0001213900-18-001473.txt : 20180209 0001213900-18-001473.hdr.sgml : 20180209 20180208213315 ACCESSION NUMBER: 0001213900-18-001473 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 66 CONFORMED PERIOD OF REPORT: 20171231 FILED AS OF DATE: 20180209 DATE AS OF CHANGE: 20180208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DanDrit Biotech USA, Inc. CENTRAL INDEX KEY: 0001527728 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 452259340 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54478 FILM NUMBER: 18587439 BUSINESS ADDRESS: STREET 1: STUMPEDYSSEVEJ 17, 2970 CITY: H?RSHOLM STATE: G7 ZIP: 0 BUSINESS PHONE: 45 39179840 MAIL ADDRESS: STREET 1: STUMPEDYSSEVEJ 17, 2970 CITY: H?RSHOLM STATE: G7 ZIP: 0 FORMER COMPANY: FORMER CONFORMED NAME: Putnam Hills Corp. DATE OF NAME CHANGE: 20110810 10-Q 1 f10q1217_dandritbiotech.htm QUARTERLY REPORT

 

 

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended December 31, 2017

 

OR

 

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

 

For the transition period from ________ to ________

 

Commission file number 000-54478

 

DanDrit Biotech USA, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   45-2259340
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification Number)

 

DanDrit Biotech USA, Inc.

Stumpedyssevej 17, 2970

Hørsholm, Denmark

+1(510)203-4857

(Name, address, including zip code, and telephone number, including area code, of agent for service)

 

DanDrit Biotech USA, Inc.

Fruebjergvej 3

2100 Copenhagen, Denmark

+45 30127206 

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐.

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate 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 file. 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 ☒
  (Do not check if a smaller reporting company) Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No ☒

 

As of February 7, 2018, the number of shares of the registrant’s common stock outstanding was 13,910,894.

  

 

 

 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

- INDEX -

 

    Page
PART I – FINANCIAL INFORMATION:  
     
Item 1. Financial Statements (Unaudited): 1
     
  Consolidated Balance Sheets as of December 31, 2017 (Unaudited) and June 30, 2017 2
     
  Consolidated Statement of Operations (Unaudited) for the Three and Six Months Ended December 31, 2017 and 2016 3
     
  Consolidated Statement of Comprehensive Loss (Unaudited) for the Three and Six Months Ended December 31, 2017 and 2016 4
     
  Consolidated Statement of Cash Flows (Unaudited) for the Six Months Ended December 31, 2017 and 2016 5
     
  Notes to the Financial Statements 6
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 19
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 26
     
Item 4. Controls and Procedures 26
     
PART II – OTHER INFORMATION:  
     
Item 1. Legal Proceedings 27
     
Item 1A. Risk Factors 27
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27
     
Item 3. Defaults Upon Senior Securities 27
     
Item 4. Mine Safety Disclosures 27
     
Item 5. Other Information 27
     
Item 6. Exhibits 28
     
Signatures 29 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

 

Item 1. Financial Statements.

 

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

 

In the opinion of management, the financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

 

The results for the period ended December 31, 2017 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the financial statements and footnotes thereto included in the Company’s Form 10-K for the fiscal year ended June 30, 2017 as amended and filed with the Securities and Exchange Commission on November 20, 2017.

 

 1 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   December 31,   June 30, 
   2017   2017 
   (Unaudited)     
ASSETS        
CURRENT ASSETS:        
Cash  $2,306,129   $3,941,712 
Cash held in escrow   4,811,766    - 
Other Receivables   104,500    223,777 
Prepaid Expenses   15,385    33,391 
           
Total Current Assets   7,237,780    4,198,880 
           
PROPERTY AND EQUIPMENT, Net accumulated Depreciation   -    - 
           
OTHER ASSETS          
Definite life intangible assets   122,794    124,393 
Deposits   8,719    2,739 
Deferred Stock Offering Cost   10,874    - 
Loan Receivable   446,939    196,140 
Total Other Assets   589,326    323,272 
           
TOTAL ASSETS  $7,827,106   $4,522,152 
           
LIABILITIES AND STOCKHOLDER'S EQUITY          
           
CURRENT LIABILITIES:          
Advances to purchase common shares  $4,811,766   $1,600,354 
Notes Payable - Related Party, current portion   89,000    87,817 
Accounts Payable-trade   698,816    434,973 
Accounts Payable - Related Party   235,000    235,000 
Convertible notes payable – related party, (net of discounts of  $0 and $11,997 respectively)   120,300    401,673 
Accrued Expenses   19,551    229,601 
Total Current Liabilities   5,974,433    2,989,418 
           
Total Liabilities   5,974,433    2,989,418 
           
STOCKHOLDER’S EQUITY:          
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding   -    - 
Common stock, par value $0.0001, 100,000,000 shares authorized, 13,910,894, and 12,433,290 issued and outstanding at December 31, 2017 and June 30, 2017, respectively   1,391    1,243 
Additional paid-in capital   31,629,270    29,622,183 
Accumulated Deficit   (29,746,238)   (28,443,524)
Other comprehensive income, net   (31,750)   352,832 
Total Stockholder’s Equity   1,852,673    1,532,734 
           
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY  $7,827,106    4,522,152 

 

 See accompanying notes to the unaudited condensed consolidated financial statements.

 

 2 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

 

   For the Three Months Ended   For the Six Months Ended 
   December 31,   December 31, 
   2017   2016   2017   2016 
                 
Revenues  $-   $-   $-   $- 
                     
Cost of Goods Sold   -    -    -    - 
                     
Gross profit (Loss)   -    -    -    - 
                     
Operating Expenses                    
General and Administrative Expenses   668,231    348,597    956,947    553,548 
Non-cash compensation expenses   -    -    112,837    626,487 
Research and Development Expenses   219,969    13,787    373,621    30,891 
Depreciation and Amortization   3,954    3,622    7,900    7,371 
Consulting Expenses   388,888    182,779    456,098    182,779 
Total Operating Expense   1,281,042    548,785    1,907,403    1,401,076 
                     
(LOSS) FROM OPERATIONS   (1,281,042)   (548,785)   (1,907,403)   (1,401,076)
                     
Other Income (Expense)                    
Interest (expense)   -    (2,196)   (62)   (3,213)
Interest (expense) – Related Party   (12,289)   (3,737)   (13,181)   (7,201)
Income (Loss) on Currency Transactions   209,023    (376,701)   596,432    (353,617)
Interest and Other Income   6,328    -    14,928    - 
Total Other Income (Expense)   202,762    (382,634)   598,117    (364,031)
                     
(Loss) Before Income Taxes   (1,078,280)   (931,419)   (1,309,286)   (1,765,107)
                     
Income Tax Expense (Benefit)   (1,934)   (12,815)   (6,572)   (53,322)
                     
NET (LOSS)  $(1,076,346)  $(918,604)  $(1,302,714)  $(1,711,785)
                     
BASIC AND DILUTED LOSS PER SHARE  $(0.078)  $(0.10)  $(0.103)  $(0.18)
                     
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED   13,847,118    9,533,290    12,711,029    9,533,290 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

 3 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

CONDENSED STATEMENT OF OTHER COMPREHENSIVE LOSS

 

   (Unaudited)   (Unaudited) 
   For the Three Months   For the Six Months 
   Ended December 31,   Ended December 31, 
   2017   2016   2017   2016 
                 
Net Loss  $(1,076,346)  $(918,604)  $(1,302,714)  $(1,711,785)
Currency Translation, Net of Taxes   (129,993)   404,211    (384,582)   378,623 
                     
Other Comprehensive Loss  $(1,206,339)  $(514,393)  $(1,687,296)  $(1,333,162)

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

 4 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 

   For the Six Months
Ended
December 31,		 
   2017   2016 
   (Unaudited) 
         
NET (LOSS)  $(1,302,714)  $(1,711,785)
           
ADJUSTMENT TO RECONCILE NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES:          
Depreciation and Amortization   7,900    7,371 
Non-cash compensation   112,837    626,487 
Accrued Interest on Notes Payable - Related Party   1,183    1,184 
Accrued Interest on Notes Receivable   (10,874)   - 
Accretion of discount on notes payable   11,997    8,706 
CHANGES IN ASSETS AND LIABILITIES:          
(Increase) Decrease in Other Receivables   119,277    540,588 
(Increase) Decrease in Prepaid Expenses/Deposits   12,026    4,657 
Increase (Decrease) in Accounts Payable   263,843    (176,012)
Increase (Decrease) in Accounts Payable – Related Party   -    30,590 
Increase (Decrease) in Accrued Expenses   (210,050)   17,375 
Total Adjustments   308,139    1,060,946 
           
NET CASH USED IN OPERATING ACTIVITIES   (994,575)   (650,839)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Net (Increase) in Cash Held in Escrow   (4,811,766)   - 
Net (Increase) in Note Receivables   (250,799)   - 
           
NET CASH USED BY INVESTING ACTIVITIES   (5,062,565)   - 
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Payments on Notes Payable – Related Party   -    120,300 
Net Proceeds from Advance to Purchase Common Shares   3,211,411      
Proceeds from Notes Payables – Related Party   -    240,600 
 Proceeds from Stock Issuances   1,601,029    - 
NET CASH PROVIDED BY (USED BY) FINANCING ACTIVITIES   4,812,440    360,900 
           
Gain (Loss) on Currency Translation   (390,883)   384,176 
           
NET INCREASE (DECREASE) IN CASH   (1,635,583)   94,237 
           
CASH, BEGINNING OF PERIOD   3,941,712    23,368 
           
CASH, END OF PERIOD  $2,306,129   $117,605 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION          
Cash paid during the periods for:          
Interest  $-   $- 
Income Taxes  $-   $- 
           
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES          
Imputed interest on Non-interest bearing Convertible Notes Payable  $-   $14,401 
Beneficial Conversion Feature of Convertible Notes Payable   -    17,294 
Amortization of discount on Convertible Notes Payable   11,997    8,706 
Compensation for the issuance of stock options to the CEO and the Board   112,837    626,487 
Convertible notes payable converted to 183,356 common shares   293,370    - 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

 5 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The accompanying financial statements are unaudited. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at December 31, 2017 and 2016 and for the periods then ended have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s June 30, 2017 audited financial statements. The results of operations for the periods ended December 31, 2017 and December 31, 2016 are not necessarily indicative of the operating results for the full year.

 

Business and Basis of Presentation - DanDrit Biotech USA, Inc. (“DanDrit USA”, the “Company”, “we”, “us”, or “Parent”) was originally incorporated in the State of Delaware on January 18, 2011 as a vehicle to pursue a business combination through the acquisition of, or merger with, an operating business.

 

DanDrit BioTech A/S, a Danish corporation was incorporated on April 1, 2001 (“DanDrit Denmark”) and is a 100% owned subsidiary of the Company (subject to 123,464 common shares of DanDrit Denmark or 3.08% of outstanding shares to be acquired with the 185,053 common shares of the DanDrit Biotech USA held in escrow according to Danish law). The Company engages in the research and development, manufacturing and clinical trials of pharmaceutical and biological products for the human treatment of cancer.

 

Year End - In June 2015, DanDrit’s board of directors approved a change to DanDrit’s fiscal year end from December 31 to June 30. 

 

Share Exchange / Reverse Acquisition — On February 12, 2014, pursuant to the Share Exchange Agreement (the "Share Exchange Agreement"), the Company completed the acquisition of 100% (subject to 123,464 common shares of DanDrit Denmark or 3.08% of outstanding shares to be acquired with the 185,053 common shares of the Company held in escrow according to Danish law) of the issued and outstanding capital stock of DanDrit Denmark (the “Share Exchange”) and as a result became DanDrit Denmark’s parent company. Prior to the Share Exchange there were 5,000,000 shares of the common stock, par value $.0001 per share (the “Common Stock”) of the Company outstanding. The Company and an existing shareholder agreed to cancel 4,400,000 shares of Common Stock and issued 1,440,000 shares of Common Stock for legal and consulting services related to the Share Exchange and a future public offering. At the time of the Share Exchange each outstanding share of common stock of DanDrit Denmark was exchanged for 1.498842 shares of Common Stock, for a total of 6,000,000 shares of Common Stock, resulting in 8,040,000 shares of Common Stock outstanding immediately following the Share Exchange, including 185,053 shares of Common Stock reserved for issuance in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark to the DanDrit Denmark shareholders who have not consented to the Share Exchange (the “Non-Consenting Shareholders”), and deemed issued and outstanding for accounting purposes.

 

Consolidation — For the three and six months ended December 31, 2017 and 2016, the consolidated financial statements include the accounts and operations of DanDrit Denmark, and the accounts and operations of DanDrit USA. All material inter-company transactions and accounts have been eliminated in the consolidation.

 

 6 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Consolidation - For the years ended June 30, 2017 and 2016, the consolidated financial statements include the accounts and operations of the DanDrit Denmark, and the accounts and operations of DanDrit USA. All material inter-company transactions and accounts have been eliminated in the consolidation.

 

Functional Currency / Foreign currency translation — The functional currency of DanDrit USA is the U.S. Dollar. The functional currency of DanDrit Denmark is the Danish Kroner (“DKK”). The Company’s reporting currency is the U.S. Dollar for the purpose of these financial statements. The Company’s balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the periods ended December 31, 2017 and 2016. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred.

 

Cash and Cash Equivalents — The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The Company had balances held in financial institutions in Denmark and in the United States in excess of federally insured amounts at December 31, 2017 and 2016 of $6,617,895 and $0, respectively. As of December 31, 2017, the Company had 4,811,766 in cash held in escrow in connection with an advance to purchase Common Shares.

 

Property and Equipment — Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from four to nine years (See Note 3).

 

Intangible Assets — Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, “Goodwill and Other Intangible Assets” and amortized the patents on a straight line basis over the estimated useful life of twenty years. Costs incurred in relation to patent applications are capitalized cost and amortized over the estimated useful life of the patent. If it is determined that a patent will not be issued, the related remaining patent application costs are charged to expense.

 

Impairment of Long-Lived Assets — Long-lived assets, such as property, plant, and equipment and patents are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life.

 

Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The depreciable basis of assets that are impaired and continue in use is their respective fair values.

 

Revenue Recognition and Sales —The sale of the Company’s product is limited to compassionate use within approved countries. The Company accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB 101), and FASB ASC 605 Revenue Recognition. The Company recognizes revenue when rights and risk of ownership have passed to the customer, when there is persuasive evidence of an arrangement, product has been shipped or delivered to the customer, the price and terms are finalized, and collections of resulting receivable is reasonably assured. Products are primarily shipped FOB shipping point at which time title passes to the customer.

 

Value Added Tax — In Denmark, Value Added Tax (“VAT”) of 25% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities. VAT of 25% is also paid to Danish and EU vendors on invoices these amounts are refundable from the respective governmental authority and recorded as other receivables in the accompanying financial statements.

 

Research and Development Expenses — The Company expenses research and development costs incurred in formulating, improving, validating and creating alternative or modified processes related to and expanding the use of our MAGE –A dendrite cell cancer therapy. Research and development expenses were included in operating expenses for the six months ended December 31, 2017 and 2016, totaled $373,621 and $30,891, respectively.

 

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DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Income Taxes — The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This statement requires an asset and liability approach for accounting for income taxes.

 

Loss Per Share — The Company calculates earnings/(loss) per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings per common share (EPS) are based on the weighted average number of common shares outstanding during each period. Diluted earnings per common share are based on shares outstanding (computed as under basic EPS) and potentially dilutive common shares. Potential common shares included in the diluted earnings per share calculation include in-the-money stock options that have been granted but have not been exercised. Because of the net loss for the six months ended December 31, 2017 and December 31, 2016, the dilutive shares for both periods were excluded from the Diluted EPS calculation as the effect of these potential common shares is anti-dilutive.

  

Fair Value of Financial Instruments — The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820, “Fair Value Measurements”. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

 

  ● Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;

 

  ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

  ● Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities.

 

Stock Options and Warrants - The Company has granted stock options to certain employees, officers and directors that were subsequently converted to warrants (See Note 10). During the years presented in the accompanying consolidated financial statements, the Company has granted stock options and warrants. The Company accounts for options and warrants in accordance with the provisions of FASB ASC Topic 718, Compensation – Stock Compensation. Non-cash compensation costs of $112,837 and $626,487 have been recognized for the vesting of options and warrants granted to employees and consultants with an associated recognized tax benefit of $0 and $0 for the years ended June 30, 2017 and 2016, respectively.

 

Stock-Based Compensation - The Company accounts for employee stock-based compensation in accordance with the guidance of Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 718, Compensation—Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.

 

The Company follows ASC Topic 505 - 50, formerly EITF 96-18, “Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services,” for stock options and warrants issued to consultants and other non-employees.  In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered.

 

Accounting Estimates — The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated.

 

 Reclassification — The financial statements as of June 30, 2017 to conform with the headings used a December 31, 2017 and included breaking out $1,600,354 in cash held in escrow in connection with an advance to purchase of common shares from Notes Payable – Related Party to Advances for the Purchase of common shares. On July 12, 2017, the Company completed the private placement offering of 1,231,561 Units for total proceeds to the Company of $1,601,029.

 

 8 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Recently Issued Accounting Standards:

 

In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard is effective on January 1, 2019, however early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance.

 

Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company's present or future financial statements.

 

NOTE 2 — PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following at December 31, 2017 and June 30, 2017:

 

   Useful Life  December 31,
2017		   June 30,
2017		 
Lab equipment and instruments  4-7  $177,397   $168,627 
Computer equipment  4-7   60,758    57,754 
       238,155    226,381 
Less Accumulated Depreciation      (238,155)   (226,381)
Net Property and Equipment     $-   $- 

 

Depreciation expense amounted to $0 and $0 for the six month period ended December 31, 2017 and 2016, respectively.

 

NOTE 3 — DEFINITE-LIFE INTANGIBLE ASSETS

 

At December 31, 2017 and June 30, 2017, definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products and processes of $122,794 and $124,393, respectively. The patents are recorded at cost and amortized over twenty years from the date of application. Amortization expense for the six months ended December 31, 2017 and 2016 was $7,900 and $7,371, respectively. Expected future amortization expense for the years ended are as follows:

 

Year ending June 30,    
2018   15,800 
2019   15,800 
2020   15,800 
2021   15,800 
2022   15,800 
Thereafter   43,794 
      
   $122,794 

  

 9 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 4 — NOTE RECEIVABLE

 

On July 14, 2017, the Company agreed to loan to Enochian Biopharma, Inc., a Delaware corporation (“Enochian”) for up to $500,000 in exchange for a promissory note executed by the Company (the “Enochian Note”). The Enochian Note matures on July 13, 2020, bears interest of 5% per annum and can be repaid early without penalty. The Company may accelerate payment under the Enochian Note upon certain events of default provided therein, whereby all amounts owed will become immediately due and payable. The loan is a long-term debt obligation as defined in Item 303(a)(5)(ii)(A) of Regulation S-K that is material to the Company. As of December 31, 2017, the Company has loaned $446,939 under the Enochian Note with up to an additional $53,061 available to be lent. The Enochian Note shall be assumed, cancelled or forgiven upon the completion of the Merger with Enochian (See Note 11).

 

The following represents the future maturities of long-term receivables as of December 31, 2017:

 

Year ending December 31,    
2018   - 
2019   - 
2020   446,939 
2021   - 
2022   - 
Thereafter   - 
   $446,939 

 

NOTE 5 — NOTES PAYABLE – RELATED PARTY

 

Notes payable to related parties consists of the following as of December 31, 2017 and June 30, 2017:

 

   December 31,
2017		   June 30,
2017		 
Non-Interest Bearing Loan Payable Sunrise Financial Group Inc.  $38,235   $38,235 
6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC   50,765    49,581 
Total Notes Payable – Related Party   89,000    87,816 
Less Current Maturities   (89,000)   (87,816)
Note Payables – Related Party Long Term  $-   $- 

 

As of December 31, 2017, the outstanding balance of $38,235 for professional fees paid by a shareholder and amounts advanced to the Company are reported as notes payable - related party. The $38,235 in notes payable were acquired in the reverse acquisition. The amounts are unsecured, non-interest bearing and have no stipulated repayment terms.

 

A 6% promissory note payable to NLBDIT 2010 Enterprises, LLC, an entity controlled by a shareholder of the Company, was acquired by the Company in the reverse acquisition, payable on February 12, 2014 upon the completion date of the Share Exchange.  As of December 31, 2017, and 2016, the outstanding balance on such note, including accrued interest, was $50,765 and $48,417, respectively. During the three and six months ended December 31, 2017, the Company recorded related party interest on the note of $592 and $1,184, respectively and during the three and six months ended December 31, 2016, the Company recorded related party interest on the note of $592 and $1,184, respectively.

