0001144204-12-008656.txt : 20120214 0001144204-12-008656.hdr.sgml : 20120214 20120214152233 ACCESSION NUMBER: 0001144204-12-008656 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120214 DATE AS OF CHANGE: 20120214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cellceutix CORP CENTRAL INDEX KEY: 0001355250 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 134303398 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52321 FILM NUMBER: 12608627 BUSINESS ADDRESS: STREET 1: 100 CUMMING CENTER STREET 2: SUITE 151-B CITY: BEVERLY STATE: MA ZIP: 01915 BUSINESS PHONE: (978)-633-3623 MAIL ADDRESS: STREET 1: 100 CUMMING CENTER STREET 2: SUITE 151-B CITY: BEVERLY STATE: MA ZIP: 01915 FORMER COMPANY: FORMER CONFORMED NAME: EconoShare, Inc. DATE OF NAME CHANGE: 20060306 10-Q 1 v302219_10-q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_______________________________

FORM 10 – Q

_______________________________

x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2011

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

Commission File Number: 000-52321

Cellceutix Corporation

(Exact name of registrant as specified in its charter)


Nevada		30-0565645

(State or Other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification Number)

100 Cumming Center, Suite 151-B

Beverly, MA 01915

(Address of principal executive offices and zip code)

(978)-633-3623

(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 Exchange Act 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 a check mark whether the registrant has submitted electronically and posted on its corporate website, 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, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company 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

The number of shares outstanding of the Registrant's Common Stock as of February 10, 2012 was 95,352,923 shares.

CELLCEUTIX CORPORATION

FORM 10-Q

INDEX

TABLE OF CONTENTS

		PART I FINANCIAL INFORMATION
Item	1	Financial Statements
		Balance Sheets-December 31, 2011 (Unaudited) and June 30, 2011 (Audited)	2
		Statements of Operations (Unaudited) - For the Three and Six Months Ended December 31, 2011 and 2010 and for the cumulative period from June 20, 2007 (Date of Inception) to December 31, 2011	3
		Statement of Changes in Stockholder’s Deficit (Unaudited) – For the	4
		cumulative period from June 20, 2007 (Date of Inception) to December 31, 2011
		Statement of Cash Flows (Unaudited) - For the Six Months Ended December 31, 2011 and 2010, and for the cumulative period from June 20, 2007 (Date of Inception) to December 31, 2011	6
		Notes to Financial Statements (Unaudited)	7
Item	2	Management’s Discussion & Analysis of Financial Condition and Results of Operations	15
Item	3	Quantitative and Qualitative Disclosures About Market Risk	17
Item	4	Controls & Procedures	18

		PART II OTHER INFORMATION
Item	1	Legal Proceedings	18
Item	2	Unregistered Sales of Equity Securities Use of Proceeds	18
Item	3	Default Upon Senior Securities	18
Item	4	Submission of Matters to a Vote of Securities Holders	18
Item	5	Other Information	18
Item	6	Exhibits	19
		Signatures	20

Part 1. Financial Information

Item 1. Financial Statements

Cellceutix Corporation

(A Development Stage Enterprise)

Balance Sheets

	December 31, 2011		June 30, 2011
	(unaudited)		(audited)
Assets
Current assets:
Cash	$	864,620	$	68,661
Other receivables		-		204,144
Prepaid expenses		18,114		40,290

Total current assets		882,734		313,095

Total assets	$	882,734	$	313,095

Liabilities and Stockholders' Deficit
Current liabilities:
Warrant Liability	$	1,327,500		-
Accounts payable, including related party payables of $1,700,506 and $1,789,818, respectively		2,037,862	$	2,139,527
Accrued expenses, including related party interest and rent accruals of $224,497 and $119,598, respectively		239,323		127,432
Accrued salaries and payroll taxes		2,396,961		2,030,621
Accrued settlement costs, current		291,457		300,859
Note payable to officer		2,022,264		2,002,264
Convertible debentures		167,099		167,099

Total current liabilities		8,482,466		6,767,802

Accrued settlement costs, less current portion		527,733		484,158
Convertible debentures, net of current		—		349,213
Total liabilities		9,010,199		7,601,173
Commitments and contingencies

Stockholders' deficit:
Preferred stock; $0.0001 par value; 10,000,000 shares
authorized; 0 shares issued and outstanding		-		-
Common stock Class A; $0.0001 par value; 300,000,000 shares
authorized; 95,152,923 and 91,720,646 shares issued and 91,010,839 and 87,578,562 outstanding, respectively		9,516		9,172
Class B ( 10 votes per share); $.0001 par value 100,000,000 shares authorized, -0- shares issued and outstanding		-		-

Additional paid in capital		7,021,095			4,838,968
Deficit accumulated during development stage		(14,398,688	)		(11,376,830	)
Treasury stock (4,142,084 shares at cost)		(759,388	)		(759,388	)
Total stockholders' deficit		(8,127,465	)		(7,288,078	)

Total liabilities and stockholders' deficit	$	882,734		$	313,095

The accompanying notes are an integral part of these financial statements.

Cellceutix Corporation

(A Development Stage Enterprise)

Statements of Operations

(Unaudited)

	Three Months Ended						Six Months Ended
	December 31, 2011			December 31, 2010			December 31, 2011			December 31, 2010			June 20, 2007 (Date of Inception) Through December 31, 2011

Revenues:	$	-		$	-		$	-		$	-		$	-

Operating Expenses:
Research and development, gross		106,964			299,991			209,866			746,038			4,469,929
Grants		—			(529,294	)		—			(529,294	)		(529,294	)
Research and development, net of grants		106,964			(229,303	)		209,866			216,744			3,940,635
General and administrative		12,230			26,162			19,069			52,310			348,053
Officers’ payroll and payroll tax		646,582			1,215,895			1,298,904			1,617,041			6,479,552
Patent expense		81,720			29,389			81,720			29,389			151,403
Professional fees		225,230			249,463			357,321			368,749			2,089,374
Total operating expenses		1,072,726			1,291,606			1,966,880			2,284,233			13,009,017
Loss from operations		(1,072,726	)		(1,291,606	)		(1,966,880	)		(2,284,233	)		(13,009,017	)

Other income (expense):
Interest expense-net		(77,787	)		(46,074	)		(145,086	)		(86,561	)		(470,700	)
Loss on financial instruments		(909,892	)		—			(909,892	)		—			(909,892	)
Total other expenses		(987,679	)		(46,074	)		(1,054,978	)		(86,561	)		(1,380,592	)

Net loss before provision for income taxes		(2,060,405	)		(1,337,680	)		(3,021,858	)		(2,370,794	)		(14,389,609	)

Provision for income taxes		—			—			—			—			—


Net loss	$	(2,060,405	)	$	(1,337,680	)	$	(3,021,858	)	$	(2,370,794	)	$	(14,389,609	)

Basic and Diluted Loss	$	(0.02	)	$	(0.01	)	$	(0.03	)	$	(0.03	)

Weighted average number of common shares used in basic and diluted per share calculations		94,076,076			91,914,500			92,996,474			91,938,141

The accompanying notes are an integral part of these financial statements.

Cellceutix Corporation

(A Development Stage Enterprise)

Statement of Changes in Stockholders' Deficit

For the Cumulative

Period June 20, 2007 (Date of Inception)

through December 31, 2011

(Unaudited)

										Deficit
										Accumulated
	Common Stock						Additional			During the
				Par Value			Paid-in			Development			Treasury Stock
	Shares			$0.0001			Capital			Stage			Shares		Amount		Total

Shares issued June 20, 2007 (Inception)		1,000,000		$	100		$	-		$	-			-	$	-	$	100

Net loss		-			-			-			(530	)		-				(530	)
Balance, June 30, 2007		1,000,000			100			-			(530	)		-		-		(430	)

Share exchange with CellceutixPharma, Inc. December 6, 2007		(1,000,000	)		(100	)		-			100			-		-		-

Share exchange in reverse merger with CellceutixPharma, Inc. December 6, 2007		82,000,000			8,200			-			(8,200	)		-		-		-

Shares exchanged in a reverse acquisition of CellceutixPharma, December 6, 2007		9,791,000			979			-			(979	)		-		-		-

Issuance of stock options		-			-			43,533			-			-		-		43,533

Forgiveness of debt from a stockholder		-			-			50			-			-		-		50

Capital contribution from a stockholder		-			-			50			-			-		-		50

Shares issued for services, April 28, 2008 at $1.05		100,000			10			104,990			-			-		-		105,000

Net loss		-			-			-			(510,193	)		-		-		(510,193	)
Balance, June 30, 2008		91,891,000			9,189			148,623			(519,802	)		-				(361,990	)

Cancellation of shares issued for services, December 31, 2008		(100,000	)		(10	)		(104,990	)		-			-		-		(105,000	)

Issuance of stock options		-			-			142,162			-			-		-		142,162

Shares issued for services, June 11, 2009 at $0.38		20,000			2			7,598			-			-		-		7,600

Shares issued for services, June 30, 2009 at $0.38		25,000			3			9,497			-			-		-		9,500

Net loss		-			-			-			(1,485,331	)		-		-		(1,485,331	)
Balance, June 30, 2009		91,836,000			9,184			202,890			(2,005,133	)		-		-		(1,793,059	)

Shares issued for services, July 6, 2009 at $0.43		25,000			2			10,748			-			-		-		10,750

Shares issued for services, February 5, 2010 at $0.30		3,500			-			1,050			-			-		-		1,050

Issuance of stock options		-			-			383,291			-			-		-		383,291

Shares issued for services, June 1, 2010 at $0.45		75,000			8			33,742			-			-		-		33,750

Net loss		-			-			-			(3,433,400	)		-		-		(3,433,400	)
Balance, June 30, 2010		91,939,500			9,194			631,721			(5,438,533	)		-		-		(4,797,618	)

Shares issued for services, July 6, 2010 at $0.55		50,000			5			27,495			-			-		-		27,500

Cancellation of shares issued		(75,000	)		(8	)		(33,742	)		-			-		-		(33,750	)

Issuance of stock options		-			-			3,060,691			-			-		-		3,060,691

The accompanying notes are an integral part of these financial statements.


Modification of stock options	-			-			237,098			-		-			-			237,098

Forgiveness of liability in connection with settlement with stockholder	-			-			932,966			-		-			-			932,966

Repurchase of common stock in connection with settlement	-			-			-			-		4,602,313			(859,388	)		(859,388	)

Shares issued for services, March 1, 2011 at $0.32	184,375			18			58,982			-		-			-			59,000

Shares issued for services, February 8, 2011 at $0.20	70,000			7			13,993			-		-			-			14,000

Cancellation of treasury stock	(460,229	)		(45	)		(99,955	)		-		(460,229	)		100,000			-

Shares issued for services, May 26, 2011 at $0.81	12,000			1			9,719			-		-			-			9,720

Net loss	-			-			-			(5,938,297	)	-			-			(5,938,297	)
Balance, June 30, 2011	91,720,646		$	9,172		$	4,838,968		$	(11,376,830	)	4,142,084		$	(759,388	)	$	(7,288,078	)

Issuance of stock options	-			-			1,157,194			-		-			-			1,157,194

Convertible Debentures converted to common stock	707,277			71			353,564			-		-			-			353,635

Shares issued for services, August 29, 2011 at $0.38	100,000			10			37,990			-		-			-			38,000


Shares issued for services, November 8, 2011 at $0.41	125,000			13			51,237			-			-		-			51,250

Issuance of common stock per subscription agreements November-December 2011 at $0.40	2,500,000			250			582,142			-			-		-			582,392



Net loss for six months ended December 31,2011	-				-		-			(3,021,858	)	-			-			(3,021,859	)

	95,152,923		$	9,516		$	7,021,095		$	(14,398,688	)	4,142,084		$	(759,388	)	$	(8,127,465	)

The accompanying notes are an integral part of these financial statements.

Cellceutix Corporation

(A Development Stage Enterprise)

Statements of Cash Flows

(Unaudited)

	For the Six Months Ended December 31, 2011			For the Six Months Ended December 31, 2010			For the Cumulative Period June 20, 2007 (Date of Inception) through December 31, 2011

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(3,021,858	)	$	(2,370,794	)	$	(14,389,609	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation		1,269,630			1,416,358			5,254,815
Cancellation of stock for services		—			(11,250	)		(28,750	)
Amortization of accrued settlement costs		34,173			—			59,802
Loss on financial instruments		909,892			—			909,892
Changes in operating assets and liabilities:
Other receivable		204,144			(221,794	)		—
Prepaid expenses		(1,010	)		5,558			8,160
Accounts payable		(101,665	)		147,802			2,037,912
Accrued expenses		116,313			81,961			456,734
Accrued salaries and payroll taxes		366,340			493,395			3,329,927
Net cash (used in) operating activities		(224,041	)		(458,764	)		(2,361,117	)

CASH FLOWS FROM FINANCING ACTIVITIES:

Capital contribution from a stockholder		—			—			50
Sale of common stock		—			—			100
Loan from officer		20,000			570,370			1,925,587
Payment of settlement liabilities		—			—			(100,000	)
Proceeds from subscription		1,000,000			—			1,000,000

Proceeds from convertible debentures		—			—			400,000
Net cash provided by financing activities		1,020,000			570,370			3,225,737

NET INCREASE IN CASH		795,959			111,606			864,620

CASH, BEGINNING OF PERIOD		68,661			3,994			—

CASH, END OF PERIOD	$	864,620		$	115,600		$	864,620

SUPPLEMENTAL DISCLOSURE OF NON-CASH FLOW FINANCING ACTIVITIES:

Common stock issued for acquisition	$	—	$	—		$	9,079
Forgiveness of debt	$	—	$	—		$	50
Cancellation of common stock for services	$	—	$	(33,750	)	$	(138,750	)
Settlement of accrued payroll and payroll taxes	$	—	$	932,966		$	932,966
Treasury stock as a result of settlement agreement	$	—	$	859,388		$	859,388
Reclassification of accrued interest to convertible debenture	$	—	$	—		$	197,964
Debt converted to common stock	$	353,635	$	—		$	353,635

The accompanying notes are an integral part of these financial statements.

Cellceutix Corporation

(A Development Stage Enterprise)

Notes to Financial Statements

December 31, 2011

(Unaudited)

1. Background Information

Cellceutix Corporation, formerly known as EconoShare, Inc., (the “Company” or the “Registrant”).was incorporated on August 1, 2005 in the State of Nevada and was organized for the purpose of developing a B2B (Business to Business) website for an Asset Sharing market place and transaction system.

On December 6, 2007, the Company acquired CellceutixPharma, Inc., a privately owned Delaware corporation pursuant to an Agreement and Plan of Share Exchange (the “Exchange”). CellceutixPharma, Inc. was incorporated under the laws of the State of Delaware on June 20, 2007. Its assets consisted of rights assigned to it for six early stage pharmaceutical compounds by three different scientists.

Pursuant to the terms of the Exchange, the Company acquired CellceutixPharma, Inc. in exchange for an aggregate of 82,000,000 newly issued shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). As a result of the Exchange, CellceutixPharma, Inc. became a wholly-owned subsidiary of the Company. The Company’s shares were issued to the CellceutixPharma, Inc. shareholders on a pro rata basis, on the basis of 82 shares of Common Stock for each share of CellceutixPharma, Inc. common stock held by such CellceutixPharma, Inc. shareholder at the time of the Exchange. This resulted in the former holders of CellceutixPharma, Inc. Common Stock, upon Exchange, owning approximately 89% of the outstanding shares of the Company’s Common Stock. Accordingly, the Exchange represented a change in control. For financial accounting purposes, the acquisition was a reverse acquisition of the Company by CellceutixPharma, Inc., under the purchase method of accounting, and was treated as a recapitalization with CellceutixPharma, Inc. as the legal acquirer. Upon consummation of the Exchange, the Company adopted the business plan of CellceutixPharma, Inc. We are an early stage developmental biopharmaceutical company. The Company has no customers, products or revenues to date, and may never achieve revenues or profitable operations.

