubt about the Companys ability to continue as a going concern as it is dependent on its ability to obtain short term financing and ultimately to generate sufficient
cash flow to meet its obligations on a timely basis in order to attain profitability, as well as successfully obtain financing on favorable terms to fund the Companys long term plans. The Company continually projects anticipated cash
requirements, which may include business combinations, capital expenditures, and working capital requirements. As of December 31, 2015, the Company had cash of approximately $4, a working capital deficit of approximately $867 including $665 of
notes payable to stockholders due August 2016, and a total shareholders deficit of $866. During the six months ended December 31, 2015, the Company used approximately $208 of cash for operations. The Companys existing liquidity is
not sufficient to fund its operations, anticipated capital expenditures, working capital and other financing requirements for the foreseeable future.
The
Company needs to raise additional capital to cover its budgeted operating and capital expenditures. If the capital raising efforts are not successful, the Company might not be able to continue as a going concern. The consolidated financial
statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company not be able to continue as a going
concern. These factors among others create substantial doubt about the Companys ability to continue as a going concern.
On September 3, 2015,
the Company issued secured convertible promissory notes (the Secured Convertible Notes) in the principal amount of $25 to each of its two principal stockholders, for an aggregate of $50, each an existing secured lender to the Company. On
October 30, 2015, the Company issued a new Secured Convertible Notes in the principal amount of $25 to each of its two principal stockholders, for an aggregate of $50, each an existing secured lender to the Company.
On December 9, 2015, the Company issued a new Secured Convertible Notes in the principal amount of $25 to each of its two principal stockholders, for an
aggregate of $50, each an existing secured lender to the Company. The Secured Convertible Notes have a maturity date of August 31, 2016 and bear interest at the rate of 5.0% per annum, payable at maturity. The obligations of the Company
under the Secured Convertible Notes are secured by a first priority security interest in all of the property of the Company pursuant to letter agreements, with its two principal stockholders. The proceeds of the Secured Convertible Notes were
utilized by the Company to fund its working capital needs (See Note 5).
5
ATRINSIC, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share data)
NOTE 3SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying condensed
consolidated financial statements of the Company are unaudited and do not include all of the information and disclosures generally required for annual financial statements. In the opinion of management, the statements contain all material
adjustments (consisting of normal recurring accruals) necessary to present fairly the Companys condensed consolidated financial position as of December 31, 2015, and the condensed consolidated results of its operations for the three-month
and six-month periods ended December 31, 2015 and 2014, and cash flows for the six-month periods ended December 31, 2015 and 2014. This report should be read in conjunction with the Companys Annual Report on Form 10-K, filed with
Securities and Exchange Commission on September 25, 2015, which contains the complete information and disclosure for the year ended June 30, 2015. Results of operations for interim periods are not necessarily indicative of the results of
operations for a full year.
Principles of Consolidation
The ownership of more than 50% of the voting stock of an entity creates a subsidiary. The financial statements of the parent and subsidiary are consolidated
for reporting purposes.
The condensed consolidated financial statements include the accounts of all majority and wholly-owned (Momspot)
subsidiaries and significant intercompany balances and transactions have been eliminated.
Use of Estimates
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America
(U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses as well as the disclosure of contingent assets and liabilities. Management continually
evaluates its estimates and judgments including those related to fair value of stock options granted and income taxes. Management bases its estimates and judgments on historical experience and other factors that are believed to be reasonable in the
circumstances. Actual results may differ from those estimates. Macroeconomic conditions may directly, or indirectly through the Companys business partners and vendors, impact the Companys financial performance and available resources.
Such conditions may, in turn, impact the aforementioned estimates and assumptions.
Earnings per Share
Basic earnings per share (EPS) is computed by dividing reported earnings by the weighted average number of shares of common stock outstanding for
the period. Diluted EPS includes the effect, if any, of the potential issuance of additional shares of common stock as a result of the exercise or conversion of dilutive securities, using the treasury stock method or if-converted method.
Potential dilutive securities for the Company include outstanding convertible preferred shares, stock options and convertible debts.
Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at December 31,
2015 and December 31, 2014, because such securities are anti-dilutive, are as follows:
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As of December 31, |
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2015 |
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2014 |
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Convertible preferred shares |
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4,600,000,000 |
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4,600,000,000 |
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Options to purchase common stock |
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275,000,000 |
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275,000,000 |
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Convertible notes |
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140,098 |
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Total |
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4,875,140,098 |
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4,875,000,000 |
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6
ATRINSIC, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share data)
NOTE 3SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Recent Accounting Pronouncements
In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period
Adjustments. The update requires that the acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are
determined (not retrospectively as with prior guidance). Additionally, the acquirer must record in the same periods financial statements the effect on earnings of changes in depreciation, amortization or other income effects as a result of the
change to the provisional amounts, calculated as if the accounting had been completed at the time of acquisition. The acquiring entity is required to disclose, on the face of the financial statements or in the footnotes to the financial statements,
the portion of the amount recorded in current period earnings, by financial statement line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date.
The guidance in ASU No. 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Earlier application is permitted for financial statements that have not been issued. The
Company has not yet determined the effect of the adoption of this standard and it is expected to have a material impact on the Companys consolidated financial position and results of operations.
The FASB, the Emerging Issues Task Force and the SEC have issued certain accounting standards updates and regulations as of December 31, 2015 that will
become effective in subsequent periods. However, management does not believe that any of those updates would have significantly affected our financial accounting measures or disclosures had they been in effect during 2015 and 2014 and it does not
believe that any of these pronouncements will have a significant impact on the condensed consolidated financial statements at the time they become effective.
NOTE 4STOCKHOLDERS EQUITY
Stock Options
On February 11, 2014, the Company issued options with a term of five (5) years and an exercise price of $0.002 to the individuals below for
the number of shares of common stock:
The Company granted to Sebastian Giordano, for services as Chief Restructuring Officer and Acting
Chief Executive Officer, an option to purchase 125,000,000 shares of the Companys Common Stock.
The Company granted to each of
Edward Gildea and Jonathan Schechter, for services as directors of the Company, an option to purchase 50,000,000 shares of the Companys Common Stock.
On February 28, 2014, the Company granted to Edward Gildea, for services to be rendered as Acting Chief Executive Officer, an option to purchase
50,000,000 shares of the Companys Common Stock with a term of five (5) years and an exercise price of $0.002.
All of the shares covered by
these options immediately vested on the grant date.
The grant date fair value of stock options granted was approximately $275. The fair value of the
Companys common stock was based upon the publicly quoted price on the date of grant. The expected term for stock options granted with service conditions represents the average period the stock options are expected to remain outstanding and is
based on the expected term calculated using the approach prescribed by the Securities and Exchange Commissions Staff Accounting Bulletin No. 110 for plain vanilla options. The Company obtained the risk free interest rate from
publicly available data published by the Federal Reserve. The volatility rate was computed based on a comparison of average volatility rates of similar companies. The fair value of the options was determined using the Black-Scholes model with the
following assumptions: risk free interest rate0.69% to 0.71%, volatility84.40%, expected term2.5 years, expected dividends- N/A.
As of
December 31, 2015, the weighted average exercise price of all stock options outstanding was $0.002, the remaining contractual life was 3.1 years and there was no intrinsic value.
7
ATRINSIC, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share data)
NOTE 4STOCKHOLDERS EQUITY (Continued)
Series B Preferred Stock
On February 2, 2016, the Company authorized 18 million shares of Series B Preferred Stock with a par value of $0.000001. On February 3, 2016,
the Company filed a Certificate of Designation with the Delaware Secretary of State pursuant to which the Company set forth the designation, powers, rights, privileges, preferences and restrictions of the Series B Preferred Stock.