 

 10 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 6 — CONVERTIBLE NOTES PAYABLE – RELATED PARTY

 

Convertible notes payable to related parties consisted of the following as of December 31, 2017 and June 30, 2017:

 

   December 31,
2017		   June 30,
2017		 
Non-Interest Bearing Notes Payable to a Shareholder  $120,300   $120,300 
Non-Interest Bearing Notes Payable to a Former Director and Shareholder   -    240,600 
Non-Interest Bearing Notes Payable to a Former Director and Shareholder   -    52,770 
Less Discount   -    (11,997)
Total Convertible Notes Payable – Related Party   120,300   $401,673 
Less Current Maturities   (120,300)   (401,673)
Net Convertible Note Payables – Related Party Long Term  $-    - 

 

The following represents the future maturities of short-term debt as of December 31, 2017:

 

December 31, 2017    
2018   120,300 
2019   - 
2020   - 
2021   - 
2022   - 
Thereafter   - 
    120,300 

 

On July 1, 2016, the Company entered into a non-interest bearing convertible note for $60,150 with a shareholder of the Company (the “July 1 Note”). The July 1 Note had a maturity date of December 31, 2017 and was originally convertible into shares of Common Stock at $2.00 per share (see Note 11). The July 1 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017. As the Common Stock was trading at $2.50 on July 1, 2016, the Company bifurcated the intrinsic value of the beneficial conversion feature and recorded a discount of $15,038. As the July 1 Note is non-interest bearing, the Company imputed the interest at 3% and further recorded a discount of $2,639. The interest is being amortized to expense using the effective interest method through the December 31, 2017 maturity. For the six months ended December 31, 2017 and December 31, 2016, interest expense of $3,697 and $5,234 respectively, was recorded for the amortization of the discount. The Note was subsequently converted into 37,594 shares of the Company’s common stock on January 31, 2018.

 

On July 19, 2016, the Company entered into a non-interest bearing convertible note for $60,150 with a shareholder of the Company (the “July 19 Note”). The July 19 Note had a maturity date December 31, 2017 and was originally convertible into shares of Common Stock at $2.00 per share (see Note 11). The July 19 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017. As the July 19 Note is non-interest bearing, the Company imputed the interest at 3% and further recorded a discount of $2,555. The interest will be amortized to expense using the effective interest method through the December 31, 2017 maturity. For the six months ended December 31, 2017 and December 31, 2016, interest expense of $899and$783 respectively, was recorded for the amortization of the discount. The Note was subsequently converted into 37,594 shares of the Company’s common stock on January 31, 2018.

 

On August 24, 2016, the Company entered into a non-interest bearing convertible note for $90,225 with a shareholder of the Company (the “August 24 Note”). The August 24 Note was later acquired by an entity controlled by a then board member and shareholder of the Company. The August 24 Note had a maturity date of December 31, 2017 and was originally convertible into shares of Common Stock at $2.00 per share. The August 24 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017 (see Note 10). As the Common Stock was trading at $2.05 on August 24, 2016, the Company bifurcated the intrinsic value of the beneficial conversion feature and recorded a discount of $2,256. As the August 24 Note was non-interest bearing, the Company imputed the interest at 3% and further recorded a discount of $3,577. Interest is amortized to expense using the effective interest method through maturity. For six months ended December 31, 2017 and December 31, 2016, interest expense of $1,610 and $1,487, respectively, was recorded for the amortization of the discount. The August 24 Note was converted to 56,390 shares of the Company’s Common Stock on November 29, 2017.

 

 11 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 6 — CONVERTIBLE NOTES PAYABLE – RELATED PARTY (continued)

 

On September 21, 2016 the Company entered into a non-interest bearing convertible note for $150,375 with a shareholder of the Company (the “September 21 Note”). The September 21 Note was later acquired by an entity controlled by a then board member and shareholder of the Company. The September 21 Note had a maturity date of December 31, 2017 and was originally convertible into shares of Common Stock at $2.00 per share. The September 21 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017 (See Note 10). As the note was non-interest bearing the Company imputed the interest at 3% and further recorded a discount of $5,630. Interest is amortized to expense using the effective interest method through maturity. For the six months ended December 31, 2016, interest expense of $1,202 was recorded for the amortization of the discount. The September 21 Note was converted to 93,984 shares of the Company’s common stock on November 29, 2017.

 

On March 9, 2017, the Company entered into a non-interest-bearing convertible note for $52,770 with an entity controlled by shareholder and former board member of the Company (the “March 9 Note” and together with the September 21 Note, August 24 Note, July 19 Note and the July 1 Note, the “2016/2017 Notes”). The March 9 Note was originally convertible into shares of Common Stock at $2.00 per share, and had an original maturity date of June 30, 2017.The March 9 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017 (See Note 10). As the note is non-interest bearing the Company imputed the interest at 3% and further recorded a discount of $486. The interest will be amortized to expense using the effective interest method through the June 30, 2017 maturity. The March 9 Note was converted to 32,982 shares of the Company’s Common Stock on November 29, 2017.

 

NOTE 7 — LEASES

 

Operating Leases — The Company leased laboratory and production space under an operating lease agreement which terminated September 30, 2017. The lease called for monthly payments of DKK 6,300 (approximately $1,000 at September 30, 2017).

 

The Company had an agreement for use of virtual office space at a rate of $450 per month on a month-to-month basis, which was terminable by either party on one month’s notice. This lease was terminated November 30, 2017.

 

On November 13, 2017, the Company entered into a Lease Agreement for a term of five years and two months from November 1, 2017 (the “Term”) with Plaza Medical Office Building, LLC, a California Limited Liability Company (the “Landlord”), as landlord, pursuant to which the Company agreed to lease from the Landlord certain premises (the “Leased Premises”) located in Los Angeles.

 

The Leased Premises consist of approximately 2,325 rentable square feet. The base rent for the Leased Premises increases by 3% each year over the Term, and ranges from approximately $8,719 per month for the first year to $10,107 per month for the two months of the sixth year. The equalized monthly lease payment for the term of the lease is $8,124. The Company is entitled to $70,800 in tenant improvement allowance in the form of free rent applied over 10 months in equal installments beginning in January of 2018.

 

For the six months ended December 31, 2017 and December 31, 2016 the lease expense charged to operations was $1,450 and $1,395, respectively.

 

 12 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 8 — STOCKHOLDERS’ EQUITY

 

Common Stock — The Company has 100,000,000 authorized shares of Common Stock, par value $0.0001 per share. As of December 31, 2017 and June 30, 2017 there were 13,910,894 and 12,433,290 shares issued and outstanding, respectively.

 

Voting — Holders of Common Stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders, including the election of directors, and do not have any right to cumulate votes in the election of directors.

 

Dividends — Holders of Common Stock are entitled to receive ratably such dividends as our Board of Directors from time to time may declare out of funds legally available.

 

Liquidation Rights — In the event of any liquidation, dissolution or winding-up of affairs of the Company, after payment of all of our debts and liabilities, the holders of Common Stock will be entitled to share ratably in the distribution of any of our remaining assets.

 

 Common Stock Issuances — On May 15, 2017, the Company completed a private placement offering of units, with each unit consisting of one share of Common Stock and warrants to purchase two shares of Common Stock at a strike price of $1.30 per share (each, a “Unit”), for $1.30 per Unit. In total, the Company issued and sold 2,700,000 shares of Common Stock and warrants to acquire 5,400,000 shares of Common Stock for total proceeds to the Company of $3,510,000.

 

On June 9, 2017, the Company issued 200,000 shares of Common Stock valued at $240,000 in connection with a consulting agreement at $1.20 per share.  

 

On July 12, 2017, the Company completed a private placement offering of 1,231,561 Units for total proceeds to the Company of $1,601,029.

 

On August 30, 2017, the Company issued 62,687 shares of Common Stock to the CEO and recorded non-cash compensation expense of $112,837 with a cost basis of $1.80.

 

On November 29, 2017 pursuant to the exercise of certain Convertible promissory notes of $90,225, $150,375 and $52,770, the Company issued 183,356 shares of Common Stock with a cost-basis of $1.60 per share.

 

As of December 31, 2017, the Company had 4,811,766 in cash held in escrow in connection with an advance to purchase common shares.

 

Share Exchange Agreement / Reverse Acquisition — On February 12, 2014, in accordance with the terms and conditions of the Share Exchange Agreement we completed the acquisition of 100% (subject to 123,464 common shares of DanDrit Denmark or 3.08% of outstanding shares to be acquired with the 185,053 common shares of the DanDrit Biotech USA held in escrow according to Danish law) of the issued and outstanding capital stock of DanDrit Denmark (Share Exchange) and as a result became DanDrit Denmark’s parent company. In connection with the Share Exchange, each outstanding share of common stock of DanDrit Denmark was exchanged for 1.498842 shares of Common Stock for an aggregate of 6,000,000 shares, including 185,053 shares of Common Stock reserved for issuance, in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark, to the DanDrit Denmark shareholders who did not consent to the Share Exchange and deemed issued and outstanding for accounting purposes. In addition, in connection with the Share Exchange (1) the sole shareholder prior to the Share Exchange agreed to cancel 4,400,000 shares of outstanding Common Stock owned by it and (2) the board of directors and executive management of DanDrit Denmark was appointed to serve as the Board of Directors and executive management of DanDrit USA effective upon the resignation of the sole officer and director of DanDrit USA prior to the closing of the Share Exchange.

 

Stock Options / Grant Warrants — On September 15, 2016, the Board granted the right to acquire 300,000 shares of Common Stock at a strike price of $2.00 per share in what the Board originally described as "options" (the "Grants") to each of Eric Leire, APE Invest A/S for Aldo Petersen and N.E. Nielsen in consideration of their service to the Company, which vested upon grant, and expire December 31, 2019. In October of 2017, the Company issued warrants to APE Invest A/S and N.E. Nielsen, and in January 2018, the Company issued a warrant to Eric Leire (each a "Option/Grant Warrant" collectively the “Options/Grant Warrants”) to evidence the Grants for an aggregate of 900,000 Options/Grant Warrants.

 

 13 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 8 — STOCKHOLDERS’ EQUITY (Continued)

 

The Company recognizes compensation costs for the Options/Grant Warrants to employees based on their grant-date fair value. The value of each Option/Grant Warrant is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions used to estimate the fair values of the Options/Grant Warrants granted during 2016 using the Black-Scholes option-pricing model are as follows:

 

   DanDrit Biotech USA, Inc. 
Expected term (in years)   3.29 
Volatility   189.65%
Risk free interest rate   0.87%
Dividend yield   0%

 

The Company recognized stock based compensation expense related to the Options/Grant Warrants of $0 and $626,487 for the six months ended December 31, 2017 and December 31, 2016, respectively. At December 31, 2017 and December 31, 2016, the Company had approximately $0 of unrecognized compensation cost related to non-vested Options/Grant Warrants.

 

A summary of the status of the Options/Grant Warrants originally issued to an officer and two (now former) directors outstanding at December 31, 2017 is presented below: 

 

       Options/Grant Warrants Outstanding  

Options/Grant Warrants Exercisable
   Exercise Prices   Number Outstanding   Weighted Average Remaining Contractual Life (years)   Weighted Average Exercise Price   Number Exercisable   Weighted Average Exercise Price
   $2.00    900,000    2.0   $2.00    900,000   $2.00
Total        900,000    2.0   $2.00    900,000   $2.00

 

 14 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 8 — STOCKHOLDERS’ EQUITY (Continued)

 

A summary of the status of the Options/Grant Warrants at December 31, 2017, and changes during the period are presented below:

 

   December 31, 2017 
   Shares  

Weighted

Average

Exercise

Price

  

Average

Remaining

Life

  

Weighted

Average

Intrinsic

Value

 
                 
Outstanding at beginning of period   900,000   $2.00    2.0   $- 
Granted   -    -    -    - 
Exercised   -    -    -    - 
Forfeited   -    -    -    - 
Expired   -    -    -    - 
Outstanding at end of period   900,000   $2.00    2.0   $2.75 
Vested and expected to vest   900,000   $2.00    2.0   $2.75 
Exercisable end of period   900,000   $2.00    2.0   $2.75 

 

At December 31, 2017, all Options/Grant Warrants issued are exercisable. The total intrinsic value of Options/Grant Warrants at December 31, 2017 was $2,475,000. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at December 31, 2017 (for outstanding Options/Grant Warrants), less the applicable exercise price.  

 

 15 

 

 

ANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 8 — STOCKHOLDERS’ EQUITY (Continued)

 

Common Stock Purchase Warrants

 

A summary of the status of common shares which can be purchased underlying the warrants outstanding at December 31, 2017 is presented below:

 

    Equivalent Shares Underlying Warrants Outstanding   Equivalent Shares Exercisable 
Exercise
Prices		   Equivalent
Shares		  

Weighted

Average

Remaining

Contractual Life

(years)

  

Weighted

Average
Exercise

Price

  

Number

Exercisable

  

Weighted

Average
Exercise

Price

 
$1.30    5,500,000    4.3   $1.30    5,500,000   $1.30 
$1.30    2,463,122    4.0   $1.30    2,463,122   $1.30 
                            
 Total    7,963,122    4.2   $1.30    7,963,122   $1.30 

 

At December 31, 2017, the Company had 0 non-vested warrants. On April 21, 2017, the Company recorded non-cash compensation expense of $115,754 related to the 100,000 warrants issued for consulting services. The warrants were valued using the Black-Scholes option pricing model using the following assumptions 5 year expected term, 188% volatility, 1.77% risk free interest rate and 0% dividend yield.

 

The exercise price of certain warrants and the number of shares underlying the warrants are subject to adjustment for stock dividends, subdivisions of the outstanding shares of Common Stock and combinations of the outstanding shares of Common Stock. For so long as the warrants remain outstanding, we are required to keep reserved from our authorized and unissued shares of Common Stock a sufficient number of shares to provide for the issuance of the shares underlying the warrants.  

 

 16 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 9 — COMMITMENTS AND CONTINGENCIES

 

Shares held for Non-Consenting Shareholders – In connection with the Share Exchange agreement certain shareholders of Dandrit Denmark had not been identified or did not consent to the exchange of shares. In accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark, the Non-Consenting Shareholders that did not exchange the DanDrit Denmark equity interests owned by such Non-Consenting Shareholders for shares of the Company, will be entitled to receive up to 185,053 shares of common stock of the Company that each such Non-Consenting Shareholder would have been entitled to receive if such shareholder had consented to the Share Exchange. The 185,053 shares have been reflected as issued and outstanding in the accompanying financial statements.

 

Clinical Trial Agreements – The Company’s subsidiary, DanDrit Biotech A/S signed a contract of collaboration with the University Hospital IRCCS “San Martino” - IST – National Institute for Cancer Research, known as the San Martino Hospital of Genoa. The collaboration relates to a Phase III adjuvant study of DanDrit’s vaccine in patients with no evident disease (“NED”) stage IV colorectal cancer (“CRC”). The primary goal of the study is to evaluate the efficacy of DanDrit’s MelCancerVac® (“MCV”) in stage IV CRC patients rendered disease free after the completion of standard treatments in accordance with local practices.

 

On April 28, 2015 the Company entered into a service agreement with Fondazione GISCAD per la RicercasuiTumori to support Dandrit in a clinical trial to be conducted in Italy.

 

Patient Name Use Program Agreements - On December 16, 2013, DanDrit Denmark entered into an agreement with a Dutch company (the “MCV Partner”) regarding a Patient Name Use Program (PNU) for the Company’s MCV.  This program will allow DanDrit Denmark to sell MCV for a year of treatment (10 vaccines) to cancer patients through the MCV Partner.  The MCV Partner offers a worldwide online platform providing access to non-registered medicines for patients with life threatening diseases. The MCV Partner is a turnkey solution and will be in charge of regulatory, recruitment, logistics, and pharmaco vigilance.   The Company will pay the MCV Partner a royalty on a country to country basis for 20 years on MCV sales sold under the agreement. Either party may terminate the agreement with 180 day written notice.

 

On April 23, 2015, the Company entered into a collaboration agreement with Riyadh Pharma in Saudi Arabia to promote cooperation in the manufacturing and marketing of DanDrit's dendritic cell cancer vaccine.

 

Manufacturing Agreements - On January 28, 2014, the Company entered into an agreement with Cellin Technologies for the manufacture of the MCV Cancer vaccine.

 

On August 8, 2014, the Company entered into an agreement with Cellin Technologies for the manufacture of the Melanoma Cell Lysate.

 

Food and Drug Administration (FDA) - The FDA has extensive regulatory authority over biopharmaceutical products (drugs and biological products), manufacturing protocols and procedures and the facilities in which they will be manufactured. Any new bio product intended for use in humans is subject to rigorous testing requirements imposed by the FDA with respect to product efficacy and safety, possible toxicity and side effects. FDA approval for the use of new bio products (which can never be assured) requires several rounds of extensive preclinical testing and clinical investigations conducted by the sponsoring pharmaceutical company prior to sale and use of the product. At each stage, the approvals granted by the FDA include the manufacturing process utilized to produce the product. Accordingly, the Company’s cell systems used for the production of therapeutic or bio therapeutic products are subject to significant regulation by the FDA under the Federal Food, Drug and Cosmetic Act, as amended.

 

Product liability - The contract production services for therapeutic products offered exposes an inherent risk of liability as bio therapeutic substances manufactured, at the request and to the specifications of customers, could foreseeably cause adverse effects. The Company seeks to obtain agreements from contract production customers indemnifying and defending the Company from any potential liability arising from such risk. There can be no assurance, however, that the Company will be successful in obtaining such agreements in the future or that such indemnification agreements will adequately protect the Company against potential claims relating to such contract production services. The Company may also be exposed to potential product liability claims by users of its products. A successful partial or completely uninsured claim against the Company could have a material adverse effect on the Company’s operations.

 

Employment Agreements - The Company and its Subsidiary have employment agreements with officers of the Company.

 

Contingencies - The Company is from time to time involved in routine legal and administrative proceedings and claims of various types. While any proceedings or claim contains an element of uncertainty, management does not expect a material impact on our results of operations or financial position.

 

 17 

 

 

DANDRIT BIOTECH USA, INC. AND SUBSIDIARY

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 10 — RELATED PARTY TRANSACTIONS

  

Between July 1, 2016 and March 9, 2017, the Company entered into the 2016/2017 Notes with shareholders of the Company, one of whom is a former director of the Company (see Note 6). On October 31, 2017, the Company executed amendments to the 2016/2017 Notes and issued replacement notes to the current holders of such notes. The 2016/2017 Notes, as amended, were convertible into shares of Common Stock at $1.60 per share and mature on December 31, 2017. The holders of the 2016/2017 notes have converted such notes into 150,374 shares of Common Stock (See Note 6 and Note 11).   

 

On December 29, 2017 the Company entered into a consulting agreement (“RS Consulting Agreement”) with RS Group ApS, a company owned and controlled by 2 Company directors for consulting services from October 1, 2017 through March 31, 2018.In consideration for the consulting services, the Company will pay RS Group ApS $367,222. At December 31, 2017 the Company had a payable to RS Group ApS of $367,222.

 

At December 31, 2017, and December 31, 2016, the Company had a payable to a law firm at which the former Chairman of the Board of Directors was a partner in the amount of $0 and $127,947, respectively.

 

On July 1, 2016, the Company entered into a financial services agreement with APE Invest AS (an entity owned by a former director of the Company) for consultancy services related to the Company raising additional equity financing in the US and Danish capital markets.  The agreement called for a monthly payment of $20,000 with a $100,000 retainer payment due November 1, 2016.  The agreement was terminated June 9, 2017.

 

On September 15, 2016, the Company recorded $626,487 in non-cash compensation for the grant of 900,000 Grant Warrants to employees, officers, and directors of the Company, which shall be fully vested upon grant, to purchase shares of Common Stock at $2.00 per share, and expire December 31, 2019. The Grant Warrants contain certain anti-dilution provisions.

   

NOTE 11 — SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, Company management reviewed all material events through the date of this report. The following material subsequent events occurred:

 

On January 12, 2018 the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, DanDrit Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Registrant (“Merger Sub”), Enochian and Weird Science LLC, a California limited liability company and the super majority stockholder of Enochian (“Weird Science”). The Merger Agreement provides, among other things, that the Merger Sub will merge with and into Enochian, with Enochian as the surviving corporation (the “Merger”). As consideration for the Merger, the stockholders of Enochian shall be entitled to receive (i) 50% of the number of shares of Common Stock issued and outstanding as of the effective time of the Merger, in the aggregate, after giving effect to the Merger, and (ii) earn-out shares of the Common Stock pro rata upon the exercise or conversion of any of the Parent’s stock options and warrants which are outstanding at closing.

 

On January 18, 2018, the Company announced the appointment of Ambassador Mark R. Dybul, MD and Steven G. Deeks, MD to its Scientific Advisory Board. Ambassador Dybul will also serve as the Chairman of the Scientific Advisory Board.

 

On January 24, 2018, the holder of the July 1 Note and the July 19 Note converted both notes, and the Company subsequently issued 75,188 shares of Common Stock.

 

 18 

 

 

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

 

Forward Looking Statement Notice

 

Certain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of DanDrit Biotech USA, Inc. (“we”, “DanDrit USA”, “us”, “our”, the “Parent”, and together with its subsidiary, the “Company”) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company's plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this Quarterly Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.

 

Our Business

 

The Company has developed and patented vaccines used in initial clinical trials in Europe and Asia including MelCancerVac™ (MCV) for the treatment of cancer (one phase I/II trial in Denmark and two phase II trials in Denmark and Singapore). The Company has advanced candidate therapies, targeted initially at non-small-cell-lung-cancer (NSCLC) and colorectal cancer (sometimes referred to herein as CRC). MCV was developed by the Company in 2001. 

 

Our only product is MCV and currently there is no ability to market MCV.

 

Our current strategy is focused on conducting clinical trials in advanced colorectal cancer. Our clinical development strategy is to continue our research and development of MCV including but not limited to a randomized multicenter Phase III clinical trial to determine the ability of MCV to prevent recidivism in stage IV colorectal patients with no evidence of disease (NED) after resection of metastasis and chemotherapy.  

 

Recent Developments

 

On April 21, 2017, the Company engaged a consultant to improve the efficacy of the Company’s vaccine protocol MCV. The compensation to the consultant was $75,000 plus 200,000 common shares of the Company’s stock valued at $240,000.