On January 14, 2008, a majority of the shareholders of the Company approved an amendment to the Registrant’s articles of incorporation to change the name of the Registrant to Cellceutix Corporation. Upon the filing of a Definitive Information Statement and effectiveness of the name change on February 1, 2008, the Company applied to the National Association of Security Dealers (NASD) to change its stock symbol on the Over the Counter Bulletin Board which resulted in the Company’s stock symbol being changed to CTIX.

As of October 2011, the Company’s Common Stock is quoted on the Over the Counter Bulletin Board (OTCBB) with the symbol “CTIX”. Previously, the Company’s Common Stock was quoted on the OTC Markets Group, Inc.’s OTCQB.

On December 29, 2010 shareholders holding 51% of the Company’s outstanding common stock adopted and approved the 2010 Equity Incentive Plan and authorized an amendment to the Company’s Articles of Incorporation to authorize Class B common stock convertible into Class A common stock on a 1:1 basis, however the Class B Common Stock shall entitle ten votes for each share of Class B Common Stock. On February 8, 2011, the Company filed a Form 14C Information Statement with the Securities and Exchange Commission. This action became effective on May 10, 2011, approximately twenty (20) days from the date of mailing of the Definitive Information Statement. The Definitive Information Statement was mailed on April 20, 2011 to the shareholders of record as of February 9, 2011. All shares issued as of balance sheet dates are Class A common stock.

On September 21, 2011 Cellceutix reported that it had signed a Laboratory Services Research Support Agreement with Dana Farber/Partners CancerCare, Inc. The agreement outlines the collaborative and laboratory support for the planned clinical trials for Kevetrin™, Cellceutix’s novel compound as an indication for cancer.

In connection with an offering by the Company of a maximum of up to 2,500,000 shares at $0.40 per share (the “Offering”), a “Subscriber” on October 11, 2011, subscribed for 833,334 shares of the Company’s Class A common stock upon payment of $333,334 and on November 3, 2011, subscribed for 832,500 shares of the Company’s Class A common stock upon payment of $333,000 and on December 7, 2011, subscribed for 834,166 shares of the Company’s Class A common stock upon payment of $333,667. Subscriber is also entitled to one Stock Purchase Warrant exercisable at $1.00 for each share of Common Stock subscribed.

In November 2011, Dr. Paul Marks joined the Cellceutix Scientific Advisory Board. Dr. Marks served as President and Chief Executive Officer of Memorial Sloan-Kettering Cancer Center ("MSKCC") from 1980 to 1999 where he helped to establish the high standards for research and patient care that MSKCC is world renowned for. He remains a vital part of MSKCC as President Emeritus and Member of the Sloan-Kettering Institute.

In November 2011, Cellceutix filed its Investigational New Drug (IND) application for Kevetrin™, our novel anti-cancer drug, with the U.S. Food and Drug Administration (FDA). In December 2011, Cellceutix was notified by the FDA that the production manufactured by our vendor Formatech, Inc. for use in the clinical trials was not eligible because of GMP violations at Formatech. Cellceutix has retained another formulation manufacturer and production is planned for February 2012. Once completed, Cellceutix will submit an amended IND to the FDA. The trials are planned for at Dana Farber/ Harvard Cancer Center. The clinical trial will test Kevetrin™ against a variety of different cancer types in patients with advanced-stage cancers. Primary endpoints for the study will be safety, tolerable dosing levels and establishing the dose for a future Phase II clinical trial.

In December 2011, Cellceutix initiated a major study in collaboration with Pioneer Valley Life Sciences Institute, a Baystate Medical Center/University of Massachusetts Amherst Research Partnership ("the Institute"), to collaborate on an innovative research project to investigate Kevetrin's antitumor activity related to risk factor aging.

In January 2012, Cellceutix filed a patent application for KM-133, our compound to treat psoriasis.

2. Financial Statements

In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair statement of (a) the results of operations for the three and six month periods ended December 31, 2011 and 2010, (b) the financial position at December 31, 2011 and (c) cash flows for the six month periods ended December 31, 2011 and 2010, have been made.

The unaudited financial statements and notes are presented as permitted by Form 10-Q. Accordingly, certain information and note disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. The accompanying financial statements and notes should be read in conjunction with the Company’s Form 10K for the fiscal year ended June 30, 2011. The results of operations for the three and six month periods ended December 31, 2011 are not necessarily indicative of those to be expected for the entire year.

The company has evaluated all subsequent events through the filing date of this form 10-Q with SEC, to ensure that this form 10-Q includes subsequent events that should be recognized in the financial statements as of December 31, 2011, and appropriate disclosure of subsequent events which were not recognized in the financial statements

3. Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. For the period since June 20, 2007 (date of inception) through December 31, 2011, the Company has had a cumulative net loss of $14,389,609 and a working capital deficit of $7,599,732 at December 31, 2011. As of December 31, 2011, the Company has not emerged from the development stage. In view of these matters, the ability of the Company to continue as a going concern is dependent upon the Company’s ability to generate additional financing. Since inception, the Company has financed its activities principally from the use of equity securities, debt issuance and loans from an officer to pay for its operations. The Company intends on financing its future development activities and its working capital needs largely from the issuance of debt and the sale of equity securities, until such time that funds provided by operations are sufficient to fund working capital requirements. There can be no assurance that the Company will be successful at achieving its financing goals at reasonably commercial terms, if at all.

The economic downturn and market instability has made the business climate more volatile and more costly. If the current equity and credit markets deteriorate further or do not improve, it may make necessary debt or equity financing more difficult, more costly and more dilutive. Failure to secure any necessary financing in a timely manner and on favorable terms could have a material adverse effect on the Company’s growth strategy, financial performance and stock price and could require the delay of new product development and clinical trial plans. Currently, the Company has not made any additional arrangements for equity or any other type of financing.

These factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of liabilities that may be necessary should the Company be unable to continue as a going concern.

4. Recent Accounting Pronouncements:

In December 2010, the FASB issued an update which addresses the disclosure of supplementary pro forma information for business combinations. The update requires public entities to disclose pro forma information for business combinations that occurred in the current reporting period, including revenue and earnings of the combined entity for the current reporting period as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period. If comparative financial statements are presented, the pro forma revenue and earnings of the combined entity for the comparable prior reporting period should be reported as though the acquisition date for all business combinations that occurred during the current year had been as of the beginning of the comparable prior annual reporting period. Amendments in this update are effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. The adoption of ASU 2010-06 did not have a material impact on its financial statements.

In December 2010, the FASB issued ASU No. 2010-28 (“ASU 2010-28”), Intangibles — Goodwill and Other (“ASC 350”): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts. The objective of this standard is to address questions about entities with reporting units with zero or negative carrying amounts because some entities concluded that Step 1 of the test is passed in those circumstances because the fair value of their reporting unit will generally be greater than zero. The amendments in this standard modify Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. Early adoption is not permitted. The adoption of ASU 2010-28 did not have a material impact on its financial statements.

In May 2011, the FASB issued ASU No. 2011-04 (“ASU 2011-04”), Fair Value Measurement – amendments to achieve fair value measurements and disclosure requirements in US GAAP and IFRSs. The amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the Board does not intend for the amendments in this Update to result in a change in the application of the

requirements in Topic 820. The amendments in this update are to be applied prospectively. The adoption of this guidance is not expected to have a material impact on the financial statements

In June 2011, the FASB issued guidance which eliminates the option to report other comprehensive income and its components in the statement of changes in stockholders’ equity and requires an entity to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement or in two separate but consecutive statements. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this guidance is not expected to have a material impact on the financial statements.

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material impact on the Company’s consolidated financial statements.

5. Commitments and Contingencies

Settlement Agreement

On February 14, 2011, the Company announced it reached a settlement agreement on all outstanding claims and issues between the Company and our former CEO, Mr. Evans. Each party dropped their respective claims and as a result all of Mr. Evans accrued salaries and options were cancelled. The terms of the agreement provide that the Company purchase 4,602,312 common shares held by Mr. Evans and/or Mr. Evans’ sons over a period of three years for a total sum of one million dollars. Payment by the Company in the amount of $100,000 was made upon signing of the agreement, which resulted in reducing the liability owed to Mr. Evans; cancelling 460,229 shares of common stock and having the remaining 4,142,083 shares of common stock held in escrow until additional payments are made under the agreement which are shown as Treasury Stock on the Company’s Balance Sheet.

The Company had initially recorded this settlement at December 31, 2010 as a liability of the present value of the future payments and treasury stock. The Company had also recorded the forgiveness of Mr. Evans’ accrued payroll and related payroll taxes as a capital contribution of $932,966 .As of December 31, 2011, the settlement liability was $ 819,190 of which $ 291,457 is due in February 2012 and recorded as current liability

Pharmaceutical Compounds

On August 2, 2007, the Company was assigned all right, title, and interest to three pharmaceutical compounds; Kevetrin, KM 277 and KM 278, by their inventors. The Company was assigned all right, title, and interest to an additional three pharmaceutical compounds on October 17, 2007, KM 133 KM 362 and KM 3174. In July 2009, the Company was assigned all right, title, and interest to KM 732.In exchange for these compounds, the Company agreed to pay the inventors 5% of net sales of the compounds in countries where composition of matter patents have been issued and 3% of net sales in other countries. Kevetrin, KM 277, KM 278 and KM 362 were acquired from our President and director, Dr. Krishna Menon. The Company filed a patent application for Kevetrin and intends to file patent applications for each of the other six compounds as funds become available.

In December 2009, the Company was assigned all right, title and interest to a new compound, KM-391, which it intends to develop for the treatment of autism. In exchange for this compound, the Company agreed to pay the inventors $10,000 plus 4.5% of net sales the compound in countries where a composition of matter patent has been issued and 3% of net sales in other countries.

Employment Agreements

The Company’s accrued officers’ salaries and payroll taxes as of December 31, 2011 and June 30, 2011 are as follows:

	December 31, 2011		June 30, 2011

Krishna Menon	$	1,250,000	$	1,075,000
Leo Ehrlich	$	1,012,500	$	837,500
Accrued Payroll Taxes	$	134,461	$	118,121

	$	2,396,961	$	2,030,621

On December 29, 2010, the Company entered into employment agreements with its two executive officers, Leo Ehrlich, the Company’s Chief Executive Officer, and Krishna Menon, Chief Scientific Officer. Both agreements provide for a three year term with each executive receiving an annual base salary for $350,000 per year commencing January 1, 2011, with an annual increase of 10% for each year commencing January 2012. In addition, the Company’s Board awarded stock options exercisable at $0.11 per share pursuant to the Company’s 2010 Equity Incentive Plan to each executive officer as follows: a total of 18 million options with 6 million options vesting on December 29, 2010, 6 million options vesting on June 30, 2011 and 6 million options vesting on January 3, 2012.The Board, at its discretion, may increase the base salary based upon relevant circumstances.

Litigation

In the ordinary conduct of business, the Company is subject to lawsuits, arbitrations and administrative proceedings from time to time. The Company expenses legal costs as incurred.

Toxikon Corporation, a vendor, has initiated litigation with claims that it is owed a balance of approximately $100,000 plus interest and legal fees. Cellceutix has retained a lawyer and is disputing these claims and believes there is no balance owed.

6. Fair Value of Financial Assets and Financial Liabilities

The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). The levels of the hierarchy are described below:

•		Level 1: consists of financial instruments whose value is based on quoted market prices for identical financial instruments in an active market
•		Level 2: consists of financial instruments that are valued using models or other valuation methodologies. These models use inputs that are observable either directly or indirectly; Level 2 inputs include (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, (iii) pricing models whose inputs are observable for substantially the full term of the financial instrument and (iv) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument

•

Level 3: consists of financial instruments whose values are determined using pricing models that utilize significant inputs that are primarily unobservable, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation

The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial instruments and their classification within the fair value hierarchy. Financial instruments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy.

As of December 31, 2011 and June 30, 2011, the Company’s derivatives which include the warrant liability and embedded conversion feature on the convertible note payable were considered level 2 financial instruments.

The Company’s remaining financial instruments consisted primarily of (level 1) cash and cash equivalents, accounts payable, accrued expenses and note payable. The carrying amounts of the Company’s financial instruments generally approximate their fair values as of December 31, 2011 and June 30, 2011 due to the short term nature of these instruments.

The Company did not have any level 3 instruments at December 31, 2011 and June 30, 2011.

7. Related Party Transactions

Office Lease

Dr. Menon, the Company’s principal shareholder, President, and Director, also serves as the Chief Operating Officer and Director of Kard Scientific (“KARD”). On December 7, 2007, the Company began renting office space from KARD, on a month to month basis for $900 per month. At December 31, 2011 and June 30, 2011, payables of $44,100 and $38,700 to KARD were included in accrued expenses, respectively. For the three and six months ended December 31, 2011 and 2010 and the period June 20, 2007 (date of inception) through December 31, 2011, the Company has included $2,700, $5,400, $2,700, $5,400 and $44,100 in general and administrative expenses, respectively.

Clinical Studies

As of September 28, 2007 the Company engaged KARD to conduct specified pre-clinical studies necessary for the Company to prepare an IND submission to the Father Company does not have an exclusive arrangement with KARD. All work performed by KARD must have prior approval by the executive officers of the Company, and the Company retains all intellectual property resulting from the services by KARD. For the three and six months ended December 31, 2011 and 2010 and the period June 20, 2007 (date of inception) through December 31, 2011, the Company incurred $0, $9,990, $0, $275,660, and $2,601,110 of research and development expenses conducted by KARD, respectively. At December 31, 2011 and June 30, 2011 the Company has included a total of $1,685,515 and $1,780,515 in accounts payable to Kard respectively.

8. Due To Officer

During the year ended June 30, 2010, Mr. Ehrlich, an officer of the Company, converted previous amounts provided in cash to the Company of $32,310 into a loan (the “Ehrlich Promissory Note A”).The Ehrlich Promissory Note A was an unsecured, 6% per annum simple interest bearing, demand note. During the same period, Mr. Ehrlich provided an additional $85,000 in cash in the form of a loan to the Company (the “Ehrlich Promissory Note B”).The Ehrlich Promissory Note B was an unsecured, 6% per annum simple interest bearing, demand note.

During the year ended June 30, 2010, Mr. Ehrlich, loaned the Company a total of $972,907.A condition for this loan was that the Ehrlich Promissory Note A and Ehrlich Promissory Note B be replaced with a new note, Ehrlich Promissory Note C. The Ehrlich Promissory Note C is an unsecured demand note that bears 9% simple interest per annum and is convertible into the Company’s common stock at $0.50 per share. The note requires that the interest rate on the amounts due on Ehrlich Promissory Notes A and B be changed retroactively, beginning October 1, 2009, to 9%.On April 1, 2011, the Company amended the Ehrlich Promissory Note C and agreed to retroactively convert accrued interest of $96,677 through December 31, 2010 into additional principal.

At December 31, 2011, $180,397 is accrued as interest expense on this note. During the six months ended December 31, 2011, Mr. Ehrlich loaned the Company an additional $20,000 which brought the balance of the demand note to $2,022,264

9. Stock Options and Warrants:

On April 5, 2009 the Board of Directors of the Registrant adopted the 2009 Stock Option Plan ("the 2009 Plan"). The Plan permits the grant of 2,000,000 shares of both Incentive Stock Options ("ISOs"), intended to qualify under section 422 of the Code, and Non-Qualified Stock Options.

On December 29, 2010 shareholders holding 51% of the Company’s outstanding common stock adopted and approved the 2010 Equity Incentive Plan (“the 2010 Plan”). Under the 2010 Equity Incentive Plan the total number of shares of Common Stock reserved and available for issuance under the Plan shall be 45,000,000 shares. Shares of Common Stock under the Plan (“Shares”) may consist, in whole or in part, of authorized and unissued shares or treasury shares. The term of each Stock Option shall be fixed by the Committee; provided, however, that an Incentive Stock Option may be granted only within the ten-year period commencing from the Effective Date and may only be exercised within ten years of the date of grant (or five years in the case of an Incentive Stock Option granted to an optionee who, at the time of grant, owns Common Stock possessing more than 10% of the total combined voting power of all classes of voting stock of the Company (“10%Shareholder”).