Each share of Series B Preferred stock will immediately and automatically convert into one share of common stock upon the Company amending its certificate of
incorporation to effect a 15,463.7183 to 1 reverse stock split of its common stock. Prior to the Reverse Stock Split, the Series B Preferred Stock votes together with the Companys common stock as a single class, with each share of Series B
Preferred Stock having a vote that equals to that of 15,463.7183 shares of common stock. After the Reverse Stock Split, any Series B Preferred Stock which remains outstanding as a result of the beneficial ownership limit will vote together with
the common stock as a single class, with each share of Series B Preferred Stock having a number of votes equal to one share of common stock on a post-Reverse Stock Split basis. In the event of any liquidation, dissolution or winding up of the
Company, the assets available for distribution to the Companys stockholders will be distributed among the holders of the Series B Preferred Stock and the holders of the common stock, pro rata, on an as-converted-to- common stock post-Reverse
Stock Split basis. The holders of the Series B Preferred Stock are entitled to dividends in the event that the Company pays cash or other dividends in property to holders the outstanding shares of the common stock, which dividends would be made pro
rata, on an as-converted-to-common stock post-Reverse Stock Split basis. (See Note 6)
NOTE 5CONVERTIBLE NOTES PAYABLE DUE TO STOCKHOLDERS
On August 15, 2014, the Company raised gross proceeds, in a debt financing transaction, of $90 from its two principal stockholders, and issued
secured promissory notes in the principal amount of $45 to each of them (the August 2014 Notes). On December 18, 2014, the Company raised gross proceeds, in a debt financing transaction, of $150 from its two principal stockholders,
and issued secured promissory notes in the principal amount of $75 to each of them (the December 2014 Notes). On May 15, 2015, the Company raised gross proceeds, in a debt financing transaction, of $100 from its two principal
stockholders, and issued secured promissory notes in the principal amount of $50 to each of them (the May 2015 Notes). The notes had a Maturity Date of July 31, 2015 and bear interest at the rate of 5.0% per annum, payable at
maturity. Any amounts that remain unpaid after July 31, 2015, shall thereafter bear interest at the rate of twelve percent (12%) per annum. Interest is calculated on the basis of actual number of days elapsed over a year of 360 days. The
notes are secured by all the assets of the Company.
On September 3, 2015, effective as of July 31, 2015, the maturity dates of the February
2014 Notes, the August 2014 Notes, the December 2014 Notes and the May 2015 Notes (collectively, the Prior Notes), in the aggregate principal amount of $515, were extended to August 31, 2016 and the Prior Notes were amended to
permit conversion of the principal and accrued interest due and payable under the Prior Notes into shares of the Companys common stock.
On
September 3, 2015, the Company issued secured convertible promissory notes (the Secured Convertible Notes) in the principal amount of $25 to each of its two principal stockholders, for an aggregate of $50, each an existing secured
lender to the Company. On October 30, 2015, the Company issued a new Secured Convertible Notes in the principal amount of $25 to each of its two principal stockholders, for an aggregate of $50, each an existing secured lender to the Company.
On December 9, 2015, the Company issued a new Secured Convertible Notes in the principal amount of $25 to each of its two principal stockholders,
for an aggregate of $50, each an existing secured lender to the Company.
The obligations of the Company under the Secured Convertible Notes are secured
by a first priority security interest in all of the property of the Company pursuant to letter agreements, with its two principal stockholders. The proceeds of the Secured Convertible Notes will be utilized by the Company to fund its working capital
needs.
On December 9, 2015, all the notes were amended to bear no interest and have a maturity date of March 1, 2016. As part of this
agreement, if the Company completes a private placement of its Series B Preferred Stock prior to the maturity thereof, each lender has agreed to convert or assign all principal sums under the Amended Convertible Notes to be used as a purchase price
in the Private Placement.
8
ATRINSIC, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share data)
NOTE 5CONVERTIBLE NOTES PAYABLE DUE TO STOCKHOLDERS (Continued)
|
|
|
|
|
|
|
Amount Due |
|
Outstanding as of June 30, 2015 |
|
$ |
515 |
|
|
|
|
|
|
Issued |
|
|
150 |
|
|
|
|
|
|
Outstanding as of December 31, 2015 |
|
$ |
665 |
|
|
|
|
|
|
During the three months ended December 31, 2015 and 2014, interest expense amounted to approximately $8 and $4,
respectively. During the six months ended December 31, 2015 and 2014, interest expense amounted to approximately $15 and $6, respectively. Accrued interest as of December 31, 2015 and June 30, 2015 was approximately $35 and $21,
respectively.
Subsequent to December 31, 2015, the holders of the above notes totaling $665,000 exchanged this debt for five-year warrants to
purchase 295,945 shares of Series B Preferred Stock at $1.25 per share (see note 7).
On February 11, 2016, the Company issued convertible promissory
notes in the principal amounts of $57 to the same lenders in the Amended Convertible Notes (for an aggregate amount of $114). The February Convertible Notes have a maturity date of March 1, 2016, bear no interest and have the same conversion
terms as the December 9, 2015 Convertible Notes.
NOTE 6 OTHER MATTERS
New York Workers Compensation Claim
The Company
received a notice from the New York State Workers Compensation Board that a judgment in the amount of $62 has been filed against the Company for the failure to carry workers compensation insurance for the period from July 6, 2011 to
May 10, 2012. As of December 31, 2015, the Company has accrued $62 which is included in accounts payable and accrued expenses in the condensed consolidated balance sheets.
IRS Claim
The Company has received from the Internal
Revenue Service a notice that it owes approximately $31 in penalties and interest for failure to file its Form 5471 for our tax years ended December 31, 2011, December 31, 2012 and June 30, 2014. As of December 31,
2015, the Company has accrued $31 which is included in accounts payable and accrued expenses in the condensed consolidated balance sheets.
NOTE
7SUBSEQUENT EVENTS
The Merger
On
February 12, 2016, the Company, Protagenic Therapeutics, Inc. (Protagenic), and the Companys newly-formed subsidiary Protagenic Acquisition Corp. (Acquisition Corp.) entered into a Merger Agreement and completed the Merger.
Before their entry into the Merger Agreement, no material relationship existed between the Company (or its Acquisition Corp. subsidiary) and Protagenic.
Pursuant to the Merger Agreement, Protagenic Acquisition Corp., a wholly-owned subsidiary of the Company, merged with and into Protagenic Therapeutics, Inc.,
with Protagenic Therapeutics, Inc. remaining as the surviving entity. The Company acquired the business of Protagenic Therapeutics, Inc. pursuant to the Merger and will continue the existing business operations of Protagenic Therapeutics, Inc. as a
wholly-owned subsidiary.
Simultaneously with the Merger, on February 12, 2016, all of the issued and outstanding shares of Protagenic common stock
converted, on a 1 for 1 basis, into shares of the Companys Series B Preferred Stock, par value $0.000001 per share (assuming no exercise of dissenters rights by any former Protagenic stockholder). Also on the Closing Date, all of the
issued and outstanding options to purchase shares of Protagenic common stock, and all of the issued and outstanding warrants to purchase shares of Protagenic common stock, converted, on a 1 for 1 basis, into options (the New Options) and
new warrants (the New Warrants) respectively, to purchase shares of the Companys Series B Preferred Stock. The New Options will be administered under Protagenics 2006 Employee, Director and Consultant Stock Plan (the
2006 Plan), which the Company assumed and adopted on the Closing Date in connection with the Merger.
9
ATRINSIC, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share data)
NOTE 7SUBSEQUENT EVENTS (Continued)
The Merger (Continued)
On the Closing Date, (i) the former Protagenic common stock was exchanged for the right to receive 6,612,838 shares of Series B Preferred Stock (assuming
no exercise of dissenters rights by any former Protagenic stockholder); (ii) New Options to purchase 1,707,744 shares of Series B Preferred granted under the 2006 Plan, having an average exercise price of approximately $0.66 per share,
were issued to optionees pursuant to the assumption of the 2006 Plan; (iii) the holders of options to purchase the Companys common stock were issued options (Predecessor Options) to purchase 17,784 shares of Series B Preferred
Stock at $1.25 per share; (iv) New Warrants to purchase 3,403,367 shares of Series B Preferred Stock at an average exercise price of approximately $1.01 per share were issued to holders of Protagenic warrants; and (iv) 2,775,000 shares of
Series B Preferred Stock were issued to investors at a purchase price of $1.25 per share in the Private Offering, as defined below.
Upon the
effectiveness of the Merger, the holders of the Predecessors Series A Preferred Stock exchanged all of the issued and outstanding Series A Preferred Stock for an aggregate of 297,468 shares of Series B Preferred Stock (which would become
297,468 shares of Common Stock upon the effectiveness of the Reverse Split).
In addition, warrants (Predecessor Warrants) to purchase 295,945
shares of Series B Preferred Stock at $1.25 per share were issued to Strategic Bio Partners, LLC, the designee (the Designee) of the holders of the Predecessors debt in consideration of the cancellation of such debt, and Placement
Agent Warrants, to purchase 295,945 shares of Series B Preferred shares.
On February 12, 2016, immediately after the closing of the Merger, the
Company split off all of its equity interest in 29 wholly-owned subsidiaries. The split-off was accomplished through the sale of all equity interests in these wholly-owned subsidiaries to Quintel Holdings, Inc.
The Private Offering
At the time of the Merger, a
private placement offering closed, whereby 2,775,000 shares of Series B Preferred Stock were sold at a purchase price of $1.25 per share, for the gross consideration of $3,468.