 

On April 21, 2017, the Company engaged a consultant to improve the efficacy of the Company’s vaccine protocol MCV. The compensation to the consultant was $5,000 per month plus 100,000 warrants to purchase common shares at $1.30 per share expiring April 21, 2022 valued at $115,754.

 

In July 2017, DanDrit USA executed a non-binding letter of intent for the acquisition of a biotechnology company with certain intellectual property rights in the field of HIV.

 

On October 9, 2017, the Board of Directors of the Company accepted the amicable resignation of Torben Bjørn Christensen as a director of the Company and appointed Henrik Grønfeldt-Sørensen to replace Mr. Christensen as a director.

 

On December 29, 2017 the Company entered into a consulting agreement (the “RS Consulting Agreement”) with RS Group ApS, a company owned and controlled by two Company directors for consulting services from October 1, 2017 through March 31, 2018. In consideration for the consulting services, the Company will pay RS Group ApS $367,222. At December 31, 2017 the Company had a payable to RS Group ApS of $367,222.

 

On January 12, 2018, the Company entered into the Merger Agreement, by and among the Company, Merger Sub, Enochian and Weird Science. The Merger Agreement provides, among other things, that the Merger Sub will merge with and into Enochian, with Enochian as the surviving corporation. As consideration for the Merger, the stockholders of Enochian shall be entitled to receive (i) 50% of the number of shares of Common Stock issued and outstanding as of the effective time of the Merger, in the aggregate, after giving effect to the Merger, and (ii) earn-out shares of the Company’s common stock pro rata upon the exercise or conversion of any of the Company’s stock options and warrants which are outstanding on the date of closing.

 

 19 

 

 

Corporate History

 

DanDrit USA was originally incorporated in Delaware on January 18, 2011 under the name “Putnam Hills Corp.” as a vehicle to pursue a business combination through the acquisition of, or merger with, an operating business. We filed a Registration Statement on Form 10 with the U.S. Securities and Exchange Commission, or the SEC, on August 12, 2011.

   

On February 12, 2014, in accordance with the terms and conditions of a Share Exchange Agreement, we completed the acquisition of 100% (subject to 123,464 common shares of DanDrit Denmark or 3.08% of outstanding shares to be acquired with the 185,053 common shares of the DanDrit Biotech USA held in escrow according to Danish law) of the issued and outstanding capital stock of DanDrit Denmark and as a result became DanDrit Denmark’s parent company. In connection with this Share Exchange, each outstanding share of common stock of DanDrit Denmark was exchanged for 1.498842 shares of Common Stock for an aggregate of 6,000,000 shares, including 185,053 shares of Common Stock reserved for issuance, in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark, to the DanDrit Denmark stockholders who did not consent to the Share Exchange and deemed issued and outstanding for accounting purposes. In addition, in connection with the Share Exchange (1) the sole stockholder prior to the Share Exchange agreed to cancel 4,400,000 shares of outstanding Common Stock owned by it and (2) the board of directors and executive management of DanDrit Denmark were appointed to serve as the Board of Directors and executive management of DanDrit USA, respectively, effective upon the resignation of the sole officer and director of DanDrit USA prior to the closing of the Share Exchange.

 

In June 2015, DanDrit USA’s Board of Directors, or the Board, approved a change to its fiscal year end from December 31 to June 30. 

 

Emerging Growth Company

 

 As a company with less than $1.0 billion in revenue during our last fiscal year, we qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act, or JOBS Act, enacted in April 2012. An “emerging growth company” may take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

 

  ● Reduced disclosure about our executive compensation arrangements;

 

  ● No non-binding shareholder advisory votes on executive compensation or golden parachute arrangements;

 

  ● Exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting; and

 

  ● Reduced disclosure of financial information in this prospectus, limited to two years of audited financial information and two years of selected financial information.

 

Each of the foregoing exemptions is currently available to us. We may take advantage of these exemptions until the last day of our fiscal year following the fifth anniversary of the date of the first sale of our common equity securities pursuant to an effective registration statement under the Securities Act, which such fifth anniversary will occur on June 30, 2019 or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company if we have more than $1.0 billion in annual revenues as of the end of a fiscal year, if we are deemed to be a large accelerated filer under the rules of the SEC, or if we issue more than $1.0 billion of non-convertible debt over a three-year-period. The JOBS Act permits an emerging growth company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies; provided, however, that an emerging growth company may elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have not elected to opt out of the transition period.

 

Because we have elected to take advantage of certain of the reduced disclosure obligations and may elect to take advantage of other reduced reporting requirements in future filings, the information that we provide to our stockholders may be different than you might receive from other public reporting companies in which you hold equity interests.   

 

 20 

 

 

Liquidity and Capital Resources

 

We have historically satisfied our capital and liquidity requirements through funding from our largest shareholders, the issuance of convertible notes (which over time have been converted into shares of our common stock) and the sale of Common Stock.

 

As of December 31, 2017, the Company had $2,306,129 in cash and working capital of $1,263,347 as compared to $2,944,659 and $3,941,712 in cash and $2,210,007 and $1,209,462 in working capital as of September 30, 2017 and June 30, 2017, respectively. The decrease in cash is primarily attributable due to fund raising efforts of the Company and the operations of DanDrit Denmark.

 

On May 15, 2017, the Company completed a private placement offering of units, with each unit consisting of one share of Common Stock and two warrants to purchase one share of Common Stock at a strike price of $1.30 per share for $1.30 per unit. In total, the Company issued and sold 2,700,000 shares of Common Stock and warrants to acquire 5,400,000 shares of Common Stock for total proceeds to the Company of $3,510,000.

 

On July 12, 2017, Company completed a private placement offering of 1,231,561 units, with each unit consisting of one share of Common Stock and warrants to purchase two shares of Common Stock at a strike price of $1.30 per share for $1.30 per unit for total proceeds to the Company of $1,601,029.

 

The private placements were made directly by the Company in reliance upon Section 4(a)(2) and/or Regulation S and no underwriter or placement agent was engaged by the Company.

 

Following is a summary of the Company’s cash flows provided by (used in) operating, investing, and financing activities:

 

   Six
Months
Ended
December 31,
2017		   Six
Months
Ended
December 31,
2016		 
Net Cash (Used by) Operating Activities  $(994,575)  $(650,839)
Net Cash (Used by) Investing Activities   (5,062,565)   - 
Net Cash Provided by Financing Activities  $4,811,766   $360,900 
(Gain) Loss on Currency Translation   (390,883)   384,176 
Net Increase (Decrease) in Cash and Cash Equivalents  $(1,635,583)  $94,237 

  

  As of December 31, 2017, and December 31, 2016, the outstanding balance of $38,235 for professional fees paid by a related party and amounts advanced to the Company are reported as loan payable - related party. The $38,235 loan payable was acquired in the reverse acquisition. The amount is unsecured, non-interest bearing and has no stipulated repayment terms.

 

A 6% promissory note payable to NLBDIT 2010 Enterprises, LLC, an entity controlled by a shareholder of the Company, was acquired by the Company in the reverse acquisition, payable on February 12, 2014 upon the completion date of the Share Exchange. As of December 31, 2017, and December 31, 2016, the outstanding balance on the note, including accrued interest, was $50,173 and $48,417, respectively. During the six months ended December 31, 2017 and December 31, 2016 the Company recorded related party interest on the Note of $1,184, and $1,184, respectively.

 

On July 1, 2016, the Company entered into the July 1 Note for $60,150 with a shareholder of the Company. The July 1 Note had a maturity date of December 31, 2017 and was convertible into shares of Common Stock at $2.00 per share. The July 19 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017 (see Note 10 to the Financial Statements). The July 1 Note was converted into 37,594 shares of Common Stock On January 24, 2018 (see Note 11 to the financial statements).

 

On July 19, 2016, the Company entered into the July 19 Note for $60,150 with a shareholder of the Company. The July 19 Note had a maturity date of December 31, 2017 and was convertible into shares of Common Stock at $2.00 per share. The July 19 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017 (see Note 10 to the Financial Statements). The July 19 Note was converted into 37,594 shares of Common Stock on January 24, 2018 (see Note 11 to the financial statements).

 

 21 

 

 

On August 24, 2016, the Company entered into the August 24 Note for $90,225 with a shareholder of the Company. The August 24 Note was later acquired by an entity controlled by a then board member and shareholder of the Company. The August 24 Note matured on December 31, 2017 and was convertible into shares of Common Stock at $2.00 per share. The August 24 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017 (see Note 10 to the Financial Statements). The August 24 Note was converted to 56,390 shares of the Company’s Common Stock on November 29, 2017.

 

 On September 21, 2016 the Company entered into the September 21 Note for $150,375 with a shareholder of the Company. The September 21 Note had a maturity date of December 31, 2017 and was convertible into shares of Common Stock at $2.00 per share. The September 21 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017 (see Note 10 to the Financial Statements). The September 21 Note was converted to 93,984 shares of the Company’s Common Stock on November 29, 2017.

 

On March 9, 2017, the Company entered into the March 9 Note for $52,770 with an entity controlled by shareholder and former board member of the Company. The March 9 Note matured June 30, 2017 and was convertible into shares of Common Stock at $2.00 per share. The March 9 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017 (see Note 10 to the Financial Statements). The March 9 Note was converted to 32,982 shares of the Company’s Common Stock on November 29, 2017. 

 

 Results of Operations for the three months ended December 31, 2017 compared to the three months ended December 31, 2016

 

The following table sets forth our revenues, expenses and net income for the three months ended December 31, 2017 and December 31, 2016. The financial information below is derived from our unaudited condensed consolidated financial statements.

 

   For the Three Months
Ended		 
   December 31, 
   2017   2016 
         
Revenues  $-   $- 
           
Cost of Goods Sold   -    - 
           
Gross profit (Loss)   -    - 
           
Operating Expenses          
General and Administrative Expenses   668,231    348,597 
Non-cash compensation expenses   -      
Research and Development Expenses   219,969    13,787 
Depreciation and Amortization   3,954    3,622 
Consulting Expenses   388,888    182,779 
Total Operating Expense   1,281,042    548,785 
           
(LOSS) FROM OPERATIONS   (1,281,042)   (548,785)
           
Other Income (Expense)          
Interest (expense)   -    (2,196)
Interest (expense) – Related Party   (12,289)   (3,737)
Gain (Loss) on Currency Transactions   209,023    (376,701)
Interest and Other Income   6,328    - 
Total Other Income (Expense)   202,762    (382,634)
           
(Loss) Before Income Taxes   (1,078,280)   (931,419)
           
Income Tax Expense (Benefit)   (1,934)   (12,815)
           
NET (LOSS)  $(1,076,346)  $(918,604)
           
BASIC AND DILUTED LOSS PER SHARE  $(0.078)  $(0.10)
           
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED   13,847,118    9,533,290 

 

 22 

 

 

Revenues

 

Revenues from operations for the three months ended December 31, 2017, and December 31, 2016 were $0 and $0, respectively.

 

Cost of Goods Sold

 

Our cost of goods sold was $0 and $0 during the three months ended December 31, 2017, and December 31, 2016, respectively.

 

Gross profit (Loss)

 

Gross profit for the three months ended December 31, 2017, and December 31, 2016 was $0 and $0, respectively.

 

Expenses

 

Our operating expenses for the three months ended December 31, 2017 and December 31, 2016 were $1,281,042 and $548,785, respectively, representing an increase of $732,257, or approximately 133%. The largest contributors to the increase in operating expenses were the increase in general and administrative expenses and consulting expenses.

 

 General and administrative expenses for the three months ended December 31, 2017 and December 31, 2016 were $668,231 and $348,597, respectively, representing an increase of $319,634, or approximately 92%. The increase in general and administrative expenses is primarily due to an increase in cash compensation to officers and increased legal expenses.

 

Research and Development expenses for the three months ended December 31, 2017 and December 31, 2016 were $219,969 and $13,787, respectively, representing an increase of $206,182 or approximately 14.95%. The increase in research and development expenses is attributable to expenditures related to the development and studies for MCV and HIV studies.

 

Depreciation and amortization expenses for the three months ended December 31, 2017 and December 31, 2016 were $3,954 and $3,622, respectively, and are related to the amortization of patents.

 

Consulting expenses for the three months ended December 31, 2017 and December 31, 2016 were $388,888 and $182,779, respectively, representing an increase of $206,109, or 113%. The increase in consulting expenses is primarily due to the consulting services provided under the RS Consulting Agreement.

  

Other Income

 

Other income (expense) net for the three months ended December 31, 2017 and December 31, 2016 was $202,762 and $(382,634), respectively representing an increase of $585,396 or approximately 153%. The increase in other income is due to and gains on currency transactions and interest on related party loans.

  

Net Loss

 

Net loss for the three months ended December 31, 2017 was $(1,076,346) or $(0.08) per share compared to a net loss of $(918,604) or $(0.10) per share for the three months ended December 31, 2016, representing an increase in loss of $157,742 or approximately 17%. The net increase in loss was primarily due to the increase in the general and administrative expense and consulting expense.

 

 23 

 

 

Cash Flows

 

Cash used by operating activities for the three months ended December 31, 2017 and December 31, 2016 was $371,157 and $324,343, respectively, representing an increase of $46,814, or approximately 14%. The net increase was primarily due to fund raising efforts of the Company and the operations of DanDrit Denmark.

 

Results of Operations for the six months ended December 31, 2017 compared to the six months ended December 31, 2016

 

The following table sets forth our revenues, expenses and net income for the six months ended December 31, 2017 and December 31, 2016. The financial information below is derived from our unaudited condensed consolidated financial statements.

 

   For the Six Months
Ended		 
   December 31, 
   2017   2016 
         
Revenues  $-   $- 
           
Cost of Goods Sold   -    - 
           
Gross profit (Loss)   -    - 
           
Operating Expenses          
General and Administrative Expenses   956,947    553,548 
Non-cash compensation expenses   112,837    626,487 
Research and Development Expenses   373,621    30,891 
Depreciation and Amortization   7,900    7,371 
Consulting Expenses   456,098    182,779 
Total Operating Expense   1,907,403    1,401,076 
           
(LOSS) FROM OPERATIONS   (1,907,403)   (1,401,076)
           
Other Income (Expense)          
Interest (expense)   (62)   (3,213)
Interest (expense) – Related Party   (13,181)   (7,201)
Gain (Loss) on Currency Transactions   596,432    (353,617)
Interest and Other Income   14,928    - 
Total Other Income (Expense)   598,117    (364,031)
           
(Loss) Before Income Taxes   (1,309,286)   (1,765,107)
           
Income Tax Expense (Benefit)   (6,572)   (53,322)
           
NET (LOSS)  $(1,302,714)  $(1,711,785)
           
BASIC AND DILUTED LOSS PER SHARE  $(0.10)  $(0.18)
           
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED   12,711,029    9,533,290 

 

 24 

 

 

Revenues

 

Revenues from operations for the six months ended December 31, 2017, and December 31, 2016 were $0 and $0, respectively.

 

Cost of Goods Sold

 

Our cost of goods sold was $0 and $0 during the six months ended December 31, 2017, and December 31, 2016, respectively.

 

Gross profit (Loss)

 

Gross profit for the six months ended December 31, 2017, and December 31, 2016 was $0 and $0, respectively.

 

Expenses

 

Our operating expenses for the six months ended December 31, 2017 and December 31, 2016 were $1,907,403 and $1,401,076, respectively, representing an increase of $506,327, or approximately 36%. The largest contributor to the increase in operating expenses was the increase in general and administrative expenses. 

 

General and administrative expenses for the six months ended December 31, 2017 and December 31, 2016 were $956,947 and $553,548, respectively, representing an increase of $403,399, or approximately 73%. The increase in general and administrative expenses is primarily due to an increase in cash compensation to officers and increased legal expenses.

 

Research and Development expenses for the six months ended December 31, 2017 and December 31, 2016 were $373,621 and $30,891 respectively, representing an increase of $342,730 or approximately 1,109%. The increase in research and development expenses is attributable to expenditures related to the development and studies for MCV and HIC studies.

 

Depreciation and amortization expenses for the six months ended December 31, 2017 and December 31 2016 were $7,900 and $7,371, respectively, and are related to the amortization of patents.

 

Consulting expenses for the six months ended December 31, 2017 and December 31, 2016 were $456,098 and $182,779, respectively, representing an increase of $273,319, or 150%. The expenses in 2017 were primarily for medical consultancy services and the RS Consulting Agreement.

  

Other Income

 

Other income (expense) net for the six months ended December 31, 2017 and December 31, 2016 was $598,117 and $(364,031), respectively, representing an increase of $962,148 or approximately 264%. The increase in other income is due to and gains on currency transactions and interest on related party loans.

  

Net Loss

 

Net loss for the six months ended December 31, 2017 was $(1,302,714) or $(0.10) per share compared to a net loss of $(1,711,785) or $(0.18) per share for the six months ended December 31, 2016, representing a decrease in loss of $(409,071) or approximately 24%. The net decrease was primarily due to the decrease in the non-cash compensation expenses to offices and directors.

 

Cash Flows

 

Cash used by operating activities for the six months ended December 31, 2017 was $994,575, representing an increase of $343,736, or approximately 53% compared to cash used by operating activities of $650,839 for the six months ended December 31, 2016. The net cash used by operating activities was primarily due to fund raising efforts of the Company and the operations of DanDrit Denmark.

 

Assets

 

Total assets as of December 31, 2017 were $7,827,106 compared to $4,522,152 as of June 30, 2017. Total current liabilities increased to $5,974,433 as of December 31, 2017 compared to $2,989,418 as of June 30, 2017. The increases in total assets and increase in total current liabilities were primarily due additional capital fund raising efforts.

 

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Off-Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

Emerging Growth Company

 

As an “emerging growth company” under the JOBS Act, the Company has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates.

 

Significant Accounting Policies and Critical Accounting Estimates

 

The methods, estimates, and judgments that we use in applying our accounting policies have a significant impact on the results that we report in our financial statements. Some of our accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates regarding matters that are inherently uncertain. In addition, Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We are not choosing to “opt out” of this provision. Section 107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable. As a result of our election, not to “opt out” of Section 107, DanDrit’s financial statements may not be comparable to companies that comply with public company effective dates.

 

For a full explanation of our accounting policies, see Note 1 to the financial statements.

  

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

As a “smaller reporting company” as defined by Rule 12b-2 of the Securities Exchange Act of 1934, the Company is not required to provide the information required by this Item.

 

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

Our Chief Executive Officer and Chief Financial Officer (the “Certifying Officers”) are responsible for establishing and maintaining disclosure controls and procedures for the Company.  The Certifying Officers have designed such disclosure controls and procedures to ensure that material information is made known to them, particularly during the period in which this Report was prepared.

 

The Certifying Officers are responsible for establishing and maintaining adequate internal control over financial reporting for the Company used the “Internal Control over Financial Reporting Integrated Framework” issued by Committee of Sponsoring Organizations (“COSO”) to conduct an extensive review of the Company’s “disclosure controls and procedures” (as defined in the Exchange Act, Rules 13a-15(e) and 15-d-15(e)) as of the end of each of the periods covered by this Report (the “Evaluation Date”).  Based upon that evaluation, the Certifying Officers concluded that, as of December 31, 2017, our disclosure controls and procedures were not effective in ensuring that the information we were required to disclose in reports that we file or submit under the Securities and Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. The deficiencies are attributed to the fact that the Company does not have adequate resources to address complex accounting issues, as well as an inadequate number of persons to whom it can segregate accounting tasks within the Company so as to ensure the segregation of duties between those persons who approve and issue payment from those persons who are responsible to record and reconcile such transactions within the Company’s accounting system.  These control deficiencies will be monitored and attention will be given to the matter as we continue to accelerate through our current growth stage.

 

The Certifying Officers based their conclusion on the fact that the Company has identified material weaknesses in controls over financial reporting, detailed below.  In order to reduce the impact of these weaknesses to an acceptable level, the Company has contracted with consultants with expertise in U.S. GAAP and SEC financial reporting standards to review and compile all financial information prior to filing that information with the SEC.  However, even with the added expertise of these consultants, we still expect to be deficient in our internal controls over disclosure and procedures until sufficient capital is available to hire the appropriate internal accounting staff and individuals with requisite GAAP and SEC financial reporting knowledge.  There have been no significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Changes in Internal Controls

 

There have been no changes in our internal controls over financial reporting during the six months ended December 31, 2017 that have materially affected or are reasonably likely to materially affect our internal controls.

 

 26 

 

 

PART II — OTHER INFORMATION

 

 

Item 1. Legal Proceedings.

 

There are presently no material pending legal proceedings to which the Company or any of its subsidiaries, is a party or as to which any of its property is subject, and no such proceedings are known to the Company to be threatened or contemplated against it.

 

Item 1A. Risk Factors.

 

As a “smaller reporting company” as defined by Rule 12b-2 of the Securities Exchange Act of 1934, the Company is not required to provide the information required by this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

On December 29, 2017, the Company entered into an amendment to the CFO Service Agreement (the “Amendment”) with Robert Wolfe, the Chief Financial Officer of the Company. The Amendment provides that Mr. Wolfe will be paid a salary of $240,000 per year, along with a $7,500 signing fee and full health care benefits.

 

 27 

 

 

Item 6. Exhibits.

 

  (a) Exhibits required by Item 601 of Regulation S-K.

