UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ QUARTERLY
REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED DECEMBER 31,
2015
☐ TRANSITION
REPORT UNDER SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM __________ TO
__________
COMMISSION
FILE NUMBER: 000-54437
HYPERSOLAR,
INC.
(Name
of registrant in its charter)
Nevada |
|
26-4298300 |
(State
or other jurisdiction of
incorporation or organization) |
|
(I.R.S.
Employer
Identification No.) |
32
East Micheltorena, Suite A, Santa Barbara, CA 93101
(Address
of principal executive offices) (Zip Code)
Issuer’s
telephone Number: (805) 966-6566
Indicate
by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☐ |
Smaller
reporting company |
☒ |
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The
number of shares of registrant’s common stock outstanding, as of February 1, 2016 was 528,325,877.
HYPERSOLAR,
INC.
INDEX
PART
I: FINANCIAL INFORMATION |
|
ITEM
1: |
FINANCIAL
STATEMENTS (Unaudited) |
3 |
|
Condensed
Balance Sheets |
3 |
|
Condensed
Statements of Operations |
4 |
|
Condensed
Statement of Shareholders' Deficit |
5 |
|
Condensed
Statements of Cash Flows |
6 |
|
Notes
to the Condensed Financial Statements |
7 |
ITEM
2: |
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
11 |
ITEM
3: |
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
15 |
ITEM
4: |
CONTROLS
AND PROCEDURES |
15 |
PART
II: OTHER INFORMATION |
15 |
ITEM
1: |
LEGAL
PROCEEDINGS |
15 |
ITEM
1A: |
RISK
FACTORS |
15 |
ITEM
2: |
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
16 |
ITEM
3: |
DEFAULTS
UPON SENIOR SECURITIES |
16 |
ITEM
4: |
MINE
SAFETY DISCLOSURES |
16 |
ITEM
5: |
OTHER
INFORMATION |
16 |
ITEM
6: |
EXHIBITS |
16 |
SIGNATURES |
|
17 |
PART I – FINANCIAL
INFORMATION
ITEM
1. FINANCIAL STATEMENTS
HYPERSOLAR,
INC.
CONDENSED
BALANCE SHEETS
| |
December 31, 2015 | | |
June 30,
2015 | |
| |
(Unaudited) | | |
| |
| |
| | |
| |
ASSETS | |
| | |
| |
| |
| | |
| |
CURRENT ASSETS | |
| | |
| |
Cash | |
$ | 93,885 | | |
$ | 39,491 | |
| |
| | | |
| | |
TOTAL CURRENT ASSETS | |
| 93,885 | | |
| 39,491 | |
| |
| | | |
| | |
PROPERTY & EQUIPMENT | |
| | | |
| | |
Computers and peripherals | |
| 6,218 | | |
| 6,218 | |
Less: accumulated depreciation | |
| (5,722 | ) | |
| (5,385 | ) |
| |
| | | |
| | |
NET PROPERTY AND EQUIPMENT | |
| 496 | | |
| 833 | |
| |
| | | |
| | |
| |
| | | |
| | |
OTHER ASSETS | |
| | | |
| | |
Deposits | |
| 1,450 | | |
| 1,450 | |
Domain, net of amortization $2,628 and $2,451, respectively | |
| 2,687 | | |
| 2,864 | |
Patents | |
| 32,736 | | |
| 32,736 | |
| |
| | | |
| | |
TOTAL OTHER ASSETS | |
| 36,873 | | |
| 37,050 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 131,254 | | |
$ | 77,374 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS' DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Accounts payable | |
$ | 112,169 | | |
$ | 97,467 | |
Accrued expenses | |
| 327,094 | | |
| 279,419 | |
Derivative liability | |
| 8,992,520 | | |
| 13,034,374 | |
Convertible promissory notes, net of debt discount of $244,162 and $264,196, respectively | |
| 981,838 | | |
| 700,804 | |
| |
| | | |
| | |
TOTAL CURRENT LIABILITIES | |
| 10,413,621 | | |
| 14,112,064 | |
| |
| | | |
| | |
SHAREHOLDERS' DEFICIT | |
| | | |
| | |
Preferred Stock, $0.001 par value; | |
| | | |
| | |
5,000,000 authorized preferred shares, no shares issued or outstanding | |
| - | | |
| - | |
Common Stock, $0.001 par value; | |
| | | |
| | |
1,500,000,000 authorized common shares 510,893,000 and 476,848,072 shares issued and outstanding, respectively | |
| 510,893 | | |
| 476,848 | |
Additional Paid in Capital | |
| 5,593,837 | | |
| 5,568,303 | |
Accumulated deficit | |
| (16,387,097 | ) | |
| (20,079,841 | ) |
| |
| | | |
| | |
TOTAL SHAREHOLDERS' DEFICIT | |
| (10,282,367 | ) | |
| (14,034,690 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | |
$ | 131,254 | | |
$ | 77,374 | |
The
accompanying notes are an integral part of these condensed financial statements
HYPERSOLAR,
INC.
