0001387131-15-000450.txt : 20150210 0001387131-15-000450.hdr.sgml : 20150210 20150210170126 ACCESSION NUMBER: 0001387131-15-000450 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20141231 FILED AS OF DATE: 20150210 DATE AS OF CHANGE: 20150210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ohr Pharmaceutical Inc CENTRAL INDEX KEY: 0001173281 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 465622433 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-35963 FILM NUMBER: 15594669 BUSINESS ADDRESS: STREET 1: 1245 BRICKYARD RD STREET 2: #590 CITY: SALT LAKE CITY, STATE: UT ZIP: 84106 BUSINESS PHONE: 347-753-4389 MAIL ADDRESS: STREET 1: 1245 BRICKYARD RD STREET 2: #590 CITY: SALT LAKE CITY, STATE: UT ZIP: 84106 FORMER COMPANY: FORMER CONFORMED NAME: BBM HOLDINGS, INC. DATE OF NAME CHANGE: 20070402 FORMER COMPANY: FORMER CONFORMED NAME: PRIME RESOURCE INC DATE OF NAME CHANGE: 20020513 10-Q/A 1 ohrp-10qa_123114.htm QUARTERLY REPORT

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington , D.C. 20549

 

FORM 10-Q/A

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2014

 

OR

 

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: 333-88480

 

OHR PHARMACEUTICAL, INC. 

(Exact name of registrant as specified in its charter)

 

Delaware   46-5622433
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)

 

800 Third Avenue, 11th Floor

New York, NY 10022

(Address of principal executive offices)

 

(212) 682-8452

(Registrant’s 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     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     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.

   

  Large accelerated filer   Accelerated filer
  Non-accelerated filer   Smaller reporting company
  Do not check if smaller reporting company      

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes     No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 25,392,387 shares of Common Stock outstanding as of February 9, 2015.

 

1
 

  

 

EXPLANATORY NOTE 

The sole purpose of this Amendment 1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2014, originally filed with the Securities and Exchange Commission on February 9, 2015, is to furnish Exhibit 101 to the Form 10-Q, which contains the XBRL (eXtensible Business Reporting Language) Interactive Data File for the consolidated financial statements and notes included in Part I, Item I of the Form 10-Q.

No other changes have been made to the Form 10-Q, and the Form 10-Q has not been updated to reflect events occurring subsequent to the original filing date.

 

2
 

 

Item 6. Exhibits

 

Exhibit   Number  

101.INS   XBRL Instance Document
101.SCH   XBRL Taxonomy Extension Schema Document
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

3
 

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act, the registrant has duly caused this Amendment No. 1 to Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

     
Date: February 10, 2015
 

OHR PHARMACEUTICAL, INC.

 

(Registrant)

     
By: /s/ Irach Taraporewala  
  Irach Taraporewala  
  Principal Executive Officer  
     
By: /s/ Sam Backenroth  
  Sam Backenroth  
  Chief Financial Officer (Principal Financial and Chief
Accounting Officer)
 

 