10
Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operation
Historical Background
We
were originally incorporated under the name Millbrook Acquisition Corp., on or about February 3, 1994. In May 2007, we changed our name to New Motion, Inc. In February 2008, we merged with Traffix, Inc., pursuant to which Traffix, Inc. became a
wholly-owned subsidiary of ours. In June 2009, we changed our name to Atrinsic, Inc. Prior to our bankruptcy filing in 2012, we were a marketer of direct-to-consumer subscription products and an Internet search-marketing agency. We sold
entertainment and lifestyle subscription products directly to consumers, which we marketed through the Internet. We also sold Internet marketing services to our corporate and advertising clients. However, by early 2012, we had suspended all
operation of these businesses. In addition, until March 30, 2012, we were a reporting company under the Securities Exchange Act of 1934, as amended (the Exchange Act) and filed periodic reports with the Securities and Exchange
Commission (SEC). On March 30, 2012, we filed a Form 15 with the SEC, terminating our obligation to file periodic reports under Sections 13 and 15(d) of the Exchange Act.
On June 15, 2012, we filed for protection under Chapter 11 of the U.S. Bankruptcy Code and terminated all remaining employees. Since then we have been
managed by several outside legal and financial professionals. In June 2013, the United States Bankruptcy Court, Southern District of New York confirmed our Plan of Reorganization (the Plan of Reorganization) subject to our acquisition of
a 51% controlling equity interest in Momspot, which was completed on July 12, 2013. Pursuant to the terms of a Membership Interest Purchase Agreement, we acquired a 51% equity interest in Momspot in exchange for our commitment to contribute up
to $165,000 of working capital to Momspot over a two-year period to fund its business development and operations. Simultaneous with the acquisition, we became a party to the Momspot Operating Agreement and the manager thereunder. Momspot is a
development stage company whose goal is to be the premier specialty retail affiliate marketing company targeting women between the ages of 24 and 45 who are either mothers or expecting their first child. Momspot currently constitutes our only
business operation.
Pursuant to the Plan of Reorganization, all outstanding debt was converted to equity with the secured creditors receiving
4,600,000,000 shares, $0.000001 par value per share, of our Series A Convertible Preferred Stock, general unsecured creditors receiving an aggregate of 300,000,000 shares of our Common Stock, par value $0.000001 per share (Common Stock),
and pre-bankruptcy petition common stockholders having their pre-bankruptcy shares exchanged for an aggregate of 100,000,000 shares of Common Stock.
On
February 12, 2016, the Company entered into a merger and completed a financing that fundamentally changed the nature of its business, entering the field of neurologic drug development. This transaction is described in detail in Note 7 below,
and greater detail in the Form 8-K flied with the SEC on that date.
Results of Operations
Three months ended December 31, 2015 compared to the three months ended December 31, 2014 (dollars in thousands)
During the three months ended December 31, 2015, we incurred a loss from operations of approximately $151 as compared to $137 for three months ended
December 31, 2014. The increase in loss from operations can be primarily attributed to an increase of $18 in professional expenses related to accounting, legal and other consulting expenses. During the three months ended December 31, 2015,
we recorded approximately $1 of net loss attributable to non-controlling interest as compared to $6 for the same period in 2014.
Six months ended
December 31, 2015 compared to the six months ended December 31, 2014 (dollars in thousands)
During the six months ended
December 31, 2015, we incurred a loss from operations of approximately $281 as compared to $256 for six months ended December 31, 2014. The increase in loss from operations can be primarily attributed to an increase of $31 in professional
expenses related to accounting, legal and other consulting expenses. During the six months ended December 31, 2015, we recorded approximately $6 of net loss attributable to non-controlling interest as compared to $13 for six months ended
December 31, 2014.
Liquidity and Going Concern (dollars in thousands)
We continually project anticipated cash requirements, which may include business combinations, capital expenditures, and working capital requirements. As of
December 31, 2015, we had cash of approximately $4 and working capital deficiency of approximately $867.
Our existing liquidity is not sufficient to
fund our operations, anticipated capital expenditures and working capital for the foreseeable future. Absent generation of sufficient revenue from the execution of our business plan, we will need to obtain additional debt or equity
financing.
11
Operating activities used $208 and $191 in cash for the six months ended December 31, 2015 and 2014,
respectively. The sources of cash from operating activities during the six months ended December 31, 2015, primarily comprised of $289 net loss, a $24 increase of accounts payable and accrued expenses, which included payments to tax penalties,
legal and accounting professionals, payments to consultants, and other administrative expenses, and a $49 decrease of prepaid insurance expenses.
We do
not have investing activities for the six months ended December 31, 2015 and 2014.
Our financing activities provided cash of $150 for the six months
ended December 31, 2015. On September 3, 2015, we raised gross proceeds, in a debt financing transaction, of $50 from our two principal stockholders, and issued secured convertible promissory notes in the principal amount of $25 to each of
them. On October 30, 2015, we raised gross proceeds, in a debt financing transaction, of $50 from our two principal stockholders, and issued secured convertible promissory notes in the principal amount of $25 to each of them. On
December 9, 2015, we raised gross proceeds, in a debt financing transaction, of $50 from our two principal stockholders, and issued secured convertible promissory notes in the principal amount of $25 to each of them. The notes are secured by
all of our assets.
Our financial statements for the six months ended December 31, 2015 indicate there is substantial doubt about our ability to
continue as a going concern as we are dependent on our ability to obtain short-term financing and ultimately to generate sufficient cash flow to meet our obligations on a timely basis in order to attain profitability, as well as successfully obtain
financing on favorable terms to fund our long-term plans. We need to raise additional capital to cover our operating and capital expenditures. If the capital raising efforts are not successful, we might not be able to continue as a going concern.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
We are a smaller reporting company as defined by Regulation S-K and as such, is not required to provide the information contained in this item
pursuant to Regulation S-K.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
Evaluation of
disclosure controls and procedures
Under the supervision and with the participation of our management, including our principal executive officer and
principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Exchange Act, as of December 31, 2015. Based on this
evaluation, our principal executive officer and principal financial officers have concluded that our disclosure controls and procedures are not effective to ensure that information required to be disclosed by us in the reports we file or submit
under the Exchange Act, including this Quarterly Report on Form 10-Q, is recorded, processed, summarized, and reported within the time periods specified in the SECs rules and forms and that our disclosure and controls are designed to ensure
that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing
similar functions, as appropriate to allow timely decisions regarding required disclosure.
A control system, no matter how well conceived and operated,
can provide only reasonable, not absolute assurance that the objectives of the control system are met. The design of any system of controls also is based in part on certain assumptions regarding the likelihood of certain events, and there can no
assurance that any design will succeed in achieving its stated goals under all potential future conditions. Given these and other inherent limitations of control systems, these are only reasonable assurance that our controls will succeed in
achieving their stated goals under all potential future conditions.
Changes in Internal Control over Financial Reporting
There were no changes in our internal controls over financial reporting that occurred during the quarter covered by this Report that has materially affected,
or is reasonably likely to materially affect, our internal control over financial reporting.