On April 1, 2009, the Company entered into an agreement, subsequently amended, with a Consultant to assist the Company's Chief Scientific Officer to organize, manage and display data from animal studies as well as information relating to Active Pharmaceutical Ingredients and formulations of the Company's products through November 2010. The Consultant was compensated at the rate of $4,000 per month payable on the last day of each month. In addition, at the end of each month of services provided, the Consultant is granted options to purchase 10,000 shares of Company's common stock. Effective September 1, 2010, the Company has extended the current agreement and beginning in August 2010, the monthly fee was increased to $5,000. The remainder of the agreement remains unchanged. As of December 31, 2011, the Consultant has been awarded a total of 320,000 options to purchase common stock valued at $133,051, each grant is to be vested over one year from date of issuance. For the three and six months ended December 31, 2011, the Company has expensed $16,716 and $31,778 to professional fees expense, related to these options.

On May 6, 2010, the Company entered into a two year agreement with an individual for consulting services. In exchange for these services, the Company granted the Consultant 200,000 options to purchase common stock. The options were valued using the Black-Scholes option model for $62,015, which includes the option modification expense. As of December 31, 2011, the Company has $10,484 remaining in prepaid expenses related to this agreement and expensed $7,863 and $15,726 for the three and six months ended December 31, 2011.

On December 29, 2010 options to purchase 1,680,000 shares of the Company’s common stock were granted to a consultant for financial and administrative services rendered pursuant to the 2010 Company’s Equity Incentive Plan, of which 840,000 options were exercisable at the date of grant and 840,000 options vested on June 30, 2011. The options are exercisable at $0.10 per share.

On December 29, 2010, the Company entered into employment agreements with its two executive officers, Leo Ehrlich, the Company’s Chief Executive Officer, and Krishna Menon, Chief Scientific Officer. Both agreements provide for a three year term with each executive receiving an annual base salary for $350,000 per year commencing January 1, 2011, with an annual increase of 10% for each year commencing January 2012. In addition, the Company’s Board awarded stock options exercisable at $0.11 per share pursuant to the Company’s 2010 Equity Incentive Plan to each executive officer as follows: Option Group A, a total of 18 million options with 6 million options vesting on December 29, 2010, 6 million options vesting on June 30, 2011 and 6 million options vesting on January 3, 2012. The Board, at its discretion, may increase the base salary based upon relevant circumstances. The Company recorded $546,708 and $1,093,416 in stock based compensation for the three and six months ended December 31, 2011 and a cumulative total of $3,292,248 in stock based compensation as of December 31, 2011.

In July 2011 we issued options to purchase 50,000 shares of our common stock to a consultant for services rendered to the Company valued at $28,000.

The fair value of each option for the six months ended December 31, 2011 and 2010 was estimated on the date of grant or grant modification using the Black Scholes model that uses assumptions noted in the following table.

	Six Months Ended December 31, 2011		Six Months Ended December 31, 2010
Expected term (in years)		3 – 10		5 – 10
Expected stock price volatility		143.45% – 148.15%		121.23 5 – 152.05%
Risk-free interest rate		1.98% – 3.0%		0.88% – 3.35%
Expected dividend yield		0%		0%

Stock Options

The following table summarizes all stock option activity:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding at June 30, 2010		3,355,430		$	0.25		1.36		—
Granted		38,442,500			0.11		9.24		—
Exercised		—			—		—		—
Forfeited/expired		(2,755,430	)		0.25		—		—
Outstanding at June 30, 2011		39,042,500		$	0.12		9.15	$	24,003,475
Granted		110,000			0.60		6.48		11,400
Exercised		—			—		—		—
Forfeited/expired		—			—		—		—
Outstanding at December 31, 2011		39,152,500		$	0.12		8.89	$	22,844,600
Exercisable at December 31, 2011		39,087,678		$	0.11		8.87	$	22,834,390

The Company recognized of $1,157,194 and $1,405,108 of compensation costs related to option awards granted during the six months ended December 31, 2011 and 2010, $565,424 and $1,148,790 for the three months ended December 31, 2011 and 2010 and $5,023,795 for the period from inception to December 31, 2011, respectively, and there is $32,322 of unamortized compensation cost expected to be recognized through December 31, 2012. This includes the additional compensation costs related to the Board of Director’s approval to extend the term of all outstanding options an additional two years.

As of December 31, 2010, there were 2,964,000 warrants issued and outstanding with a weighted average exercise price of $0.81. The warrants were to expire in September 2010, however in September 2010; the Company approved the extension of these warrants to December 31, 2013.

During the months of October, November and December 2011, warrants to purchase 2,500,000 shares of the Company’s Class A common stock were issued to an investor pursuant to his purchase of 2,500,000 shares of the Company’s Class A common stock at $0.40 per share. Under ASC 815-40-25, the fair value of these warrants should be reported as a liability, Pursuant to the Warrant Agreement, because there is currently no effective registration statement covering the shares of common stock underlying these warrants, these warrants are currently subject to a cashless exercise whereby the warrant holders may surrender their warrants to the company in exchange for shares of common stock. The number of shares of common stock into which a warrant would be exchangeable in such a cashless exercise depends on both the exercise price of the warrants and the market price of the common stock, each at or near the time of exercise. Because both of these factors are variable, it is possible that the company could have insufficient authorized shares to satisfy a cashless exercise. In this scenario, if the company were unable to obtain shareholder approval to increase the number of authorized shares, the company could be obligated to settle such a cashless exercise with cash rather than by issuing shares of common stock. Further, ASC 815-40-25 requires that we record the potential settlement obligation at each reporting date using the current estimated fair value of the warrants, with any changes being recorded through our statement of operations. The warrants were valued at $417,608 at the time of issuance and recorded as a liability. At December 31, 2011, the warrants were valued at $1,327,500 and the warrant liability was increased by $909,892. In January 2012, the subscription agreement was modified to remove the cashless exercise provision, and provide for “piggy-back” registration rights. As a result, the warrants will be recorded as equity in the quarter ending March 31, 2012.

10. Equity Transactions

On August 29, 2011, the Company issued 100,000 shares of Class A common stock to consultants for services rendered in the first quarter of fiscal year 2012.The 100,000 shares of common stock are valued at a total of $38,000.

On September 9, 2011, the company issued 471,518 common shares of the company stock to White Star LLC and 235,759 common shares to Dahlia Nordlicht upon conversion of convertible debentures. SEE NOTE 11.

On November 8, 2011, the Company issued a total of 125,000 shares of Class A common stock to two consultants and a member of its scientific advisory board valued at $51,250.

Subsequent to the balance sheet date, on January 11, 2012, the Company issued a total of 200,000 shares of Class A common stock to a consultant valued at $90,000.

11. Convertible Debentures

On May 7, 2008, the Company issued Convertible Debentures, at 9% per annum, for a total amount of $400,000.The principal and related accrued interest were due December 2009, and secured by the Company’s assets. The Debentures and any accrued and unpaid interest were convertible into the Company’s common stock, at the holder’s request, at a conversion price of $1.50.In January 2010, the Company extended and amended the original Convertible Debenture agreements by extending the original maturity date to December 31, 2010. The conversion price of the principal and any unpaid interest was changed to $0.50 per share. The Company and debenture holders also agreed to convert accrued interest of $60,000 into additional principal. On February 10, 2011, the Company extended and amended the Convertible Debenture agreements by extending the original maturity date to December 31, 2011.The conversion price of the principal balance remains at $0.50 per share. The Company and debenture holders also agreed to convert accrued interest of $41,287 through December 31, 2010 into additional principal resulting in a note balance of $501,287.

On September 9, 2011, the company issued 471,518 common shares of the company stock to White Star LLC upon conversion of $222,791 of the principal on our existing outstanding debentures and $12,965 for interest; and the company issued 235,759 common shares to Dahlia Nordlicht upon conversion of $111,397 of the principal on our existing outstanding debentures and $6,482 for interest. Each of the Notes was converted at the price of $.50 per share. The shares were issued pursuant to the exemption from registration provided for under Rule 506 of Regulation D, promulgated under the United States Securities Act of 1933, as amended.

The Company paid off the remaining Convertible Debenture balance in the amount of $167,100 plus interest of $14,826 on January 3, 2012.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of the Company’s financial condition and the results of operations should be read in conjunction with the Financial Statements and Notes thereto appearing elsewhere in this document.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that in addition to the description of historical facts contained herein, this report contains certain forward-looking statements that involve risks and uncertainties as detailed herein and from time to time in the Company’s other filings with the Securities and Exchange Commission and elsewhere. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those, described in the forward-looking statements. These factors include, among others: (a) the Company’s fluctuations in sales and operating results; (b) risks associated with international operations; (c) regulatory, competitive and contractual risks; (d) product development risks; (e) the ability to achieve strategic initiatives, including but not limited to the ability to achieve sales growth across the business segments through a combination of enhanced sales force, new products, and customer service; and (f) pending litigation.

Management’s Plan of Operation

We are a developmental stage biopharmaceutical company. We plan to transition to a clinical stage company in early to mid 2012. In November 2011, Cellceutix filed its Investigational New Drug (IND) application for Kevetrin™, our novel anti-cancer drug, with the U.S. Food and Drug Administration (FDA). In December 2011, Cellceutix was notified by the FDA that the production manufactured by our vendor Formatech, Inc. for use in the clinical trials was not eligible because of GMP violations at Formatech. Cellceutix has retained another formulation manufacturer and production is planned for February 2012. Once completed, Cellceutix will submit an amended IND to the FDA. The trials are planned for at Dana Farber/ Harvard Cancer Center. The clinical trial will test Kevetrin™ against a variety of different cancer types in patients with advanced-stage cancers. Primary endpoints for the study will be safety, tolerable dosing levels and establishing the dose for a future Phase II clinical trial.

Kevetrin™, the Company’s flagship compound against cancers, has demonstrated the potential for a major breakthrough in cancer research by exhibiting an activation of p53 in both wild and mutant types of p53. p53, often referred to as the “Guardian Angel Gene” or the “Guardian Angel of the Human Genome” due its crucial role in controlling cell mutations, is a tumor suppressor protein that is encoded by the TP53 gene in humans and has been widely regarded as possibly holding a key to the future of cancer therapies. Additional studies have shown that Kevetrin™ has potent anticancer activity in a wide range of tumor types by targeting histonedeacetylase (HDAC).

In January 2012, Cellceutix filed a patent application for KM-133, our compound to treat psoriasis.

We have no product sales to date and we will not receive any product revenue until we receive approval from the FDA or equivalent foreign regulatory bodies to begin selling our pharmaceutical candidates. Developing pharmaceutical products, however, is a lengthy and very expensive process. Assuming we do not encounter any unforeseen safety issues during the course of developing our product candidates, we do not expect to complete the development of a product candidate for several years, if ever.

We acquired exclusive rights to a total of eight (8) pharmaceutical compound candidates that are designed for treatment of diseases which may be either existing or diseases identified in the future. The Company has spent most of its efforts and resources on its anti-cancer compound, Kevetrin, for the treatment of certain cancers. Based on the experimental studies results to date, the Company has decided to advance Kevetrin along the regulatory and clinical pathway. We anticipate using our expertise to manage and perform what we believe are the most critical aspects of the product development process which include: (i) the design and oversight of clinical trials; (ii) the development and execution of strategies for the protection and maintenance of intellectual property rights; and (iii) the interaction with regulatory authorities internationally. We expect to concentrate on product development and engage in a limited way in product discovery, avoiding the significant investment of time and financial resources that is generally required before a compound is identified and brought into clinical trials.

Significant Milestones In Kevetrin’s Development

The following are studies completed and incorporated into our investigational new drug application (IND) filed on November 7, 2011 which is presently on hold until a new batch is manufactured.

cGMP synthesis

In-vitro studies

In vivo studies

Pharmacodynamics of Kevetrin- the study of the physiological effects of drugs on the body.

Pharmacokinetic (PK) -Pharmacokinetics includes the study of the mechanisms of absorption and distribution of an administered drug, the rate at which a drug action begins and the duration of the effect, the chemical changes of the substance in the body and the effects and routes of excretion of the metabolites of the drug.

GLP safety pharmacology studies

GLP toxicology studies

Formulation

Bio Markers

The Phase I clinical protocol- Primary endpoints for the study will be safety, tolerable dosing levels and establishing the dose for a future Phase II clinical trial.

We have incurred $3,940,635 in research and development expenses from inception through December 31, 2011.We have not obtained sufficient funding for our drug development business plan, nor have we generated any revenues, nor do we not expect to generate revenues in the near future. We may not be successful in developing our drugs and start selling our products when planned, or that we will become profitable in the future. We have incurred net losses in each fiscal period since inception of our operations.

Summaries and graphs of the results of experiments with Kevetrin in animal models of drug resistant lung cancer, breast cancer, colon cancer and other cancers are available on the Company’s website atwww.cellceutix.com.

KM-391- compound in development for the treatment of autism

We announced positive results in animal studies of our autism compound, KM-391. KM-391 demonstrated significant improvements in the test animals when compared to both the “no treatment” group and the “active control” (fluoxetine) group on the parameters of brain plasticity, serotonin levels and behavioral function. These parameters were selected as important indicators of the effect needed to successfully treat autism.

Presently the project is delayed due to our focus on Kevetrin.

KM-133- Psoriasis

KM-133, a small molecule compound, acting on the principles of foliate mechanism, is in development for Psoriasis. After a series of chemical optimization exercises, the Company has completed an animal study in a xenograft model of psoriasis.

KM-133 was studied in mice that were irradiated then engrafted with human psoriatic tissue. Groups of ten mice were treated orally for 14 days with either 10 mg/kg KM-133 once/day, 10 mg/kg KM-133 twice/day, 7.5 mg/kg methotrexate once/day or acted as controls. The mice were followed for 180 days. Endpoints were skin appearance, histological observations, and blood levels of PRINS, IL-20 and 12-R lipoxygenase.For these parameters, KM-133 was compared to controls and methotrexate. CD4+ and CD8+ lymphocyte counts were also measured and compared to efalizumab.

KM-133 significantly reduced all psoriatic endpoints measured relative to controls (p<0.01). The higher dose of KM-133 reduced psoriatic endpoints more than methotrexate (p<0.01). In addition, there was no recurrence of psoriasis in animals treated with KM-133, whereas psoriasis recurred after an average of 61 days in animals treated with methotrexate.Immunosuppression in animals treated with KM-133 was less severe than in those treated with efalizumab.

The Company believes that this compound meets the requirements of FDA 505 (b) (2).This would allow the clinical study to begin at phase 2.The Company intends to interact with the FDA during this quarter and after such discussions complete its plan of action.

Liquidity and Capital Resources

As of December 31, 2011, the Company had a cash balance of $864,620. The Company will need to raise substantial funds in order to execute its product development plan. Based upon our expected rate of expenditures, we currently do not have sufficient cash reserves to meet all of our anticipated obligations through our fiscal year end of June 30, 2012. The Company may seek to raise capital through an offering of our common stock or other securities of the Company. However, there can be no assurance that we will be successful in securing the capital we require or that we may obtain financing on terms and conditions that are acceptable to the Company.

During October, November, and December 2011, in connection with an offering by the Company of a maximum of up to 2,500,000 shares at $0.40 per share (the “Offering”), a “Subscriber” subscribed for 2,500,000 shares of the Company’s Class A common stock upon payment of$1,000,000. Subscriber is also entitled to one Stock Purchase Warrant exercisable at $1.00 for each share of Common Stock subscribed.

On January 26, 2012 we amended the terms of the 2,500,000 Warrants issued to Huang Min Chung during the quarter ended December 31, 2011. The amended terms eliminated the provision allowing for cashless exercise and provided for 'Piggy Back Registration Rights”.

On November 8, 2011, the Company issued a total of 125,000 shares of Class A common stock to two consultants and a member of its scientific advisory board valued at $51,250.

Requirement for Additional Capital

Research and Development Costs. The Company has engaged in limited research and development activities. We currently do not have sufficient funds to meet our planned drug development for the next twelve (12) months and we may not be able to obtain the necessary financing on terms and conditions acceptable to the Company. Assuming that we are successful in raising additional financing, we plan to incur the following expenses over the next twelve (12) months:

1	Research and Development of $1,050,000: Includes planned costs for Kevetrin of $300,000, and $750,000 in preclinical development costs for our other compounds.