4

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Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS Cash Prepaid expenses and other current assets Total Current Assets EQUIPMENT, net OTHER ASSETS Security deposit Investment in joint venture Intangible assets, net Goodwill TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses Due to Joint Venture Notes payable Contingent consideration Total Current Liabilities TOTAL LIABILITIES COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock, Series B; 6,000,000 shares authorized, $0.0001 par value, zero shares issued and outstanding Common stock; 180,000,000 shares authorized, $0.0001 par value, 25,266,142 and 25,254,190 shares issued and outstanding, respectively Additional paid-in capital Accumulated deficit Total Stockholders' Equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] OPERATING EXPENSES General and administrative Professional fees Research and development Salaries and wages Total Operating Expenses OPERATING LOSS OTHER INCOME (EXPENSE) Interest expense Change in fair value of contingent consideration Share in losses on investment in joint venture Interest income Royalty income Total Other Income (Expense) LOSS FROM OPERATIONS BEFORE INCOME TAXES PROVISION FOR INCOME TAXES NET LOSS BASIC AND DILUTED LOSS PER SHARE WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED Statement of Cash Flows [Abstract] OPERATING ACTIVITIES Net loss Adjustments to reconcile net loss to net cash used by operating activities: Common stock issued for services Warrants issued for services Stock option expense Change in fair value of contingent consideration Share in losses on investment in joint venture Depreciation Amortization of intangible assets Changes in operating assets and liabilities Prepaid expenses and deposits Accounts payable and accrued expenses Net Cash Used in Operating Activities INVESTING ACTIVITIES Net Cash Used in Investing Activities FINANCING ACTIVITIES Proceeds from warrants exercised for cash Repayments of short-term notes payable Net Cash Provided by (Used in) Financing Activities NET CHANGE IN CASH CASH AT BEGINNING OF PERIOD CASH AT END OF PERIOD SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION CASH PAID FOR: Interest Income Taxes NON CASH FINANCING ACTIVITIES: Conversion of preferred for common stock Common stock issued to settle accounts payable Organization, Consolidation and Presentation of Financial Statements [Abstract] CONDENSED FINANCIAL STATEMENTS Accounting Policies [Abstract] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Goodwill and Intangible Assets Disclosure [Abstract] INTANGIBLE ASSETS Debt Disclosure [Abstract] NOTES PAYABLE Stockholders' Equity Note [Abstract] CAPITAL STOCK Common Stock Warrants COMMON STOCK WARRANTS Disclosure of Compensation Related Costs, Share-based Payments [Abstract] COMMON STOCK OPTIONS Notes to Financial Statements OBLIGATION TO FUND INVESTMENT Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES Subsequent Events [Abstract] SUBSEQUENT EVENTS Use of Estimates Fair Value of Financial Instruments Recent Accounting Pronouncements Schedule of assets and liabilities measured and recognized at fair value Schedule of fair value of financial instruments by caption on balance sheet Schedule of intangible assets Common Stock Warrants Tables Schedule of outstanding warrants Schedule of options issued and outstanding Statement [Table] Statement [Line Items] Assets and liabilities measured at fair value on a recurring basis Contingent stock consideration - fair value Total Level 3 Reconciliation: Level 3 assets and liabilities, beginning Mark to market adjustments Level 3 assets and liabilities, ending License Rights Patent Costs [us-gaap:FiniteLivedIntangibleAssetsGross] Accumulated Amortization Total Intangible Assets Debt issuance date Face amount of notes Notes payable, interest rate Number of warrants exercised Warrant exercise price Common stock issued in exercise of warrants Common stock issued in exercise of warrants, shares Common stock issued for services Common stock issued for services, shares Stock price Common stock issued for settlement of accounts payable Common stock issued for settlement of accounts payable, shares Class of Warrant or Right [Axis] Outstanding Warrants Outstanding, beginning Granted Exercised Expired Outstanding, ending Weighted Average Exercise Price Outstanding, beginning Granted Exercised Expired Outstanding, ending Consulting expense Intrinsic value of warrants Options Outstanding Outstanding, beginning Granted Excercised Forfeited Outstanding, ended Weighted Average Exercise Price Exercise price, beginning Exercise price, grants Exercise price, exercised Exercise price, forfeited Exercise price, ending Stock based compensation expense Unamortized option expense Intrinsic value of awards Shares of stock issued in acquisition Number of contingent shares issuable for acquisition Purchase Price Cash at closing Stock Issued Subsequent Event [Table] Subsequent Event [Line Items] Warrants exercised Restricted stock issued, shares Restricted stock issued Common stock options granted, shares Vesting period Vesting terms Vesting percentage Exercise price of options Common stock issued for cash Common stock issued for cash, shares Stock price (in dollars per share) The entire disclosure for common stock warrants. Expense amounts recorded in professional fees expense for consulting services provided. In lieu of cash, warrants to purchase shares of company stock were issued in these transactions. The name for the particular debt instrument or borrowing. The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods and moneys or securities given as security including, but not limited to, contract, escrow, or earnest money deposits The number of warrants exercised during the period. Value of stock issued as a result of the exercise of warrants. Number of shares for warrants exercised during the current period. Weighted average per share amount at which warrant holders can acquire shares of common stock from warrants. Weighted average price at which warant holders acquired shares when converting their warrants into shares. Weighted average price at which grantees could have acquired the underlying shares with respect to warrants that were terminated. Refers to finite intangible assets such as license rights and patents. The fair value adjustment for contingent consideration during period. The fair value of warrants granted to nonemployees as payment for services rendered. The fair value amount of liability recognized arising from contingent consideration in a business combination. Contingent payment arrangement. Amount of mark to mark adjustments (net) which have taken place in relation to liabilities measured at fair value on a recurring basis using unobservable inputs (level 3). The entire disclosure for obligation to fund investment. Number of contingent shares issuable to acquire entity. Refers to consultants whom restricted shares of common stock have been issued as a bonus for performance and meeting key milestones during te period. Sale of stock to the public in underwriiten offering. 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CAPITAL STOCK (Details Narrative) (USD $)
0 Months Ended
Dec. 23, 2014
Oct. 29, 2014
Oct. 17, 2014
Stockholders' Equity Note [Abstract]      
Number of warrants exercised     2,000ohrp_NumberOfWarrantsExercised
Warrant exercise price     $ 1.50us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
Common stock issued in exercise of warrants     $ 3,000ohrp_CommonStockIssuedInExerciseOfWarrants
Common stock issued in exercise of warrants, shares     2,000ohrp_CommonStockIssuedInExerciseOfWarrantsShares
Common stock issued for services   28,760us-gaap_StockIssuedDuringPeriodValueIssuedForServices  
Common stock issued for services, shares   4,000us-gaap_StockIssuedDuringPeriodSharesIssuedForServices  
Stock price   $ 7.19us-gaap_SharePrice  
Common stock issued for settlement of accounts payable $ 50,000us-gaap_StockIssuedDuringPeriodValueOther    
Common stock issued for settlement of accounts payable, shares 5,952us-gaap_StockIssuedDuringPeriodSharesOther    
XML 11 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
NOTES PAYABLE
3 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 4 – NOTES PAYABLE

 

On February 28, 2014, the Company entered into a premium financing arrangement for its directors and officers insurance in the amount of $194,000. The financing arrangement was subject to annual interest of 6.75% and was fully repaid as of December 31, 2014.