 

Exhibit No.   Description
4.1*   Form of Grant Warrant
     
10.1   Form of Subscription Agreement (4)
     
10.2*   RS Consulting Agreement
     
10.4*   Amendment to CFO Service Agreement
     
10.5*   Form of Convertible Note Amendment
     
10.6   Lease agreement, November 13, 2017 (5)
     
10.7   Enochian Merger Agreement, January 12, 2018 (6)
     
31.1*   Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934
     
31.2*   Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934
     
32.1**   Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350
     
32.2**   Certification of Chief Financial Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350
     
101.INS   XBRL Instance Document*
     
101.SCH   XBRL Taxonomy Extension Schema*
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase*
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase*
     
101.LAB   XBRL Taxonomy Extension Label Linkbase*
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase*

 

* Filed herewith. 
** Furnished herewith.
(1) Filed as an exhibit to the Company’s registration statement on Form S-1 filed with the SEC on February 14, 2014.  
(2) Filed as an exhibit to the Company’s Form 10 filed with the SEC on August 12, 2011 and incorporated herein by reference.
(3) Filed as an exhibit to the Company's Current Report on Form 8-K, as filed with the SEC on May 16, 2014, and incorporated herein by this reference.  
(4) Filed as an exhibit to the Company’s Form 8-K filed with the SEC on May 1, 2017 and incorporated herein by reference.
(5) Filed as an exhibit to the Company’s Form 8-K filed with the SEC on November 15, 2017 and incorporated herein by reference.
(6) Filed as an exhibit to the Company’s Form 8-K filed with the SEC on January 17, 2018 and incorporated herein by reference.

 

 28 

 

 

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.

 

Date: February 9, 2018 DANDRIT BIOTECH USA, INC.
     
  By: /s/ Eric Leire
    Eric Leire
    Chief Executive Officer
    (Principal Executive Officer)
     
  By: /s/ Robert Wolfe
    Robert Wolfe
    Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 

29

 

 

 EX-4.1 2 f10q1217ex4-1_dandrit.htm FORM OF GRANT WARRANT

Exhibit 4.1

 

THIS WARRANT AND THE SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. EXCEPT AS OTHERWISE SET FORTH HEREIN NEITHER THIS WARRANT NOR ANY OF SUCH SHARES MAY BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER SAID ACT OR, AN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE, CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT.

 

WARRANT

 

To Subscribe for and Purchase
Shares of Common Stock of

 

DanDrit Biotech USA, Inc.

 

Date: _____________

 

THIS Common Stock Purchase Warrant CERTIFIES THAT, for value received, ____________ or his registered assigns (“Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 PM Eastern Standard Time on December 31, 2019 (the “Expiration Date”) but not thereafter, to subscribe for and purchase from DanDrit Biotech USA, Inc., a Delaware corporation with offices at Stumpedyssevej 17, 2970 Hørsholm, Denmark (the “Company”) an aggregate of up to 300,000 shares of common stock, par value $0.0001 per share, of the Company (the “Shares”), at an initial price per Share of $2.00, as adjusted in accordance with Section 2 below (the “Purchase Price”).

 

1. Exercise.

 

(a) Time and Manner of Exercise. This Warrant may be exercised, in whole or in part (but not as to fractional shares), at any time or times on or after the Initial Exercise Date and on or before the Expiration Date by delivery to the Company at its principal executive offices as set forth above of a duly executed original, electronic or facsimile of the Notice of Exercise, a form of which is annexed hereto, together with aggregate Purchase Price for the Shares specified in the Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank.

 

(b) Notwithstanding anything contained herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Shares and the Warrant has been exercised in full, in which case the Holder shall surrender this Warrant to the Company for cancellation within five (5) days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Shares available hereunder shall have the effect of lowering the outstanding number of Shares purchasable hereunder in an amount equal to the applicable number of Shares purchased. The Holder and the Company shall maintain records showing the number of Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within three (3) Business days of receipt of such Notice. The Holder, and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Shares hereunder, the number of Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

 

 

 

(c) Mechanics of Exercise.

 

(i) Delivery of Certificates Upon Exercise. Certificates for Shares purchased hereunder shall be transmitted by the transfer agent for the Common Stock (the “Transfer Agent”) to the Holder by physical delivery of a certificate to the address specified by the Holder in the Notice of Exercise by the date that is five (5) days after the latest of (A) the delivery to the Company of the Notice of Exercise, (B) surrender of this Warrant (if required) and (C) payment of the aggregate Purchase Price as set forth above (such date, the “Warrant Share Delivery Date”). The Shares shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such Shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Purchase Price and all taxes required to be paid by the Holder, if any, pursuant to Section 1(b)(v) below, prior to the issuance of such Shares, having been paid.

 

(ii) Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of the Holder and upon surrender of this Warrant, at the time of delivery of the certificate or certificates representing Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

(iii) No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Purchase Price or round up to the next whole share.

 

(iv) Legends. Until the date on which a registration statement filed by the Company under the Securities Act of 1933, as amended (the “Securities Act”) covering the issuance and sale or the resale of the Shares is declared effective by the U.S. Securities and Exchange Commission (the “SEC”) and subject to the requirements of Rule 144 promulgated under the Securities Act, any certificates evidencing the Shares shall bear a legend substantially in the following form:

 

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (“THE ACT”) AND ARE “RESTRICTED SECURITIES” AS THAT TERM IS DEFINED IN RULE 144 UNDER THE ACT. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY.

 

2

 

 

(v) Charges, Taxes and Expenses. Issuance of certificates for Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

 

2. Certain Adjustments.

 

(a) Stock Dividends and Stock Splits. If the Company, at any time after the date hereof: (A) shall pay a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock in shares of Common Stock, (B) subdivide outstanding shares of Common Stock into a larger number of shares, or (C) combine (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, then the Purchase Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding before such event and of which the denominator shall be the number of shares of Common Stock outstanding after such event. Any adjustment made pursuant to this Section shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification, and the number of shares issuable upon exercise of this Warrant, shall be proportionately adjusted such that the aggregate Purchase Price of this Warrant shall remain unchanged.

 

(b) Notice to Holder.

 

(i) Adjustment to Purchase Price. Whenever the Purchase Price is adjusted pursuant to any of this Section 2, the Company shall promptly mail to the Holder a notice setting forth the Purchase Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

 

(ii) Notice to Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any other distribution) on its Common Stock; (B) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights; (C) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property; or the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company; then, in each case, the Company shall cause to be mailed to the Holder at the last address as it shall appear upon the books and records of the Company, at least ten (10) days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided, that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to convert this Warrant during the 10-day period commencing the date of such notice to the effective date of the event triggering such notice.

 

3

 

 

(iii) Fundamental Transaction. If, at any time while this Warrant is outstanding, (A) the Company effects any merger or consolidation of the Company with or into another Person, (B) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (C) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (D) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (in any such case, a “Fundamental Transaction”), then upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each share of Common Stock that would have been issuable upon such conversion absent such Fundamental Transaction, the same kind and amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of one share of Common Stock (the “Alternate Consideration”). For purposes of any such conversion, the determination of the Purchase Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Purchase Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration, If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant for the Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this paragraph (b) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

 

3. Transfer of Warrant.

 

(a) Transferability. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or his agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

4

 

 

(b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or his agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Shares issuable pursuant thereto.

 

(c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

4. Miscellaneous.

 

(a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof.

 

(b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

(c) Saturdays. Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

 

(d) Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any trading market upon which the Common Stock may be listed. The Company covenants that all Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

5

 

 

(e) Jurisdiction; Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the laws of the State of Delaware.

 

(f) Restrictions. The Holder acknowledges that the Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

 

(g) Nonwaiver. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies.

 

(h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered to the Holder at Stumpedyssevej 17, 2970 Hørsholm, Denmark or such other address as the Holder shall designate to the Company in writing.

 

(i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the Purchase Price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

 

(j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

(k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Shares.

 

6

 

 

(l) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

(m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

(n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

(Signature Page Follows)

 

7

 

 

IN WITNESS WHEREOF, Dandrit Biotech USA, Inc. has caused this Warrant to be signed by its duly authorized officer and this Warrant to be dated as of the date set forth above.

  

  DANDRIT BIOTECH USA, INC.
     
  By  
  Name:  
  Title:  

 

8

 

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

TO: DANDRIT BIOTECH USA, INC.

 

(1) The undersigned hereby elects to purchase _____ Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take the form of (check applicable box):

 

☐  wire transfer in lawful money of the United States; or

 

☐  cashier’s check drawn on a U.S. bank

 

(3) Please issue a certificate or certificates representing said Shares in the name of the undersigned or in such other name as is specified below:

 

                                                                        

[SIGNATURE OF HOLDER]

 

Name of Investing Entity:                                                                                                                                                               

Signature of Authorized Signatory of Investing Entity:                                                                                                         

Name of Authorized Signatory:                                                                                                                                                  

Title of Authorized Signatory:                                                                                                                                                    

Date:                                                                                                                                                                                               

 

 

9

 

 

 EX-10.2 3 f10q1217ex10-2_dandrit.htm RS CONSULTING AGREEMENT

Exhibit 10.2

 

CONSULTING AGREEMENT

 

This Consulting Agreement (this “Agreement”) is entered into as of December 29, 2017 (the “Effective Date”), by and between DanDrit Biotech USA, Inc., a Delaware corporation (the “Company”) and RS Group ApS, a Danish limited company, organized under the Danish Act on Limited Companies of the Kingdom of Denmark (“RS Group”).

 

WHEREAS, commencing on October 1, 2017, RS Group has provided and will continue to provide services on behalf of the Company and its wholly owned subsidiary (the “Services”); and

 

WHEREAS, the Company desires to compensate RS Group for the Services and to continue to engage RS Group to perform the Services on behalf of the Company during the Term (as defined below), and RS Group desires to be engaged to perform such Services, on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements contained herein, and intending to be legally bound hereby, the Company and RS Group do hereby agree as follows:

 

1.  Recitals. The foregoing recitals are true and correct and are incorporated herein as if repeated at length.

 

2.  Services. RS Group hereby agrees to provide the Services to the Company and such other services which are mutually agreeable by both parties on an ad hoc basis during the Term set forth in Section 3 hereto in consideration for aggregate payments equal to DKK 920,000, and $221,169 (total value of $367,221.60) which shall be deemed fully earned and payable by the Company to RS Group as of the Effective Date.

 

3.  Expenses. RS Group agrees to pay for all of its own expenses, including, without limitation, all expenses relating to telephone conferences, mailing and labor, other than expenses related to extraordinary items including travel, entertainment and other activities required by or specifically requested by the Company.

 

4.  Term. The term of this Agreement will continue through March 31, 2018 (the “Term”) unless otherwise modified in writing by the parties pursuant to Section 5 hereto.

 

5.  Amendments; Entire Agreement. This Agreement may not be amended, modified or terminated except by a writing executed by the parties hereto. This Agreement contains the entire understanding of the parties hereto and no agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party, which are not set forth expressly in this Agreement. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates.

 

 

 

6.  Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

 

7.  Notices. All notices and other communications required or permitted by this Agreement to be delivered by the Company or RS Group to the other party shall be delivered in writing, either personally or by registered, certified or express mail, return receipt requested, postage prepaid, respectively, to the headquarters of the Company, or to the address of record of RS Group on file at the Company.

 

8.  Successors and Assigns. This Agreement shall not be assignable by RS Group without prior written consent of the Company. The Company may assign its rights hereunder to: (a) any corporation resulting from any merger, consolidation or other reorganization to which the Company is a party, or (b) any corporation, partnership, association or other person to which the Company may transfer all or substantially all of the assets and business of the Company existing at such time.

 

9.  Severability: Provisions Subject to Applicable Law. All provisions of this Agreement shall be applicable only to the extent that they do not violate any applicable law, and are intended to be limited to the extent necessary so that they will not render this Agreement invalid, illegal or unenforceable under any applicable law. If any provision of this Agreement or any application thereof shall be held to be invalid, illegal or unenforceable, then such provision shall be enforced to the maximum extent permissible and lawful so as to effect the intent of this Agreement, and the validity, legality and enforceability of the other provisions of this Agreement or of any other application of such provision shall in no way be affected thereby.

 

10.    Definitions, Headings, and Number. A term defined in any part of this Agreement shall have the defined meaning wherever such term is used herein. The headings contained in this Agreement are for reference purposes only and shall not affect in any manner the meaning or interpretation of this Agreement.

 

11.    Governing Law. This Agreement and the parties’ performance hereunder shall be governed by and interpreted under the laws of the state of Delaware without reference to conflict of law principals thereof.

 

12.    Construction and Interpretation. This Agreement has been discussed and negotiated by, all parties hereto and their counsel and shall be given a fair and reasonable interpretation in accordance with the terms hereof, without consideration or weight being given to it having been drafted by any party hereto or its counsel.

 

 2 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.

 

DANDRIT BIOTECH USA, INC.   RS GROUP APS
         
By:  /s/ Robert Wolfe   By: /s/ Henrik Grønfeldt-Sørensen
Name: Robert Wolfe   Name: Henrik Grønfeldt-Sørensen
Title: Chief Financial Officer   Title: Chief Executive Officer

 

 

 

 

Signature Page to the Consulting Agreement

 

 

3

 

 EX-10.4 4 f10q1217ex10-4_dandrit.htm AMENDMENT TO CFO SERVICE AGREEMENT

Exhibit 10.4

 

AMENDMENT NO. 1

TO

CFO SERVICE AGREEMENT

 

THIS AMENDMENT NO. 1 (this “Amendment”) to the CFO Service Agreement dated June 30, 2017 (the “Agreement”) is entered into as of December 29, 2017 (the “Effective Date”), by and among DANDRIT BIOTECH BIOTECH A/S., CVR no. 26 02 73 22, a Denmark corporation (the “Company”) and the Crossfield, Inc., Robert E. Wolfe (the “Consultant” and together with the Company, the “Parties”). Capitalized terms not Defined herein shall have the meaning set forth in the Agreement.

 

RECITALS:

 

WHEREAS, on June 30, 2017 the Company and the Consultant entered into the Agreement pursuant to which the Consultant would act as chief financial officer of the Company and its Parent Company; and

 

WHEREAS, the Parties now desire to amend the Agreement in order to amend the remuneration, and other provisions, on the terms and conditions set forth herein.

 

NOW THEREFORE, on the stated premises and for and in consideration of the mutual covenants and agreements hereinafter set forth and the mutual benefits to the parties to be derived herefrom, and intending to be legally bound hereby, it is hereby agreed as follows:

 

1. Recitals. The foregoing Recitals are true and correct and are incorporated herein by this reference.

 

2. Amendment to Section 2. Section 2 of the Agreement is hereby amended to read in its entirety:

 

2.1 The CFO is to be paid USD $240,000 per year. The salary is to be paid monthly in arrears on the last business day of the month, the first time being on January 31, 2018.

 

2.2 The payment is made by transfer to a personal or corporate account as decided by the CFO. The tax implications for the CFO resulting from the above are of no concern to the Company.

 

2.3 The remuneration is to be discussed with the CEO once a year in December, for the first time in December 2018. Any changes are to take effect as from January of the following year.

 

2.4 The parties acknowledge, that the situation in the company can change, such that the CFO responsibilities will require more time and effort than indicated in this contract. In such a situation the parties will discuss increased time/responsibilities and remuneration.

 

2.5 As a one-time signing fee the CFO receives at the time of signing this
agreement USD $7,500.00

 

2.6 The Company will provide full health care benefits to the Consultant until the Agreement is terminated.

 

3. Counterparts. This Amendment may be executed in counterparts (including by means of facsimile or digital transmission), each of which shall be deemed an original but all of which, when taken together, will constitute one and the same agreement.

 

IN WITNESS WHEREOF, the corporate parties hereto have caused this Amendment No. 1 to CFO Service Agreement to be executed by their respective officers, hereunto duly authorized, as of the Effective Date.

 

 

 DANDRIT BIOTECH USA, INC.
     
  By:  /s/ Eric Leire
  Name:   Eric Leire
  Title: CEO

 

  CONSULTANT:
     
  By: /s/ Robert Wolfe
  Consultant: Crossfield Inc.  
  Name:   Robert Wolfe
  Title:   Chairman & CEO
  Date: December 29, 2017

 

 

 EX-10.5 5 f10q1217ex10-5_dandrit.htm FORM OF CONVERTIBLE NOTE AMENDMENT

Exhibit  10.5

 

AMENDMENT NO. 1

TO

CONVERTIBLE PROMISSORY NOTE

 

This Amendment No. 1 to Convertible Promissory Note (this “Amendment”), dated as of _________, 2017 (the “Effective Date”), is entered into by and between DanDrit Biotech USA, Inc., a Delaware corporation (the “Company”), and ___________ (the “Holder”).

 

RECITALS

 

WHEREAS, the Company issued to the Holder that certain Convertible Promissory Note in the principal amount of $__________, dated ______________ (the “Original Note”);

 

WHEREAS, Section 7of the Original Note provides that the Original Note and any provision therein may be amended by the written consent of the Company and the Holder; and

 

WHEREAS, the Company and the Holder desire to amend the Original Note.

 

NOW THEREFORE, in consideration of the mutual promises contained in this Amendment and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Holder, intending to be legally bound, hereby agree as follows:

 

AGREEMENT

 

1.Capitalized Terms. Except as may be expressly provided herein, all capitalized terms used herein shall have the meanings assigned to them in the Original Note.

 

2.Amendment to Section 2(b). The parties desire to change the Conversion Price set forth in the Original Note, and as such, Section 2(b) of the Original Note is hereby amended and shall read in its entirety as follows:

 

(a) The conversion price (the “Conversion Price”) shall equal $1.60 per share of Common Stock.

 

3.Conforming Changes. All provisions in the Original Note and any amendments, attachments, schedules or exhibits thereto in conflict with this Amendment shall be and hereby are changed to conform to this Amendment.

 

4.Full Force and Effect. The Original Note is not amended hereby and shall remain in full force and effect, except as otherwise set forth in this Amendment. The parties hereby ratify and confirm the terms and conditions of the Original Note, as supplemented and amended by this Amendment.

 

5.Recitals. The Recitals above are true and correct and are hereby incorporated by reference.

 

6.Applicable law. The substantive laws of the applicable state, as well as terms regarding forum and jurisdiction, as originally provided in the Original Note shall govern the construction of this Agreement and the rights and remedies of the parties hereto.

 

7.Counterparts. This Amendment may be executed in counterparts (including by means of facsimile or electronic transmission), each of which shall be deemed an original but all of which, when taken together, will constitute one and the same agreement.

 

** Signature Page Follows **

 

 

 

 

IN WITNESS WHEREOF, the Company and the Holder have made and executed this Amendment effective as of the Effective Date.

  

COMPANY:

   HOLDER:
         
DANDRIT BIOTECH USA, INC.      
         
By:                       By:               
Name:     Name:  
Title:     Title:  

 

 

 

 

 

**Signature Page to Amendment No. 1 to Convertible Promissory Note

 

 

 

 

 EX-31.1 6 f10q1217ex31-1_dandrit.htm CERTIFICATION

Exhibit 31.1

 

 OFFICER’S CERTIFICATE

PURSUANT TO SECTION 302

 

I, Eric Leire, certify that:

 

1.             I have reviewed this Quarterly Report on Form 10-Q for the period ended December 31, 2017 of DanDrit Biotech USA, Inc.;

 

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.             The 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 have:

 

(a)             Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)             Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)             Evaluated the effectiveness of the 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 (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

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 registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)             All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the 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.

 

Date: February 9, 2018 By: /s/ Eric Leire 
  Name: Eric Leire
  Title: Chief Executive Officer
(Principal Executive Officer)

 

 EX-31.2 7 f10q1217ex31-2_dandrit.htm CERTIFICATION

Exhibit 31.2

 

OFFICER’S CERTIFICATE

PURSUANT TO SECTION 302

 

I, Robert Wolfe, certify that:

 

1.             I have reviewed this Quarterly Report on Form 10-Q for the period ended December 31, 2017 of DanDrit Biotech USA, Inc.;

 

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.             The 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 have:

 

(a)             Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)             Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)             Evaluated the effectiveness of the 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 (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

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 registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)             All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the 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.