2	Clinical trials – We have budgeted $2,500,000 for our planned Phase 1 trials of Kevetrin

3	Corporate overhead of $1,250,000: Budgeted office salaries, legal, accounting and other costs expected to be incurred.

4	Capital costs of $100,000: Estimated cost for equipment and laboratory improvements.

The Company will be unable to proceed with its full planned drug development program (s), meet its administrative expense requirements, capital costs, or staffing costs without obtaining additional financing of approximately$4,900,000 (as per current management’s budgets). The Company does not have any arrangements at this time for equity or other financings towards meeting this financing requirement. If we are unable to obtain additional financing on terms and conditions acceptable to the Company, our business plan will be significantly delayed.

Off-Balance Sheet Arrangements.

The Company does not have any off-balance sheet arrangements, as defined in Item 304(a) (4) (ii) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable

Item 4. Controls and Procedures

The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2011 covered by this Quarterly Report on Form 10-Q.Based upon such evaluation, the Chief Executive Officer andChief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were not effective as required under Rules 13a-15(e) and 15d-15(e) under the Exchange Act. This conclusion by the Company’s Chief Executive Officer and Chief Financial Officer does not relate to reporting periods after December 31, 2011.

Changes in Internal Control over Financial Reporting

No change in the Company’s internal control over financial reporting occurred during the quarter ended December 31,2011, that materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Item 2. Unregistered Sales Of Equity Securities

On November 8, 2011, the Company issued a total of 125,000 shares of Class A common stock to two consultants and a member of its scientific advisory board valued at $51,250.

In connection with an offering by the Company of a maximum of up to 2,500,000 shares at $0.40 per share (the “Offering”), a “Subscriber” during the months of October, November and December 2011, subscribed for 2,500,000 shares of the Company’s Class A common stock upon payment of$1,000,000. Subscriber is also entitled to one Stock Purchase Warrant exercisable at $1.00 for each share of Common Stock subscribed.

On January 11, 2012, the Company issued a total of 200,000 shares of Class A common stock to a consultant valued at $90,000.

Item 3. Defaults Upon Senior Securities

None

Item 4. Submission Of Matters To A Vote Of Security Holders

None

Item 5. Other Information

Item 6. Exhibits

(a) Exhibit index

31-1	Certification of Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.
32-1	Certification of Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended

(b) Reports on Form 8-K

(1)

The Company filed a Form 8-K on October 3, 2011 related to Item 3.02 Unregistered Sales of Equity Securities on the conversion of debt to Class A common stock.

(2)

The Company filed a Form 8-K on November 8, 2011 related to Item 3.02 Unregistered Sales of Equity Securities to Huang Min Chung.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

CELLCEUTIX CORPORATION

/s/ Leo Ehrlich

Leo Ehrlich, Interim Chief Executive Officer and Chief Financial Officer and Chairman of the Board of Directors

(Principal Executive, Accounting and Financial Officer)

/s/ Krishna Menon

Krishna Menon,

President and Director

Dated: February 14, 2012

EX-31.1 2 v302219_ex31-1.htm EXHIBIT 31.1

Exhibit 31-1

CERTIFICATION PURSUANT TO RULE 13a-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934

I, Leo Ehrlich, certify that:

1. I have reviewed this report on Form 10-Q of Cellceutix Corporation;

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 registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in 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 we 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, 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 registrant's 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer 's auditors and the audit committee of registrant 's board of directors (or persons performing the equivalent function):

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 registrant 's 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 registrant’s internal control over financial reporting.

	CELLCEUTIX CORPORATION

Date: February 14, 2012	By:	/s/ Leo Ehrlich
		Leo Ehrlich
		Interim Chief Executive Officer, Chief Financial Officer,

		Chairman of the Board of Directors
		(Principal Executive, Accounting and Financial Officer)

EX-32.1 3 v302219_ex32-1.htm EXHIBIT 32.1

Exhibit 32-1

CERTIFICATION PURSUANT TO

18 U.S.C. §1350, AS

ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Leo Ehrlich, Interim Chief Executive Officer and Chief Financial Officer of Cellceutix Corporation, hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002:

(1)	the Quarterly Report on Form 10-Q of Cellceutix Corporation for the quarter ended December 31, 2011 as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2)	the information contained in the such Quarterly Report on Form 10-Q of Cellceutix Corporation for the quarter ended December 31, 2011 fairly presents, in all material respects, the financial condition and results of operations of Cellceutix Corporation


	CELLCEUTIX CORPORATION

Date: February 14, 2012	By:	/s/ Leo Ehrlich
		Leo Ehrlich
		Interim Chief Executive Officer, Chief Financial Officer,

		Chairman of the Board of Directors
		(Principal Executive, Accounting and Financial Officer)

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<div> 10.           Equity Transactions   On August 29, 2011, the Company issued 100,000 shares of Class A common stock to consultants for services rendered in the first quarter of fiscal year 2012.The 100,000 shares of common stock are valued at a total of $38,000.   On September 9, 2011, the company issued 471,518 common shares of the company stock to White Star LLC and 235,759 common shares to Dahlia Nordlicht upon conversion of convertible debentures. SEE NOTE 11.   On November 8, 2011, the Company issued a total of 125,000 shares of Class A common stock to two consultants and a member of its scientific advisory board valued at $51,250.   Subsequent to the balance sheet date, on January 11, 2012, the Company issued a total of 200,000 shares of Class A common stock to a consultant valued at $90,000. </div>

<div> 5.           Commitments and Contingencies   Settlement Agreement   On February 14, 2011, the Company announced it reached a settlement agreement on all outstanding claims and issues between the Company and our former CEO, Mr. Evans. Each party dropped their respective claims and as a result all of Mr. Evans accrued salaries and options were cancelled. The terms of the agreement provide that the Company purchase 4,602,312 common shares held by Mr. Evans and/or Mr. Evans’ sons over a period of three years for a total sum of one million dollars. Payment by the Company in the amount of $100,000 was made upon signing of the agreement, which resulted in reducing the liability owed to Mr. Evans; cancelling 460,229 shares of common stock and having the remaining 4,142,083 shares of common stock held in escrow until additional payments are made under the agreement which are shown as Treasury Stock on the Company’s Balance Sheet.   The Company had initially recorded this settlement at December 31, 2010 as a liability of the present value of the future payments and treasury stock. The Company had also recorded the forgiveness of Mr. Evans’ accrued payroll and related payroll taxes as a capital contribution of $932,966 .As of December 31, 2011, the settlement liability was $ 819,190 of which $ 291,457 is due in February 2012 and recorded as current liability   Pharmaceutical Compounds   On August 2, 2007, the Company was assigned all right, title, and interest to three pharmaceutical compounds; Kevetrin, KM 277 and KM 278, by their inventors. The Company was assigned all right, title, and interest to an additional three pharmaceutical compounds on October 17, 2007, KM 133 KM 362 and KM 3174. In July 2009, the Company was assigned all right, title, and interest to KM 732.In exchange for these compounds, the Company agreed to pay the inventors 5% of net sales of the compounds in countries where composition of matter patents have been issued and 3% of net sales in other countries. Kevetrin, KM 277, KM 278 and KM 362 were acquired from our President and director, Dr. Krishna Menon. The Company filed a patent application for Kevetrin and intends to file patent applications for each of the other six compounds as funds become available.   In December 2009, the Company was assigned all right, title and interest to a new compound, KM-391, which it intends to develop for the treatment of autism. In exchange for this compound, the Company agreed to pay the inventors $10,000 plus 4.5% of net sales the compound in countries where a composition of matter patent has been issued and 3% of net sales in other countries.   Employment Agreements   The Company’s accrued officers’ salaries and payroll taxes as of December 31, 2011 and June 30, 2011 are as follows:   <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December 31, 2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">June 30, 2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="WIDTH: 72%">Krishna Menon</td> <td style="WIDTH: 2%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">1,250,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 2%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">1,075,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Leo Ehrlich</td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,012,500</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">837,500</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Accrued Payroll Taxes</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 134,461</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 118,121</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2,396,961</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2,030,621</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table>   On December 29, 2010, the Company entered into employment agreements with its two executive officers, Leo Ehrlich, the Company’s Chief Executive Officer, and Krishna Menon, Chief Scientific Officer. Both agreements provide for a three year term with each executive receiving an annual base salary for $350,000 per year commencing January 1, 2011, with an annual increase of 10% for each year commencing January 2012. In addition, the Company’s Board awarded stock options exercisable at $0.11 per share pursuant to the Company’s 2010 Equity Incentive Plan to each executive officer as follows: a total of 18 million options with 6 million options vesting on December 29, 2010, 6 million options vesting on June 30, 2011 and 6 million options vesting on January 3, 2012.The Board, at its discretion, may increase the base salary based upon relevant circumstances.   Litigation   In the ordinary conduct of business, the Company is subject to lawsuits, arbitrations and administrative proceedings from time to time. The Company expenses legal costs as incurred.   Toxikon Corporation, a vendor, has initiated litigation with claims that it is owed a balance of approximately $100,000 plus interest and legal fees. Cellceutix has retained a lawyer and is disputing these claims and believes there is no balance owed. </div>

<div> 8.           Due To Officer   During the year ended June 30, 2010, Mr. Ehrlich, an officer of the Company, converted previous amounts provided in cash to the Company of $32,310 into a loan (the “Ehrlich Promissory Note A”).The Ehrlich Promissory Note A was an unsecured, 6% per annum simple interest bearing, demand note. During the same period, Mr. Ehrlich provided an additional $85,000 in cash in the form of a loan to the Company (the “Ehrlich Promissory Note B”).The Ehrlich Promissory Note B was an unsecured, 6% per annum simple interest bearing, demand note.   During the year ended June 30, 2010, Mr. Ehrlich, loaned the Company a total of $972,907.A condition for this loan was that the Ehrlich Promissory Note A and Ehrlich Promissory Note B be replaced with a new note, Ehrlich Promissory Note C. The Ehrlich Promissory Note C is an unsecured demand note that bears 9% simple interest per annum and is convertible into the Company’s common stock at $0.50 per share. The note requires that the interest rate on the amounts due on Ehrlich Promissory Notes A and B be changed retroactively, beginning October 1, 2009, to 9%.On April 1, 2011, the Company amended the Ehrlich Promissory Note C and agreed to retroactively convert accrued interest of $96,677 through December 31, 2010 into additional principal.   At December 31, 2011, $180,397 is accrued as interest expense on this note. During the six months ended December 31, 2011, Mr. Ehrlich loaned the Company an additional $20,000 which brought the balance of the demand note to $2,022,264 </div>

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<div> 2.          Financial Statements   In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair statement of (a) the results of operations for the three and six month periods ended December 31, 2011 and 2010, (b) the financial position at December 31, 2011 and (c) cash flows for the six month periods ended December 31, 2011 and 2010, have been made.     The unaudited financial statements and notes are presented as permitted by Form 10-Q. Accordingly, certain information and note disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. The accompanying financial statements and notes should be read in conjunction with the Company’s Form 10K for the fiscal year ended June 30, 2011.  The results of operations for the three and six month periods ended December 31, 2011 are not necessarily indicative of those to be expected for the entire year.     The company has evaluated all subsequent events through the filing date of this form 10-Q with SEC, to ensure that this form 10-Q includes subsequent events that should be recognized in the financial statements as of December 31, 2011, and appropriate disclosure of subsequent events which were not recognized in the financial statements </div>

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<div> 1.         Background Information   Cellceutix Corporation, formerly known as EconoShare, Inc., (the “Company” or the “Registrant”).was incorporated on August 1, 2005 in the State of Nevada and was organized for the purpose of developing a B2B (Business to Business) website for an Asset Sharing market place and transaction system.   On December 6, 2007, the Company acquired CellceutixPharma, Inc., a privately owned Delaware corporation pursuant to an Agreement and Plan of Share Exchange (the “Exchange”). CellceutixPharma, Inc. was incorporated under the laws of the State of Delaware on June 20, 2007. Its assets consisted of rights assigned to it for six early stage pharmaceutical compounds by three different scientists.   Pursuant to the terms of the Exchange, the Company acquired CellceutixPharma, Inc. in exchange for an aggregate of 82,000,000 newly issued shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). As a result of the Exchange, CellceutixPharma, Inc. became a wholly-owned subsidiary of the Company. The Company’s shares were issued to the CellceutixPharma, Inc. shareholders on a pro rata basis, on the basis of 82 shares of Common Stock for each share of CellceutixPharma, Inc. common stock held by such CellceutixPharma, Inc. shareholder at the time of the Exchange. This resulted in the former holders of CellceutixPharma, Inc. Common Stock, upon Exchange, owning approximately 89% of the outstanding shares of the Company’s Common Stock. Accordingly, the Exchange represented a change in control. For financial accounting purposes, the acquisition was a reverse acquisition of the Company by CellceutixPharma, Inc., under the purchase method of accounting, and was treated as a recapitalization with CellceutixPharma, Inc. as the legal acquirer. Upon consummation of the Exchange, the Company adopted the business plan of CellceutixPharma, Inc. We are an early stage developmental biopharmaceutical company. The Company has no customers, products or revenues to date, and may never achieve revenues or profitable operations.   On January 14, 2008, a majority of the shareholders of the Company approved an amendment to the Registrant’s articles of incorporation to change the name of the Registrant to Cellceutix Corporation. Upon the filing of a Definitive Information Statement and effectiveness of the name change on February 1, 2008, the Company applied to the National Association of Security Dealers (NASD) to change its stock symbol on the Over the Counter Bulletin Board which resulted in the Company’s stock symbol being changed to CTIX.   As of October 2011, the Company’s Common Stock is quoted on the Over the Counter Bulletin Board (OTCBB) with the symbol “CTIX”. Previously, the Company’s Common Stock was quoted on the OTC Markets Group, Inc.’s OTCQB.   On December 29, 2010 shareholders holding 51% of the Company’s outstanding common stock adopted and approved the 2010 Equity Incentive Plan and authorized an amendment to the Company’s Articles of Incorporation to authorize Class B common stock convertible into Class A common stock on a 1:1 basis, however the Class B Common Stock shall entitle ten votes for each share of Class B Common Stock. On February 8, 2011, the Company filed a Form 14C Information Statement with the Securities and Exchange Commission. This action became effective on May 10, 2011, approximately twenty (20) days from the date of mailing of the Definitive Information Statement. The Definitive Information Statement was mailed on April 20, 2011 to the shareholders of record as of February 9, 2011. All shares issued as of balance sheet dates are Class A common stock.   On September 21, 2011 Cellceutix reported that it had signed a Laboratory Services Research Support Agreement with Dana Farber/Partners CancerCare, Inc. The agreement outlines the collaborative and laboratory support for the planned clinical trials for Kevetrin™, Cellceutix’s novel compound as an indication for cancer.   In connection with an offering by the Company of a maximum of up to 2,500,000 shares at $0.40 per share (the “Offering”), a “Subscriber” on October 11, 2011, subscribed for 833,334 shares of the Company’s Class A common stock upon payment of $333,334 and on November 3, 2011, subscribed for 832,500 shares of the Company’s Class A common stock upon payment of $333,000 and on December 7, 2011, subscribed for 834,166 shares of the Company’s Class A common stock upon payment of $333,667. Subscriber is also entitled to one Stock Purchase Warrant exercisable at $1.00 for each share of Common Stock subscribed.   In November 2011, Dr. Paul Marks joined the Cellceutix Scientific Advisory Board. Dr. Marks served as President and Chief Executive Officer of Memorial Sloan-Kettering Cancer Center ("MSKCC") from 1980 to 1999 where he helped to establish the high standards for research and patient care that MSKCC is world renowned for. He remains a vital part of MSKCC as President Emeritus and Member of the Sloan-Kettering Institute.   In November 2011, Cellceutix filed its Investigational New Drug (IND) application for Kevetrin™, our novel anti-cancer drug, with the U.S. Food and Drug Administration (FDA). In December 2011, Cellceutix was notified by the FDA that the production manufactured by our vendor Formatech, Inc. for use in the clinical trials was not eligible because of GMP violations at Formatech. Cellceutix has retained another formulation manufacturer and production is planned for February 2012. Once completed, Cellceutix will submit an amended IND to the FDA. The trials are planned for at Dana Farber/ Harvard Cancer Center. The clinical trial will test Kevetrin™ against a variety of different cancer types in patients with advanced-stage cancers. Primary endpoints for the study will be safety, tolerable dosing levels and establishing the dose for a future Phase II clinical trial.   In December 2011,Cellceutix initiated a major study in collaboration with Pioneer Valley Life Sciences Institute, a Baystate Medical Center/University of Massachusetts Amherst Research Partnership ("the Institute"), to collaborate on an innovative research project to investigate Kevetrin's antitumor activity related to risk factor aging. In January 2012,Cellceutix filed a patent application for KM-133, our compound to treat psoriasis. </div>