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COMMON STOCK OPTIONS (Details Narrative) (USD $)
3 Months Ended
Dec. 31, 2014
Unamortized option expense $ 2,542,130us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
Intrinsic value of awards 6,900,000us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
Employee Stock Option [Member]  
Stock based compensation expense $ 362,028us-gaap_AllocatedShareBasedCompensationExpense
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COMMON STOCK OPTIONS (Details) (USD $)
3 Months Ended
Dec. 31, 2014
Options Outstanding  
Outstanding, beginning 2,048,335us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
Forfeited (20,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
Outstanding, ended 2,028,335us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
Weighted Average Exercise Price  
Exercise price, beginning $ 5.43us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
Exercise price, forfeited $ 8.39us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
Exercise price, ending $ 5.37us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
XML 15 R30.htm IDEA: XBRL DOCUMENT v2.4.1.9
COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $)
0 Months Ended
May 30, 2014
Commitments and Contingencies Disclosure [Abstract]  
Shares of stock issued in acquisition 1,194,862us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
Number of contingent shares issuable for acquisition 1,493,577ohrp_BusinessAcquisitionEquityInterestsIssuedOrIssuableContingentNumberOfShares
Purchase Price  
Cash at closing $ 3,500,000us-gaap_PaymentsToAcquireBusinessesGross
Stock Issued $ 10,180,224us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
XML 16 R31.htm IDEA: XBRL DOCUMENT v2.4.1.9
SUBSEQUENT EVENTS (Details Narrative) (USD $)
0 Months Ended 1 Months Ended 0 Months Ended
Oct. 17, 2014
Jan. 31, 2015
Feb. 06, 2015
Jan. 06, 2015
Feb. 08, 2015
Dec. 31, 2014
Sep. 30, 2014
Subsequent Event [Line Items]              
Warrant exercise price $ 1.50us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1            
Common stock issued in exercise of warrants, shares 2,000ohrp_CommonStockIssuedInExerciseOfWarrantsShares            
Common stock issued in exercise of warrants $ 3,000ohrp_CommonStockIssuedInExerciseOfWarrants            
Exercise price of options           $ 5.37us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice $ 5.43us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
Subsequent Event [Member]              
Subsequent Event [Line Items]              
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Common stock issued in exercise of warrants   77,005ohrp_CommonStockIssuedInExerciseOfWarrants
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Subsequent Event [Member] | Underwritten Public Offering [Member]              
Subsequent Event [Line Items]              
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Vesting terms      

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INTANGIBLE ASSETS
3 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 3 – INTANGIBLE ASSETS

Intangible assets at December 31, 2014 and September 30, 2014, consist of:

 

   December 31,
2014
  September 30,
2014
License Rights  $17,712,991   $17,712,991 
Patent Costs   800,000    800,000 
    18,512,991    18,512,991 
Accumulated Amortization   (1,000,577)   (702,591)
Total Intangible Assets  $17,512,414   $17,810,400 

 

During the quarter ended December 31, 2014, the Company recognized $297,986 in amortization expense on the patent and license rights. The amortization expense has been included in research and development expense.