12
Part II. Other Information
Item 6. Exhibits
|
|
|
Exhibits |
|
Description |
|
|
4.1 |
|
Secured Convertible Note, dated September 3, 2015, in the principal amount of $25,000, bearing interest at the rate of 5.0% per annum issued by the Company to Iroquois Master Fund Ltd. (Iroquois) (1) |
|
|
4.2 |
|
Secured Convertible Note, dated September 3, 2015, in the principal amount of $25,000, bearing interest at the rate of 5.0% per annum issued by the Company to Hudson Bay Master Fund Ltd.(Hudson) (1) |
|
|
10.1 |
|
Letter agreement, dated September 3, 2015, between the Company and Iroquois amending the First Amended and Restated Security Agreement among the Company Iroquois and Hudson dated as of December 18, 2014, as amended on May 15, 2015
(1) |
|
|
10.2 |
|
Letter agreement, dated September 3, 2015, between the Company and Hudson amending the First Amended and Restated Security Agreement among the Company Iroquois and Hudson dated as of December 18, 2014, as amended on May 15, 2015
(1) |
|
|
10.3 |
|
Note Modification Agreement, made as of July 31, 2015, between the Company and Iroquois (1) |
|
|
10.4 |
|
Note Modification Agreement, made as of July 31, 2015, between the Company and Hudson (1) |
|
|
31.1 |
|
Chief Executive Officer Certification as required under section 302 of the Sarbanes Oxley Act (*) |
|
|
31.2 |
|
Chief Financial Officer Certification as required under section 302 of the Sarbanes Oxley Act (*) |
|
|
32.1 |
|
Chief Executive Officer and Chief Financial Officer Certification pursuant to 18 U.S.C. section 1350 as adopted pursuant to section 906 of the Sarbanes Oxley Act * |
|
|
101.INS |
|
XBRL Instance Document (*) |
|
|
101.CAL |
|
XBRL Taxonomy Extension Schema Document (*) |
|
|
101.SCH |
|
XBRL Taxonomy Extension Calculation Linkbase Document (*) |
|
|
101.LAB |
|
XBRL Taxonomy Extension Label Linkbase Document (*) |
|
|
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document (*) |
|
|
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document (*) |
(*) |
- Furnished, not filed, in accordance with item 601(32)(ii) of Regulation S-K. |
(1) |
- Filed on September 9, 2015 as an exhibit to our Current Report on Form 8-K and incorporated herein by reference. |
13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
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|
ATRINSIC, INC. |
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Date: March 11, 2016 |
|
|
|
By: |
|
/s/ Garo H. Armen |
|
|
|
|
Name: Garo H. Armen, PhD |
|
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|
|
Title: Executive Chairman |
|
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|
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(Principal Executive Officer) |
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Date: March 11, 2016 |
|
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By: |
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/s/ Alexander K. Arrow |
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|
Name: Alexander K. Arrow, MD, CFA |
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|
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|
Title: Chief Financial Officer |
|
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|
|
(Principal Financial Officer) |
14
EXHIBIT 31.1
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES OXLEY ACT OF 2002
I, Garo Armen, certify that:
1) I have reviewed this report on
Form 10-Q of Atrinsic, Inc.;
2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
(c) |
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to
the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record,
process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
|
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Date: March 11, 2016 |
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By: |
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/s/ Garo H. Armen |
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Garo H. Armen, PhD |
|
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Executive Chairman |
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(Principal Executive Officer) |
EXHIBIT 31.2
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES OXLEY ACT OF 2002
I, Alexander Arrow, certify that:
1) I have reviewed this
report on Form 10-Q of Atrinsic, Inc.;
2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
(c) |
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to
the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record,
process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
|
|
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|
|
Date: March 11, 2016 |
|
By: |
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/s/ Alexander K. Arrow |
|
|
|
|
Alexander K. Arrow, MD, CFA |
|
|
|
|
Chief Financial Officer |
|
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|
|
(Principal Financial Officer) |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES OXLEY ACT OF 2002
In
connection with the Quarterly Report of Atrinsic, Inc. (the Company) on Form 10-Q for the period ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the Report), we, Edward
Gildea, Chief Executive Officer, and David Horin, Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 that:
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
A signed original of this certification has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange
Commission or its staff upon request.
|
|
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|
Date: March 11, 2016 |
|
By: |
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/s/ Garo H. Armen |
|
|
|
|
Garo H. Armen, PhD |
|
|
|
|
Executive Chairman |
|
|
|
|
(Principal Executive Officer) |
|
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|
|
Date: March 11, 2016 |
|
By: |
|
/s/ Alexander K. Arrow |
|
|
|
|
Alexander K. Arrow, MD, CFA |
|
|
|
|
Chief Financial Officer |
|
|
|
|
(Principal Financial Officer) |
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v3.3.1.900
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Current assets |
|
|
Cash |
$ 4
|
$ 62
|
Prepaid expenses |
21
|
70
|
Total current assets |
25
|
132
|
Property and equipment (net of accumulated depreciation) |
1
|
1
|
Total assets |
26
|
133
|
Current liabilities |
|
|
Accounts payable and accrued expenses |
192
|
168
|
Accrued interest expense-stockholders |
35
|
21
|
Short-term convertible notes payable-due to stockholders |
665
|
|
Total current liabilities |
892
|
189
|
Long-term notes payable-due to stockholders |
|
515
|
Total liabilities |
$ 892
|
$ 704
|
COMMITMENTS AND CONTINGENCIES |
|
|
Shareholders' deficit: |
|
|
Series A convertible preferred stock, $0.000001 par value, 5,000,000,000 shares authorized, 4,600,000,000 shares issued and outstanding at December 31, 2015 and June 30, 2015; (Liquidation preference 20,700,000 as of December 31, 2015) |
$ 5
|
$ 5
|
Common stock, $.000001 par value, 100,000,000,000 shares authorized, 400,000,000 shares issued and outstanding at December 31, 2015 and June 30, 2015 |
0
|
0
|
Additional paid-in capital |
1,053
|
1,053
|
Accumulated deficit |
(1,844)
|
(1,555)
|
Shareholders' deficit attributed to Atrinsic, Inc. |
(786)
|
(497)
|
Non-controlling interest |
(80)
|
(74)
|
Total shareholders' deficit |
(866)
|
(571)
|
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT |
$ 26
|
$ 133
|
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v3.3.1.900
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Statement of Financial Position [Abstract] |
|
|
Series A convertible preferred stock, Par or Stated Value Per Share |
$ 0.000001
|
$ 0.000001
|
Series A convertible preferred stock, Shares Authorized |
5,000,000,000
|
5,000,000,000
|
Series A convertible preferred stock, Shares Issued |
4,600,000,000
|
4,600,000,000
|
Series A convertible preferred stock, Shares Outstanding |
4,600,000,000
|
4,600,000,000
|
Series A convertible preferred stock, Liquidation Preference, Value |
$ 20,700,000
|
|
Common Stock, Par or Stated Value Per Share |
$ 0.000001
|
$ 0.000001
|
Common Stock, Shares Authorized |
100,000,000,000
|
100,000,000,000
|
Common Stock, Shares, Issued |
400,000,000
|
400,000,000
|
Common Stock, Shares, Outstanding |
400,000,000
|
400,000,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Operating expenses |
|
|
|
|
General and administrative |
$ 151
|
$ 137
|
$ 281
|
$ 256
|
Total operating expenses |
151
|
137
|
281
|
256
|
Loss from operations |
(151)
|
(137)
|
(281)
|
(256)
|
Other income (expenses) |
|
|
|
|
Other income |
|
2
|
1
|
4
|
Interest expense-stockholders |
(8)
|
(4)
|
(15)
|
(6)
|
Total other expenses |
(8)
|
(2)
|
(14)
|
(2)
|
Net loss |
(159)
|
(139)
|
(295)
|
(258)
|
Less: net loss attributable to non-controlling interest |
(1)
|
(6)
|
(6)
|
(13)
|
Net loss attributable to Atrinsic |
$ (158)
|
$ (133)
|
$ (289)
|
$ (245)
|
Net loss per share attributable to Atrinsic common shareholders |
|
|
|
|
Basic and diluted |
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
Weighted average shares outstanding: |
|
|
|
|
Basic and diluted |
400,000,000
|
400,000,000
|
400,000,000
|
400,000,000
|
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v3.3.1.900
Nature of Operations
|
6 Months Ended |
Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations |
NOTE 1—NATURE OF OPERATIONS
On June 15, 2012, the Company filed Chapter 11 in the United
States Bankruptcy Court in Southern District of New York (Case
No. 12-12553). As of that date, the Company terminated all
remaining employees and ceased its normal business operations.
The Company emerged from Chapter 11 on June 26, 2013, at which
time the Plan of Reorganization was conditionally confirmed by the
United States Bankruptcy Court, Southern District of New York. The
confirmation was subject to the consummation of the Company’s
acquisition of a 51% controlling interest in Momspot LLC
(“Momspot”), which was subsequently completed on
July 12, 2013 (“Emergence Date”). Momspot’s
goal is to be the premier specialty retail affiliate marketing
company targeting women between the ages of 24 and 45 who are
either mothers or expecting their first child. The Emergence Date
was the date the Company adopted fresh start accounting in
accordance with Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification
(“ASC”) Topic 852. The adoption of fresh-start
accounting resulted in the Company becoming a new entity for
financial reporting purposes. Momspot is currently the
Company’s business operations. The Company’s principle
activities are conducted through Momspot.
Since the fourth quarter of the 2015 fiscal year, Momspot’s
development plans has been suspended pending receipt of incremental
funding. On February 12, 2016, the Company sold its 51%
interest of Momspot to the remaining 49% interest holder through a
split off agreement.
Also on February 12, 2016, the Company entered into a Merger
and completed a financing and at which time the Company entered
into the field of neurologic drug development. This transaction is
treated as a recapitalization of the Company (‘reverse
business combination’) and is further described in detail in
Note 7.
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v3.3.1.900
Liquidity and Going Concern
|
6 Months Ended |
Dec. 31, 2015 |
Text Block [Abstract] |
|
Liquidity and Going Concern |
NOTE 2—LIQUIDITY AND GOING CONCERN
The Company intends to finance its activities through:
|
• |
|
managing current cash on hand;
and |
|
• |
|
seeking additional funds raised in
the future. |
The Company has experienced recurring losses and negative cash flow
from operations since emerging from bankruptcy. There is
substantial doubt about the Company’s ability to continue as
a going concern as it is dependent on its ability to obtain short
term financing and ultimately to generate sufficient cash flow to
meet its obligations on a timely basis in order to attain
profitability, as well as successfully obtain financing on
favorable terms to fund the Company’s long term plans. The
Company continually projects anticipated cash requirements, which
may include business combinations, capital expenditures, and
working capital requirements. As of December 31, 2015, the
Company had cash of approximately $4, a working capital deficit of
approximately $867 including $665 of notes payable to stockholders
due August 2016, and a total shareholders’ deficit of $866.