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-101665

1157194

<div> 6.       Fair Value of Financial Assets and Financial Liabilities   The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). The levels of the hierarchy are described below: <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 6pt; WIDTH: 18px"> •</td> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 6pt; WIDTH: 10px">  </td> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 6pt">Level 1: consists of financial instruments whose value is based on quoted market prices for identical financial instruments in an active market</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 6pt">•</td> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 6pt"> </td> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 6pt">Level 2: consists of financial instruments that are valued using models or other valuation methodologies. These models use inputs that are observable either directly or indirectly; Level 2 inputs include (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, (iii) pricing models whose inputs are observable for substantially the full term of the financial instrument and (iv) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument</td> </tr> </table> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="PADDING-BOTTOM: 6pt; WIDTH: 18px">  • </td> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 6pt; WIDTH: 10px">  </td> <td style="PADDING-BOTTOM: 6pt"> Level 3: consists of financial instruments whose values are determined using pricing models that utilize significant inputs that are primarily unobservable, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation </td> </tr> </table>   The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial instruments and their classification within the fair value hierarchy. Financial instruments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy.   As of December 31, 2011 and June 30, 2011, the Company’s derivatives which include the warrant liability and embedded conversion feature on the convertible note payable were considered level 2 financial instruments.   The Company’s remaining financial instruments consisted primarily of (level 1) cash and cash equivalents, accounts payable, accrued expenses and note payable. The carrying amounts of the Company’s financial instruments generally approximate their fair values as of December 31, 2011 and June 30, 2011 due to the short term nature of these instruments.   The Company did not have any level 3 instruments at December 31, 2011 and June 30, 2011. </div>

795959

<div> 9.         Stock Options and Warrants:   On April 5, 2009 the Board of Directors of the Registrant adopted the 2009 Stock Option Plan ("the 2009 Plan"). The Plan permits the grant of 2,000,000 shares of both Incentive Stock Options ("ISOs"), intended to qualify under section 422 of the Code, and Non-Qualified Stock Options.   On December 29, 2010 shareholders holding 51% of the Company’s outstanding common stock adopted and approved the 2010 Equity Incentive Plan (“the 2010 Plan”). Under the 2010 Equity Incentive Plan the total number of shares of Common Stock reserved and available for issuance under the Plan shall be 45,000,000 shares. Shares of Common Stock under the Plan (“Shares”) may consist, in whole or in part, of authorized and unissued shares or treasury shares. The term of each Stock Option shall be fixed by the Committee; provided, however, that an Incentive Stock Option may be granted only within the ten-year period commencing from the Effective Date and may only be exercised within ten years of the date of grant (or five years in the case of an Incentive Stock Option granted to an optionee who, at the time of grant, owns Common Stock possessing more than 10% of the total combined voting power of all classes of voting stock of the Company (“10%Shareholder”).   On April 1, 2009, the Company entered into an agreement, subsequently amended, with a Consultant to assist the Company's Chief Scientific Officer to organize, manage and display data from animal studies as well as information relating to Active Pharmaceutical Ingredients and formulations of the Company's products through November 2010. The Consultant was compensated at the rate of $4,000 per month payable on the last day of each month. In addition, at the end of each month of services provided, the Consultant is granted options to purchase 10,000 shares of Company's common stock.  Effective September 1, 2010, the Company has extended the current agreement and beginning in August 2010, the monthly fee was increased to $5,000.  The remainder of the agreement remains unchanged.  As of December 31, 2011, the Consultant has been awarded a total of 320,000 options to purchase common stock valued at $133,051, each grant is to be vested over one year from date of issuance.  For the three and six months ended December 31, 2011, the Company has expensed $16,716 and $31,778 to professional fees expense, related to these options.   On May 6, 2010, the Company entered into a two year agreement with an individual for consulting services.  In exchange for these services, the Company granted the Consultant 200,000 options to purchase common stock.  The options were valued using the Black-Scholes option model for $62,015, which includes the option modification expense.  As of December 31, 2011, the Company has $10,484 remaining in prepaid expenses related to this agreement and expensed $7,863 and $15,726 for the three and six months ended December 31, 2011.   On December 29, 2010 options to purchase 1,680,000 shares of the Company’s common stock were granted to a consultant for financial and administrative services rendered pursuant to the 2010 Company’s  Equity Incentive Plan, of which 840,000 options were exercisable at the date of grant and 840,000  options vested on June 30, 2011.  The options are exercisable at $0.10 per share.      On December 29, 2010, the Company entered into employment agreements with its two executive officers, Leo Ehrlich, the Company’s Chief Executive Officer, and Krishna Menon, Chief Scientific Officer. Both agreements provide for a three year term with each executive receiving an annual base salary for $350,000 per year commencing January 1, 2011, with an annual increase of 10% for each year commencing January 2012. In addition, the Company’s Board awarded stock options exercisable at $0.11 per share pursuant to the Company’s 2010 Equity Incentive Plan to each executive officer as follows:   Option Group A, a total of 18 million options with 6 million options vesting on December 29, 2010, 6 million options vesting on June 30, 2011 and 6 million options vesting on January 3, 2012.    The Board, at its discretion, may increase the base salary based upon relevant circumstances.  The Company recorded $546,708 and $1,093,416 in stock based compensation for the three and six months ended December 31, 2011 and a cumulative total of $3,292,248 in stock based compensation as of December 31, 2011.   In July 2011 we issued options to purchase 50,000 shares of our common stock to a consultant for services rendered to the Company valued at $28,000.   The fair value of each option for the six months ended December 31, 2011 and 2010 was estimated on the date of grant or grant modification using the Black Scholes model that uses assumptions noted in the following table.   <table style="BACKGROUND-COLOR: white; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 1pt; VERTICAL-ALIGN: bottom"> </td> <td style="PADDING-BOTTOM: 1pt; VERTICAL-ALIGN: bottom"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" colspan="2">Six Months Ended December 31, 2011</td> <td style="PADDING-BOTTOM: 1pt; VERTICAL-ALIGN: bottom"> </td> <td style="PADDING-BOTTOM: 1pt; VERTICAL-ALIGN: bottom"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" colspan="2">Six Months Ended December 31, 2010</td> <td style="PADDING-BOTTOM: 1pt; VERTICAL-ALIGN: bottom"> </td> <td style="PADDING-BOTTOM: 1pt; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Expected term (in years)</td> <td style="TEXT-ALIGN: right"> </td> <td> </td> <td>  3 – 10 </td> <td> </td> <td style="TEXT-ALIGN: right"> </td> <td> </td> <td style="TEXT-ALIGN: center">5 – 10</td> <td colspan="2"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Expected stock price volatility</td> <td style="TEXT-ALIGN: right"> </td> <td> </td> <td style="TEXT-ALIGN: center">143.45% – 148.15%</td> <td></td> <td style="TEXT-ALIGN: right"> </td> <td> </td> <td style="TEXT-ALIGN: center">121.23 5 – 152.05%</td> <td colspan="2"></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Risk-free interest rate</td> <td style="TEXT-ALIGN: right"> </td> <td> </td> <td style="TEXT-ALIGN: center">1.98% – 3.0%</td> <td></td> <td style="TEXT-ALIGN: right"> </td> <td> </td> <td style="TEXT-ALIGN: center">0.88% – 3.35%</td> <td colspan="2"></td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Expected dividend yield</td> <td style="TEXT-ALIGN: right"> </td> <td> </td> <td style="TEXT-ALIGN: center">0%</td> <td></td> <td style="TEXT-ALIGN: right"> </td> <td> </td> <td style="TEXT-ALIGN: center">0%</td> <td colspan="2"></td> </tr> </table>     Stock Options   The following table summarizes all stock option activity:   <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Number of Options</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Weighted Average Exercise Price</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Weighted Average Remaining Contractual Life (Years)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Aggregate Intrinsic Value</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 44%">Outstanding at June 30, 2010</td> <td style="WIDTH: 2%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">3,355,430</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 2%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">0.25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 2%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">1.36</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 2%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">—</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">38,442,500</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.11</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">9.24</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">—</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Exercised</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">—</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">—</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">—</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">—</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Forfeited/expired</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (2,755,430</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 0.25</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Outstanding at June 30, 2011</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">39,042,500</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.12</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">9.15</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">24,003,475</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">110,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.60</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6.48</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">11,400</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Exercised</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">—</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">—</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">—</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">—</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Forfeited/expired</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Outstanding at December 31, 2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 39,152,500</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 0.12</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 8.89</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 22,844,600</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Exercisable at December 31, 2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 39,087,678</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 0.11</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 8.87</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 22,834,390</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> </table>   The Company recognized of $1,157,194 and $1,405,108 of compensation costs related to option awards granted during the six months ended December 31, 2011 and 2010, $565,424 and $1,148,790 for the three months ended December 31, 2011 and 2010 and $5,023,795 for the period from inception to December 31, 2011, respectively, and there is $32,322 of unamortized compensation cost expected to be recognized through December 31, 2012.  This includes the additional compensation costs related to the Board of Director’s approval to extend the term of all outstanding options an additional two years.    As of December 31, 2010, there were 2,964,000 warrants issued and outstanding with a weighted average exercise price of $0.81.  The warrants were to expire in September 2010, however in September 2010; the Company approved the extension of these warrants to December 31, 2013.    During the months of October, November and December 2011, warrants to purchase 2,500,000 shares of the Company’s Class A common stock were issued to an investor pursuant to his purchase of 2,500,000 shares of the Company’s Class A common stock at $0.40 per share. Under ASC 815-40-25, the fair value of these warrants should be reported as a liability, Pursuant to the Warrant Agreement, because there is currently no effective registration statement covering the shares of common stock underlying these warrants, these warrants are currently subject to a cashless exercise whereby the warrant holders may surrender their warrants to the company in exchange for shares of common stock. The number of shares of common stock into which a warrant would be exchangeable in such a cashless exercise depends on both the exercise price of the warrants and the market price of the common stock, each at or near the time of exercise. Because both of these factors are variable, it is possible that the company could have insufficient authorized shares to satisfy a cashless exercise. In this scenario, if the company were unable to obtain shareholder approval to increase the number of authorized shares, the company could be obligated to settle such a cashless exercise with cash rather than by issuing shares of common stock. Further, ASC 815-40-25 requires that we record the potential settlement obligation at each reporting date using the current estimated fair value of the warrants, with any changes being recorded through our statement of operations. The warrants were valued at $417,608 at the time of issuance and recorded as a liability. At December 31, 2011, the warrants were valued at $1,327,500 and the warrant liability was increased by $909,892. In January 2012, the subscription agreement was modified to remove the cashless exercise provision, and provide for “piggy-back” registration rights. As a result, the warrants will be recorded as equity in the quarter ending March 31, 2012. </div>

366340

<div> 7.           Related Party Transactions   Office Lease   Dr. Menon, the Company’s principal shareholder, President, and Director, also serves as the Chief Operating Officer and Director of Kard Scientific (“KARD”). On December 7, 2007, the Company began renting office space from KARD, on a month to month basis for $900 per month. At December 31, 2011 and June 30, 2011, payables of $44,100 and $38,700 to KARD were included in accrued expenses, respectively. For the three and six months ended December 31, 2011 and 2010 and the period June 20, 2007 (date of inception) through December 31, 2011, the Company has included $2,700, $5,400, $2,700, $5,400 and $44,100 in general and administrative expenses, respectively.   Clinical Studies   As of September 28, 2007 the Company engaged KARD to conduct specified pre-clinical studies necessary for the Company to prepare an IND submission to the Father Company does not have an exclusive arrangement with KARD. All work performed by KARD must have prior approval by the executive officers of the Company, and the Company retains all intellectual property resulting from the services by KARD. For the three and six months ended December 31, 2011 and 2010 and the period June 20, 2007 (date of inception) through December 31, 2011, the Company incurred $0, $9,990, $0, $275,660, and $2,601,110 of research and development expenses conducted by KARD, respectively. At December 31, 2011 and June 30, 2011 the Company has included a total of $1,685,515 and $1,780,515 in accounts payable to Kard respectively. </div>

19069

1020000

34173

-0.03

-3021859 92996474 <div> 11.          Convertible Debentures   On May 7, 2008, the Company issued Convertible Debentures, at 9% per annum, for a total amount of $400,000.The principal and related accrued interest were due December 2009, and secured by the Company’s assets. The Debentures and any accrued and unpaid interest were convertible into the Company’s common stock, at the holder’s request, at a conversion price of $1.50.In January 2010, the Company extended and amended the original Convertible Debenture agreements by extending the original maturity date to December 31, 2010. The conversion price of the principal and any unpaid interest was changed to $0.50 per share. The Company and debenture holders also agreed to convert accrued interest of $60,000 into additional principal. On February 10, 2011, the Company extended and amended the Convertible Debenture agreements by extending the original maturity date to December 31, 2011.The conversion price of the principal balance remains at $0.50 per share. The Company and debenture holders also agreed to convert accrued interest of $41,287 through December 31, 2010 into additional principal resulting in a note balance of $501,287.   On September 9, 2011, the company issued 471,518 common shares of the company stock to White Star LLC upon conversion of $222,791 of the principal on our existing outstanding debentures and $12,965 for interest; and the company issued 235,759 common shares to Dahlia Nordlicht upon conversion of $111,397 of the principal on our existing outstanding debentures and $6,482 for interest. Each of the Notes was converted at the price of $.50 per share. The shares were issued pursuant to the exemption from registration provided for under Rule 506 of Regulation D, promulgated under the United States Securities Act of 1933, as amended.   The Company paid off the remaining Convertible Debenture balance in the amount of $167,100 plus interest of $14,826 on January 3, 2012. </div> <div> 4.          Recent Accounting Pronouncements:    In December 2010, the FASB issued an update which addresses the disclosure of supplementary pro forma information for business combinations. The update requires public entities to disclose pro forma information for business combinations that occurred in the current reporting period, including revenue and earnings of the combined entity for the current reporting period as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period. If comparative financial statements are presented, the pro forma revenue and earnings of the combined entity for the comparable prior reporting period should be reported as though the acquisition date for all business combinations that occurred during the current year had been as of the beginning of the comparable prior annual reporting period. Amendments in this update are effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. The adoption of ASU 2010-06 did not have a material impact on its financial statements.   In December 2010, the FASB issued ASU No. 2010-28 (“ASU 2010-28”), Intangibles — Goodwill and Other (“ASC 350”): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts. The objective of this standard is to address questions about entities with reporting units with zero or negative carrying amounts because some entities concluded that Step 1 of the test is passed in those circumstances because the fair value of their reporting unit will generally be greater than zero. The amendments in this standard modify Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. Early adoption is not permitted. The adoption of ASU 2010-28 did not have a material impact on its financial statements.   In May 2011, the FASB issued ASU No. 2011-04 (“ASU 2011-04”), Fair Value Measurement – amendments to achieve fair value measurements and disclosure requirements in US GAAP and IFRSs. The amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the Board does not intend for the amendments in this Update to result in a change in the application of the requirements in Topic 820. The amendments in this update are to be applied prospectively. The adoption of this guidance is not expected to have a material impact on the financial statements   In June 2011, the FASB issued guidance which eliminates the option to report other comprehensive income and its components in the statement of changes in stockholders’ equity and requires an entity to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement or in two separate but consecutive statements. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this guidance is not expected to have a material impact on the financial statements.   Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material impact on the Company’s consolidated financial statements. </div> <div> 3.         Going Concern   The accompanying financial statements have been prepared assuming the Company will continue as a going concern. For the period since June 20, 2007 (date of inception) through December 31, 2011, the Company has had a cumulative net loss of $14,389,609 and a working capital deficit of $7,599,732 at December 31, 2011.  As of December 31, 2011, the Company has not emerged from the development stage. In view of these matters, the ability of the Company to continue as a going concern is dependent upon the Company’s ability to generate additional financing. Since inception, the Company has financed its activities principally from the use of equity securities, debt issuance and loans from an officer to pay for its operations. The Company intends on financing its future development activities and its working capital needs largely from the issuance of debt and the sale of equity securities, until such time that funds provided by operations are sufficient to fund working capital requirements. There can be no assurance that the Company will be successful at achieving its financing goals at reasonably commercial terms, if at all.   The economic downturn and market instability has made the business climate more volatile and more costly.  If the current equity and credit markets deteriorate further or do not improve, it may make necessary debt or equity financing more difficult, more costly and more dilutive.  Failure to secure any necessary financing in a timely manner and on favorable terms could have a material adverse effect on the Company’s growth strategy, financial performance and stock price and could require the delay of new product development and clinical trial plans.  Currently, the Company has not made any additional arrangements for equity or any other type of financing.   These factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of liabilities that may be necessary should the Company be unable to continue as a going concern. </div> 81720 209866