XML 18 R2.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Balance Sheets (Unaudited) (USD $)
Dec. 31, 2014
Sep. 30, 2014
CURRENT ASSETS    
Cash $ 10,441,190us-gaap_Cash $ 13,220,494us-gaap_Cash
Prepaid expenses and other current assets 579,050us-gaap_PrepaidExpenseCurrent 133,527us-gaap_PrepaidExpenseCurrent
Total Current Assets 11,020,240us-gaap_AssetsCurrent 13,354,021us-gaap_AssetsCurrent
EQUIPMENT, net 96,789us-gaap_PropertyPlantAndEquipmentNet 104,425us-gaap_PropertyPlantAndEquipmentNet
OTHER ASSETS    
Security deposit 12,243us-gaap_SecurityDeposit 12,243us-gaap_SecurityDeposit
Investment in joint venture   3,143us-gaap_EquityMethodInvestments
Intangible assets, net 17,512,414us-gaap_FiniteLivedIntangibleAssetsNet 17,810,400us-gaap_FiniteLivedIntangibleAssetsNet
Goodwill 740,912us-gaap_Goodwill 740,912us-gaap_Goodwill
TOTAL ASSETS 29,382,598us-gaap_Assets 32,025,144us-gaap_Assets
CURRENT LIABILITIES    
Accounts payable and accrued expenses 1,192,314us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent 351,864us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent
Due to Joint Venture 23,507us-gaap_DueToRelatedPartiesCurrent  
Notes payable    43,899us-gaap_NotesPayableCurrent
Contingent consideration 5,560,745us-gaap_BusinessCombinationLiabilitiesArisingFromContingenciesAmountRecognized 4,877,359us-gaap_BusinessCombinationLiabilitiesArisingFromContingenciesAmountRecognized
Total Current Liabilities 6,776,566us-gaap_LiabilitiesCurrent 5,273,122us-gaap_LiabilitiesCurrent
TOTAL LIABILITIES 6,776,566us-gaap_Liabilities 5,273,122us-gaap_Liabilities
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDERS' EQUITY    
Preferred stock, Series B; 6,000,000 shares authorized, $0.0001 par value, zero shares issued and outstanding      
Common stock; 180,000,000 shares authorized, $0.0001 par value, 25,266,142 and 25,254,190 shares issued and outstanding, respectively 2,527us-gaap_CommonStockValue 2,525us-gaap_CommonStockValue
Additional paid-in capital 70,515,390us-gaap_AdditionalPaidInCapital 70,063,045us-gaap_AdditionalPaidInCapital
Accumulated deficit (47,911,885)us-gaap_RetainedEarningsAccumulatedDeficit (43,313,548)us-gaap_RetainedEarningsAccumulatedDeficit
Total Stockholders' Equity 22,606,032us-gaap_StockholdersEquity 26,752,022us-gaap_StockholdersEquity
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 29,382,598us-gaap_LiabilitiesAndStockholdersEquity $ 32,025,144us-gaap_LiabilitiesAndStockholdersEquity
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CONDENSED FINANCIAL STATEMENTS
3 Months Ended
Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONDENSED FINANCIAL STATEMENTS

NOTE 1 – CONDENSED FINANCIAL STATEMENTS

 

The accompanying consolidated financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at December 31, 2014, and for all periods presented herein, have been made.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s September 30, 2014 audited consolidated financial statements.  The results of operations for the periods ended December 31, 2014 and 2013 are not necessarily indicative of the operating results for the full years.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (Contingent Stock Consideration [Member], USD $)
3 Months Ended
Dec. 31, 2014
Contingent Stock Consideration [Member]
 
Level 3 Reconciliation:  
Level 3 assets and liabilities, beginning $ 4,877,359us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
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NOTES PAYABLE (Details Narrative) (Financing Arrangement Directors and Officers Insurance [Member], USD $)
3 Months Ended
Dec. 31, 2014
Financing Arrangement Directors and Officers Insurance [Member]
 
Debt issuance date Feb. 28, 2014
Face amount of notes $ 194,000us-gaap_DebtInstrumentFaceAmount
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates subject to change in the near term include impairment (if any) of long-lived assets and fair value of derivative liabilities.

  

Fair Value of Financial Instruments

 

In accordance with ASC 820, the carrying value of cash and cash equivalents, accounts receivable, accounts payable, notes payable and contingent consideration approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

 

Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

 

Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

 

Level 3-Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity's own beliefs about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

 

The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2014 and September 30, 2014, on a recurring basis:

 

Assets and liabilities measured at fair value on a recurring basis at December 31, 2014  Level 1  Level 2  Level 3  Total
Carrying
Value
Contingent Stock Consideration  $—     $—     $5,560,745   $5,560,745 
   $—     $—     $5,560,745   $5,560,745 

 

Assets and liabilities measured at fair value on a recurring basis at September 30, 2014  Level 1  Level 2  Level 3  Total
Carrying
Value
Contingent stock consideration  $—     $—     $4,877,359   $4,877,359 
   $—     $—     $4,877,359   $4,877,359 

 

The following tables present the change in fair value of financial instruments as of December 31, 2014, by caption on the balance sheet and by ASC 820 valuation hierarchy described above.

 

Level 3 Reconciliation:  Contingent
Stock
Contsideration
Total level 3 assets and liabilities at September 30, 2014   4,877,359 
Purchases, sales, issuances and settlements (net)   —   
Mark to market adjustments   683,386 
Total level 3 assets and liabilities at December 31, 2014  $5,560,745 

 

Recent Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.

XML 24 R3.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
Dec. 31, 2014
Sep. 30, 2014
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.0001us-gaap_PreferredStockParOrStatedValuePerShare $ 0.0001us-gaap_PreferredStockParOrStatedValuePerShare
Preferred stock, shares authorized 6,000,000us-gaap_PreferredStockSharesAuthorized 6,000,000us-gaap_PreferredStockSharesAuthorized
Preferred stock, shares issued 0us-gaap_PreferredStockSharesIssued 0us-gaap_PreferredStockSharesIssued
Preferred stock, shares outstanding 0us-gaap_PreferredStockSharesOutstanding 0us-gaap_PreferredStockSharesOutstanding
Common stock, par value $ 0.0001us-gaap_CommonStockParOrStatedValuePerShare $ 0.0001us-gaap_CommonStockParOrStatedValuePerShare
Common stock, shares authorized 180,000,000us-gaap_CommonStockSharesAuthorized 180,000,000us-gaap_CommonStockSharesAuthorized
Common stock, shares issued 25,266,142us-gaap_CommonStockSharesIssued 25,254,190us-gaap_CommonStockSharesIssued
Common stock, shares outstanding 25,266,142us-gaap_CommonStockSharesOutstanding 25,254,190us-gaap_CommonStockSharesOutstanding
XML 25 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
Schedule of assets and liabilities measured and recognized at fair value