 

Date: February 9, 2018 By: /s/ Robert Wolfe
  Name: Robert Wolfe
  Title:

Chief Financial Officer

(Principal Financial Officer)

 

 EX-32.1 8 f10q1217ex32-1_dandrit.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  

In connection with the Quarterly Report of DanDrit Biotech USA, Inc. (the “Company”) on Form 10-Q for the period ended December 31, 2017 as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

 

1.          The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.          The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

Date: February 9, 2018 By: /s/ Eric Leire
  Name: Eric Leire
  Title: Chief Executive Officer
(Principal Executive Officer)

   

A signed original of this written statement required by Section 906, or other document authentications, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

 

 EX-32.2 9 f10q1217ex32-2_dandrit.htm CERTIFICATION

Exhibit 32.2

  

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  

In connection with the Quarterly Report of DanDrit Biotech USA, Inc. (the “Company”) on Form 10-Q for the period ended December 31, 2017 as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

 

1.          The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.         The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

Date: February 9, 2018 By: /s/ Robert Wolfe 
  Name: Robert Wolfe
  Title: Chief Financial Officer
(Principal Financial Officer)

   

A signed original of this written statement required by Section 906, or other document authentications, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

 

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Prior to the Share Exchange there were 5,000,000 shares of the common stock, par value $.0001 per share (the &#8220;Common Stock&#8221;) of the Company outstanding. The Company and an existing shareholder agreed to cancel 4,400,000 shares of Common Stock and issued 1,440,000 shares of Common Stock for legal and consulting services related to the Share Exchange and a future public offering. At the time of the Share Exchange each outstanding share of common stock of DanDrit Denmark was exchanged for 1.498842 shares of Common Stock, for a total of 6,000,000 shares of Common Stock, resulting in 8,040,000 shares of Common Stock outstanding immediately following the Share Exchange, including 185,053 shares of Common Stock reserved for issuance in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark to the DanDrit Denmark shareholders who have not consented to the Share Exchange (the &#8220;Non-Consenting Shareholders&#8221;), and deemed issued and outstanding for accounting purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Consolidation </b>&#8212; For the three and six months ended December 31, 2017 and 2016, the consolidated financial statements include the accounts and operations of DanDrit Denmark, and the accounts and operations of DanDrit USA. 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Related Party Net Proceeds from Advance to Purchase Common Shares Proceeds from Notes Payables - Related Party Proceeds from Stock Issuances NET CASH PROVIDED BY (USED BY) FINANCING ACTIVITIES Gain (Loss) on Currency Translation NET INCREASE (DECREASE) IN CASH CASH, BEGINNING OF PERIOD CASH, END OF PERIOD SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the periods for: Interest Income Taxes SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES Imputed interest on Non-interest bearing Convertible Notes Payable Beneficial Conversion Feature of Convertible Notes Payable Amortization of discount on Convertible Notes Payable Compensation for the issuance of stock options to the CEO and the Board Convertible notes payable converted to 183,356 common shares Convertible notes payable converted to Common shares Accounting Policies [Abstract] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Property, Plant and Equipment [Abstract] PROPERTY AND EQUIPMENT Goodwill and Intangible Assets Disclosure [Abstract] DEFINITE-LIFE INTANGIBLE ASSETS Receivables [Abstract] NOTE RECEIVABLE Debt Disclosure [Abstract] NOTES PAYABLE - RELATED PARTY Convertible Notes Payable - Related Party [Abstract] CONVERTIBLE NOTES PAYABLE - RELATED PARTY Leases [Abstract] LEASES Stockholders' Equity Note [Abstract] STOCKHOLDERS' EQUITY Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES Related Party Transactions [Abstract] RELATED PARTY TRANSACTIONS Subsequent Events [Abstract] SUBSEQUENT EVENTS Business and Basis of Presentation Year End Share Exchange / Reverse Acquisition Consolidation Functional Currency / Foreign currency translation Cash and Cash Equivalents Property and Equipment Intangible Assets Impairment of Long-Lived Assets Revenue Recognition and Sales Value Added Tax Research and Development Expenses Income Taxes Loss Per Share Fair Value of Financial Instruments Stock Options and Warrants Stock-Based Compensation Accounting Estimates Reclassification Recently Issued Accounting Standards Summary of property and equipment Schedule of expected future amortization expense Schedule of future maturities of long-term receivables Summary of notes payable to related parties Schedule of convertible notes payable to related parties Schedule of future maturities of short-term debt Summary of weighted-average assumptions used to estimate the fair values of the stock options granted using the Black-Scholes option-pricing model Summary of stock options outstanding Summary of stock option activity Summary of common stock shares purchased underlying the warrants outstanding Statement [Table] Statement [Line Items] Summary of Significant Accounting Policies (Textual) Ownership percentage of subsidiary Cash held in financial institutions Common shares held in escrow Common shares of DanDrit Denmark Outstanding shares, percentage Shares of parent common stock outstanding Property plant and equipment estimated useful lives, Description Common stock reserved for issuance Value added tax, percentage Value added tax paid to Danish and EU vendors Research and development expense Shares prior to share exchange agreement Share exchange agreement, acquisition percentage Share exchange outstanding share of common stock Share exchange agreement, shares issued to parent company Share exchange agreement, number of shares cancelled Common shares issued for legal and consulting services Capital increase commitment received Recognized tax benefit Amortized the patents on a straight line basis over the estimated useful life Advances for purchase of common shares Private placement offering units Total proceeds Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Lab equipment and instruments [Member] Computer equipment [Member] Summary of property and equipment Useful Life Gross Property and Equipment Less Accumulated Depreciation Net Property and Equipment Property and Equipment (Textual) Depreciation expense Schedule of expected future amortization expense 2018 2019 2020 2021 2022 Thereafter Definite-life intangible assets, net Definite-Life Intangible Assets (Textual) Definite-life intangible assets Amortization expense Losses on abandoned assets Patents are recorded at cost and amortized Schedule of future maturities of long-term receivables 2018 2019 2020 2021 2022 Thereafter Total Loans and Leases Receivable Disclosure [Table] Loans and Leases Receivable Disclosure [Line Items] Note Receivable (Textual) Related party exchange for a promissory note executed Maturity date Bears interest Loan receivable Loan receivable additional Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Non-Interest Bearing Loan Payable Sunrise Financial Group Inc. [Member] 6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC [Member] Advances to purchase common shares in connection with a private placement [Member] Summary of notes payable to related parties Total Notes Payable - Related Party Less Current Maturities Note Payables - Related Party Long Term Notes Payable - Related Party (Textual) Notes payable acquired in reverse acquisition Outstanding balance for professional fees paid by a shareholder and amounts advanced to parent Outstanding balance on note including accrued interest Related party interest Schedule of convertible notes payable to related parties Non-Interest Bearing Notes Payable to a Shareholder Non-Interest Bearing Notes Payable to a Former Director and Shareholder Non-Interest Bearing Notes Payable to a Former Director and Shareholder Less Discount Total Convertible Notes Payable - Related Party Less Current Maturities Net Convertible Note Payables - Related Party Long Term Schedule of future maturities of short-term debt 2018 2019 2020 2021 2022 Thereafter Total Schedule of Long-term Debt Instruments [Table] Debt Instrument [Line Items] Convertible Notes Payable - Related Party (Textual) Convertible notes payable Interest rate Common stock at per share Trading price Discount rate Beneficial conversion feature discount Amortization of discount Converted into common stock Schedule of Operating Leased Assets [Table] Operating Leased Assets [Line Items] TypeoFCurrencyAxis [Axis] Leases (Textual) Rental payments for operating leases Lease premises, description Lease agreement term, description Summary of weighted-average assumptions used to estimate the fair values of the stock options granted using the Black-Scholes option-pricing model Expected term (in years) Volatility Risk free interest rate Dividend yield Option Indexed to Issuer's Equity, Equity [Table] Option Indexed to Issuer's Equity [Line Items] Stock options [Member] Exercise price range [Member] Summary of stock options outstanding Exercise Prices Options Outstanding, Number Outstanding Options Outstanding, Weighted Average Remaining Contractual Life (years) Options Outstanding, Weighted Average Exercise Price Options Exercisable, Number Exercisable Options Exercisable, Weighted Average Exercise Price Summary of stock option activity Options Outstanding, Number Outstanding Granted Exercised Forfeited Expired Outstanding at end of period Vested and expected to vest Weighted Average Exercise Price, Outstanding at beginning of period Weighted Average Exercise Price, Granted Weighted Average Exercise Price, Exercised Weighted Average Exercise Price, Forfeited Weighted Average Exercise Price, Expired Options Outstanding, Weighted Average Exercise Price Weighted Average Exercise Price, Vested and expected to vest Average Remaining Life, Outstanding, Beginning Average Remaining Life, Granted Average Remaining Life, Outstanding, Ending Average Remaining Life, Vested and expected to vest Average Remaining Life, Exercisable end of period Weighted Average Intrinsic Value, Outstanding at beginning of period Weighted Average Intrinsic Value, Granted Weighted Average Intrinsic Value, Exercised Weighted Average Intrinsic Value, Forfeited Weighted Average Intrinsic Value, Expired Weighted Average Intrinsic Value, Outstanding at end of period Weighted Average Intrinsic Value, Vested and expected to vest Weighted Average Intrinsic Value, Exercisable end of period Exercise price range one [Member] Warrants [Member] Summary of common stock purchase underlying the warrants outstanding Equivalent Shares Underlying Warrants Outstanding, Equivalent Shares Equivalent Shares Underlying Warrants Outstanding, Weighted Average Remaining Contractual Life (years) Equivalent Shares Underlying Warrants Outstanding, Weighted Average Exercise Price Equivalent Shares Exercisable, Number Exercisable Equivalent Shares Exercisable, Weighted Average Exercise Price Schedule of Stock by Class [Table] Class of Stock [Line Items] Stock options [Member] Common stock [Member] Stockholders' Equity (Textual) Common stock, shares issued Common stock, par value Offering of common stock, value Offering of common stock, shares Common stock price per share Sold of common stock Gross proceeds from share issuance Proceeds of common stock Warrants issued to purchase shares of common stock Strike price Warrants term Proceeds from stock offering, net Business acquisition equity ownership, percentage Share exchange agreement number of share cancellation Exchanged shares of parent's common stock Options granted and outstanding Stock based compensation expense Intrinsic value of stock option Cash held in escrow Strike price Unrecognized compensation cost related to non-vested options Non-cash compensation expense Warrants issued for consulting services Non vested warrants shares Shares issued for compensation to CEO Convertible promissory note Convertible promissory note one Convertible promissory note two Commitments and Contingencies (Textual) Terminate of agreement Payments for royalty period Officers and directors [Member] | Employees stock options [Member] APE Invest [Member] Convertible Notes Payable Related Party [Axis] Related Party Transactions (Textual) Legal service Accounts payable - related party Financial service agreement, description Shares price, per share Stock option grants Lease expiration date Debt conversion shares issued Debt conversion shares price Maturity date of debt conversion Consulting agreement, description Subsequent Event [Table] Subsequent Event [Line Items] July 1 Note and the July 19 Note [Member] Subsequent Events (Textual) Merger agreement, description Issued shares of common stock This concept represents about advances to purchase common shares during the period. Advances to purchase common shares with private placement member. Amortization of discount on convertible notes payable. Beneficial conversion feature discount. Biopharmaceutical. Capital increase commitment received by the company. Cash Paid During Periods For. Number of common stock held in escrow. common shares issued for advances for common shares. Compensation for issuance of stock options. Description of consulting agreement. Consulting agreement. The expense in the period incurred with respect to consulting. Amount of convertible note payables related party long term. Convertible notes payable converted. Convertible notes payable converted to common shares. Convertible Notes payable related parties. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder. Current portion of convertible notes payable to related parties . It represents convertible notes payable related party debt discount current. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder. The entire disclosure for Convertible Notes Payable Related Party. Including the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder. Including the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder. The description of merger agreement. Beneficial Conversion Feature of Convertible Notes Payable. Discount for Imputed Interest on Non Interest Bearing Convertible Notes Payable Document and Entity Information. Employees and consultants member. Exchanged shares of parents common stock. Exercise price range member. Exercise price range one member. Description of financial service agreement. Lab equipment and instruments. The term of lease agreement. Leased laboratory space. Amount for leagl service. The carrying amount on the books of the entity of the asset to be abandoned. Non cash compensation. Non interest bearing loan payable sunrise financial group inc. Its Represents non interest bearing note payable equine invest amount. Carrying value as of the balance sheet date of obligations incurred and payable to vendors that bear non interest at either a stated or an imputed rate. The number of non-vested warrants shares. Amount of expense or loss included in net income. Carrying value as of the balance sheet date of obligations incurred and payable to vendors that bear non interest at either a stated or an imputed rate. The entire disclosure for notes payable due to related party. Officers and directors member. Payments for royalties period. Related Party Transactions. Disclosure of accounting policy for reverse acquisition. Tabular disclosure of future maturities of notes receivable. Share based compensation arrangement by share based payment award options for expired in period weighted average intrinsic value. Share based compensation arrangement by share based payment award options for forfeited in period weighted average intrinsic value. Amount by which the current fair value of the underlying stock exceeds the exercise price of options granted . Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Share exchange agreement acquisition percentage. Share exchange agreement common share in connection with acquisition and offering shares. Common stock shares prior to the share exchange agreement. Share exchange agreement number of share cancellation. Share exchange agreement shares held by consnting shareholders of comany. Share exchange agreement shares issued to parent company. Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Short term debt maturities repayments of principal after year five. Short term debt maturities repayments of principal in next twelve months. Short term debt maturities repayments of principal in year five. Short term debt maturities repayments of principal in year four. Short term debt maturities repayments of principal in year three. Short term debt maturities repayments of principal in year two. Promissory note payable to nlbdit enterprises, llc. Disclosure of accounting policy for stock options and warrants. Date of agreement termination. Trading price. The amount of Value added tax paid to vendors. The balance sheet date of value added taxes due either from customers arising from sales on credit terms, or as previously overpaid to tax authorities.he balance sheet date of value added taxes due either from customers arising from sales on credit terms, or as previously overpaid to tax authorities. Disclosure of accounting policy for Value Added Tax. Virtual office. The number of warrants issued to purchase shares of common stock. Date the credit facility terminates, in CCYY-MM-DD format. Assets, Current Assets, Noncurrent Assets Advances to purchase common shares Convertible Notes Payable Related Party Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Income (Loss) Interest Expense, Other Interest Expense, Related Party Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax Comprehensive Income (Loss), Net of Tax, Attributable to Parent Depreciation, Depletion and Amortization Increase (Decrease) in Accrued Interest Receivable, Net Increase (Decrease) in Accounts and Other Receivables Increase (Decrease) in Prepaid Expense and Other Assets Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Operating Activities Increase (Decrease) in Restricted Cash Increase (Decrease) in Notes Receivables Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Research and Development Expense, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Property, Plant and Equipment, Gross Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Time Sharing Transactions, Maturities of Notes Receivable, Year One Time Sharing Transactions, Maturities of Notes Receivable, Year Two Time Sharing Transactions, Maturities of Notes Receivable, Year Three Time Sharing Transactions, Maturities of Notes Receivable, Year Four Time Sharing Transactions, Maturities of Notes Receivable, Year Five Time Sharing Transactions, Maturities of Notes Receivable, Future Years Time Sharing Transactions, Aggregate Maturities of Notes Receivable, Gross Non Interest Bearing Note Payable Other Convertible Notes Payable Related Party Gross Convertible Notes Payable Related Party Current Convertible Note Payables Related Party Long Term Short Term Debt Maturities Repayments Of Principal In Next Twelve Months Short Term Debt Maturities Repayments Of Principal In Year Two Short Term Debt Maturities Repayments Of Principal In Year Three Short Term Debt Maturities Repayments Of Principal In Year Four Short Term Debt Maturities Repayments Of Principal In Year Five Short Term Debt Maturities Repayments Of Principal After Year Five Short-term Debt EX-101.PRE 15 ddrt-20171231_pre.xml XBRL PRESENTATION FILE XML 16 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - shares
 6 Months Ended
Dec. 31, 2017
Feb. 07, 2018
Document and Entity Information [Abstract]    
Entity Registrant Name DanDrit Biotech USA, Inc.  
Entity Central Index Key 0001527728  
Trading Symbol DDRT  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Document Type 10-Q  
Document Period End Date Dec. 31, 2017  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock Shares Outstanding   13,910,894
XML 17 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Jun. 30, 2017
CURRENT ASSETS:    
Cash $ 2,306,129 $ 3,941,712
Cash held in escrow 4,811,766
Other Receivables 104,500 223,777
Prepaid Expenses 15,385 33,391
Total Current Assets 7,237,780 4,198,880
PROPERTY AND EQUIPMENT, Net accumulated Depreciation
OTHER ASSETS    
Definite life intangible assets 122,794 124,393
Deposits 8,719 2,739
Deferred Stock Offering Cost 10,874
Loan Receivable 446,939 196,140
Total Other Assets 589,326 323,272
TOTAL ASSETS 7,827,106 4,522,152
CURRENT LIABILITIES:    
Advances to purchase common shares 4,811,766 1,600,354
Notes Payable - Related Party, current portion 89,000 87,817
Accounts Payable-trade 698,816 434,973
Accounts Payable - Related Party 235,000 235,000
Convertible notes payable - related party, (net of discounts of $0 and $11,997 respectively) 120,300 401,673
Accrued Expenses 19,551 229,601
Total Current Liabilities 5,974,433 2,989,418
Total Liabilities 5,974,433 2,989,418
STOCKHOLDER'S EQUITY:    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding
Common stock, par value $0.0001, 100,000,000 shares authorized, 13,910,894, and 12,433,290 issued and outstanding at December 31, 2017 and June 30, 2017, respectively 1,391 1,243
Additional paid-in capital 31,629,270 29,622,183
Accumulated Deficit (29,746,238) (28,443,524)
Other comprehensive income, net (31,750) 352,832
Total Stockholder's Equity 1,852,673 1,532,734
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 7,827,106 $ 4,522,152
XML 18 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Dec. 31, 2017
Jun. 30, 2017
Statement of Financial Position [Abstract]    
Convertible notes payable-related party, net of discounts $ 0 $ 11,997
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 100,000,000 100,000,000
Common Stock, shares issued 13,910,894 12,433,290
Common stock, shares outstanding 13,910,894 12,433,290
XML 19 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statement of Operations - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]        
Revenues
Cost of Goods Sold
Gross profit (Loss)
Operating Expenses        
General and Administrative Expenses 668,231 348,597 956,947 553,548
Non-cash compensation expenses     112,837 626,487
Research and Development Expenses 219,969 13,787 373,621 30,891
Depreciation and Amortization 3,954 3,622 7,900 7,371
Consulting Expenses 388,888 182,779 456,098 182,779
Total Operating Expense 1,281,042 548,785 1,907,403 1,401,076
(LOSS) FROM OPERATIONS (1,281,042) (548,785) (1,907,403) (1,401,076)
Other Income (Expense)        
Interest (expense) (2,196) (62) (3,213)
Interest (expense) - Related Party (12,289) (3,737) (13,181) (7,201)
Income (Loss) on Currency Transactions 209,023 (376,701) 596,432 (353,617)
Interest and Other Income 6,328 14,928
Total Other Income (Expense) 202,762 (382,634) 598,117 (364,031)
(Loss) Before Income Taxes (1,078,280) (931,419) (1,309,286) (1,765,107)
Income Tax Expense (Benefit) (1,934) (12,815) (6,572) (53,322)
NET (LOSS) $ (1,076,346) $ (918,604) $ (1,302,714) $ (1,711,785)
BASIC AND DILUTED LOSS PER SHARE $ (0.078) $ (0.10) $ (0.103) $ (0.18)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED 13,847,118 9,533,290 12,711,029 9,533,290
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Condensed Statement of Other Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Statement of Comprehensive Income [Abstract]        
Net Loss $ (1,076,346) $ (918,604) $ (1,302,714) $ (1,711,785)
Currency Translation, Net of Taxes (129,993) 404,211 (384,582) 378,623
Other Comprehensive Loss $ (1,206,339) $ (514,393) $ (1,687,296) $ (1,333,162)
XML 21 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Statement of Cash Flows [Abstract]    
NET (LOSS) $ (1,302,714) $ (1,711,785)
ADJUSTMENT TO RECONCILE NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES:    
Depreciation and Amortization 7,900 7,371
Non-cash compensation 112,837 626,487
Accrued Interest on Notes Payable - Related Party 1,183 1,184
Accrued Interest on Notes Receivable (10,874)
Accretion of discount on notes payable 11,997 8,706
CHANGES IN ASSETS AND LIABILITIES:    
(Increase) Decrease in Other Receivables 119,277 540,588
(Increase) Decrease in Prepaid Expenses/Deposits 12,026 4,657
Increase (Decrease) in Accounts Payable 263,843 (176,012)
Increase (Decrease) in Accounts Payable - Related Party 30,590
Increase (Decrease) in Accrued Expenses (210,050) 17,375
Total Adjustments 308,139 1,060,946
NET CASH USED IN OPERATING ACTIVITIES (994,575) (650,839)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net (Increase) in Cash Held in Escrow (4,811,766)
Net (Increase) in Note Receivables (250,799)
NET CASH USED BY INVESTING ACTIVITIES (5,062,565)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on Notes Payable - Related Party 120,300
Net Proceeds from Advance to Purchase Common Shares 3,211,411
Proceeds from Notes Payables - Related Party 240,600
Proceeds from Stock Issuances 1,601,029
NET CASH PROVIDED BY (USED BY) FINANCING ACTIVITIES 4,812,440 360,900
Gain (Loss) on Currency Translation (390,883) 384,176
NET INCREASE (DECREASE) IN CASH (1,635,583) 94,237
CASH, BEGINNING OF PERIOD 3,941,712 23,368
CASH, END OF PERIOD 2,306,129 117,605
Cash paid during the periods for:    
Interest
Income Taxes
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Imputed interest on Non-interest bearing Convertible Notes Payable 14,401
Beneficial Conversion Feature of Convertible Notes Payable 17,294
Amortization of discount on Convertible Notes Payable 11,997 8,706
Compensation for the issuance of stock options to the CEO and the Board 112,837 626,487
Convertible notes payable converted to 183,356 common shares $ 293,370
XML 22 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statement of Cash Flows (Unaudited) (Parenthetical)
 6 Months Ended
Dec. 31, 2017
USD ($)
Statement of Cash Flows [Abstract]  
Convertible notes payable converted to Common shares $ 183,356
XML 23 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies
 6 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The accompanying financial statements are unaudited. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at December 31, 2017 and 2016 and for the periods then ended have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s June 30, 2017 audited financial statements. The results of operations for the periods ended December 31, 2017 and December 31, 2016 are not necessarily indicative of the operating results for the full year.

 

Business and Basis of Presentation - DanDrit Biotech USA, Inc. (“DanDrit USA”, the “Company”, “we”, “us”, or “Parent”) was originally incorporated in the State of Delaware on January 18, 2011 as a vehicle to pursue a business combination through the acquisition of, or merger with, an operating business.