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December 6, 2007 (in shares) Number of shares of stock issued during the period pursuant to a merger. Stock Issued During Period Shares Merger Share exchange in reverse merger with CellceutixPharma, Inc. December 6, 2007 (in shares) Stock Issued During Period Shares New Issues Shares issued (in shares) Stock Issued During Period Value Acquisitions Shares exchanged in a reverse acquisition of CellceutixPharma, December 6, 2007 Stock Issued During Period Value Conversion Of Convertible Securities Convertible Debentures converted to common stock Stock Issued During Period Value Exchange Of Owners Equity Stock Issued During Period Value Exchange Of Owners Equity Share exchange with CellceutixPharma, Inc. December 6, 2007 Value of stock issued pursuant to a merger during the period. Stock Issued During Period Value Merger Share exchange in reverse merger with CellceutixPharma, Inc. December 6, 2007 Stock Issued During Period Value New Issues Shares issued Stock Option Plan Expense Stock based compensation Subscription Agreements [Member] Subscription Agreements [Member] Subscription agreements Supplemental Cash Flow Information [Abstract] SUPPLEMENTAL DISCLOSURE OF NON-CASH FLOW FINANCING ACTIVITIES: Supplemental Forgiveness Of Debt By Related Party Supplemental Forgiveness Of Debt By Related Party Forgiveness of debt Supplemental Reclassification Of Accrued Interest To Debt Principal Supplemental Reclassification Of Accrued Interest To Debt Principal Reclassification of accrued interest to convertible debenture Trading Symbol Trading Symbol Transaction Date 01 [Member] Transaction Date 01 [Member] Share exchange with CellceutixPharma, Inc. Transaction Date 02 [Member] Transaction Date 02 [Member] Share exchange in reverse merger with CellceutixPharma, Inc. 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Financial Statements

6 Months Ended

Dec. 31, 2011

Financial Statements

2. Financial Statements

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Background Information

6 Months Ended

Dec. 31, 2011

Background Information

1. Background Information

In December 2011,Cellceutix initiated a major study in collaboration with Pioneer Valley Life Sciences Institute, a Baystate Medical Center/University of Massachusetts Amherst Research Partnership ("the Institute"), to collaborate on an innovative research project to investigate Kevetrin's antitumor activity related to risk factor aging.

In January 2012,Cellceutix filed a patent application for KM-133, our compound to treat psoriasis.

XML 14 R2.htm IDEA: XBRL DOCUMENT

Balance Sheets (USD $)	Dec. 31, 2011	Jun. 30, 2011
Current assets:
Cash	$ 864,620	$ 68,661
Other receivables		204,144
Prepaid expenses	18,114	40,290
Total current assets	882,734	313,095
Total assets	882,734	313,095
Current liabilities:
Warrant Liability	1,327,500
Accounts payable, including related party payables of $1,700,506 and $1,789,818, respectively	2,037,862	2,139,527
Accrued expenses, including related party interest and rent accruals of $224,497 and $119,598, respectively	239,323	127,432
Accrued salaries and payroll taxes	2,396,961	2,030,621
Accrued settlement costs, current	291,457	300,859
Note payable to officer	2,022,264	2,002,264
Convertible debentures	167,099	167,099
Total current liabilities	8,482,466	6,767,802
Accrued settlement costs, less current portion	527,733	484,158
Convertible debentures, net of current		349,213
Total liabilities	9,010,199	7,601,173
Commitments and contingencies
Stockholders' deficit:
Preferred stock; $0.0001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding
Additional paid in capital	7,021,095	4,838,968
Deficit accumulated during development stage	(14,398,688)	(11,376,830)
Treasury stock (4,142,084 shares at cost)	(759,388)	(759,388)
Total stockholders' deficit	(8,127,465)	(7,288,078)
Total liabilities and stockholders' deficit	882,734	313,095
Class A common stock
Stockholders' deficit:
Common stock	$ 9,516	$ 9,172

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Statement of Changes in Stockholders' Deficit (Parenthetical) (USD $)
0 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended

Jun. 30, 2007

Jun. 30, 2009

Services

Jun. 30, 2008

Services

Jun. 30, 2008

Share exchange with CellceutixPharma, Inc.

Jun. 30, 2008

Share exchange in reverse merger with CellceutixPharma, Inc.

Jun. 30, 2008

Shares exchanged in a reverse acquisition of CellceutixPharma

Dec. 31, 2011

Issuance During Period 1st

Services

Jun. 30, 2011

Issuance During Period 1st

Services

Jun. 30, 2010

Issuance During Period 1st

Services

Jun. 30, 2009

Issuance During Period 1st

Services

Dec. 31, 2011

Issuance During Period 2nd

Services

Jun. 30, 2011

Issuance During Period 2nd

Services

Jun. 30, 2010

Issuance During Period 2nd

Services

Jun. 30, 2009

Issuance During Period 2nd

Services

Jun. 30, 2011

Issuance During Period 3rd

Services

Jun. 30, 2010

Issuance During Period 3rd

Services

Dec. 31, 2011

Issuance During Period 3rd

Subscription agreements

Dec. 31, 2011

Issuance During Period 3rd

Minimum

Subscription agreements

Dec. 31, 2011

Issuance During Period 3rd

Maximum

Subscription agreements

Jun. 30, 2011

Issuance During Period 4th

Services

Shares issued, price per share $ 1.05 $ 0.38 $ 0.55 $ 0.43 $ 0.38 $ 0.41 $ 0.32 $ 0.30 $ 0.38 $ 0.20 $ 0.45 $ 0.40 $ 0.81

Shares issuance, date Jun. 20, 2007 Apr. 28, 2008 Aug. 29, 2011 Jul. 06, 2010 Jul. 06, 2009 Jun. 11, 2009 Nov. 08, 2011 Mar. 01, 2011 Feb. 05, 2010 Jun. 30, 2009 Feb. 08, 2011 Jun. 01, 2010 May 26, 2011

Share exchange, date Dec. 06, 2007 Dec. 06, 2007 Dec. 06, 2007

Cancellation of shares issued, date Dec. 31, 2008

Shares issued, date 2011-11 2011-12

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 7

-Paragraph 11

-Subparagraph d(1)

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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Statements of Cash Flows (USD $)
6 Months Ended 54 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2011

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss $ (3,021,858) $ (2,370,794) $ (14,389,609)

Adjustments to reconcile net loss to net cash used in operating activities:

Stock based compensation 1,269,630 1,416,358 5,254,815

Cancellation of stock for services (11,250) (28,750)

Amortization of accrued settlement costs 34,173 59,802

Loss on financial instruments 909,892 909,892

Changes in operating assets and liabilities:

Other receivable 204,144 (221,794)

Prepaid expenses (1,010) 5,558 8,160

Accounts payable (101,665) 147,802 2,037,912

Accrued expenses 116,313 81,961 456,734

Accrued salaries and payroll taxes 366,340 493,395 3,329,927

Net cash (used in) operating activities (224,041) (458,764) (2,361,117)

CASH FLOWS FROM FINANCING ACTIVITIES:

Capital contribution from a stockholder 50

Sale of common stock 100

Loan from officer 20,000 570,370 1,925,587

Payment of settlement liabilities (100,000)

Proceeds from subscription 1,000,000 1,000,000

Proceeds from convertible debentures 400,000

Net cash provided by financing activities 1,020,000 570,370 3,225,737

NET INCREASE IN CASH 795,959 111,606 864,620

CASH, BEGINNING OF PERIOD 68,661 3,994

CASH, END OF PERIOD 864,620 115,600 864,620

SUPPLEMENTAL DISCLOSURE OF NON-CASH FLOW FINANCING ACTIVITIES:

Common stock issued for acquisition 9,079

Forgiveness of debt 50

Cancellation of common stock for services (33,750) (138,750)

Settlement of accrued payroll and payroll taxes 932,966 932,966

Treasury stock as a result of settlement agreement 859,388 859,388

Reclassification of accrued interest to convertible debenture 197,964

Debt converted to common stock $ 353,635 $ 353,635

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On August 29, 2011, the Company issued 100,000 shares of Class A common stock to consultants for services rendered in the first quarter of fiscal year 2012.The 100,000 shares of common stock are valued at a total of $38,000.

On September 9, 2011, the company issued 471,518 common shares of the company stock to White Star LLC and 235,759 common shares to Dahlia Nordlicht upon conversion of convertible debentures. SEE NOTE 11.

On November 8, 2011, the Company issued a total of 125,000 shares of Class A common stock to two consultants and a member of its scientific advisory board valued at $51,250.

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On May 7, 2008, the Company issued Convertible Debentures, at 9% per annum, for a total amount of $400,000.The principal and related accrued interest were due December 2009, and secured by the Company’s assets. The Debentures and any accrued and unpaid interest were convertible into the Company’s common stock, at the holder’s request, at a conversion price of $1.50.In January 2010, the Company extended and amended the original Convertible Debenture agreements by extending the original maturity date to December 31, 2010. The conversion price of the principal and any unpaid interest was changed to $0.50 per share. The Company and debenture holders also agreed to convert accrued interest of $60,000 into additional principal. On February 10, 2011, the Company extended and amended the Convertible Debenture agreements by extending the original maturity date to December 31, 2011.The conversion price of the principal balance remains at $0.50 per share. The Company and debenture holders also agreed to convert accrued interest of $41,287 through December 31, 2010 into additional principal resulting in a note balance of $501,287.

On September 9, 2011, the company issued 471,518 common shares of the company stock to White Star LLC upon conversion of $222,791 of the principal on our existing outstanding debentures and $12,965 for interest; and the company issued 235,759 common shares to Dahlia Nordlicht upon conversion of $111,397 of the principal on our existing outstanding debentures and $6,482 for interest. Each of the Notes was converted at the price of $.50 per share. The shares were issued pursuant to the exemption from registration provided for under Rule 506 of Regulation D, promulgated under the United States Securities Act of 1933, as amended.

The Company paid off the remaining Convertible Debenture balance in the amount of $167,100 plus interest of $14,826 on January 3, 2012.

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Dec. 31, 2010

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2011

Revenues:

Operating Expenses:

Research and development, gross 106,964 299,991 209,866 746,038 4,469,929

Grants (529,294) (529,294) (529,294)

Research and development, net of grants 106,964 (229,303) 209,866 216,744 3,940,635

General and administrative 12,230 26,162 19,069 52,310 348,053

Officers' payroll and payroll tax 646,582 1,215,895 1,298,904 1,617,041 6,479,552

Patent expense 81,720 29,389 81,720 29,389 151,403

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Other income (expense):

Interest expense-net (77,787) (46,074) (145,086) (86,561) (470,700)

Loss on financial instruments (909,892) (909,892) (909,892)

Total other expenses (987,679) (46,074) (1,054,978) (86,561) (1,380,592)

Net loss before provision for income taxes (2,060,405) (1,337,680) (3,021,858) (2,370,794) (14,389,609)

Provision for income taxes

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Commitments and Contingencies
6 Months Ended

Dec. 31, 2011

Commitments and Contingencies

5. Commitments and Contingencies

Settlement Agreement

On February 14, 2011, the Company announced it reached a settlement agreement on all outstanding claims and issues between the Company and our former CEO, Mr. Evans. Each party dropped their respective claims and as a result all of Mr. Evans accrued salaries and options were cancelled. The terms of the agreement provide that the Company purchase 4,602,312 common shares held by Mr. Evans and/or Mr. Evans’ sons over a period of three years for a total sum of one million dollars. Payment by the Company in the amount of $100,000 was made upon signing of the agreement, which resulted in reducing the liability owed to Mr. Evans; cancelling 460,229 shares of common stock and having the remaining 4,142,083 shares of common stock held in escrow until additional payments are made under the agreement which are shown as Treasury Stock on the Company’s Balance Sheet.

The Company had initially recorded this settlement at December 31, 2010 as a liability of the present value of the future payments and treasury stock. The Company had also recorded the forgiveness of Mr. Evans’ accrued payroll and related payroll taxes as a capital contribution of $932,966 .As of December 31, 2011, the settlement liability was $ 819,190 of which $ 291,457 is due in February 2012 and recorded as current liability

Pharmaceutical Compounds

On August 2, 2007, the Company was assigned all right, title, and interest to three pharmaceutical compounds; Kevetrin, KM 277 and KM 278, by their inventors. The Company was assigned all right, title, and interest to an additional three pharmaceutical compounds on October 17, 2007, KM 133 KM 362 and KM 3174. In July 2009, the Company was assigned all right, title, and interest to KM 732.In exchange for these compounds, the Company agreed to pay the inventors 5% of net sales of the compounds in countries where composition of matter patents have been issued and 3% of net sales in other countries. Kevetrin, KM 277, KM 278 and KM 362 were acquired from our President and director, Dr. Krishna Menon. The Company filed a patent application for Kevetrin and intends to file patent applications for each of the other six compounds as funds become available.

In December 2009, the Company was assigned all right, title and interest to a new compound, KM-391, which it intends to develop for the treatment of autism. In exchange for this compound, the Company agreed to pay the inventors $10,000 plus 4.5% of net sales the compound in countries where a composition of matter patent has been issued and 3% of net sales in other countries.

Employment Agreements

The Company’s accrued officers’ salaries and payroll taxes as of December 31, 2011 and June 30, 2011 are as follows:

December 31,
2011 June 30,
2011

Krishna Menon $ 1,250,000 $ 1,075,000

Leo Ehrlich $ 1,012,500 $ 837,500

Accrued Payroll Taxes $ 134,461 $ 118,121

$ 2,396,961 $ 2,030,621

On December 29, 2010, the Company entered into employment agreements with its two executive officers, Leo Ehrlich, the Company’s Chief Executive Officer, and Krishna Menon, Chief Scientific Officer. Both agreements provide for a three year term with each executive receiving an annual base salary for $350,000 per year commencing January 1, 2011, with an annual increase of 10% for each year commencing January 2012. In addition, the Company’s Board awarded stock options exercisable at $0.11 per share pursuant to the Company’s 2010 Equity Incentive Plan to each executive officer as follows: a total of 18 million options with 6 million options vesting on December 29, 2010, 6 million options vesting on June 30, 2011 and 6 million options vesting on January 3, 2012.The Board, at its discretion, may increase the base salary based upon relevant circumstances.

Litigation

In the ordinary conduct of business, the Company is subject to lawsuits, arbitrations and administrative proceedings from time to time. The Company expenses legal costs as incurred.

Toxikon Corporation, a vendor, has initiated litigation with claims that it is owed a balance of approximately $100,000 plus interest and legal fees. Cellceutix has retained a lawyer and is disputing these claims and believes there is no balance owed.

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Recent Accounting Pronouncements
6 Months Ended

Dec. 31, 2011

Recent Accounting Pronouncements

4. Recent Accounting Pronouncements:

In December 2010, the FASB issued an update which addresses the disclosure of supplementary pro forma information for business combinations. The update requires public entities to disclose pro forma information for business combinations that occurred in the current reporting period, including revenue and earnings of the combined entity for the current reporting period as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period. If comparative financial statements are presented, the pro forma revenue and earnings of the combined entity for the comparable prior reporting period should be reported as though the acquisition date for all business combinations that occurred during the current year had been as of the beginning of the comparable prior annual reporting period. Amendments in this update are effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. The adoption of ASU 2010-06 did not have a material impact on its financial statements.