The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2014 and September 30, 2014, on a recurring basis:

 

Assets and liabilities measured at fair value on a recurring basis at December 31, 2014  Level 1  Level 2  Level 3  Total
Carrying
Value
Contingent Stock Consideration  $—     $—     $5,560,745   $5,560,745 
   $—     $—     $5,560,745   $5,560,745 

 

Assets and liabilities measured at fair value on a recurring basis at September 30, 2014  Level 1  Level 2  Level 3  Total
Carrying
Value
Contingent stock consideration  $—     $—     $4,877,359   $4,877,359 
   $—     $—     $4,877,359   $4,877,359 

 

Schedule of fair value of financial instruments by caption on balance sheet

The following tables present the change in fair value of financial instruments as of December 31, 2014, by caption on the balance sheet and by ASC 820 valuation hierarchy described above.

 

Level 3 Reconciliation:  Contingent
Stock
Contsideration
Total level 3 assets and liabilities at September 30, 2014   4,877,359 
Purchases, sales, issuances and settlements (net)   —   
Mark to market adjustments   683,386 
Total level 3 assets and liabilities at December 31, 2014  $5,560,745 

 

XML 26 R1.htm IDEA: XBRL DOCUMENT v2.4.1.9
Document and Entity Information
3 Months Ended
Dec. 31, 2014
Feb. 09, 2015
Document And Entity Information    
Entity Registrant Name OHR PHARMACEUTICAL INC  
Entity Central Index Key 0001173281  
Document Type 10-Q  
Document Period End Date Dec. 31, 2014  
Amendment Flag false  
Current Fiscal Year End Date --09-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   25,392,387dei_EntityCommonStockSharesOutstanding
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2015  
XML 27 R18.htm IDEA: XBRL DOCUMENT v2.4.1.9
INTANGIBLE ASSETS (Tables)
3 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of intangible assets

Intangible assets at December 31, 2014 and September 30, 2014, consist of:

 

   December 31,
2014
  September 30,
2014
License Rights  $17,712,991   $17,712,991 
Patent Costs   800,000    800,000 
    18,512,991    18,512,991 
Accumulated Amortization   (1,000,577)   (702,591)
Total Intangible Assets  $17,512,414   $17,810,400 

 

XML 28 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
OPERATING EXPENSES    
General and administrative $ 163,516us-gaap_GeneralAndAdministrativeExpense $ 57,777us-gaap_GeneralAndAdministrativeExpense
Professional fees 175,243us-gaap_ProfessionalFees 384,215us-gaap_ProfessionalFees
Research and development 2,839,801us-gaap_ResearchAndDevelopmentExpense 1,352,356us-gaap_ResearchAndDevelopmentExpense
Salaries and wages 745,427us-gaap_SalariesAndWages 227,145us-gaap_SalariesAndWages
Total Operating Expenses 3,923,987us-gaap_OperatingExpenses 2,021,493us-gaap_OperatingExpenses
OPERATING LOSS (3,923,987)us-gaap_OperatingIncomeLoss (2,021,493)us-gaap_OperatingIncomeLoss
OTHER INCOME (EXPENSE)    
Interest expense (433)us-gaap_InterestExpense (513)us-gaap_InterestExpense
Change in fair value of contingent consideration (683,386)ohrp_ChangeInFairValueOfContingentConsideration   
Share in losses on investment in joint venture (26,650)us-gaap_IncomeLossFromEquityMethodInvestments   
Interest income 306us-gaap_InvestmentIncomeInterest 81us-gaap_InvestmentIncomeInterest
Royalty income 35,813us-gaap_RoyaltyIncomeNonoperating   
Total Other Income (Expense) (674,350)us-gaap_NonoperatingIncomeExpense (432)us-gaap_NonoperatingIncomeExpense
LOSS FROM OPERATIONS BEFORE INCOME TAXES (4,598,337)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (2,021,925)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
NET LOSS $ (4,598,337)us-gaap_NetIncomeLoss $ (2,021,925)us-gaap_NetIncomeLoss
BASIC AND DILUTED LOSS PER SHARE $ (0.18)us-gaap_EarningsPerShareBasicAndDiluted $ (0.10)us-gaap_EarningsPerShareBasicAndDiluted
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:    
BASIC AND DILUTED 25,259,154us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 19,872,539us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted
XML 29 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
COMMON STOCK OPTIONS
3 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
COMMON STOCK OPTIONS

NOTE 7 – COMMON STOCK OPTIONS

 

During the three months ended December 31, 2014, the Company recognized $362,028 of expense related to vested options that were granted in prior years. Unamortized option expense as of December 31, 2014 for all options outstanding amounted to approximately $2,542,130.