During the six months ended December 31, 2015, the Company
used approximately $208 of cash for operations. The Company’s
existing liquidity is not sufficient to fund its operations,
anticipated capital expenditures, working capital and other
financing requirements for the foreseeable future.
The Company needs to raise additional capital to cover its budgeted
operating and capital expenditures. If the capital raising efforts
are not successful, the Company might not be able to continue as a
going concern. The consolidated financial statements do not include
any adjustments relating to the recoverability and classification
of asset carrying amounts or the amount and classification of
liabilities that might be necessary should the Company not be able
to continue as a going concern. These factors among others create
substantial doubt about the Company’s ability to continue as
a going concern.
On September 3, 2015, the Company issued secured convertible
promissory notes (the “Secured Convertible Notes”) in
the principal amount of $25 to each of its two principal
stockholders, for an aggregate of $50, each an existing secured
lender to the Company. On October 30, 2015, the Company issued
a new Secured Convertible Notes in the principal amount of $25 to
each of its two principal stockholders, for an aggregate of $50,
each an existing secured lender to the Company.
On December 9, 2015, the Company issued a new Secured
Convertible Notes in the principal amount of $25 to each of its two
principal stockholders, for an aggregate of $50, each an existing
secured lender to the Company. The Secured Convertible Notes have a
maturity date of August 31, 2016 and bear interest at the rate
of 5.0% per annum, payable at maturity. The obligations of the
Company under the Secured Convertible Notes are secured by a first
priority security interest in all of the property of the Company
pursuant to letter agreements, with its two principal stockholders.
The proceeds of the Secured Convertible Notes were utilized by the
Company to fund its working capital needs (See Note 5).
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v3.3.1.900
Summary of Significant Accounting Policies
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
NOTE 3—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying condensed consolidated financial statements of the
Company are unaudited and do not include all of the information and
disclosures generally required for annual financial statements. In
the opinion of management, the statements contain all material
adjustments (consisting of normal recurring accruals) necessary to
present fairly the Company’s condensed consolidated financial
position as of December 31, 2015, and the condensed
consolidated results of its operations for the three-month and
six-month periods ended December 31, 2015 and 2014, and cash
flows for the six-month periods ended December 31, 2015 and
2014. This report should be read in conjunction with the
Company’s Annual Report on Form 10-K, filed with Securities
and Exchange Commission on September 25, 2015, which contains
the complete information and disclosure for the year ended
June 30, 2015. Results of operations for interim periods are
not necessarily indicative of the results of operations for a full
year.
Principles of Consolidation
The ownership of more than 50% of the voting stock of an entity
creates a subsidiary. The financial statements of the parent and
subsidiary are consolidated for reporting purposes.
The condensed consolidated financial statements include the
accounts of all majority and wholly-owned (“Momspot”)
subsidiaries and significant intercompany balances and transactions
have been eliminated.
Use of Estimates
The preparation of the consolidated financial statements in
conformity with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) requires
management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, revenue and expenses as
well as the disclosure of contingent assets and liabilities.
Management continually evaluates its estimates and judgments
including those related to fair value of stock options granted and
income taxes. Management bases its estimates and judgments on
historical experience and other factors that are believed to be
reasonable in the circumstances. Actual results may differ from
those estimates. Macroeconomic conditions may directly, or
indirectly through the Company’s business partners and
vendors, impact the Company’s financial performance and
available resources. Such conditions may, in turn, impact the
aforementioned estimates and assumptions.
Earnings per Share
Basic earnings per share (“EPS”) is computed by
dividing reported earnings by the weighted average number of shares
of common stock outstanding for the period. Diluted EPS includes
the effect, if any, of the potential issuance of additional shares
of common stock as a result of the exercise or conversion of
dilutive securities, using the treasury stock method or
if-converted method.
Potential dilutive securities for the Company include outstanding
convertible preferred shares, stock options and convertible
debts.
Securities that could potentially dilute loss per share in the
future that were not included in the computation of diluted loss
per share at December 31, 2015 and December 31, 2014,
because such securities are anti-dilutive, are as follows:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2015 |
|
|
2014 |
|
Convertible preferred shares
|
|
|
4,600,000,000 |
|
|
|
4,600,000,000 |
|
Options to purchase common stock
|
|
|
275,000,000 |
|
|
|
275,000,000 |
|
Convertible notes
|
|
|
140,098 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
4,875,140,098 |
|
|
|
4,875,000,000 |
|
|
|
|
|
|
|
|
|
|
Recent Accounting Pronouncements
In September 2015, the FASB issued ASU No. 2015-16,
“Business Combinations (Topic 805), Simplifying the
Accounting for Measurement-Period Adjustments”. The
update requires that the acquirer in a business combination
recognize adjustments to provisional amounts that are identified
during the measurement period in the reporting period in which the
adjustment amounts are determined (not retrospectively as with
prior guidance). Additionally, the acquirer must record in the same
period’s financial statements the effect on earnings of
changes in depreciation, amortization or other income effects as a
result of the change to the provisional amounts, calculated as if
the accounting had been completed at the time of acquisition. The
acquiring entity is required to disclose, on the face of the
financial statements or in the footnotes to the financial
statements, the portion of the amount recorded in current period
earnings, by financial statement line item, that would have been
recorded in previous reporting periods if the adjustment to the
provisional amounts had been recognized as of the acquisition date.
The guidance in ASU No. 2015-16 is effective for fiscal years
beginning after December 15, 2015, including interim periods
within those fiscal years. Earlier application is permitted for
financial statements that have not been issued. The Company has not
yet determined the effect of the adoption of this standard and it
is expected to have a material impact on the Company’s
consolidated financial position and results of operations.
The FASB, the Emerging Issues Task Force and the SEC have issued
certain accounting standards updates and regulations as of
December 31, 2015 that will become effective in subsequent
periods. However, management does not believe that any of those
updates would have significantly affected our financial accounting
measures or disclosures had they been in effect during 2015 and
2014 and it does not believe that any of these pronouncements will
have a significant impact on the condensed consolidated financial
statements at the time they become effective.
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v3.3.1.900
Stockholders' Equity
|
6 Months Ended |
Dec. 31, 2015 |
Equity [Abstract] |
|
Stockholders' Equity |
NOTE 4—STOCKHOLDERS’ EQUITY
Stock Options
On February 11, 2014, the Company issued options with a term
of five (5) years and an exercise price of $0.002 to the
individuals below for the number of shares of common stock:
The Company granted to Sebastian Giordano, for services as Chief
Restructuring Officer and Acting Chief Executive Officer, an option
to purchase 125,000,000 shares of the Company’s Common
Stock.
The Company granted to each of Edward Gildea and Jonathan
Schechter, for services as directors of the Company, an option to
purchase 50,000,000 shares of the Company’s Common Stock.
On February 28, 2014, the Company granted to Edward Gildea,
for services to be rendered as Acting Chief Executive Officer, an
option to purchase 50,000,000 shares of the Company’s Common
Stock with a term of five (5) years and an exercise price of
$0.002.
All of the shares covered by these options immediately vested on
the grant date.
The grant date fair value of stock options granted was
approximately $275. The fair value of the Company’s common
stock was based upon the publicly quoted price on the date of
grant. The expected term for stock options granted with service
conditions represents the average period the stock options are
expected to remain outstanding and is based on the expected term
calculated using the approach prescribed by the Securities and
Exchange Commission’s Staff Accounting Bulletin No. 110
for “plain vanilla” options. The Company obtained the
risk free interest rate from publicly available data published by
the Federal Reserve. The volatility rate was computed based on a
comparison of average volatility rates of similar companies. The
fair value of the options was determined using the Black-Scholes
model with the following assumptions: risk free interest
rate—0.69% to 0.71%, volatility—84.40%, expected
term—2.5 years, expected dividends- N/A.
As of December 31, 2015, the weighted average exercise price
of all stock options outstanding was $0.002, the remaining
contractual life was 3.1 years and there was no intrinsic
value.
Series B Preferred Stock
On February 2, 2016, the Company authorized 18 million
shares of Series B Preferred Stock with a par value of $0.000001.
On February 3, 2016, the Company filed a Certificate of
Designation with the Delaware Secretary of State pursuant to which
the Company set forth the designation, powers, rights, privileges,
preferences and restrictions of the Series B Preferred Stock.