 

DanDrit BioTech A/S, a Danish corporation was incorporated on April 1, 2001 (“DanDrit Denmark”) and is a 100% owned subsidiary of the Company (subject to 123,464 common shares of DanDrit Denmark or 3.08% of outstanding shares to be acquired with the 185,053 common shares of the DanDrit Biotech USA held in escrow according to Danish law). The Company engages in the research and development, manufacturing and clinical trials of pharmaceutical and biological products for the human treatment of cancer.

 

Year End - In June 2015, DanDrit’s board of directors approved a change to DanDrit’s fiscal year end from December 31 to June 30. 

 

Share Exchange / Reverse Acquisition — On February 12, 2014, pursuant to the Share Exchange Agreement (the "Share Exchange Agreement"), the Company completed the acquisition of 100% (subject to 123,464 common shares of DanDrit Denmark or 3.08% of outstanding shares to be acquired with the 185,053 common shares of the Company held in escrow according to Danish law) of the issued and outstanding capital stock of DanDrit Denmark (the “Share Exchange”) and as a result became DanDrit Denmark’s parent company. Prior to the Share Exchange there were 5,000,000 shares of the common stock, par value $.0001 per share (the “Common Stock”) of the Company outstanding. The Company and an existing shareholder agreed to cancel 4,400,000 shares of Common Stock and issued 1,440,000 shares of Common Stock for legal and consulting services related to the Share Exchange and a future public offering. At the time of the Share Exchange each outstanding share of common stock of DanDrit Denmark was exchanged for 1.498842 shares of Common Stock, for a total of 6,000,000 shares of Common Stock, resulting in 8,040,000 shares of Common Stock outstanding immediately following the Share Exchange, including 185,053 shares of Common Stock reserved for issuance in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark to the DanDrit Denmark shareholders who have not consented to the Share Exchange (the “Non-Consenting Shareholders”), and deemed issued and outstanding for accounting purposes.

 

Consolidation — For the three and six months ended December 31, 2017 and 2016, the consolidated financial statements include the accounts and operations of DanDrit Denmark, and the accounts and operations of DanDrit USA. All material inter-company transactions and accounts have been eliminated in the consolidation.

 

Consolidation - For the years ended June 30, 2017 and 2016, the consolidated financial statements include the accounts and operations of the DanDrit Denmark, and the accounts and operations of DanDrit USA. All material inter-company transactions and accounts have been eliminated in the consolidation.

 

Functional Currency / Foreign currency translation — The functional currency of DanDrit USA is the U.S. Dollar. The functional currency of DanDrit Denmark is the Danish Kroner (“DKK”). The Company’s reporting currency is the U.S. Dollar for the purpose of these financial statements. The Company’s balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the periods ended December 31, 2017 and 2016. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred.

 

Cash and Cash Equivalents — The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The Company had balances held in financial institutions in Denmark and in the United States in excess of federally insured amounts at December 31, 2017 and 2016 of $6,617,895 and $0, respectively. As of December 31, 2017, the Company had 4,811,766 in cash held in escrow in connection with an advance to purchase Common Shares.

 

Property and Equipment — Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from four to nine years (See Note 3).

 

Intangible Assets — Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, “Goodwill and Other Intangible Assets” and amortized the patents on a straight line basis over the estimated useful life of twenty years. Costs incurred in relation to patent applications are capitalized cost and amortized over the estimated useful life of the patent. If it is determined that a patent will not be issued, the related remaining patent application costs are charged to expense.

 

Impairment of Long-Lived Assets — Long-lived assets, such as property, plant, and equipment and patents are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life.

 

Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The depreciable basis of assets that are impaired and continue in use is their respective fair values.

 

Revenue Recognition and Sales —The sale of the Company’s product is limited to compassionate use within approved countries. The Company accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB 101), and FASB ASC 605 Revenue Recognition. The Company recognizes revenue when rights and risk of ownership have passed to the customer, when there is persuasive evidence of an arrangement, product has been shipped or delivered to the customer, the price and terms are finalized, and collections of resulting receivable is reasonably assured. Products are primarily shipped FOB shipping point at which time title passes to the customer.

 

Value Added Tax — In Denmark, Value Added Tax (“VAT”) of 25% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities. VAT of 25% is also paid to Danish and EU vendors on invoices these amounts are refundable from the respective governmental authority and recorded as other receivables in the accompanying financial statements.

 

Research and Development Expenses — The Company expenses research and development costs incurred in formulating, improving, validating and creating alternative or modified processes related to and expanding the use of our MAGE –A dendrite cell cancer therapy. Research and development expenses were included in operating expenses for the six months ended December 31, 2017 and 2016, totaled $373,621 and $30,891, respectively.

 

Income Taxes — The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This statement requires an asset and liability approach for accounting for income taxes.

 

Loss Per Share — The Company calculates earnings/(loss) per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings per common share (EPS) are based on the weighted average number of common shares outstanding during each period. Diluted earnings per common share are based on shares outstanding (computed as under basic EPS) and potentially dilutive common shares. Potential common shares included in the diluted earnings per share calculation include in-the-money stock options that have been granted but have not been exercised. Because of the net loss for the six months ended December 31, 2017 and December 31, 2016, the dilutive shares for both periods were excluded from the Diluted EPS calculation as the effect of these potential common shares is anti-dilutive.

  

Fair Value of Financial Instruments — The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820, “Fair Value Measurements”. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

 

  ● Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;

 

  ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

  ● Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities.

 

Stock Options and Warrants - The Company has granted stock options to certain employees, officers and directors that were subsequently converted to warrants (See Note 10). During the years presented in the accompanying consolidated financial statements, the Company has granted stock options and warrants. The Company accounts for options and warrants in accordance with the provisions of FASB ASC Topic 718, Compensation – Stock Compensation. Non-cash compensation costs of $112,837 and $626,487 have been recognized for the vesting of options and warrants granted to employees and consultants with an associated recognized tax benefit of $0 and $0 for the years ended June 30, 2017 and 2016, respectively.

 

Stock-Based Compensation - The Company accounts for employee stock-based compensation in accordance with the guidance of Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 718, Compensation—Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.

 

The Company follows ASC Topic 505 - 50, formerly EITF 96-18, “Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services,” for stock options and warrants issued to consultants and other non-employees.  In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered.

 

Accounting Estimates — The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated.

 

 Reclassification — The financial statements as of June 30, 2017 to conform with the headings used a December 31, 2017 and included breaking out $1,600,354 in cash held in escrow in connection with an advance to purchase of common shares from Notes Payable – Related Party to Advances for the Purchase of common shares. On July 12, 2017, the Company completed the private placement offering of 1,231,561 Units for total proceeds to the Company of $1,601,029.

 

Recently Issued Accounting Standards:

 

In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard is effective on January 1, 2019, however early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance.

 

Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company's present or future financial statements.
XML 24 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment
 6 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 2 — PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following at December 31, 2017 and June 30, 2017:

 

   Useful Life  December 31,
2017		   June 30,
2017		 
Lab equipment and instruments  4-7  $177,397   $168,627 
Computer equipment  4-7   60,758    57,754 
       238,155    226,381 
Less Accumulated Depreciation      (238,155)   (226,381)
Net Property and Equipment     $-   $- 

 

Depreciation expense amounted to $0 and $0 for the six month period ended December 31, 2017 and 2016, respectively.
XML 25 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Definite-Life Intangible Assets
 6 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
DEFINITE-LIFE INTANGIBLE ASSETS

NOTE 3 — DEFINITE-LIFE INTANGIBLE ASSETS

 

At December 31, 2017 and June 30, 2017, definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products and processes of $122,794 and $124,393, respectively. The patents are recorded at cost and amortized over twenty years from the date of application. Amortization expense for the six months ended December 31, 2017 and 2016 was $7,900 and $7,371, respectively. Expected future amortization expense for the years ended are as follows:

 

Year ending June 30,    
2018   15,800 
2019   15,800 
2020   15,800 
2021   15,800 
2022   15,800 
Thereafter   43,794 
      
   $122,794 
XML 26 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note Receivable
 6 Months Ended
Dec. 31, 2017
Receivables [Abstract]  
NOTE RECEIVABLE

NOTE 4 — NOTE RECEIVABLE

 

On July 14, 2017, the Company agreed to loan to Enochian Biopharma, Inc., a Delaware corporation (“Enochian”) for up to $500,000 in exchange for a promissory note executed by the Company (the “Enochian Note”). The Enochian Note matures on July 13, 2020, bears interest of 5% per annum and can be repaid early without penalty. The Company may accelerate payment under the Enochian Note upon certain events of default provided therein, whereby all amounts owed will become immediately due and payable. The loan is a long-term debt obligation as defined in Item 303(a)(5)(ii)(A) of Regulation S-K that is material to the Company. As of December 31, 2017, the Company has loaned $446,939 under the Enochian Note with up to an additional $53,061 available to be lent. The Enochian Note shall be assumed, cancelled or forgiven upon the completion of the Merger with Enochian (See Note 11).

 

The following represents the future maturities of long-term receivables as of December 31, 2017:

 

Year ending December 31,    
2018   - 
2019   - 
2020   446,939 
2021   - 
2022   - 
Thereafter   - 
   $446,939 
XML 27 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable - Related Party
 6 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
NOTES PAYABLE - RELATED PARTY

NOTE 5 — NOTES PAYABLE – RELATED PARTY

 

Notes payable to related parties consists of the following as of December 31, 2017 and June 30, 2017:

 

   December 31,
2017		   June 30,
2017		 
Non-Interest Bearing Loan Payable Sunrise Financial Group Inc.  $38,235   $38,235 
6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC   50,765    49,581 
Total Notes Payable – Related Party   89,000    87,816 
Less Current Maturities   (89,000)   (87,816)
Note Payables – Related Party Long Term  $-   $- 

 

As of December 31, 2017, the outstanding balance of $38,235 for professional fees paid by a shareholder and amounts advanced to the Company are reported as notes payable - related party. The $38,235 in notes payable were acquired in the reverse acquisition. The amounts are unsecured, non-interest bearing and have no stipulated repayment terms.

 

A 6% promissory note payable to NLBDIT 2010 Enterprises, LLC, an entity controlled by a shareholder of the Company, was acquired by the Company in the reverse acquisition, payable on February 12, 2014 upon the completion date of the Share Exchange.  As of December 31, 2017, and 2016, the outstanding balance on such note, including accrued interest, was $50,765 and $48,417, respectively. During the three and six months ended December 31, 2017, the Company recorded related party interest on the note of $592 and $1,184, respectively and during the three and six months ended December 31, 2016, the Company recorded related party interest on the note of $592 and $1,184, respectively.
XML 28 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Convertible Notes Payable - Related Party
 6 Months Ended
Dec. 31, 2017
Convertible Notes Payable - Related Party [Abstract]  
CONVERTIBLE NOTES PAYABLE - RELATED PARTY

NOTE 6 — CONVERTIBLE NOTES PAYABLE – RELATED PARTY

 

Convertible notes payable to related parties consisted of the following as of December 31, 2017 and June 30, 2017:

 

   December 31,
2017		   June 30,
2017		 
Non-Interest Bearing Notes Payable to a Shareholder  $120,300   $120,300 
Non-Interest Bearing Notes Payable to a Former Director and Shareholder   -    240,600 
Non-Interest Bearing Notes Payable to a Former Director and Shareholder   -    52,770 
Less Discount   -    (11,997)
Total Convertible Notes Payable – Related Party   120,300   $401,673 
Less Current Maturities   (120,300)   (401,673)
Net Convertible Note Payables – Related Party Long Term  $-    - 

 

The following represents the future maturities of short-term debt as of December 31, 2017:

 

December 31, 2017    
2018   120,300 
2019   - 
2020   - 
2021   - 
2022   - 
Thereafter   - 
    120,300 

 

On July 1, 2016, the Company entered into a non-interest bearing convertible note for $60,150 with a shareholder of the Company (the “July 1 Note”). The July 1 Note had a maturity date of December 31, 2017 and was originally convertible into shares of Common Stock at $2.00 per share (see Note 11). The July 1 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017. As the Common Stock was trading at $2.50 on July 1, 2016, the Company bifurcated the intrinsic value of the beneficial conversion feature and recorded a discount of $15,038. As the July 1 Note is non-interest bearing, the Company imputed the interest at 3% and further recorded a discount of $2,639. The interest is being amortized to expense using the effective interest method through the December 31, 2017 maturity. For the six months ended December 31, 2017 and December 31, 2016, interest expense of $3,697 and $5,234 respectively, was recorded for the amortization of the discount. The Note was subsequently converted into 37,594 shares of the Company’s common stock on January 31, 2018.

 

On July 19, 2016, the Company entered into a non-interest bearing convertible note for $60,150 with a shareholder of the Company (the “July 19 Note”). The July 19 Note had a maturity date December 31, 2017 and was originally convertible into shares of Common Stock at $2.00 per share (see Note 11). The July 19 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017. As the July 19 Note is non-interest bearing, the Company imputed the interest at 3% and further recorded a discount of $2,555. The interest will be amortized to expense using the effective interest method through the December 31, 2017 maturity. For the six months ended December 31, 2017 and December 31, 2016, interest expense of $899and$783 respectively, was recorded for the amortization of the discount. The Note was subsequently converted into 37,594 shares of the Company’s common stock on January 31, 2018.

 

On August 24, 2016, the Company entered into a non-interest bearing convertible note for $90,225 with a shareholder of the Company (the “August 24 Note”). The August 24 Note was later acquired by an entity controlled by a then board member and shareholder of the Company. The August 24 Note had a maturity date of December 31, 2017 and was originally convertible into shares of Common Stock at $2.00 per share. The August 24 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017 (see Note 10). As the Common Stock was trading at $2.05 on August 24, 2016, the Company bifurcated the intrinsic value of the beneficial conversion feature and recorded a discount of $2,256. As the August 24 Note was non-interest bearing, the Company imputed the interest at 3% and further recorded a discount of $3,577. Interest is amortized to expense using the effective interest method through maturity. For six months ended December 31, 2017 and December 31, 2016, interest expense of $1,610 and $1,487, respectively, was recorded for the amortization of the discount. The August 24 Note was converted to 56,390 shares of the Company’s Common Stock on November 29, 2017.

 

On September 21, 2016 the Company entered into a non-interest bearing convertible note for $150,375 with a shareholder of the Company (the “September 21 Note”). The September 21 Note was later acquired by an entity controlled by a then board member and shareholder of the Company. The September 21 Note had a maturity date of December 31, 2017 and was originally convertible into shares of Common Stock at $2.00 per share. The September 21 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017 (See Note 10). As the note was non-interest bearing the Company imputed the interest at 3% and further recorded a discount of $5,630. Interest is amortized to expense using the effective interest method through maturity. For the six months ended December 31, 2016, interest expense of $1,202 was recorded for the amortization of the discount. The September 21 Note was converted to 93,984 shares of the Company’s common stock on November 29, 2017.

 

On March 9, 2017, the Company entered into a non-interest-bearing convertible note for $52,770 with an entity controlled by shareholder and former board member of the Company (the “March 9 Note” and together with the September 21 Note, August 24 Note, July 19 Note and the July 1 Note, the “2016/2017 Notes”). The March 9 Note was originally convertible into shares of Common Stock at $2.00 per share, and had an original maturity date of June 30, 2017.The March 9 Note was amended on October 31, 2017, whereby it was convertible into shares of Common Stock at $1.60 per share with a maturity date of December 31, 2017 (See Note 10). As the note is non-interest bearing the Company imputed the interest at 3% and further recorded a discount of $486. The interest will be amortized to expense using the effective interest method through the June 30, 2017 maturity. The March 9 Note was converted to 32,982 shares of the Company’s Common Stock on November 29, 2017.
XML 29 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Leases
 6 Months Ended
Dec. 31, 2017
Leases [Abstract]  
LEASES

NOTE 7 — LEASES

 

Operating Leases — The Company leased laboratory and production space under an operating lease agreement which terminated September 30, 2017. The lease called for monthly payments of DKK 6,300 (approximately $1,000 at September 30, 2017).

 

The Company had an agreement for use of virtual office space at a rate of $450 per month on a month-to-month basis, which was terminable by either party on one month’s notice. This lease was terminated November 30, 2017.

 

On November 13, 2017, the Company entered into a Lease Agreement for a term of five years and two months from November 1, 2017 (the “Term”) with Plaza Medical Office Building, LLC, a California Limited Liability Company (the “Landlord”), as landlord, pursuant to which the Company agreed to lease from the Landlord certain premises (the “Leased Premises”) located in Los Angeles.

 

The Leased Premises consist of approximately 2,325 rentable square feet. The base rent for the Leased Premises increases by 3% each year over the Term, and ranges from approximately $8,719 per month for the first year to $10,107 per month for the two months of the sixth year. The equalized monthly lease payment for the term of the lease is $8,124. The Company is entitled to $70,800 in tenant improvement allowance in the form of free rent applied over 10 months in equal installments beginning in January of 2018.

 

For the six months ended December 31, 2017 and December 31, 2016 the lease expense charged to operations was $1,450 and $1,395, respectively.
XML 30 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity
 6 Months Ended
Dec. 31, 2017
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 8 — STOCKHOLDERS’ EQUITY

 

Common Stock — The Company has 100,000,000 authorized shares of Common Stock, par value $0.0001 per share. As of December 31, 2017 and June 30, 2017 there were 13,910,894 and 12,433,290 shares issued and outstanding, respectively.

 

Voting — Holders of Common Stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders, including the election of directors, and do not have any right to cumulate votes in the election of directors.

 

Dividends — Holders of Common Stock are entitled to receive ratably such dividends as our Board of Directors from time to time may declare out of funds legally available.

 

Liquidation Rights — In the event of any liquidation, dissolution or winding-up of affairs of the Company, after payment of all of our debts and liabilities, the holders of Common Stock will be entitled to share ratably in the distribution of any of our remaining assets.

 

 Common Stock Issuances — On May 15, 2017, the Company completed a private placement offering of units, with each unit consisting of one share of Common Stock and warrants to purchase two shares of Common Stock at a strike price of $1.30 per share (each, a “Unit”), for $1.30 per Unit. In total, the Company issued and sold 2,700,000 shares of Common Stock and warrants to acquire 5,400,000 shares of Common Stock for total proceeds to the Company of $3,510,000.

 

On June 9, 2017, the Company issued 200,000 shares of Common Stock valued at $240,000 in connection with a consulting agreement at $1.20 per share.  

 

On July 12, 2017, the Company completed a private placement offering of 1,231,561 Units for total proceeds to the Company of $1,601,029.

 

On August 30, 2017, the Company issued 62,687 shares of Common Stock to the CEO and recorded non-cash compensation expense of $112,837 with a cost basis of $1.80.

 

On November 29, 2017 pursuant to the exercise of certain Convertible promissory notes of $90,225, $150,375 and $52,770, the Company issued 183,356 shares of Common Stock with a cost-basis of $1.60 per share.

 

As of December 31, 2017, the Company had 4,811,766 in cash held in escrow in connection with an advance to purchase common shares.

 

Share Exchange Agreement / Reverse Acquisition — On February 12, 2014, in accordance with the terms and conditions of the Share Exchange Agreement we completed the acquisition of 100% (subject to 123,464 common shares of DanDrit Denmark or 3.08% of outstanding shares to be acquired with the 185,053 common shares of the DanDrit Biotech USA held in escrow according to Danish law) of the issued and outstanding capital stock of DanDrit Denmark (Share Exchange) and as a result became DanDrit Denmark’s parent company. In connection with the Share Exchange, each outstanding share of common stock of DanDrit Denmark was exchanged for 1.498842 shares of Common Stock for an aggregate of 6,000,000 shares, including 185,053 shares of Common Stock reserved for issuance, in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark, to the DanDrit Denmark shareholders who did not consent to the Share Exchange and deemed issued and outstanding for accounting purposes. In addition, in connection with the Share Exchange (1) the sole shareholder prior to the Share Exchange agreed to cancel 4,400,000 shares of outstanding Common Stock owned by it and (2) the board of directors and executive management of DanDrit Denmark was appointed to serve as the Board of Directors and executive management of DanDrit USA effective upon the resignation of the sole officer and director of DanDrit USA prior to the closing of the Share Exchange.

 

Stock Options / Grant Warrants — On September 15, 2016, the Board granted the right to acquire 300,000 shares of Common Stock at a strike price of $2.00 per share in what the Board originally described as "options" (the "Grants") to each of Eric Leire, APE Invest A/S for Aldo Petersen and N.E. Nielsen in consideration of their service to the Company, which vested upon grant, and expire December 31, 2019. In October of 2017, the Company issued warrants to APE Invest A/S and N.E. Nielsen, and in January 2018, the Company issued a warrant to Eric Leire (each a "Option/Grant Warrant" collectively the “Options/Grant Warrants”) to evidence the Grants for an aggregate of 900,000 Options/Grant Warrants.

 

The Company recognizes compensation costs for the Options/Grant Warrants to employees based on their grant-date fair value. The value of each Option/Grant Warrant is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions used to estimate the fair values of the Options/Grant Warrants granted during 2016 using the Black-Scholes option-pricing model are as follows:

 

   DanDrit Biotech USA, Inc. 
Expected term (in years)   3.29 
Volatility   189.65%
Risk free interest rate   0.87%
Dividend yield   0%

 

The Company recognized stock based compensation expense related to the Options/Grant Warrants of $0 and $626,487 for the six months ended December 31, 2017 and December 31, 2016, respectively. At December 31, 2017 and December 31, 2016, the Company had approximately $0 of unrecognized compensation cost related to non-vested Options/Grant Warrants.