In December 2010, the FASB issued ASU No. 2010-28 (“ASU 2010-28”), Intangibles — Goodwill and Other (“ASC 350”): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts. The objective of this standard is to address questions about entities with reporting units with zero or negative carrying amounts because some entities concluded that Step 1 of the test is passed in those circumstances because the fair value of their reporting unit will generally be greater than zero. The amendments in this standard modify Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. Early adoption is not permitted. The adoption of ASU 2010-28 did not have a material impact on its financial statements.

In May 2011, the FASB issued ASU No. 2011-04 (“ASU 2011-04”), Fair Value Measurement – amendments to achieve fair value measurements and disclosure requirements in US GAAP and IFRSs. The amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the Board does not intend for the amendments in this Update to result in a change in the application of the

requirements in Topic 820. The amendments in this update are to be applied prospectively. The adoption of this guidance is not expected to have a material impact on the financial statements

In June 2011, the FASB issued guidance which eliminates the option to report other comprehensive income and its components in the statement of changes in stockholders’ equity and requires an entity to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement or in two separate but consecutive statements. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this guidance is not expected to have a material impact on the financial statements.

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material impact on the Company’s consolidated financial statements.

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Due To Officer
6 Months Ended

Dec. 31, 2011

Due To Officer

8. Due To Officer

During the year ended June 30, 2010, Mr. Ehrlich, an officer of the Company, converted previous amounts provided in cash to the Company of $32,310 into a loan (the “Ehrlich Promissory Note A”).The Ehrlich Promissory Note A was an unsecured, 6% per annum simple interest bearing, demand note. During the same period, Mr. Ehrlich provided an additional $85,000 in cash in the form of a loan to the Company (the “Ehrlich Promissory Note B”).The Ehrlich Promissory Note B was an unsecured, 6% per annum simple interest bearing, demand note.

During the year ended June 30, 2010, Mr. Ehrlich, loaned the Company a total of $972,907.A condition for this loan was that the Ehrlich Promissory Note A and Ehrlich Promissory Note B be replaced with a new note, Ehrlich Promissory Note C. The Ehrlich Promissory Note C is an unsecured demand note that bears 9% simple interest per annum and is convertible into the Company’s common stock at $0.50 per share. The note requires that the interest rate on the amounts due on Ehrlich Promissory Notes A and B be changed retroactively, beginning October 1, 2009, to 9%.On April 1, 2011, the Company amended the Ehrlich Promissory Note C and agreed to retroactively convert accrued interest of $96,677 through December 31, 2010 into additional principal.

At December 31, 2011, $180,397 is accrued as interest expense on this note. During the six months ended December 31, 2011, Mr. Ehrlich loaned the Company an additional $20,000 which brought the balance of the demand note to $2,022,264

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-Paragraph 1

-Subparagraph (SX 210.5-02.19,20,22)

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-Name Statement of Financial Accounting Standard (FAS)

-Number 129

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-Number 210

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Fair Value of Financial Assets and Financial Liabilities
6 Months Ended

Dec. 31, 2011

Fair Value of Financial Assets and Financial Liabilities

6. Fair Value of Financial Assets and Financial Liabilities

The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). The levels of the hierarchy are described below:

• Level 1: consists of financial instruments whose value is based on quoted market prices for identical financial instruments in an active market

• Level 2: consists of financial instruments that are valued using models or other valuation methodologies. These models use inputs that are observable either directly or indirectly; Level 2 inputs include (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, (iii) pricing models whose inputs are observable for substantially the full term of the financial instrument and (iv) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument

•

Level 3: consists of financial instruments whose values are determined using pricing models that utilize significant inputs that are primarily unobservable, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation

The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial instruments and their classification within the fair value hierarchy. Financial instruments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy.

As of December 31, 2011 and June 30, 2011, the Company’s derivatives which include the warrant liability and embedded conversion feature on the convertible note payable were considered level 2 financial instruments.

The Company’s remaining financial instruments consisted primarily of (level 1) cash and cash equivalents, accounts payable, accrued expenses and note payable. The carrying amounts of the Company’s financial instruments generally approximate their fair values as of December 31, 2011 and June 30, 2011 due to the short term nature of these instruments.

The Company did not have any level 3 instruments at December 31, 2011 and June 30, 2011.

X

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Related Party Transactions
6 Months Ended

Dec. 31, 2011

Related Party Transactions

7. Related Party Transactions

Office Lease

Dr. Menon, the Company’s principal shareholder, President, and Director, also serves as the Chief Operating Officer and Director of Kard Scientific (“KARD”). On December 7, 2007, the Company began renting office space from KARD, on a month to month basis for $900 per month. At December 31, 2011 and June 30, 2011, payables of $44,100 and $38,700 to KARD were included in accrued expenses, respectively. For the three and six months ended December 31, 2011 and 2010 and the period June 20, 2007 (date of inception) through December 31, 2011, the Company has included $2,700, $5,400, $2,700, $5,400 and $44,100 in general and administrative expenses, respectively.

Clinical Studies

As of September 28, 2007 the Company engaged KARD to conduct specified pre-clinical studies necessary for the Company to prepare an IND submission to the Father Company does not have an exclusive arrangement with KARD. All work performed by KARD must have prior approval by the executive officers of the Company, and the Company retains all intellectual property resulting from the services by KARD. For the three and six months ended December 31, 2011 and 2010 and the period June 20, 2007 (date of inception) through December 31, 2011, the Company incurred $0, $9,990, $0, $275,660, and $2,601,110 of research and development expenses conducted by KARD, respectively. At December 31, 2011 and June 30, 2011 the Company has included a total of $1,685,515 and $1,780,515 in accounts payable to Kard respectively.

X

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Name Regulation S-X (SX)

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-Article 3A

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Stock Options and Warrants
6 Months Ended

Dec. 31, 2011

Stock Options and Warrants

9. Stock Options and Warrants:

On April 5, 2009 the Board of Directors of the Registrant adopted the 2009 Stock Option Plan ("the 2009 Plan"). The Plan permits the grant of 2,000,000 shares of both Incentive Stock Options ("ISOs"), intended to qualify under section 422 of the Code, and Non-Qualified Stock Options.

On December 29, 2010 shareholders holding 51% of the Company’s outstanding common stock adopted and approved the 2010 Equity Incentive Plan (“the 2010 Plan”). Under the 2010 Equity Incentive Plan the total number of shares of Common Stock reserved and available for issuance under the Plan shall be 45,000,000 shares. Shares of Common Stock under the Plan (“Shares”) may consist, in whole or in part, of authorized and unissued shares or treasury shares. The term of each Stock Option shall be fixed by the Committee; provided, however, that an Incentive Stock Option may be granted only within the ten-year period commencing from the Effective Date and may only be exercised within ten years of the date of grant (or five years in the case of an Incentive Stock Option granted to an optionee who, at the time of grant, owns Common Stock possessing more than 10% of the total combined voting power of all classes of voting stock of the Company (“10%Shareholder”).

On April 1, 2009, the Company entered into an agreement, subsequently amended, with a Consultant to assist the Company's Chief Scientific Officer to organize, manage and display data from animal studies as well as information relating to Active Pharmaceutical Ingredients and formulations of the Company's products through November 2010. The Consultant was compensated at the rate of $4,000 per month payable on the last day of each month. In addition, at the end of each month of services provided, the Consultant is granted options to purchase 10,000 shares of Company's common stock. Effective September 1, 2010, the Company has extended the current agreement and beginning in August 2010, the monthly fee was increased to $5,000. The remainder of the agreement remains unchanged. As of December 31, 2011, the Consultant has been awarded a total of 320,000 options to purchase common stock valued at $133,051, each grant is to be vested over one year from date of issuance. For the three and six months ended December 31, 2011, the Company has expensed $16,716 and $31,778 to professional fees expense, related to these options.

On May 6, 2010, the Company entered into a two year agreement with an individual for consulting services. In exchange for these services, the Company granted the Consultant 200,000 options to purchase common stock. The options were valued using the Black-Scholes option model for $62,015, which includes the option modification expense. As of December 31, 2011, the Company has $10,484 remaining in prepaid expenses related to this agreement and expensed $7,863 and $15,726 for the three and six months ended December 31, 2011.

On December 29, 2010 options to purchase 1,680,000 shares of the Company’s common stock were granted to a consultant for financial and administrative services rendered pursuant to the 2010 Company’s Equity Incentive Plan, of which 840,000 options were exercisable at the date of grant and 840,000 options vested on June 30, 2011. The options are exercisable at $0.10 per share.

On December 29, 2010, the Company entered into employment agreements with its two executive officers, Leo Ehrlich, the Company’s Chief Executive Officer, and Krishna Menon, Chief Scientific Officer. Both agreements provide for a three year term with each executive receiving an annual base salary for $350,000 per year commencing January 1, 2011, with an annual increase of 10% for each year commencing January 2012. In addition, the Company’s Board awarded stock options exercisable at $0.11 per share pursuant to the Company’s 2010 Equity Incentive Plan to each executive officer as follows: Option Group A, a total of 18 million options with 6 million options vesting on December 29, 2010, 6 million options vesting on June 30, 2011 and 6 million options vesting on January 3, 2012. The Board, at its discretion, may increase the base salary based upon relevant circumstances. The Company recorded $546,708 and $1,093,416 in stock based compensation for the three and six months ended December 31, 2011 and a cumulative total of $3,292,248 in stock based compensation as of December 31, 2011.

In July 2011 we issued options to purchase 50,000 shares of our common stock to a consultant for services rendered to the Company valued at $28,000.

The fair value of each option for the six months ended December 31, 2011 and 2010 was estimated on the date of grant or grant modification using the Black Scholes model that uses assumptions noted in the following table.

Six Months Ended
December 31, 2011 Six Months Ended
December 31, 2010

Expected term (in years)
3 – 10
5 – 10

Expected stock price volatility 143.45% – 148.15% 121.23 5 – 152.05%

Risk-free interest rate 1.98% – 3.0% 0.88% – 3.35%

Expected dividend yield 0% 0%

Stock Options

The following table summarizes all stock option activity:

Number of
Options Weighted
Average
Exercise Price Weighted
Average
Remaining
Contractual
Life (Years) Aggregate
Intrinsic
Value

Outstanding at June 30, 2010 3,355,430 $ 0.25 1.36 —

Granted 38,442,500 0.11 9.24 —

Exercised — — — —

Forfeited/expired (2,755,430 ) 0.25 — —

Outstanding at June 30, 2011 39,042,500 $ 0.12 9.15 $ 24,003,475

Granted 110,000 0.60 6.48 11,400

Exercised — — — —

Forfeited/expired — — — —

Outstanding at December 31, 2011 39,152,500 $ 0.12 8.89 $ 22,844,600

Exercisable at December 31, 2011 39,087,678 $ 0.11 8.87 $ 22,834,390

The Company recognized of $1,157,194 and $1,405,108 of compensation costs related to option awards granted during the six months ended December 31, 2011 and 2010, $565,424 and $1,148,790 for the three months ended December 31, 2011 and 2010 and $5,023,795 for the period from inception to December 31, 2011, respectively, and there is $32,322 of unamortized compensation cost expected to be recognized through December 31, 2012. This includes the additional compensation costs related to the Board of Director’s approval to extend the term of all outstanding options an additional two years.



As of December 31, 2010, there were 2,964,000 warrants issued and outstanding with a weighted average exercise price of $0.81. The warrants were to expire in September 2010, however in September 2010; the Company approved the extension of these warrants to December 31, 2013.

During the months of October, November and December 2011, warrants to purchase 2,500,000 shares of the Company’s Class A common stock were issued to an investor pursuant to his purchase of 2,500,000 shares of the Company’s Class A common stock at $0.40 per share. Under ASC 815-40-25, the fair value of these warrants should be reported as a liability, Pursuant to the Warrant Agreement, because there is currently no effective registration statement covering the shares of common stock underlying these warrants, these warrants are currently subject to a cashless exercise whereby the warrant holders may surrender their warrants to the company in exchange for shares of common stock. The number of shares of common stock into which a warrant would be exchangeable in such a cashless exercise depends on both the exercise price of the warrants and the market price of the common stock, each at or near the time of exercise. Because both of these factors are variable, it is possible that the company could have insufficient authorized shares to satisfy a cashless exercise. In this scenario, if the company were unable to obtain shareholder approval to increase the number of authorized shares, the company could be obligated to settle such a cashless exercise with cash rather than by issuing shares of common stock. Further, ASC 815-40-25 requires that we record the potential settlement obligation at each reporting date using the current estimated fair value of the warrants, with any changes being recorded through our statement of operations. The warrants were valued at $417,608 at the time of issuance and recorded as a liability. At December 31, 2011, the warrants were valued at $1,327,500 and the warrant liability was increased by $909,892. In January 2012, the subscription agreement was modified to remove the cashless exercise provision, and provide for “piggy-back” registration rights. As a result, the warrants will be recorded as equity in the quarter ending March 31, 2012.

X

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

-Paragraph 53

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-Number Topic 14

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Statement of Changes in Stockholders' Deficit (USD $)
0 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended 54 Months Ended

Jun. 30, 2007

Dec. 31, 2011

Dec. 31, 2011

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2009

Jun. 30, 2008

Dec. 31, 2011

Net loss $ (3,021,859)

Shares issued 100

Net loss (530) (2,060,405) (3,021,858) (5,938,297) (3,433,400) (1,485,331) (510,193) (14,389,609)

Cancellation of shares issued (33,750)

Issuance of stock options 1,157,194 3,060,691 383,291 142,162 43,533

Forgiveness of debt from a stockholder 50

Modification of stock options 237,098

Capital contribution from a stockholder 50

Forgiveness of liability in connection with settlement with stockholder 932,966

Convertible Debentures converted to common stock 353,635

Repurchase of common stock in connection with settlement (859,388)

Ending Balance (430) (8,127,465) (8,127,465) (7,288,078) (4,797,618) (1,793,059) (361,990) (8,127,465)

Services

Shares issued 105,000

Cancellation of shares issued (105,000)

Services | Issuance During Period 1st

Shares issued 38,000 27,500 10,750 7,600

Services | Issuance During Period 2nd

Shares issued 51,250 59,000 1,050 9,500

Services | Issuance During Period 3rd

Shares issued 14,000 33,750

Services | Issuance During Period 4th

Shares issued 9,720

Subscription agreements | Issuance During Period 3rd

Shares issued 582,392

Common Stock

Shares issued (in shares) 1,000,000

Shares issued 100

Share exchange with CellceutixPharma, Inc. December 6, 2007 (in shares) (1,000,000)

Cancellation of shares issued (in shares) (75,000)

Share exchange with CellceutixPharma, Inc. December 6, 2007 (100)

Cancellation of shares issued (8)

Share exchange in reverse merger with CellceutixPharma, Inc. December 6, 2007 (in shares) 82,000,000

Share exchange in reverse merger with CellceutixPharma, Inc. December 6, 2007 8,200

Shares exchanged in a reverse acquisition of CellceutixPharma, December 6, 2007 (in shares) 9,791,000

Shares exchanged in a reverse acquisition of CellceutixPharma, December 6, 2007 979

Convertible Debentures converted to common stock (in shares) 707,277

Convertible Debentures converted to common stock 71

Cancellation of treasury stock (in shares) (460,229)

Cancellation of treasury stock (45)

Cancellation of treasury stock (in shares) 460,229

Ending Balance (in shares) 1,000,000 95,152,923 95,152,923 91,720,646 91,939,500 91,836,000 91,891,000 95,152,923

Ending Balance 100 9,516 9,516 9,172 9,194 9,184 9,189 9,516

Common Stock | Services

Shares issued (in shares) 100,000

Shares issued 10

Cancellation of shares issued (in shares) (100,000)

Cancellation of shares issued (10)