 

Below is a table summarizing the options issued and outstanding as of December 31, 2014:

  

   Number
Outstanding
  Weighted-Average
Exercise Price
Outstanding at September 30, 2014   2,048,335   $5.43 
Granted   —      —   
Exercised   —      —   
Forfeited   (20,000)   8.39 
Outstanding at December 31, 2014   2,028,335   $5.37 

  

As of December 31, 2014, the outstanding options have an intrinsic value of approximately $6.9 million.

XML 30 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
COMMON STOCK WARRANTS
3 Months Ended
Dec. 31, 2014
Common Stock Warrants  
COMMON STOCK WARRANTS

NOTE 6 – COMMON STOCK WARRANTS

 

During the three months ended December 31, 2014, the Company has recorded $8,559 in consulting expense related to warrants that have vested to date including warrants granted in prior years.

 

Below is a table summarizing the warrants issued and outstanding as of December 31, 2014:

 

   Number
Outstanding
  Weighted-Average
Exercise Price
 Outstanding at September 30, 2014    1,947,008   $3.64 
 Granted    —      —   
 Exercised    (2,000)   1.50 
 Forfeited    (32,834)   1.50 
 Outstanding at December 31, 2014    1,912,174   $3.67 

  

The outstanding warrants as of December 31, 2014 have an intrinsic value of approximately $8.5 million.

XML 31 R23.htm IDEA: XBRL DOCUMENT v2.4.1.9
INTANGIBLE ASSETS (Details) (USD $)
Dec. 31, 2014
Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]    
License Rights $ 17,712,991us-gaap_FiniteLivedLicenseAgreementsGross $ 17,712,991us-gaap_FiniteLivedLicenseAgreementsGross
Patent Costs 800,000us-gaap_FiniteLivedPatentsGross 800,000us-gaap_FiniteLivedPatentsGross
[us-gaap:FiniteLivedIntangibleAssetsGross] 18,512,991us-gaap_FiniteLivedIntangibleAssetsGross 18,512,991us-gaap_FiniteLivedIntangibleAssetsGross
Accumulated Amortization (1,000,577)us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization (702,591)us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
Total Intangible Assets $ 17,512,414us-gaap_FiniteLivedIntangibleAssetsNet $ 17,810,400us-gaap_FiniteLivedIntangibleAssetsNet
XML 32 R19.htm IDEA: XBRL DOCUMENT v2.4.1.9
COMMON STOCK WARRANTS (Tables)
3 Months Ended
Dec. 31, 2014
Common Stock Warrants  
Schedule of outstanding warrants

Below is a table summarizing the warrants issued and outstanding as of December 31, 2014:

 

   Number
Outstanding
  Weighted-Average
Exercise Price
 Outstanding at September 30, 2014    1,947,008   $3.64 
 Granted    —      —   
 Exercised    (2,000)   1.50 
 Forfeited    (32,834)   1.50 
 Outstanding at December 31, 2014    1,912,174   $3.67 

  

XML 33 R15.htm IDEA: XBRL DOCUMENT v2.4.1.9
SUBSEQUENT EVENTS
3 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

 

In January 2015, the Company issued 34,548 common shares in connection with the exercise of warrants for total proceeds of $77,005.

 

In January 2015, the Company issued 54,659 common shares to a member of the Company’s board of directors pursuant to a cashless exercise of 66,667 warrants.

 

On January 6, 2015, the Company issued 17,095 and 19,943 restricted common shares to two consultants and a member of the Company’s board of directors, respectively, as a bonus for performance and meeting key milestones in fiscal year 2014.

 

On January 6, 2015, the Company issued 140,000 common stock options to two employees of the Company. The options have a term of five years and an exercise price of $8.19 per share. The options vest 25% immediately and 25% thereafter on the next three anniversaries of the grant date.

 

On February 6, 2015, the Company announced the sale of 4,259,259 shares of common stock, inclusive of the over allotment, in an underwritten public offering at a price per share of $6.75. The Company expects to issue the shares of common stock at the closing of the transaction on February 11, 2015, and receive gross proceeds of approximately $28.8 million.

 

On February 8, 2015, the Company agreed to issue 10,714 restricted shares of common stock to a consultant, subject to vesting throughout calendar 2015, for $75,000 of services to be provided in calendar year 2015.

XML 34 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
OBLIGATION TO FUND INVESTMENT
3 Months Ended
Dec. 31, 2014
Notes to Financial Statements  
OBLIGATION TO FUND INVESTMENT

NOTE 8 – OBLIGATION TO FUND INVESTMENT

 

During 2014, the Company committed to fund DepYmed, Inc. As of December 31, 2014, the Company owed $23,507 to fulfill its commitment.