Each share of Series B Preferred stock will immediately and
automatically convert into one share of common stock upon the
Company amending its certificate of incorporation to effect a
15,463.7183 to 1 reverse stock split of its common stock. Prior to
the Reverse Stock Split, the Series B Preferred Stock votes
together with the Company’s common stock as a single class,
with each share of Series B Preferred Stock having a vote that
equals to that of 15,463.7183 shares of common stock. After
the Reverse Stock Split, any Series B Preferred Stock which remains
outstanding as a result of the beneficial ownership limit will vote
together with the common stock as a single class, with each share
of Series B Preferred Stock having a number of votes equal to one
share of common stock on a post-Reverse Stock Split basis. In the
event of any liquidation, dissolution or winding up of the Company,
the assets available for distribution to the Company’s
stockholders will be distributed among the holders of the Series B
Preferred Stock and the holders of the common stock, pro rata, on
an as-converted-to- common stock post-Reverse Stock Split basis.
The holders of the Series B Preferred Stock are entitled to
dividends in the event that the Company pays cash or other
dividends in property to holders the outstanding shares of the
common stock, which dividends would be made pro rata, on an
as-converted-to-common stock post-Reverse Stock Split basis. (See
Note 6)
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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v3.3.1.900
Convertible Notes Payable Due to Stockholders
|
6 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Convertible Notes Payable Due to Stockholders |
NOTE 5—CONVERTIBLE NOTES PAYABLE DUE TO
STOCKHOLDERS
On August 15, 2014, the Company raised gross proceeds, in a
debt financing transaction, of $90 from its two principal
stockholders, and issued secured promissory notes in the principal
amount of $45 to each of them (the “August 2014
Notes”). On December 18, 2014, the Company raised gross
proceeds, in a debt financing transaction, of $150 from its two
principal stockholders, and issued secured promissory notes in the
principal amount of $75 to each of them (the “December 2014
Notes”). On May 15, 2015, the Company raised gross
proceeds, in a debt financing transaction, of $100 from its two
principal stockholders, and issued secured promissory notes in the
principal amount of $50 to each of them (the “May 2015
Notes”). The notes had a Maturity Date of July 31, 2015
and bear interest at the rate of 5.0% per annum, payable at
maturity. Any amounts that remain unpaid after July 31, 2015,
shall thereafter bear interest at the rate of twelve percent
(12%) per annum. Interest is calculated on the basis of actual
number of days elapsed over a year of 360 days. The notes are
secured by all the assets of the Company.
On September 3, 2015, effective as of July 31, 2015, the
maturity dates of the February 2014 Notes, the August 2014 Notes,
the December 2014 Notes and the May 2015 Notes (collectively, the
“Prior Notes”), in the aggregate principal amount of
$515, were extended to August 31, 2016 and the Prior Notes
were amended to permit conversion of the principal and accrued
interest due and payable under the Prior Notes into shares of the
Company’s common stock.
On September 3, 2015, the Company issued secured convertible
promissory notes (the “Secured Convertible Notes”) in
the principal amount of $25 to each of its two principal
stockholders, for an aggregate of $50, each an existing secured
lender to the Company. On October 30, 2015, the Company issued
a new Secured Convertible Notes in the principal amount of $25 to
each of its two principal stockholders, for an aggregate of $50,
each an existing secured lender to the Company.
On December 9, 2015, the Company issued a new Secured
Convertible Notes in the principal amount of $25 to each of its two
principal stockholders, for an aggregate of $50, each an existing
secured lender to the Company.
The obligations of the Company under the Secured Convertible Notes
are secured by a first priority security interest in all of the
property of the Company pursuant to letter agreements, with its two
principal stockholders. The proceeds of the Secured Convertible
Notes will be utilized by the Company to fund its working capital
needs.
On December 9, 2015, all the notes were amended to bear no
interest and have a maturity date of March 1, 2016. As part of
this agreement, if the Company completes a private placement of its
Series B Preferred Stock prior to the maturity thereof, each lender
has agreed to convert or assign all principal sums under the
Amended Convertible Notes to be used as a purchase price in the
Private Placement.
|
|
|
|
|
|
|
Amount Due |
|
Outstanding as of June 30, 2015
|
|
$ |
515 |
|
|
|
|
|
|
Issued
|
|
|
150 |
|
|
|
|
|
|
Outstanding as of December 31, 2015
|
|
$ |
665 |
|
|
|
|
|
|
During the three months ended December 31, 2015 and 2014,
interest expense amounted to approximately $8 and $4, respectively.
During the six months ended December 31, 2015 and 2014,
interest expense amounted to approximately $15 and $6,
respectively. Accrued interest as of December 31, 2015 and
June 30, 2015 was approximately $35 and $21, respectively.
Subsequent to December 31, 2015, the holders of the above
notes totaling $665,000 exchanged this debt for five-year warrants
to purchase 295,945 shares of Series B Preferred Stock at $1.25 per
share (see note 7).
On February 11, 2016, the Company issued convertible
promissory notes in the principal amounts of $57 to the same
lenders in the Amended Convertible Notes (for an aggregate amount
of $114). The February Convertible Notes have a maturity date of
March 1, 2016, bear no interest and have the same conversion
terms as the December 9, 2015 Convertible Notes.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.3.1.900
Other Matters
|
6 Months Ended |
Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
Other Matters |
NOTE 6 – OTHER MATTERS
New York Workers’ Compensation Claim
The Company received a notice from the New York State
Workers’ Compensation Board that a judgment in the amount of
$62 has been filed against the Company for the failure to carry
workers’ compensation insurance for the period from
July 6, 2011 to May 10, 2012. As of
December 31, 2015, the Company has accrued $62 which is
included in accounts payable and accrued expenses in the condensed
consolidated balance sheets.
IRS Claim
The Company has received from the Internal Revenue Service a notice
that it owes approximately $31 in penalties and interest for
failure to file its Form 5471 for our tax years ended
December 31, 2011, December 31, 2012 and
June 30, 2014. As of December 31, 2015, the Company
has accrued $31 which is included in accounts payable and accrued
expenses in the condensed consolidated balance sheets.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
Subsequent Events
|
6 Months Ended |
Dec. 31, 2015 |
Subsequent Events [Abstract] |
|
Subsequent Events |
NOTE 7—SUBSEQUENT EVENTS
The Merger
On February 12, 2016, the Company, Protagenic Therapeutics,
Inc. (“Protagenic”), and the Company’s
newly-formed subsidiary Protagenic Acquisition Corp. (Acquisition
Corp.) entered into a Merger Agreement and completed the Merger.
Before their entry into the Merger Agreement, no material
relationship existed between the Company (or its Acquisition Corp.
subsidiary) and Protagenic.
Pursuant to the Merger Agreement, Protagenic Acquisition Corp., a
wholly-owned subsidiary of the Company, merged with and into
Protagenic Therapeutics, Inc., with Protagenic Therapeutics, Inc.
remaining as the surviving entity. The Company acquired the
business of Protagenic Therapeutics, Inc. pursuant to the Merger
and will continue the existing business operations of Protagenic
Therapeutics, Inc. as a wholly-owned subsidiary.
Simultaneously with the Merger, on February 12, 2016, all of
the issued and outstanding shares of Protagenic common stock
converted, on a 1 for 1 basis, into shares of the Company’s
Series B Preferred Stock, par value $0.000001 per share (assuming
no exercise of dissenters’ rights by any former Protagenic
stockholder). Also on the Closing Date, all of the issued and
outstanding options to purchase shares of Protagenic common stock,
and all of the issued and outstanding warrants to purchase shares
of Protagenic common stock, converted, on a 1 for 1 basis, into
options (the “New Options”) and new warrants (the
“New Warrants”) respectively, to purchase shares of the
Company’s Series B Preferred Stock. The New Options will be
administered under Protagenic’s 2006 Employee, Director and
Consultant Stock Plan (the “2006 Plan”), which the
Company assumed and adopted on the Closing Date in connection with
the Merger.
The Merger (Continued)
On the Closing Date, (i) the former Protagenic common stock
was exchanged for the right to receive 6,612,838 shares of Series B
Preferred Stock (assuming no exercise of dissenters’ rights
by any former Protagenic stockholder); (ii) New Options to
purchase 1,707,744 shares of Series B Preferred granted under the
2006 Plan, having an average exercise price of approximately $0.66
per share, were issued to optionees pursuant to the assumption of
the 2006 Plan; (iii) the holders of options to purchase the
Company’s common stock were issued options
(“Predecessor Options”) to purchase 17,784 shares of
Series B Preferred Stock at $1.25 per share; (iv) New Warrants
to purchase 3,403,367 shares of Series B Preferred Stock at an
average exercise price of approximately $1.01 per share were issued
to holders of Protagenic warrants; and (iv) 2,775,000 shares
of Series B Preferred Stock were issued to investors at a purchase
price of $1.25 per share in the Private Offering, as defined
below.