 

A summary of the status of the Options/Grant Warrants originally issued to an officer and two (now former) directors outstanding at December 31, 2017 is presented below: 

 

       Options/Grant Warrants Outstanding  

Options/Grant Warrants Exercisable
   Exercise Prices   Number Outstanding   Weighted Average Remaining Contractual Life (years)   Weighted Average Exercise Price   Number Exercisable   Weighted Average Exercise Price
   $2.00    900,000    2.0   $2.00    900,000   $2.00
Total        900,000    2.0   $2.00    900,000   $2.00

  

A summary of the status of the Options/Grant Warrants at December 31, 2017, and changes during the period are presented below:

 

   December 31, 2017 
   Shares  

Weighted

Average

Exercise

Price

  

Average

Remaining

Life

  

Weighted

Average

Intrinsic

Value

 
                 
Outstanding at beginning of period   900,000   $2.00    2.0   $- 
Granted   -    -    -    - 
Exercised   -    -    -    - 
Forfeited   -    -    -    - 
Expired   -    -    -    - 
Outstanding at end of period   900,000   $2.00    2.0   $2.75 
Vested and expected to vest   900,000   $2.00    2.0   $2.75 
Exercisable end of period   900,000   $2.00    2.0   $2.75 

 

At December 31, 2017, all Options/Grant Warrants issued are exercisable. The total intrinsic value of Options/Grant Warrants at December 31, 2017 was $2,475,000. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at December 31, 2017 (for outstanding Options/Grant Warrants), less the applicable exercise price.  

 

Common Stock Purchase Warrants

 

A summary of the status of common shares which can be purchased underlying the warrants outstanding at December 31, 2017 is presented below:

 

    Equivalent Shares Underlying Warrants Outstanding   Equivalent Shares Exercisable 
Exercise
Prices		   Equivalent
Shares		  

Weighted

Average

Remaining

Contractual Life

(years)

  

Weighted

Average
Exercise

Price

  

Number

Exercisable

  

Weighted

Average
Exercise

Price

 
$1.30    5,500,000    4.3   $1.30    5,500,000   $1.30 
$1.30    2,463,122    4.0   $1.30    2,463,122   $1.30 
                            
 Total    7,963,122    4.2   $1.30    7,963,122   $1.30 

 

At December 31, 2017, the Company had 0 non-vested warrants. On April 21, 2017, the Company recorded non-cash compensation expense of $115,754 related to the 100,000 warrants issued for consulting services. The warrants were valued using the Black-Scholes option pricing model using the following assumptions 5 year expected term, 188% volatility, 1.77% risk free interest rate and 0% dividend yield.

 

The exercise price of certain warrants and the number of shares underlying the warrants are subject to adjustment for stock dividends, subdivisions of the outstanding shares of Common Stock and combinations of the outstanding shares of Common Stock. For so long as the warrants remain outstanding, we are required to keep reserved from our authorized and unissued shares of Common Stock a sufficient number of shares to provide for the issuance of the shares underlying the warrants.  
XML 31 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies
 6 Months Ended
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 9 — COMMITMENTS AND CONTINGENCIES

 

Shares held for Non-Consenting Shareholders – In connection with the Share Exchange agreement certain shareholders of Dandrit Denmark had not been identified or did not consent to the exchange of shares. In accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark, the Non-Consenting Shareholders that did not exchange the DanDrit Denmark equity interests owned by such Non-Consenting Shareholders for shares of the Company, will be entitled to receive up to 185,053 shares of common stock of the Company that each such Non-Consenting Shareholder would have been entitled to receive if such shareholder had consented to the Share Exchange. The 185,053 shares have been reflected as issued and outstanding in the accompanying financial statements.

 

Clinical Trial Agreements – The Company’s subsidiary, DanDrit Biotech A/S signed a contract of collaboration with the University Hospital IRCCS “San Martino” - IST – National Institute for Cancer Research, known as the San Martino Hospital of Genoa. The collaboration relates to a Phase III adjuvant study of DanDrit’s vaccine in patients with no evident disease (“NED”) stage IV colorectal cancer (“CRC”). The primary goal of the study is to evaluate the efficacy of DanDrit’s MelCancerVac® (“MCV”) in stage IV CRC patients rendered disease free after the completion of standard treatments in accordance with local practices.

 

On April 28, 2015 the Company entered into a service agreement with Fondazione GISCAD per la RicercasuiTumori to support Dandrit in a clinical trial to be conducted in Italy.

 

Patient Name Use Program Agreements - On December 16, 2013, DanDrit Denmark entered into an agreement with a Dutch company (the “MCV Partner”) regarding a Patient Name Use Program (PNU) for the Company’s MCV.  This program will allow DanDrit Denmark to sell MCV for a year of treatment (10 vaccines) to cancer patients through the MCV Partner.  The MCV Partner offers a worldwide online platform providing access to non-registered medicines for patients with life threatening diseases. The MCV Partner is a turnkey solution and will be in charge of regulatory, recruitment, logistics, and pharmaco vigilance.   The Company will pay the MCV Partner a royalty on a country to country basis for 20 years on MCV sales sold under the agreement. Either party may terminate the agreement with 180 day written notice.

 

On April 23, 2015, the Company entered into a collaboration agreement with Riyadh Pharma in Saudi Arabia to promote cooperation in the manufacturing and marketing of DanDrit's dendritic cell cancer vaccine.

 

Manufacturing Agreements - On January 28, 2014, the Company entered into an agreement with Cellin Technologies for the manufacture of the MCV Cancer vaccine.

 

On August 8, 2014, the Company entered into an agreement with Cellin Technologies for the manufacture of the Melanoma Cell Lysate.

 

Food and Drug Administration (FDA) - The FDA has extensive regulatory authority over biopharmaceutical products (drugs and biological products), manufacturing protocols and procedures and the facilities in which they will be manufactured. Any new bio product intended for use in humans is subject to rigorous testing requirements imposed by the FDA with respect to product efficacy and safety, possible toxicity and side effects. FDA approval for the use of new bio products (which can never be assured) requires several rounds of extensive preclinical testing and clinical investigations conducted by the sponsoring pharmaceutical company prior to sale and use of the product. At each stage, the approvals granted by the FDA include the manufacturing process utilized to produce the product. Accordingly, the Company’s cell systems used for the production of therapeutic or bio therapeutic products are subject to significant regulation by the FDA under the Federal Food, Drug and Cosmetic Act, as amended.

 

Product liability - The contract production services for therapeutic products offered exposes an inherent risk of liability as bio therapeutic substances manufactured, at the request and to the specifications of customers, could foreseeably cause adverse effects. The Company seeks to obtain agreements from contract production customers indemnifying and defending the Company from any potential liability arising from such risk. There can be no assurance, however, that the Company will be successful in obtaining such agreements in the future or that such indemnification agreements will adequately protect the Company against potential claims relating to such contract production services. The Company may also be exposed to potential product liability claims by users of its products. A successful partial or completely uninsured claim against the Company could have a material adverse effect on the Company’s operations.

 

Employment Agreements - The Company and its Subsidiary have employment agreements with officers of the Company.

 

Contingencies - The Company is from time to time involved in routine legal and administrative proceedings and claims of various types. While any proceedings or claim contains an element of uncertainty, management does not expect a material impact on our results of operations or financial position.
XML 32 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions
 6 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 10 — RELATED PARTY TRANSACTIONS

  

Between July 1, 2016 and March 9, 2017, the Company entered into the 2016/2017 Notes with shareholders of the Company, one of whom is a former director of the Company (see Note 6). On October 31, 2017, the Company executed amendments to the 2016/2017 Notes and issued replacement notes to the current holders of such notes. The 2016/2017 Notes, as amended, were convertible into shares of Common Stock at $1.60 per share and mature on December 31, 2017. The holders of the 2016/2017 notes have converted such notes into 150,374 shares of Common Stock (See Note 6 and Note 11).   

 

On December 29, 2017 the Company entered into a consulting agreement (“RS Consulting Agreement”) with RS Group ApS, a company owned and controlled by 2 Company directors for consulting services from October 1, 2017 through March 31, 2018.In consideration for the consulting services, the Company will pay RS Group ApS $367,222. At December 31, 2017 the Company had a payable to RS Group ApS of $367,222.

 

At December 31, 2017, and December 31, 2016, the Company had a payable to a law firm at which the former Chairman of the Board of Directors was a partner in the amount of $0 and $127,947, respectively.

 

On July 1, 2016, the Company entered into a financial services agreement with APE Invest AS (an entity owned by a former director of the Company) for consultancy services related to the Company raising additional equity financing in the US and Danish capital markets.  The agreement called for a monthly payment of $20,000 with a $100,000 retainer payment due November 1, 2016.  The agreement was terminated June 9, 2017.

 

On September 15, 2016, the Company recorded $626,487 in non-cash compensation for the grant of 900,000 Grant Warrants to employees, officers, and directors of the Company, which shall be fully vested upon grant, to purchase shares of Common Stock at $2.00 per share, and expire December 31, 2019. The Grant Warrants contain certain anti-dilution provisions.
XML 33 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
 6 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 11 — SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, Company management reviewed all material events through the date of this report. The following material subsequent events occurred:

 

On January 12, 2018 the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, DanDrit Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Registrant (“Merger Sub”), Enochian and Weird Science LLC, a California limited liability company and the super majority stockholder of Enochian (“Weird Science”). The Merger Agreement provides, among other things, that the Merger Sub will merge with and into Enochian, with Enochian as the surviving corporation (the “Merger”). As consideration for the Merger, the stockholders of Enochian shall be entitled to receive (i) 50% of the number of shares of Common Stock issued and outstanding as of the effective time of the Merger, in the aggregate, after giving effect to the Merger, and (ii) earn-out shares of the Common Stock pro rata upon the exercise or conversion of any of the Parent’s stock options and warrants which are outstanding at closing.

 

On January 18, 2018, the Company announced the appointment of Ambassador Mark R. Dybul, MD and Steven G. Deeks, MD to its Scientific Advisory Board. Ambassador Dybul will also serve as the Chairman of the Scientific Advisory Board.

 

On January 24, 2018, the holder of the July 1 Note and the July 19 Note converted both notes, and the Company subsequently issued 75,188 shares of Common Stock.
XML 34 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
Business and Basis of Presentation

Business and Basis of Presentation - DanDrit Biotech USA, Inc. (“DanDrit USA”, the “Company”, “we”, “us”, or “Parent”) was originally incorporated in the State of Delaware on January 18, 2011 as a vehicle to pursue a business combination through the acquisition of, or merger with, an operating business.

 

DanDrit BioTech A/S, a Danish corporation was incorporated on April 1, 2001 (“DanDrit Denmark”) and is a 100% owned subsidiary of the Company (subject to 123,464 common shares of DanDrit Denmark or 3.08% of outstanding shares to be acquired with the 185,053 common shares of the DanDrit Biotech USA held in escrow according to Danish law). The Company engages in the research and development, manufacturing and clinical trials of pharmaceutical and biological products for the human treatment of cancer.
Year End

 Year End - In June 2015, DanDrit’s board of directors approved a change to DanDrit’s fiscal year end from December 31 to June 30.
Share Exchange / Reverse Acquisition

 Share Exchange / Reverse Acquisition — On February 12, 2014, pursuant to the Share Exchange Agreement (the "Share Exchange Agreement"), the Company completed the acquisition of 100% (subject to 123,464 common shares of DanDrit Denmark or 3.08% of outstanding shares to be acquired with the 185,053 common shares of the Company held in escrow according to Danish law) of the issued and outstanding capital stock of DanDrit Denmark (the “Share Exchange”) and as a result became DanDrit Denmark’s parent company. Prior to the Share Exchange there were 5,000,000 shares of the common stock, par value $.0001 per share (the “Common Stock”) of the Company outstanding. The Company and an existing shareholder agreed to cancel 4,400,000 shares of Common Stock and issued 1,440,000 shares of Common Stock for legal and consulting services related to the Share Exchange and a future public offering. At the time of the Share Exchange each outstanding share of common stock of DanDrit Denmark was exchanged for 1.498842 shares of Common Stock, for a total of 6,000,000 shares of Common Stock, resulting in 8,040,000 shares of Common Stock outstanding immediately following the Share Exchange, including 185,053 shares of Common Stock reserved for issuance in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark to the DanDrit Denmark shareholders who have not consented to the Share Exchange (the “Non-Consenting Shareholders”), and deemed issued and outstanding for accounting purposes.
Consolidation

 Consolidation — For the three and six months ended December 31, 2017 and 2016, the consolidated financial statements include the accounts and operations of DanDrit Denmark, and the accounts and operations of DanDrit USA. All material inter-company transactions and accounts have been eliminated in the consolidation.

 

Consolidation - For the years ended June 30, 2017 and 2016, the consolidated financial statements include the accounts and operations of the DanDrit Denmark, and the accounts and operations of DanDrit USA. All material inter-company transactions and accounts have been eliminated in the consolidation.
Functional Currency / Foreign currency translation

Functional Currency / Foreign currency translation — The functional currency of DanDrit USA is the U.S. Dollar. The functional currency of DanDrit Denmark is the Danish Kroner (“DKK”). The Company’s reporting currency is the U.S. Dollar for the purpose of these financial statements. The Company’s balance sheet accounts are translated into U.S. Dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. Dollars at the average exchange rates prevailing during the periods ended December 31, 2017 and 2016. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred.
Cash and Cash Equivalents

Cash and Cash Equivalents — The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The Company had balances held in financial institutions in Denmark and in the United States in excess of federally insured amounts at December 31, 2017 and 2016 of $6,617,895 and $0, respectively. As of December 31, 2017, the Company had 4,811,766 in cash held in escrow in connection with an advance to purchase Common Shares.
Property and Equipment

 Property and Equipment — Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from four to nine years (See Note 3).
Intangible Assets

 Intangible Assets — Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, “Goodwill and Other Intangible Assets” and amortized the patents on a straight line basis over the estimated useful life of twenty years. Costs incurred in relation to patent applications are capitalized cost and amortized over the estimated useful life of the patent. If it is determined that a patent will not be issued, the related remaining patent application costs are charged to expense.
Impairment of Long-Lived Assets

 Impairment of Long-Lived Assets — Long-lived assets, such as property, plant, and equipment and patents are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life.

 

Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The depreciable basis of assets that are impaired and continue in use is their respective fair values.
Revenue Recognition and Sales

 Revenue Recognition and Sales —The sale of the Company’s product is limited to compassionate use within approved countries. The Company accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB 101), and FASB ASC 605 Revenue Recognition. The Company recognizes revenue when rights and risk of ownership have passed to the customer, when there is persuasive evidence of an arrangement, product has been shipped or delivered to the customer, the price and terms are finalized, and collections of resulting receivable is reasonably assured. Products are primarily shipped FOB shipping point at which time title passes to the customer.
Value Added Tax

 Value Added Tax — In Denmark, Value Added Tax (“VAT”) of 25% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities. VAT of 25% is also paid to Danish and EU vendors on invoices these amounts are refundable from the respective governmental authority and recorded as other receivables in the accompanying financial statements.
Research and Development Expenses

 Research and Development Expenses — The Company expenses research and development costs incurred in formulating, improving, validating and creating alternative or modified processes related to and expanding the use of our MAGE –A dendrite cell cancer therapy. Research and development expenses were included in operating expenses for the six months ended December 31, 2017 and 2016, totaled $373,621 and $30,891, respectively.
Income Taxes

Income Taxes — The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This statement requires an asset and liability approach for accounting for income taxes.
Loss Per Share

 Loss Per Share — The Company calculates earnings/(loss) per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings per common share (EPS) are based on the weighted average number of common shares outstanding during each period. Diluted earnings per common share are based on shares outstanding (computed as under basic EPS) and potentially dilutive common shares. Potential common shares included in the diluted earnings per share calculation include in-the-money stock options that have been granted but have not been exercised. Because of the net loss for the six months ended December 31, 2017 and December 31, 2016, the dilutive shares for both periods were excluded from the Diluted EPS calculation as the effect of these potential common shares is anti-dilutive.
Fair Value of Financial Instruments

Fair Value of Financial Instruments — The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820, “Fair Value Measurements”. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

 

  ● Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;

 

  ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

  ● Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities.
Stock Options and Warrants

 Stock Options and Warrants - The Company has granted stock options to certain employees, officers and directors that were subsequently converted to warrants (See Note 10). During the years presented in the accompanying consolidated financial statements, the Company has granted stock options and warrants. The Company accounts for options and warrants in accordance with the provisions of FASB ASC Topic 718, Compensation – Stock Compensation. Non-cash compensation costs of $112,837 and $626,487 have been recognized for the vesting of options and warrants granted to employees and consultants with an associated recognized tax benefit of $0 and $0 for the years ended June 30, 2017 and 2016, respectively.
Stock-Based Compensation

 Stock-Based Compensation - The Company accounts for employee stock-based compensation in accordance with the guidance of Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 718, Compensation—Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.

 

The Company follows ASC Topic 505 - 50, formerly EITF 96-18, “Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services,” for stock options and warrants issued to consultants and other non-employees.  In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered.
Accounting Estimates

Accounting Estimates — The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated.
Reclassification

 Reclassification — The financial statements as of June 30, 2017 to conform with the headings used a December 31, 2017 and included breaking out $1,600,354 in cash held in escrow in connection with an advance to purchase of common shares from Notes Payable – Related Party to Advances for the Purchase of common shares. On July 12, 2017, the Company completed the private placement offering of 1,231,561 Units for total proceeds to the Company of $1,601,029.
Recently Issued Accounting Standards

Recently Issued Accounting Standards:

 

In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard is effective on January 1, 2019, however early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance.

 

Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company's present or future financial statements.
XML 35 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Tables)
 6 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]  
Summary of property and equipment
    Useful Life   December 31, 
2017		     June 30, 
2017		  
Lab equipment and instruments   4-7   $ 177,397     $ 168,627  
Computer equipment   4-7     60,758       57,754  
          238,155       226,381  
Less Accumulated Depreciation         (238,155 )     (226,381 )
Net Property and Equipment       $ -     $ -  
XML 36 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Definite-Life Intangible Assets (Tables)
 6 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of expected future amortization expense

Year ending June 30,    
2018   15,800 
2019   15,800 
2020   15,800 
2021   15,800 
2022   15,800 
Thereafter   43,794 
      
   $122,794 
XML 37 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note Receivable (Tables)
 6 Months Ended
Dec. 31, 2017
Receivables [Abstract]  
Schedule of future maturities of long-term receivables
Year ending December 31,    
2018   - 
2019   - 
2020   446,939 
2021   - 
2022   - 
Thereafter   - 
   $446,939 
XML 38 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable - Related Party (Tables)
 6 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Summary of notes payable to related parties
   December 31,
2017		   June 30,
2017		 
Non-Interest Bearing Loan Payable Sunrise Financial Group Inc.  $38,235   $38,235 
6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC   50,765    49,581 
Total Notes Payable – Related Party   89,000    87,816 
Less Current Maturities   (89,000)   (87,816)
Note Payables – Related Party Long Term  $-   $- 
XML 39 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Convertible Notes Payable - Related Party (Tables)
 6 Months Ended
Dec. 31, 2017
Convertible Notes Payable - Related Party [Abstract]  
Schedule of convertible notes payable to related parties
   December 31,
2017		   June 30,
2017		 
Non-Interest Bearing Notes Payable to a Shareholder  $120,300   $120,300 
Non-Interest Bearing Notes Payable to a Former Director and Shareholder   -    240,600 
Non-Interest Bearing Notes Payable to a Former Director and Shareholder   -    52,770 
Less Discount   -    (11,997)
Total Convertible Notes Payable – Related Party   120,300   $401,673 
Less Current Maturities   (120,300)   (401,673)
Net Convertible Note Payables – Related Party Long Term  $-    - 
Schedule of future maturities of short-term debt
December 31, 2017    
2018   120,300 
2019   - 
2020   - 
2021   - 
2022   - 
Thereafter   - 
    120,300 
XML 40 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Tables)
 6 Months Ended
Dec. 31, 2017
Stockholders' Equity Note [Abstract]  
Summary of weighted-average assumptions used to estimate the fair values of the stock options granted using the Black-Scholes option-pricing model
   DanDrit Biotech USA, Inc. 
Expected term (in years)   3.29 
Volatility   189.65%
Risk free interest rate   0.87%
Dividend yield   0%
Summary of stock options outstanding

       Options/Grant Warrants Outstanding  

Options/Grant Warrants Exercisable
   Exercise Prices   Number Outstanding   Weighted Average Remaining Contractual Life (years)   Weighted Average Exercise Price   Number Exercisable   Weighted Average Exercise Price
   $2.00    900,000    2.0   $2.00    900,000   $2.00
Total        900,000    2.0   $2.00    900,000   $2.00
Summary of stock option activity

   December 31, 2017 
   Shares  

Weighted

Average

Exercise

Price

  

Average

Remaining

Life

  

Weighted

Average

Intrinsic

Value

 
                 
Outstanding at beginning of period   900,000   $2.00    2.0   $- 
Granted   -    -    -    - 
Exercised   -    -    -    - 
Forfeited   -    -    -    - 
Expired   -    -    -    - 
Outstanding at end of period   900,000   $2.00    2.0   $2.75 
Vested and expected to vest   900,000   $2.00    2.0   $2.75 
Exercisable end of period   900,000   $2.00    2.0   $2.75 
Summary of common stock shares purchased underlying the warrants outstanding
    Equivalent Shares Underlying Warrants Outstanding   Equivalent Shares Exercisable 
Exercise
Prices		   Equivalent
Shares		  

Weighted

Average

Remaining

Contractual Life

(years)

  