XML 35 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 9 – COMMITMENTS AND CONTINGENCIES

 

Legal Proceedings

The Company may become involved in certain legal proceedings and claims which arise in the normal course of business. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the Company’s results of operations, prospects, cash flows, financial position and brand. To the best knowledge of the Company’s management, at December 31, 2014, there are no legal proceedings which the Company believes will have a material adverse effect on its business, results of operations, cash flows or financial condition.

 

In June 2012, the Company was named, along with other parties, as a defendant in a putative class action lawsuit brought, as amended, by Alan Schmidt, individually, and on behalf of Genaera Corporation and the Genaera Liquidating Trust. We purchased biotechnology assets from the Trust in 2009. On August 12, 2013, the court dismissed each of the plaintiff’s claims against the Company. The litigation has ended with respect to claims against the Company, and management believes that it is unlikely that the litigation continuing against other parties will have a material adverse impact on the Company’s financial condition.

 

Contingent Stock Consideration

On May 30, 2014, the Company completed the acquisition of certain assets of SKS Ocular, LLC (“SKS Parent”), and SKS Ocular 1, LLC (“SKS 1” and SKS Parent referred to herein as “SKS”), including licenses, patents and contracts relating to micro-fabrication polymer-based sustained delivery platforms related to ocular therapeutics and dry age-related macular degeneration animal models, together with biomarkers to support such models.

 

The purchase price consisted of: (a) Cash in the amount of $3,500,000; (b) 1,194,862 shares of the Company’s common stock (valued at $10,180,224 based on the trading price on May 30, 2014 of the Company’s common stock) and (c) an additional 1,493,577 shares (the “contingent shares”) that will be issued contingent to achievement of certain milestones. This contingent consideration has been recorded as a liability of the Company and is reviewed by management for probability and likelihood of the milestones being achieved at each reporting period. The fair value of the liability is adjusted in each reporting period according to management’s assessment (see Note 2).

XML 36 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates subject to change in the near term include impairment (if any) of long-lived assets and fair value of derivative liabilities.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

In accordance with ASC 820, the carrying value of cash and cash equivalents, accounts receivable, accounts payable, notes payable and contingent consideration approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

 

Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

 

Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

 

Level 3-Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity's own beliefs about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

 

The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2014 and September 30, 2014, on a recurring basis:

 

Assets and liabilities measured at fair value on a recurring basis at December 31, 2014  Level 1  Level 2  Level 3  Total
Carrying
Value
Contingent Stock Consideration  $—     $—     $5,560,745   $5,560,745 
   $—     $—     $5,560,745   $5,560,745 

 

Assets and liabilities measured at fair value on a recurring basis at September 30, 2014  Level 1  Level 2  Level 3  Total
Carrying
Value
Contingent stock consideration  $—     $—     $4,877,359   $4,877,359 
   $—     $—     $4,877,359   $4,877,359 

 

The following tables present the change in fair value of financial instruments as of December 31, 2014, by caption on the balance sheet and by ASC 820 valuation hierarchy described above.

 

Level 3 Reconciliation:  Contingent
Stock
Contsideration
Total level 3 assets and liabilities at September 30, 2014   4,877,359 
Purchases, sales, issuances and settlements (net)   —   
Mark to market adjustments   683,386 
Total level 3 assets and liabilities at December 31, 2014  $5,560,745 

 

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (Recurring [Member], USD $)
Dec. 31, 2014
Sep. 30, 2014
Assets and liabilities measured at fair value on a recurring basis    
Contingent stock consideration - fair value $ 5,560,745ohrp_ContingentStockConsiderationFairValue $ 4,877,359ohrp_ContingentStockConsiderationFairValue
Total 5,560,745us-gaap_FinancialLiabilitiesFairValueDisclosure 4,877,359us-gaap_FinancialLiabilitiesFairValueDisclosure
Fair Value, Inputs, Level 3 [Member]
   
Assets and liabilities measured at fair value on a recurring basis    
Contingent stock consideration - fair value 5,560,745ohrp_ContingentStockConsiderationFairValue
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
4,877,359ohrp_ContingentStockConsiderationFairValue
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
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Total $ 5,560,745us-gaap_FinancialLiabilitiesFairValueDisclosure
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$ 4,877,359us-gaap_FinancialLiabilitiesFairValueDisclosure
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XML 39 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
COMMON STOCK WARRANTS (Details) (USD $)
3 Months Ended
Dec. 31, 2014
Oct. 17, 2014
Weighted Average Exercise Price    
Outstanding, beginning   $ 1.50us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
Outstanding, ending   $ 1.50us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
Warrants [Member]    
Outstanding Warrants    
Outstanding, beginning 1,947,008us-gaap_ClassOfWarrantOrRightOutstanding
/ us-gaap_ClassOfWarrantOrRightAxis
= us-gaap_WarrantMember
 
Exercised (2,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
/ us-gaap_ClassOfWarrantOrRightAxis
= us-gaap_WarrantMember
 
Expired (32,834)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
/ us-gaap_ClassOfWarrantOrRightAxis
= us-gaap_WarrantMember
 