Upon the effectiveness of the Merger, the holders of the
Predecessor’s Series A Preferred Stock exchanged all of the
issued and outstanding Series A Preferred Stock for an aggregate of
297,468 shares of Series B Preferred Stock (which would become
297,468 shares of Common Stock upon the effectiveness of the
Reverse Split).
In addition, warrants (“Predecessor Warrants”) to
purchase 295,945 shares of Series B Preferred Stock at $1.25 per
share were issued to Strategic Bio Partners, LLC, the designee (the
“Designee”) of the holders of the Predecessor’s
debt in consideration of the cancellation of such debt, and
Placement Agent Warrants, to purchase 295,945 shares of Series B
Preferred shares.
On February 12, 2016, immediately after the closing of the
Merger, the Company split off all of its equity interest in 29
wholly-owned subsidiaries. The split-off was accomplished through
the sale of all equity interests in these wholly-owned subsidiaries
to Quintel Holdings, Inc.
The Private Offering
At the time of the Merger, a private placement offering closed,
whereby 2,775,000 shares of Series B Preferred Stock were sold at a
purchase price of $1.25 per share, for the gross consideration of
$3,468.
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v3.3.1.900
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The accompanying condensed consolidated financial statements of the
Company are unaudited and do not include all of the information and
disclosures generally required for annual financial statements. In
the opinion of management, the statements contain all material
adjustments (consisting of normal recurring accruals) necessary to
present fairly the Company’s condensed consolidated financial
position as of December 31, 2015, and the condensed
consolidated results of its operations for the three-month and
six-month periods ended December 31, 2015 and 2014, and cash
flows for the six-month periods ended December 31, 2015 and
2014. This report should be read in conjunction with the
Company’s Annual Report on Form 10-K, filed with Securities
and Exchange Commission on September 25, 2015, which contains
the complete information and disclosure for the year ended
June 30, 2015. Results of operations for interim periods are
not necessarily indicative of the results of operations for a full
year.
|
Principles of Consolidation |
Principles of Consolidation
The ownership of more than 50% of the voting stock of an entity
creates a subsidiary. The financial statements of the parent and
subsidiary are consolidated for reporting purposes.
The condensed consolidated financial statements include the
accounts of all majority and wholly-owned (“Momspot”)
subsidiaries and significant intercompany balances and transactions
have been eliminated.
|
Use of Estimates |
Use of Estimates
The preparation of the consolidated financial statements in
conformity with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) requires
management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, revenue and expenses as
well as the disclosure of contingent assets and liabilities.
Management continually evaluates its estimates and judgments
including those related to fair value of stock options granted and
income taxes. Management bases its estimates and judgments on
historical experience and other factors that are believed to be
reasonable in the circumstances. Actual results may differ from
those estimates. Macroeconomic conditions may directly, or
indirectly through the Company’s business partners and
vendors, impact the Company’s financial performance and
available resources. Such conditions may, in turn, impact the
aforementioned estimates and assumptions.
|
Earnings per Share |
Earnings per Share
Basic earnings per share (“EPS”) is computed by
dividing reported earnings by the weighted average number of shares
of common stock outstanding for the period. Diluted EPS includes
the effect, if any, of the potential issuance of additional shares
of common stock as a result of the exercise or conversion of
dilutive securities, using the treasury stock method or
if-converted method.
Potential dilutive securities for the Company include outstanding
convertible preferred shares, stock options and convertible
debts.
Securities that could potentially dilute loss per share in the
future that were not included in the computation of diluted loss
per share at December 31, 2015 and December 31, 2014,
because such securities are anti-dilutive, are as follows:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2015 |
|
|
2014 |
|
Convertible preferred shares
|
|
|
4,600,000,000 |
|
|
|
4,600,000,000 |
|
Options to purchase common stock
|
|
|
275,000,000 |
|
|
|
275,000,000 |
|
Convertible notes
|
|
|
140,098 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
4,875,140,098 |
|
|
|
4,875,000,000 |
|
|
|
|
|
|
|
|
|
|
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
In September 2015, the FASB issued ASU No. 2015-16,
“Business Combinations (Topic 805), Simplifying the
Accounting for Measurement-Period Adjustments”. The
update requires that the acquirer in a business combination
recognize adjustments to provisional amounts that are identified
during the measurement period in the reporting period in which the
adjustment amounts are determined (not retrospectively as with
prior guidance). Additionally, the acquirer must record in the same
period’s financial statements the effect on earnings of
changes in depreciation, amortization or other income effects as a
result of the change to the provisional amounts, calculated as if
the accounting had been completed at the time of acquisition. The
acquiring entity is required to disclose, on the face of the
financial statements or in the footnotes to the financial
statements, the portion of the amount recorded in current period
earnings, by financial statement line item, that would have been
recorded in previous reporting periods if the adjustment to the
provisional amounts had been recognized as of the acquisition date.
The guidance in ASU No. 2015-16 is effective for fiscal years
beginning after December 15, 2015, including interim periods
within those fiscal years. Earlier application is permitted for
financial statements that have not been issued. The Company has not
yet determined the effect of the adoption of this standard and it
is expected to have a material impact on the Company’s
consolidated financial position and results of operations.
The FASB, the Emerging Issues Task Force and the SEC have issued
certain accounting standards updates and regulations as of
December 31, 2015 that will become effective in subsequent
periods. However, management does not believe that any of those
updates would have significantly affected our financial accounting
measures or disclosures had they been in effect during 2015 and
2014 and it does not believe that any of these pronouncements will
have a significant impact on the condensed consolidated financial
statements at the time they become effective.
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v3.3.1.900
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
Securities that could potentially dilute loss per share in the
future that were not included in the computation of diluted loss
per share at December 31, 2015 and December 31, 2014,
because such securities are anti-dilutive, are as follows:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2015 |
|
|
2014 |
|
Convertible preferred shares
|
|
|
4,600,000,000 |
|
|
|
4,600,000,000 |
|
Options to purchase common stock
|
|
|
275,000,000 |
|
|
|
275,000,000 |
|
Convertible notes
|
|
|
140,098 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
4,875,140,098 |
|
|
|
4,875,000,000 |
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.3.1.900
Convertible Notes Payable Due to Stockholders (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Schedule of Secured Debt |
As part of this agreement, if the Company completes a private
placement of its Series B Preferred Stock prior to the maturity
thereof, each lender has agreed to convert or assign all principal
sums under the Amended Convertible Notes to be used as a purchase
price in the Private Placement.