Common Stock | Services | Issuance During Period 1st

Shares issued (in shares) 100,000 50,000 25,000 20,000

Shares issued 10 5 2 2

Common Stock | Services | Issuance During Period 2nd

Shares issued (in shares) 125,000 184,375 3,500 25,000

Shares issued 13 18 3

Common Stock | Services | Issuance During Period 3rd

Shares issued (in shares) 70,000 75,000

Shares issued 7 8

Common Stock | Services | Issuance During Period 4th

Shares issued (in shares) 12,000

Shares issued 1

Common Stock | Subscription agreements | Issuance During Period 3rd

Shares issued (in shares) 2,500,000

Shares issued 250

Additional Paid-in Capital

Cancellation of shares issued (33,742)

Issuance of stock options 1,157,194 3,060,691 383,291 142,162 43,533

Forgiveness of debt from a stockholder 50

Modification of stock options 237,098

Capital contribution from a stockholder 50

Forgiveness of liability in connection with settlement with stockholder 932,966

Convertible Debentures converted to common stock 353,564

Cancellation of treasury stock (99,955)

Ending Balance 7,021,095 7,021,095 4,838,968 631,721 202,890 148,623 7,021,095

Additional Paid-in Capital | Services

Shares issued 104,990

Cancellation of shares issued (104,990)

Additional Paid-in Capital | Services | Issuance During Period 1st

Shares issued 37,990 27,495 10,748 7,598

Additional Paid-in Capital | Services | Issuance During Period 2nd

Shares issued 51,237 58,982 1,050 9,497

Additional Paid-in Capital | Services | Issuance During Period 3rd

Shares issued 13,993 33,742

Additional Paid-in Capital | Services | Issuance During Period 4th

Shares issued 9,719

Additional Paid-in Capital | Subscription agreements | Issuance During Period 3rd

Shares issued 582,142

Deficit Accumulated During the Development Stage

Net loss (3,021,858)

Net loss (530) (5,938,297) (3,433,400) (1,485,331) (510,193)

Share exchange with CellceutixPharma, Inc. December 6, 2007 100

Share exchange in reverse merger with CellceutixPharma, Inc. December 6, 2007 (8,200)

Shares exchanged in a reverse acquisition of CellceutixPharma, December 6, 2007 (979)

Ending Balance (530) (14,398,688) (14,398,688) (11,376,830) (5,438,533) (2,005,133) (519,802) (14,398,688)

Treasury Stock

Repurchase of common stock in connection with settlement (in shares) 4,602,313

Repurchase of common stock in connection with settlement (859,388)

Cancellation of treasury stock (in shares) 460,229

Cancellation of treasury stock 100,000

Cancellation of treasury stock (in shares) (460,229)

Ending Balance (in shares) 4,142,084 4,142,084 4,142,084 4,142,084

Ending Balance $ (759,388) $ (759,388) $ (759,388) $ (759,388)

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Going Concern
6 Months Ended

Dec. 31, 2011

Going Concern

3. Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. For the period since June 20, 2007 (date of inception) through December 31, 2011, the Company has had a cumulative net loss of $14,389,609 and a working capital deficit of $7,599,732 at December 31, 2011. As of December 31, 2011, the Company has not emerged from the development stage. In view of these matters, the ability of the Company to continue as a going concern is dependent upon the Company’s ability to generate additional financing. Since inception, the Company has financed its activities principally from the use of equity securities, debt issuance and loans from an officer to pay for its operations. The Company intends on financing its future development activities and its working capital needs largely from the issuance of debt and the sale of equity securities, until such time that funds provided by operations are sufficient to fund working capital requirements. There can be no assurance that the Company will be successful at achieving its financing goals at reasonably commercial terms, if at all.

The economic downturn and market instability has made the business climate more volatile and more costly. If the current equity and credit markets deteriorate further or do not improve, it may make necessary debt or equity financing more difficult, more costly and more dilutive. Failure to secure any necessary financing in a timely manner and on favorable terms could have a material adverse effect on the Company’s growth strategy, financial performance and stock price and could require the delay of new product development and clinical trial plans. Currently, the Company has not made any additional arrangements for equity or any other type of financing.

These factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of liabilities that may be necessary should the Company be unable to continue as a going concern.

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Statement of Changes in Stockholders' Deficit (Parenthetical) (USD $)	0 Months Ended	12 Months Ended					6 Months Ended	12 Months Ended			6 Months Ended	12 Months Ended						6 Months Ended		12 Months Ended
	Jun. 30, 2007	Jun. 30, 2009 Services	Jun. 30, 2008 Services	Jun. 30, 2008 Share exchange with CellceutixPharma, Inc.	Jun. 30, 2008 Share exchange in reverse merger with CellceutixPharma, Inc.	Jun. 30, 2008 Shares exchanged in a reverse acquisition of CellceutixPharma	Dec. 31, 2011 Issuance During Period 1st Services	Jun. 30, 2011 Issuance During Period 1st Services	Jun. 30, 2010 Issuance During Period 1st Services	Jun. 30, 2009 Issuance During Period 1st Services	Dec. 31, 2011 Issuance During Period 2nd Services	Jun. 30, 2011 Issuance During Period 2nd Services	Jun. 30, 2010 Issuance During Period 2nd Services	Jun. 30, 2009 Issuance During Period 2nd Services	Jun. 30, 2011 Issuance During Period 3rd Services	Jun. 30, 2010 Issuance During Period 3rd Services	Dec. 31, 2011 Issuance During Period 3rd Subscription agreements	Dec. 31, 2011 Issuance During Period 3rd Minimum Subscription agreements	Dec. 31, 2011 Issuance During Period 3rd Maximum Subscription agreements	Jun. 30, 2011 Issuance During Period 4th Services
Shares issued, price per share			$ 1.05				$ 0.38	$ 0.55	$ 0.43	$ 0.38	$ 0.41	$ 0.32	$ 0.30	$ 0.38	$ 0.20	$ 0.45	$ 0.40			$ 0.81
Shares issuance, date	Jun. 20, 2007		Apr. 28, 2008				Aug. 29, 2011	Jul. 06, 2010	Jul. 06, 2009	Jun. 11, 2009	Nov. 08, 2011	Mar. 01, 2011	Feb. 05, 2010	Jun. 30, 2009	Feb. 08, 2011	Jun. 01, 2010				May 26, 2011
Share exchange, date				Dec. 06, 2007	Dec. 06, 2007	Dec. 06, 2007
Cancellation of shares issued, date		Dec. 31, 2008
Shares issued, date																		2011-11	2011-12

Statements of Cash Flows (USD $)	6 Months Ended		54 Months Ended
Statements of Cash Flows (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,021,858)	$ (2,370,794)	$ (14,389,609)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	1,269,630	1,416,358	5,254,815
Cancellation of stock for services		(11,250)	(28,750)
Amortization of accrued settlement costs	34,173		59,802
Loss on financial instruments	909,892		909,892
Changes in operating assets and liabilities:
Other receivable	204,144	(221,794)
Prepaid expenses	(1,010)	5,558	8,160
Accounts payable	(101,665)	147,802	2,037,912
Accrued expenses	116,313	81,961	456,734
Accrued salaries and payroll taxes	366,340	493,395	3,329,927
Net cash (used in) operating activities	(224,041)	(458,764)	(2,361,117)
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contribution from a stockholder			50
Sale of common stock			100
Loan from officer	20,000	570,370	1,925,587
Payment of settlement liabilities			(100,000)
Proceeds from subscription	1,000,000		1,000,000
Proceeds from convertible debentures			400,000
Net cash provided by financing activities	1,020,000	570,370	3,225,737
NET INCREASE IN CASH	795,959	111,606	864,620
CASH, BEGINNING OF PERIOD	68,661	3,994
CASH, END OF PERIOD	864,620	115,600	864,620
SUPPLEMENTAL DISCLOSURE OF NON-CASH FLOW FINANCING ACTIVITIES:
Common stock issued for acquisition			9,079
Forgiveness of debt			50
Cancellation of common stock for services		(33,750)	(138,750)
Settlement of accrued payroll and payroll taxes		932,966	932,966
Treasury stock as a result of settlement agreement		859,388	859,388
Reclassification of accrued interest to convertible debenture			197,964
Debt converted to common stock	$ 353,635		$ 353,635

Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2011	Jun. 30, 2011
Accounts payable, related party payables	$ 1,700,506	$ 1,789,818
Accrued expenses, related party interest and rent accruals	$ 224,497	$ 119,598
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury Stock, shares	4,142,084	4,142,084
Class A common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	95,152,923	91,720,646
Common stock, shares outstanding	91,010,839	87,578,562
Class B common stock
Common stock, votes per share	10	10
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

Document and Entity Information	6 Months Ended
Document and Entity Information	Dec. 31, 2011	Feb. 10, 2012
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Trading Symbol	CTIX
Entity Registrant Name	CELLCEUTIX CORP
Entity Central Index Key	0001355250
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		95,352,923

Statements of Operations (USD $)	3 Months Ended		6 Months Ended		54 Months Ended
Statements of Operations (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011
Revenues:
Operating Expenses:
Research and development, gross	106,964	299,991	209,866	746,038	4,469,929
Grants		(529,294)		(529,294)	(529,294)
Research and development, net of grants	106,964	(229,303)	209,866	216,744	3,940,635
General and administrative	12,230	26,162	19,069	52,310	348,053
Officers' payroll and payroll tax	646,582	1,215,895	1,298,904	1,617,041	6,479,552
Patent expense	81,720	29,389	81,720	29,389	151,403
Professional fees	225,230	249,463	357,321	368,749	2,089,374
Total operating expenses	1,072,726	1,291,606	1,966,880	2,284,233	13,009,017
Loss from operations	(1,072,726)	(1,291,606)	(1,966,880)	(2,284,233)	(13,009,017)
Other income (expense):
Interest expense-net	(77,787)	(46,074)	(145,086)	(86,561)	(470,700)
Loss on financial instruments	(909,892)		(909,892)		(909,892)
Total other expenses	(987,679)	(46,074)	(1,054,978)	(86,561)	(1,380,592)
Net loss before provision for income taxes	(2,060,405)	(1,337,680)	(3,021,858)	(2,370,794)	(14,389,609)
Provision for income taxes
Net loss	$ (2,060,405)	$ (1,337,680)	$ (3,021,858)	$ (2,370,794)	$ (14,389,609)
Basic and Diluted Loss	$ (0.02)	$ (0.01)	$ (0.03)	$ (0.03)
Weighted average number of common shares used in basic and diluted per share calculations	94,076,076	91,914,500	92,996,474	91,938,141

Statement of Changes in Stockholders' Deficit (USD $)	0 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended				54 Months Ended
Statement of Changes in Stockholders' Deficit (USD $)	Jun. 30, 2007	Dec. 31, 2011	Dec. 31, 2011	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2009	Jun. 30, 2008	Dec. 31, 2011
Net loss			$ (3,021,859)
Shares issued	100
Net loss	(530)	(2,060,405)	(3,021,858)	(5,938,297)	(3,433,400)	(1,485,331)	(510,193)	(14,389,609)
Cancellation of shares issued				(33,750)
Issuance of stock options			1,157,194	3,060,691	383,291	142,162	43,533
Forgiveness of debt from a stockholder							50
Modification of stock options				237,098
Capital contribution from a stockholder							50
Forgiveness of liability in connection with settlement with stockholder				932,966
Convertible Debentures converted to common stock			353,635
Repurchase of common stock in connection with settlement				(859,388)
Ending Balance	(430)	(8,127,465)	(8,127,465)	(7,288,078)	(4,797,618)	(1,793,059)	(361,990)	(8,127,465)
Services
Shares issued							105,000
Cancellation of shares issued						(105,000)
Services \| Issuance During Period 1st
Shares issued			38,000	27,500	10,750	7,600
Services \| Issuance During Period 2nd
Shares issued			51,250	59,000	1,050	9,500
Services \| Issuance During Period 3rd
Shares issued				14,000	33,750
Services \| Issuance During Period 4th
Shares issued				9,720
Subscription agreements \| Issuance During Period 3rd
Shares issued			582,392
Common Stock
Shares issued (in shares)	1,000,000
Shares issued	100
Share exchange with CellceutixPharma, Inc. December 6, 2007 (in shares)							(1,000,000)
Cancellation of shares issued (in shares)				(75,000)
Share exchange with CellceutixPharma, Inc. December 6, 2007							(100)
Cancellation of shares issued				(8)
Share exchange in reverse merger with CellceutixPharma, Inc. December 6, 2007 (in shares)							82,000,000
Share exchange in reverse merger with CellceutixPharma, Inc. December 6, 2007							8,200
Shares exchanged in a reverse acquisition of CellceutixPharma, December 6, 2007 (in shares)							9,791,000
Shares exchanged in a reverse acquisition of CellceutixPharma, December 6, 2007							979
Convertible Debentures converted to common stock (in shares)			707,277
Convertible Debentures converted to common stock			71
Cancellation of treasury stock (in shares)				(460,229)
Cancellation of treasury stock				(45)
Cancellation of treasury stock (in shares)				460,229
Ending Balance (in shares)	1,000,000	95,152,923	95,152,923	91,720,646	91,939,500	91,836,000	91,891,000	95,152,923
Ending Balance	100	9,516	9,516	9,172	9,194	9,184	9,189	9,516
Common Stock \| Services
Shares issued (in shares)							100,000
Shares issued							10
Cancellation of shares issued (in shares)						(100,000)
Cancellation of shares issued						(10)
Common Stock \| Services \| Issuance During Period 1st
Shares issued (in shares)			100,000	50,000	25,000	20,000
Shares issued			10	5	2	2
Common Stock \| Services \| Issuance During Period 2nd
Shares issued (in shares)			125,000	184,375	3,500	25,000
Shares issued			13	18		3
Common Stock \| Services \| Issuance During Period 3rd
Shares issued (in shares)				70,000	75,000
Shares issued				7	8
Common Stock \| Services \| Issuance During Period 4th
Shares issued (in shares)				12,000
Shares issued				1
Common Stock \| Subscription agreements \| Issuance During Period 3rd
Shares issued (in shares)			2,500,000
Shares issued			250
Additional Paid-in Capital
Cancellation of shares issued				(33,742)
Issuance of stock options			1,157,194	3,060,691	383,291	142,162	43,533
Forgiveness of debt from a stockholder							50
Modification of stock options				237,098
Capital contribution from a stockholder							50
Forgiveness of liability in connection with settlement with stockholder				932,966
Convertible Debentures converted to common stock			353,564
Cancellation of treasury stock				(99,955)
Ending Balance		7,021,095	7,021,095	4,838,968	631,721	202,890	148,623	7,021,095
Additional Paid-in Capital \| Services
Shares issued							104,990
Cancellation of shares issued						(104,990)
Additional Paid-in Capital \| Services \| Issuance During Period 1st
Shares issued			37,990	27,495	10,748	7,598
Additional Paid-in Capital \| Services \| Issuance During Period 2nd
Shares issued			51,237	58,982	1,050	9,497
Additional Paid-in Capital \| Services \| Issuance During Period 3rd
Shares issued				13,993	33,742
Additional Paid-in Capital \| Services \| Issuance During Period 4th
Shares issued				9,719
Additional Paid-in Capital \| Subscription agreements \| Issuance During Period 3rd
Shares issued			582,142
Deficit Accumulated During the Development Stage
Net loss			(3,021,858)
Net loss	(530)			(5,938,297)	(3,433,400)	(1,485,331)	(510,193)
Share exchange with CellceutixPharma, Inc. December 6, 2007							100
Share exchange in reverse merger with CellceutixPharma, Inc. December 6, 2007							(8,200)
Shares exchanged in a reverse acquisition of CellceutixPharma, December 6, 2007							(979)
Ending Balance	(530)	(14,398,688)	(14,398,688)	(11,376,830)	(5,438,533)	(2,005,133)	(519,802)	(14,398,688)
Treasury Stock
Repurchase of common stock in connection with settlement (in shares)				4,602,313
Repurchase of common stock in connection with settlement				(859,388)
Cancellation of treasury stock (in shares)				460,229
Cancellation of treasury stock				100,000
Cancellation of treasury stock (in shares)				(460,229)
Ending Balance (in shares)		4,142,084	4,142,084	4,142,084				4,142,084
Ending Balance		$ (759,388)	$ (759,388)	$ (759,388)				$ (759,388)