Outstanding, ending 1,912,174us-gaap_ClassOfWarrantOrRightOutstanding
/ us-gaap_ClassOfWarrantOrRightAxis
= us-gaap_WarrantMember
 
Weighted Average Exercise Price    
Outstanding, beginning $ 3.64us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
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= us-gaap_WarrantMember
 
Exercised $ 1.50ohrp_ClassOfWarrantOrRightExercisePriceOfWarrantsExercised
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= us-gaap_WarrantMember
 
Expired $ 1.50ohrp_ClassOfWarrantOrRightExercisePriceOfWarrantsFortfeitures
/ us-gaap_ClassOfWarrantOrRightAxis
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Outstanding, ending $ 3.67us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
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Consolidated Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES    
Net loss $ (4,598,337)us-gaap_NetIncomeLoss $ (2,021,925)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used by operating activities:    
Common stock issued for services 28,760us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims   
Warrants issued for services 8,559ohrp_WarrantsIssuedForServices 700,393ohrp_WarrantsIssuedForServices
Stock option expense 362,028us-gaap_ShareBasedCompensation 146,303us-gaap_ShareBasedCompensation
Change in fair value of contingent consideration 683,386ohrp_ChangeInFairValueOfContingentConsideration   
Share in losses on investment in joint venture 26,650us-gaap_IncomeLossFromEquityMethodInvestments   
Depreciation 7,636us-gaap_Depreciation 2,921us-gaap_Depreciation
Amortization of intangible assets 297,986us-gaap_AmortizationOfIntangibleAssets 19,608us-gaap_AmortizationOfIntangibleAssets
Changes in operating assets and liabilities    
Prepaid expenses and deposits (445,523)ohrp_IncreaseDecreaseInPrepaidExpensesAndDeposits 25,533ohrp_IncreaseDecreaseInPrepaidExpensesAndDeposits
Accounts payable and accrued expenses 890,450us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (165,455)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Net Cash Used in Operating Activities (2,738,405)us-gaap_NetCashProvidedByUsedInOperatingActivities (1,292,622)us-gaap_NetCashProvidedByUsedInOperatingActivities
FINANCING ACTIVITIES    
Proceeds from warrants exercised for cash 3,000us-gaap_ProceedsFromWarrantExercises 200,002us-gaap_ProceedsFromWarrantExercises
Repayments of short-term notes payable (43,899)us-gaap_RepaymentsOfNotesPayable (14,051)us-gaap_RepaymentsOfNotesPayable
Net Cash Provided by (Used in) Financing Activities (40,899)us-gaap_NetCashProvidedByUsedInFinancingActivities 185,951us-gaap_NetCashProvidedByUsedInFinancingActivities
NET CHANGE IN CASH (2,779,304)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (1,106,671)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
CASH AT BEGINNING OF PERIOD 13,220,494us-gaap_Cash 5,122,895us-gaap_Cash
CASH AT END OF PERIOD 10,441,190us-gaap_Cash 4,016,224us-gaap_Cash
CASH PAID FOR:    
Interest 433us-gaap_InterestPaid 513us-gaap_InterestPaid
NON CASH FINANCING ACTIVITIES:    
Conversion of preferred for common stock   50us-gaap_ConversionOfStockAmountConverted1
Common stock issued to settle accounts payable $ 50,000us-gaap_StockIssued1 $ 50,000us-gaap_StockIssued1
XML 41 R10.htm IDEA: XBRL DOCUMENT v2.4.1.9
CAPITAL STOCK
3 Months Ended
Dec. 31, 2014
Stockholders' Equity Note [Abstract]  
CAPITAL STOCK

NOTE 5 – CAPITAL STOCK

 

On October 17, 2014, the Company issued 2,000 common shares in connection with the exercise of warrants at an exercise price of $1.50 for total proceeds of $3,000.

 

On October 29, 2014, the Company issued 4,000 common shares with a fair value of $7.19 per share for consulting services and recognized stock-based compensation expense of $28,760.

 

On December 23, 2014, the Company issued 5,952 common shares as settlement of accounts payable in the amount of $50,000.

XML 42 R27.htm IDEA: XBRL DOCUMENT v2.4.1.9
COMMON STOCK WARRANTS (Details Narrative) (Warrants [Member], USD $)
3 Months Ended
Dec. 31, 2014
Warrants [Member]
 
Consulting expense $ 8,559ohrp_ConsultingExpensePFNoncash
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Intrinsic value of warrants $ 8,500,000us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
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COMMON STOCK OPTIONS (Tables)
3 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of options issued and outstanding

Below is a table summarizing the options issued and outstanding as of December 31, 2014:

  

   Number
Outstanding
  Weighted-Average
Exercise Price
Outstanding at September 30, 2014   2,048,335   $5.43 
Granted   —      —   
Exercised   —      —   
Forfeited   (20,000)   8.39 
Outstanding at December 31, 2014   2,028,335   $5.37