|
|
|
|
|
|
|
Amount Due |
|
Outstanding as of June 30, 2015
|
|
$ |
515 |
|
|
|
|
|
|
Issued
|
|
|
150 |
|
|
|
|
|
|
Outstanding as of December 31, 2015
|
|
$ |
665 |
|
|
|
|
|
|
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v3.3.1.900
Liquidity and Going Concern - Additional Information (Detail) - USD ($)
|
|
6 Months Ended |
|
|
|
|
Dec. 09, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Oct. 30, 2015 |
Sep. 03, 2015 |
Jun. 30, 2015 |
Jun. 30, 2014 |
Liquidity And Going Concern [Line Items] |
|
|
|
|
|
|
|
Cash and cash equivalents, at carrying value |
|
$ 4,000
|
$ 150,000
|
|
|
$ 62,000
|
$ 101,000
|
Working capital deficit |
|
867,000
|
|
|
|
|
|
Notes payable - due to stockholders |
|
665,000
|
|
|
|
|
|
Net cash provided by (used in) operating activities, continuing operations |
|
(208,000)
|
$ (191,000)
|
|
|
|
|
Total shareholders' deficit |
|
$ (866,000)
|
|
|
|
$ (571,000)
|
|
Debt instrument, interest rate, stated percentage |
0.00%
|
|
|
|
|
|
|
Debt Instrument, Maturity Date |
Mar. 01, 2016
|
|
|
|
|
|
|
Convertible Notes [Member] |
|
|
|
|
|
|
|
Liquidity And Going Concern [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 50,000
|
|
|
$ 50,000
|
$ 50,000
|
|
|
Debt instrument, interest rate, stated percentage |
5.00%
|
|
|
|
|
|
|
Debt Instrument, Maturity Date |
Aug. 31, 2016
|
|
|
|
|
|
|
Shareholder One [Member] | Convertible Notes [Member] |
|
|
|
|
|
|
|
Liquidity And Going Concern [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 25,000
|
|
|
25,000
|
25,000
|
|
|
Shareholder Two [Member] | Convertible Notes [Member] |
|
|
|
|
|
|
|
Liquidity And Going Concern [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 25,000
|
|
|
$ 25,000
|
$ 25,000
|
|
|
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v3.3.1.900
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares
|
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive securities excluded from computation of earnings per share, amount |
4,875,140,098
|
4,875,000,000
|
Convertible Notes [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive securities excluded from computation of earnings per share, amount |
140,098
|
|
Options to Purchase Common Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive securities excluded from computation of earnings per share, amount |
275,000,000
|
275,000,000
|
Convertible Preferred Shares [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive securities excluded from computation of earnings per share, amount |
4,600,000,000
|
4,600,000,000
|
X |
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v3.3.1.900
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands |
|
|
|
6 Months Ended |
|
|
|
Feb. 02, 2016
$ / shares
shares
|
Feb. 28, 2014
$ / shares
shares
|
Feb. 11, 2014
$ / shares
shares
|
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Feb. 12, 2016
$ / shares
|
Jan. 01, 2016
$ / shares
|
Jun. 30, 2015
$ / shares
shares
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price |
|
|
$ 0.002
|
|
|
|
|
Share-based compensation arrangement by share-based payment award, expiration period |
|
|
5 years
|
|
|
|
|
Share based compensation arrangement by share based payment award options grants in period grant date fair value | $ |
|
|
|
$ 275
|
|
|
|
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate, minimum |
|
|
|
0.69%
|
|
|
|
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate, maximum |
|
|
|
0.71%
|
|
|
|
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate |
|
|
|
84.40%
|
|
|
|
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term |
|
|
|
2 years 6 months
|
|
|
|
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price |
|
|
|
$ 0.002
|
|
|
|
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term |
|
|
|
3 years 1 month 6 days
|
|
|
|
Preferred stock, shares authorized | shares |
|
|
|
5,000,000,000
|
|
|
5,000,000,000
|
Preferred stock, par or stated value per share |
|
|
|
$ 0.000001
|
|
|
$ 0.000001
|
Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Stock split description |
|
|
|
Each share of Series B Preferred stock will immediately and automatically convert into one share of common stock upon the Company amending its certificate of incorporation to effect a 15,463.7183 to 1 reverse stock split of its common stock. Prior to the Reverse Stock Split, the Series B Preferred Stock votes together with the Company's common stock as a single class, with each share of Series B Preferred Stock having a vote that equals to that of 15,463.7183 shares of common stock.
|
|
|
|
Subsequent Event [Member] | Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock, shares authorized | shares |
18,000,000
|
|
|
|
|
|
|
Preferred stock, par or stated value per share |
$ 0.000001
|
|
|
|
$ 0.000001
|
$ 1.25
|
|
Preferred stock converted in to common stock |
1
|
|
|
|
|
|
|
Stock split, ratio |
15,463.7183
|
|
|
|
|
|
|
Sebastian Giordano [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | shares |
|
|
125,000,000
|
|
|
|
|
Edward Gildea [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price |
|
$ 0.002
|
|
|
|
|
|
Share-based compensation arrangement by share-based payment award, expiration period |
|
5 years
|
|
|
|
|
|
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | shares |
|
50,000,000
|
50,000,000
|
|
|
|
|
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v3.3.1.900
Convertible Notes Payable Due To Stockholders - Additional Information (Detail) - USD ($)
|
|
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
Feb. 11, 2016 |
Jan. 01, 2016 |
Dec. 09, 2015 |
Oct. 30, 2015 |
Sep. 03, 2015 |
May. 15, 2015 |
Dec. 18, 2014 |
Aug. 15, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Feb. 12, 2016 |
Feb. 02, 2016 |
Jun. 30, 2015 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Notes Payable |
|
|
|
|
|
|
|
|
|
|
$ 150,000
|
$ 240,000
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Mar. 01, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense, Debt |
|
|
|
|
|
|
|
|
$ 8,000
|
$ 4,000
|
14,000
|
$ 7,000
|
|
|
|
Interest Payable, Current |
|
|
|
|
|
|
|
|
$ 35,000
|
|
$ 35,000
|
|
|
|
$ 21,000
|
Preferred stock, per share |
|
|
|
|
|
|
|
|
$ 0.000001
|
|
$ 0.000001
|
|
|
|
$ 0.000001
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
$ 665,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant expiration period |
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of warrants to purchase preferred stock shares |
|
295,945,000
|
|
|
|
|
|
|
|
|
|
|
3,403,367
|
|
|
Series B Preferred Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, per share |
|
$ 1.25
|
|
|
|
|
|
|
|
|
|
|
$ 0.000001
|
$ 0.000001
|
|
Prior Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
|
$ 515,000
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Maturity Date |
|
|
|
|
Aug. 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Principal Stockholders Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Convertible Debt |
|
|
$ 25,000
|
$ 25,000
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
Existing Secured Lender [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Convertible Debt |
|
|
$ 50,000
|
$ 50,000
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
Secured Promissory Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Notes Payable |
|
|
|
|
|
$ 100,000
|
$ 150,000
|
$ 90,000
|
|
|
|
|
|
|
|
Debt Instrument, Maturity Date |
|
|
|
|
|
|
|
|
|
|
Jul. 31, 2015
|
|
|
|
|
Debt Instrument, Interest Rate During Period |
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
|
|
|
Debt Instrument, Interest Rate, Increase (Decrease) |
|
|
|
|
|
|
|
|
|
|
12.00%
|
|
|
|
|
Debt Instrument, Issuance Date |
|
|
|
|
|
|
|
|
|
|
Aug. 15, 2014
|
|
|
|
|
Secured Promissory Notes [Member] | Principal Stockholders One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
|
|
$ 50,000
|
$ 75,000
|
$ 45,000
|
|
|
|
|
|
|
|
Convertible Promissory Notes [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 57,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Maturity Date |
Mar. 01, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amended Convertible Notes [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 114,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands |
Feb. 12, 2016
USD ($)
Subsidiaries
$ / shares
shares
|
Feb. 11, 2014
$ / shares
|
Feb. 02, 2016
$ / shares
|
Jan. 01, 2016
$ / shares
shares
|
Dec. 31, 2015
$ / shares
shares
|
Jun. 30, 2015
$ / shares
shares
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Convertible preferred stock, par or stated value per share (in dollars per share) | $ / shares |
|
|
|
|
$ 0.000001
|
$ 0.000001
|
Average exercise price | $ / shares |
|
$ 0.002
|
|
|
|
|
Preferred stock issued |
|
|
|
|
4,600,000,000
|
4,600,000,000
|
Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Warrants to purchase series B preferred stock |
3,403,367
|
|
|
295,945,000
|
|
|
Average exercise price | $ / shares |
$ 1.01
|
|
|
|
|
|
Series A preferred stock conversion to series B preferred stock |
297,468
|
|
|
|
|
|
Common stock reversal split |
297,468
|
|
|
|
|
|
Equity split to number of subsidiaries | Subsidiaries |
29
|
|
|
|
|
|
Subsequent Event [Member] | Predecessor Warrants [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Warrants issued |
295,945
|
|
|
|
|
|
Subsequent Event [Member] | Placement Agent Warrants [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Warrants issued |
295,945
|
|
|
|
|
|
Subsequent Event [Member] | Protagenic Therapeutics Inc [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Common stock to series B preferred stock ratio |
1
|
|
|
|
|
|
Conversion of warrants to purchase series B preferred stock ratio |
1
|
|
|
|
|
|
Subsequent Event [Member] | Series B Preferred Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Convertible preferred stock, par or stated value per share (in dollars per share) | $ / shares |
$ 0.000001
|
|
$ 0.000001
|
$ 1.25
|
|
|
Common stock exchanged for series B preferred stock |
6,612,838
|
|
|
|
|
|
Subsequent Event [Member] | Series B Preferred Stock [Member] | Predecessor Options [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Preferred stock issued |
17,784
|
|
|
|
|
|
Preferred stock purchase price per share | $ / shares |
$ 1.25
|
|
|
|
|
|
Subsequent Event [Member] | Series B Preferred Stock [Member] | Private Placement Offering [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Preferred stock issued |
2,775,000
|
|
|
|
|
|
Preferred stock purchase price per share | $ / shares |
$ 1.25
|
|
|
|
|
|
Preferred stock issued at consideration | $ |
$ 3,468
|
|
|
|
|
|
Two Thousand and Six Plan [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Options to purchase series B preferred stock |
1,707,744
|
|
|
|
|
|
Average exercise price | $ / shares |
$ 0.66
|
|
|
|
|
|
Two Thousand and Six Plan [Member] | Subsequent Event [Member] | Protagenic Therapeutics Inc [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
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Conversion of options to purchase series B preferred stock ratio |
1
|
|
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