Weighted

Average
Exercise

Price

  

Number

Exercisable

  

Weighted

Average
Exercise

Price

 
$1.30    5,500,000    4.3   $1.30    5,500,000   $1.30 
$1.30    2,463,122    4.0   $1.30    2,463,122   $1.30 
                            
 Total    7,963,122    4.2   $1.30    7,963,122   $1.30 
XML 41 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Feb. 12, 2014
Apr. 01, 2001
Jul. 12, 2017
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Jun. 30, 2017
Jun. 30, 2016
Summary of Significant Accounting Policies (Textual)                  
Ownership percentage of subsidiary   100.00%              
Cash held in financial institutions       $ 6,617,895 $ 0 $ 6,617,895 $ 0    
Cash held in escrow       $ 4,811,766   $ 4,811,766    
Common stock, par value       $ 0.0001   $ 0.0001   $ 0.0001  
Property plant and equipment estimated useful lives, Description           Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from four to nine years.      
Common stock reserved for issuance       185,053   185,053      
Value added tax, percentage           25.00%      
Value added tax paid to Danish and EU vendors           25.00%      
Research and development expense       $ 219,969 13,787 $ 373,621 30,891    
Share exchange agreement, acquisition percentage 3.08% 3.08%              
Share exchange outstanding share of common stock 185,053 185,053              
Share exchange agreement, shares issued to parent company 123,464 123,464              
Non-cash compensation           112,837 626,487    
Recognized tax benefit       $ (1,934) $ (12,815) $ (6,572) $ (53,322)    
Amortized the patents on a straight line basis over the estimated useful life           20 years      
Advances for purchase of common shares               $ 1,600,354  
Private placement offering units     1,231,561            
Total proceeds     $ 1,601,029            
Common Stock [Member]                  
Summary of Significant Accounting Policies (Textual)                  
Common stock, par value $ 0.0001                
Shares of parent common stock outstanding 8,040,000                
Common stock reserved for issuance 185,053                
Shares prior to share exchange agreement 5,000,000                
Share exchange agreement, acquisition percentage 100.00%                
Share exchange outstanding share of common stock 1.498842                
Share exchange agreement, shares issued to parent company 6,000,000                
Share exchange agreement, number of shares cancelled 4,400,000                
Common shares issued for legal and consulting services 1,440,000                
Employees and Consultants [Member]                  
Summary of Significant Accounting Policies (Textual)                  
Non-cash compensation               112,837 $ 626,487
Recognized tax benefit               $ 0 $ 0
XML 42 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Details) - USD ($)
 6 Months Ended
Dec. 31, 2017
Jun. 30, 2017
Summary of property and equipment    
Gross Property and Equipment $ 238,155 $ 226,381
Less Accumulated Depreciation (238,155) (226,381)
Net Property and Equipment
Lab equipment and instruments [Member]    
Summary of property and equipment    
Gross Property and Equipment $ 177,397 168,627
Lab equipment and instruments [Member] | Minimum [Member]    
Summary of property and equipment    
Useful Life 4 years  
Lab equipment and instruments [Member] | Maximum [Member]    
Summary of property and equipment    
Useful Life 7 years  
Computer equipment [Member]    
Summary of property and equipment    
Gross Property and Equipment $ 60,758 $ 57,754
Computer equipment [Member] | Minimum [Member]    
Summary of property and equipment    
Useful Life 4 years  
Computer equipment [Member] | Maximum [Member]    
Summary of property and equipment    
Useful Life 7 years  
XML 43 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Details Textual) - USD ($)
 6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Property and Equipment (Textual)    
Depreciation expense $ 0 $ 0
XML 44 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Definite-Life Intangible Assets (Details) - USD ($)
Dec. 31, 2017
Jun. 30, 2017
Schedule of expected future amortization expense    
2018 $ 15,800  
2019 15,800  
2020 15,800  
2021 15,800  
2022 15,800  
Thereafter 43,794  
Definite-life intangible assets, net $ 122,794 $ 124,393
XML 45 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Definite-Life Intangible Assets (Details Textual) - USD ($)
 6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Jun. 30, 2017
Definite-Life Intangible Assets (Textual)      
Definite-life intangible assets $ 122,794   $ 124,393
Amortization expense $ 7,900 $ 7,371  
Patents are recorded at cost and amortized 20 years    
XML 46 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note Receivable (Details)
Dec. 31, 2017
USD ($)
Schedule of future maturities of long-term receivables  
2018
2019
2020 446,939
2021
2022
Thereafter
Total $ 446,939
XML 47 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note Receivable (Details Textual) - USD ($)
 1 Months Ended
Jul. 14, 2017
Dec. 31, 2017
Jun. 30, 2017
Note Receivable (Textual)      
Loan receivable   $ 446,939 $ 196,140
Loan receivable additional   $ 53,061  
Enochian Biopharma, Inc. [Member]      
Note Receivable (Textual)      
Related party exchange for a promissory note executed $ 500,000    
Maturity date Jul. 13, 2020    
Bears interest 5.00%    
XML 48 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable - Related Party (Details) - USD ($)
Dec. 31, 2017
Jun. 30, 2017
Summary of notes payable to related parties    
Total Notes Payable - Related Party $ 89,000 $ 87,816
Less Current Maturities (89,000) (87,817)
Note Payables - Related Party Long Term
Non-Interest Bearing Loan Payable Sunrise Financial Group Inc. [Member]    
Summary of notes payable to related parties    
Total Notes Payable - Related Party 38,235 38,235
6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC [Member]    
Summary of notes payable to related parties    
Total Notes Payable - Related Party $ 50,765 $ 49,581
XML 49 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable - Related Party (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Notes Payable - Related Party (Textual)        
Notes payable acquired in reverse acquisition $ 38,235   $ 38,235  
Outstanding balance for professional fees paid by a shareholder and amounts advanced to parent 38,235   38,235  
Related party interest $ 592 $ 592 1,183 $ 1,184
6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC [Member]        
Notes Payable - Related Party (Textual)        
Outstanding balance on note including accrued interest     $ 50,765 $ 48,417
XML 50 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Convertible Notes Payable - Related Party (Details) - USD ($)
Dec. 31, 2017
Jun. 30, 2017
Schedule of convertible notes payable to related parties    
Non-Interest Bearing Notes Payable to a Shareholder $ 120,300 $ 120,300
Non-Interest Bearing Notes Payable to a Former Director and Shareholder 240,600
Non-Interest Bearing Notes Payable to a Former Director and Shareholder 52,770
Less Discount 0 (11,997)
Total Convertible Notes Payable - Related Party 120,300 401,673
Less Current Maturities (120,300) (401,673)
Net Convertible Note Payables - Related Party Long Term
XML 51 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Convertible Notes Payable - Related Party (Details 1)
Dec. 31, 2017
USD ($)
Schedule of future maturities of short-term debt  
2018 $ 120,300
2019
2020
2021
2022
Thereafter
Total $ 120,300
XML 52 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Convertible Notes Payable - Related Party (Details Textual) - USD ($)
 1 Months Ended 6 Months Ended
Mar. 09, 2017
Jan. 31, 2018
Nov. 29, 2017
Oct. 31, 2017
Sep. 21, 2016
Aug. 24, 2016
Jul. 19, 2016
Jul. 02, 2016
Dec. 31, 2017
Dec. 31, 2016
Convertible Notes Payable - Related Party (Textual)                    
Convertible notes payable     $ 90,225              
Converted into common stock                 150,374  
July 1 Note [Member]                    
Convertible Notes Payable - Related Party (Textual)                    
Convertible notes payable               $ 60,150    
Interest rate               3.00%    
Common stock at per share       $ 1.60       $ 2.00    
Maturity date       Dec. 31, 2017       Dec. 31, 2017    
Trading price               $ 2.50    
Discount rate               $ 2,639    
Beneficial conversion feature discount               $ 15,038    
Amortization of discount                 $ 3,697 $ 5,234
July 1 Note [Member] | Subsequent Event [Member]                    
Convertible Notes Payable - Related Party (Textual)                    
Converted into common stock   37,594                
July 19 Note [Member]                    
Convertible Notes Payable - Related Party (Textual)                    
Convertible notes payable             $ 60,150      
Interest rate             3.00%      
Common stock at per share       $ 1.60     $ 2.00      
Maturity date       Dec. 31, 2017     Dec. 31, 2017      
Discount rate             $ 2,555      
Amortization of discount                 899 783
July 19 Note [Member] | Subsequent Event [Member]                    
Convertible Notes Payable - Related Party (Textual)                    
Converted into common stock   37,594                
August 24 Note [Member]                    
Convertible Notes Payable - Related Party (Textual)                    
Convertible notes payable           $ 90,225        
Interest rate           3.00%        
Common stock at per share       $ 1.60   $ 2.00        
Maturity date       Dec. 31, 2017   Dec. 31, 2017        
Trading price           $ 2.05        
Discount rate           $ 3,577        
Beneficial conversion feature discount           $ 2,256        
Amortization of discount     $ 56,390           1,610 1,487
September 21 Note [Member]                    
Convertible Notes Payable - Related Party (Textual)                    
Convertible notes payable         $ 150,375          
Interest rate         3.00%          
Common stock at per share       $ 1.60 $ 2.00          
Maturity date       Dec. 31, 2017 Dec. 31, 2017          
Discount rate         $ 5,630          
Amortization of discount                 $ 1,202
Converted into common stock     93,984              
March 9 Note [Member]                    
Convertible Notes Payable - Related Party (Textual)                    
Convertible notes payable $ 52,770                  
Interest rate 3.00%                  
Common stock at per share $ 2.00     $ 1.60            
Maturity date Jun. 30, 2017     Dec. 31, 2017            
Discount rate $ 486                  
Converted into common stock     32,982              
XML 53 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Leases (Details) - USD ($)
 6 Months Ended
Nov. 13, 2017
Dec. 31, 2017
Dec. 31, 2016
Leases (Textual)      
Rental payments for operating leases   $ 1,450 $ 1,395
Lease premises, description The Leased Premises consist of approximately 2,325 rentable square feet. The base rent for the Leased Premises increases by 3% each year over the Term, and ranges from approximately $8,719 per month for the first year to $10,107 per month for the two months of the sixth year. The equalized monthly lease payment for the term of the lease is $8,124. The Company is entitled to $70,800 in tenant improvement allowance in the form of free rent applied over 10 months in equal installments beginning in January of 2018.    
Lease agreement term, description The Company entered into a Lease Agreement for a term of five years and two months from November 1, 2017 (the “Term”).    
Leased Laboratory Space [Member]      
Leases (Textual)      
Rental payments for operating leases   1,000  
Leased Laboratory Space [Member] | DKK [Member]      
Leases (Textual)      
Rental payments for operating leases   $ 6,300  
Virtual Office [Member]      
Leases (Textual)      
Lease premises, description   The Company had an agreement for use of virtual office space at a rate of $450 per month on a month-to-month basis, which was terminable by either party on one month’s notice. This lease was terminated November 30, 2017.  
XML 54 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Details)
 6 Months Ended
Dec. 31, 2017
Summary of weighted-average assumptions used to estimate the fair values of the stock options granted using the Black-Scholes option-pricing model  
Expected term (in years) 3 years 3 months 15 days
Volatility 189.65%
Risk free interest rate 0.87%
Dividend yield 0.00%
XML 55 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Details 1) - Stock options [Member] - $ / shares
 6 Months Ended
Dec. 31, 2017
Jun. 30, 2017
Summary of stock options outstanding    
Options Outstanding, Number Outstanding 900,000 900,000
Options Outstanding, Weighted Average Remaining Contractual Life (years) 2 years  
Options Outstanding, Weighted Average Exercise Price $ 2.00 $ 2.00
Options Exercisable, Number Exercisable 900,000  
Options Exercisable, Weighted Average Exercise Price $ 2.00  
Exercise price range [Member]    
Summary of stock options outstanding    
Exercise Prices $ 2.00  
Options Outstanding, Number Outstanding 900,000  
Options Outstanding, Weighted Average Remaining Contractual Life (years) 2 years  
Options Outstanding, Weighted Average Exercise Price $ 2.00  
Options Exercisable, Number Exercisable 900,000  
Options Exercisable, Weighted Average Exercise Price $ 2.00  
XML 56 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Details 2) - USD ($)
 1 Months Ended 6 Months Ended
Feb. 12, 2014
Oct. 31, 2017
Dec. 31, 2017
Summary of stock option activity      
Granted 185,053 900,000  
Stock options [Member]      
Summary of stock option activity      
Options Outstanding, Number Outstanding     900,000
Granted     0
Exercised    
Forfeited    
Expired    
Outstanding at end of period     900,000
Vested and expected to vest     900,000
Options Exercisable, Number Exercisable     900,000
Weighted Average Exercise Price, Outstanding at beginning of period     $ 2.00
Weighted Average Exercise Price, Granted    
Weighted Average Exercise Price, Exercised    
Weighted Average Exercise Price, Forfeited    
Weighted Average Exercise Price, Expired    
Options Outstanding, Weighted Average Exercise Price     2.00
Weighted Average Exercise Price, Vested and expected to vest     2.00
Options Exercisable, Weighted Average Exercise Price     $ 2.00
Average Remaining Life, Outstanding, Beginning     2 years
Average Remaining Life, Outstanding, Ending     2 years
Average Remaining Life, Vested and expected to vest     2 years
Average Remaining Life, Exercisable end of period     2 years
Weighted Average Intrinsic Value, Granted    
Weighted Average Intrinsic Value, Exercised    
Weighted Average Intrinsic Value, Forfeited    
Weighted Average Intrinsic Value, Expired    
Weighted Average Intrinsic Value, Outstanding at end of period     2.75
Weighted Average Intrinsic Value, Vested and expected to vest     2.75
Weighted Average Intrinsic Value, Exercisable end of period     $ 2.75
XML 57 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Details 3) - Warrants [Member]
 6 Months Ended
Dec. 31, 2017
$ / shares
shares
Summary of common stock purchase underlying the warrants outstanding  
Equivalent Shares Underlying Warrants Outstanding, Equivalent Shares | shares 7,963,122
Equivalent Shares Underlying Warrants Outstanding, Weighted Average Remaining Contractual Life (years) 4 years 3 months
Equivalent Shares Underlying Warrants Outstanding, Weighted Average Exercise Price $ 1.30
Equivalent Shares Exercisable, Number Exercisable | shares 7,963,122
Equivalent Shares Exercisable, Weighted Average Exercise Price $ 1.30
Exercise price range one [Member]  
Summary of common stock purchase underlying the warrants outstanding  
Exercise Prices $ 1.30
Equivalent Shares Underlying Warrants Outstanding, Equivalent Shares | shares 2,463,122
Equivalent Shares Underlying Warrants Outstanding, Weighted Average Remaining Contractual Life (years) 4 years
Equivalent Shares Underlying Warrants Outstanding, Weighted Average Exercise Price $ 1.30
Equivalent Shares Exercisable, Number Exercisable | shares 2,463,122
Equivalent Shares Exercisable, Weighted Average Exercise Price $ 1.30
Exercise price range [Member]  
Summary of common stock purchase underlying the warrants outstanding  
Exercise Prices $ 1.30
Equivalent Shares Underlying Warrants Outstanding, Equivalent Shares | shares 5,500,000
Equivalent Shares Underlying Warrants Outstanding, Weighted Average Remaining Contractual Life (years) 4 years 2 months 12 days
Equivalent Shares Underlying Warrants Outstanding, Weighted Average Exercise Price $ 1.30
Equivalent Shares Exercisable, Number Exercisable | shares 5,500,000
Equivalent Shares Exercisable, Weighted Average Exercise Price $ 1.30
XML 58 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Details Textual) - USD ($)
 1 Months Ended 6 Months Ended
Jul. 12, 2017
Jun. 09, 2017
May 15, 2017
Feb. 12, 2014
Apr. 01, 2001
Nov. 29, 2017
Oct. 31, 2017
Aug. 30, 2017
Apr. 21, 2017
Sep. 15, 2016
Dec. 31, 2017
Dec. 31, 2016
Jun. 30, 2017
Stockholders' Equity (Textual)                          
Common stock, shares authorized                     100,000,000   100,000,000
Common stock, shares issued                     13,910,894   12,433,290
Common stock, par value                     $ 0.0001   $ 0.0001
Common stock, shares outstanding                     13,910,894   12,433,290
Offering of common stock, shares           183,356              
Common stock price per share           $ 1.60   $ 1.80          
Proceeds of common stock                     $ 1,601,029  
Common stock reserved for issuance                     185,053    
Share exchange agreement, acquisition percentage       3.08% 3.08%                
Share exchange agreement, shares issued to parent company       123,464 123,464                
Options granted and outstanding       185,053     900,000            
Stock based compensation expense                     $ 0 626,487  
Cash held in escrow                     4,811,766  
Unrecognized compensation cost related to non-vested options                     0   $ 0
Non-cash compensation expense               $ 112,837     $ 112,837 $ 626,487  
Non vested warrants shares                     0    
Expected term (in years)                     3 years 3 months 15 days    
Volatility                     189.65%    
Risk free interest rate                     0.87%    
Dividend yield                     0.00%    
Shares issued for compensation to CEO               62,687          
Convertible promissory note           $ 90,225              
Convertible promissory note one           150,375              
Convertible promissory note two           $ 52,770              
Stock options [Member]                          
Stockholders' Equity (Textual)                          
Offering of common stock, shares                   300,000      
Options granted and outstanding                     0    
Intrinsic value of stock option                     $ 2.75    
Maturity date                   Dec. 31, 2019      
Strike price                   $ 2.00      
Common stock [Member]                          
Stockholders' Equity (Textual)                          
Common stock, par value       $ 0.0001                  
Common stock reserved for issuance       185,053                  
Share exchange agreement, acquisition percentage       100.00%                  
Share exchange agreement number of share cancellation       4,400,000                  
Exchanged shares of parent's common stock       1.498842                  
Share exchange agreement, shares issued to parent company       6,000,000                  
Warrants [Member]                          
Stockholders' Equity (Textual)                          
Non-cash compensation expense                 $ 115,754        
Warrants issued for consulting services                 100,000        
Expected term (in years)                 5 years        
Volatility                 188.00%        
Risk free interest rate                 1.77%        
Dividend yield                 0.00%        
Stock options [Member]                          
Stockholders' Equity (Textual)                          
Offering of common stock, shares 1,231,561                        
Common stock price per share     $ 1.30                    
Sold of common stock     2,700,000                    
Proceeds of common stock     $ 3,510,000                    
Warrants issued to purchase shares of common stock     5,400,000                    
Strike price     $ 1.30                    
Proceeds from stock offering, net $ 1,601,029                        
Consulting Agreement [Member]                          
Stockholders' Equity (Textual)                          
Offering of common stock, value   $ 240,000                      
Offering of common stock, shares   200,000                      
Common stock price per share   $ 1.20                      
XML 59 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Details) - shares
Dec. 16, 2013
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]    
Common stock reserved for issuance   185,053
Terminate of agreement 180 days  
Payments for royalty period 20 years  
XML 60 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Details) - USD ($)
 1 Months Ended 6 Months Ended
Feb. 12, 2014
Dec. 29, 2017
Oct. 31, 2017
Sep. 15, 2016
Dec. 31, 2017
Dec. 31, 2016
Nov. 29, 2017
Aug. 30, 2017
Related Party Transactions (Textual)                
Shares price, per share             $ 1.60 $ 1.80
Stock option grants 185,053   900,000          
Non-cash compensation         $ 112,837 $ 626,487    
Debt conversion shares issued         150,374      
Debt conversion shares price         $ 1.60      
Consulting Agreement [Member]                
Related Party Transactions (Textual)                
Consulting agreement, description  

On December 29, 2017 the Company entered into a consulting agreement (“RS Consulting Agreement”) with RS Group ApS, a company owned and controlled by 2 Company directors for consulting services from October 1, 2017 through March 31, 2018.In consideration for the consulting services, the Company will pay RS Group ApS $367,222. At December 31, 2017 the Company had a payable to RS Group ApS of $367,222.

            
Board of Directors Chairman [Member]                
Related Party Transactions (Textual)                
Accounts payable - related party         $ 0 $ 127,947    
Shares price, per share       $ 2.00        
Non-cash compensation       $ 626,487        
Lease expiration date       Dec. 31, 2019        
APE Invest [Member]                
Related Party Transactions (Textual)                
Financial service agreement, description         The agreement called for a monthly payment of $20,000 with a $100,000 retainer payment due November 1, 2016.      
Lease expiration date         Jun. 09, 2017      
Officers and directors [Member] | | Employees stock options [Member]                
Related Party Transactions (Textual)                
Stock option grants       900,000        
XML 61 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events (Details) - shares
 1 Months Ended
Jan. 12, 2018
Jan. 24, 2018
Nov. 29, 2017
Subsequent Events (Textual)      
Issued shares of common stock     183,356
Subsequent Event [Member]      
Subsequent Events (Textual)      
Merger agreement, description The Merger Agreement provides, among other things, that the Merger Sub will merge with and into Enochian, with Enochian as the surviving corporation (the “Merger”). As consideration for the Merger, the stockholders of Enochian shall be entitled to receive (i) 50% of the number of shares of Common Stock issued and outstanding as of the effective time of the Merger, in the aggregate, after giving effect to the Merger, and (ii) earn-out shares of the Common Stock pro rata upon the exercise or conversion of any of the Parent’s stock options and warrants which are outstanding at closing.    
Subsequent Event [Member] | July 1 Note and the July 19 Note [Member]      
Subsequent Events (Textual)      
Issued shares of common stock   75,188  
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