CONDENSED
STATEMENTS OF OPERATIONS
(unaudited)
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
December 31, 2015 | | |
December 31, 2014 | | |
December 31, 2015 | | |
December 31, 2014 | |
| |
| | |
| | |
| | |
| |
REVENUE | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES | |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| 122,692 | | |
| 111,561 | | |
| 244,654 | | |
| 228,535 | |
Research and development cost | |
| 7,245 | | |
| 14,490 | | |
| 28,980 | | |
| 14,490 | |
Depreciation and amortization | |
| 257 | | |
| 339 | | |
| 514 | | |
| 678 | |
| |
| | | |
| | | |
| | | |
| | |
TOTAL OPERATING EXPENSES | |
| 130,194 | | |
| 126,390 | | |
| 274,148 | | |
| 243,703 | |
| |
| | | |
| | | |
| | | |
| | |
LOSS FROM OPERATIONS BEFORE OTHER INCOME (EXPENSES) | |
| (130,194 | ) | |
| (126,390 | ) | |
| (274,148 | ) | |
| (243,703 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER INCOME/(EXPENSES) | |
| | | |
| | | |
| | | |
| | |
Net Gain/(Loss) on debt conversion and change in derivative liability | |
| 1,970,483 | | |
| (2,626,193 | ) | |
| 4,351,854 | | |
| 226,861 | |
Interest expense | |
| (204,823 | ) | |
| (92,405 | ) | |
| (384,962 | ) | |
| (218,892 | ) |
| |
| | | |
| | | |
| | | |
| | |
TOTAL OTHER INCOME/(EXPENSES) | |
| 1,765,660 | | |
| (2,718,598 | ) | |
| 3,966,892 | | |
| 7,969 | |
| |
| | | |
| | | |
| | | |
| | |
NET INCOME (LOSS) | |
$ | 1,635,466 | | |
$ | (2,844,988 | ) | |
$ | 3,692,744 | | |
$ | (235,734 | ) |
| |
| | | |
| | | |
| | | |
| | |
BASIC AND DILUTED LOSS PER SHARE | |
$ | 0.00 | | |
$ | (0.01 | ) | |
$ | 0.01 | | |
$ | (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING BASIC AND DILUTED | |
| 508,297,956 | | |
| 448,562,529 | | |
| 492,757,707 | | |
| 446,056,343 | |
The
accompanying notes are an integral part of these condensed financial statements
HYPERSOLAR,
INC.
CONDENSED
STATEMENTS OF SHAREHOLDERS' DEFICIT
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2015
| |
| | |
| | |
| | |
| | |
Additional | | |
| | |
| |
| |
Preferred stock | | |
Common stock | | |
Paid-in | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at June 30, 2015 | |
| - | | |
| - | | |
| 476,848,072 | | |
| 476,848 | | |
| 5,568,303 | | |
| (20,079,841 | ) | |
| (14,034,690 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for conversion of debt | |
| - | | |
| - | | |
| 34,044,928 | | |
| 34,045 | | |
| 25,534 | | |
| - | | |
| 59,579 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income for the six months ended December 31, 2015 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,692,744 | | |
| 3,692,744 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December 31, 2015 (unaudited) | |
| - | | |
$ | - | | |
| 510,893,000 | | |
$ | 510,893 | | |
$ | 5,593,837 | | |
$ | (16,387,097 | ) | |
$ | (10,282,367 | ) |
The
accompanying notes are an integral part of these condensed financial statements
HYPERSOLAR,
INC.
CONDENSED
STATEMENTS OF CASH FLOWS
(unaudited)
| |
Six Months Ended | |
| |
December 31, 2015 | | |
December 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | |
| |
Net income (loss) | |
$ | 3,692,744 | | |
$ | (235,734 | ) |
Adjustment to reconcile net income to net cash used in operating activities | |
| | | |
| | |
Depreciation & amortization expense | |
| 514 | | |
| 678 | |
(Gain) on change in derivative liability | |
| (4,351,854 | ) | |
| (226,861 | ) |
Amortization of debt discount recorded as interest expense | |
| 330,034 | | |
| 188,161 | |
Change in Assets and Liabilities: | |
| | | |
| | |
(Increase) Decrease in: | |
| | | |
| | |
Deposits | |
| - | | |
| (525 | ) |
Increase (Decrease) in: | |
| | | |
| | |
Accounts payable | |
| 14,702 | | |
| (9,345 | ) |
Accrued expenses | |
| 58,254 | | |
| 34,220 | |
| |
| | | |
| | |
NET CASH USED IN OPERATING ACTIVITIES | |
| (255,606 | ) | |
| (249,406 | ) |
| |
| | | |
| | |
NET CASH FLOWS FROM INVESTING ACTIVITIES: | |
| - | | |
| - | |
| |
| | | |
| | |
NET CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from convertible notes payable | |
| 310,000 | | |
| 250,000 | |
| |
| | | |
| | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | |
| 310,000 | | |
| 250,000 | |
| |
| | | |
| | |
NET INCREASE IN CASH | |
| 54,394 | | |
| 594 | |
| |
| | | |
| | |
CASH, BEGINNING OF PERIOD | |
| 39,491 | | |
| 61,628 | |
| |
| | | |
| | |
CASH, END OF PERIOD | |
$ | 93,885 | | |
$ | 62,222 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |
| | | |
| | |
Interest paid | |
$ | 70 | | |
$ | 134 | |
Taxes paid | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURES OF NON CASH TRANSACTIONS | |
| | | |
| | |
Issuance of common stock upon conversion of convertible notes | |
$ | 59,579 | | |
$ | 33,625 | |
The
accompanying notes are an integral part of these condensed financial statements
HYPERSOLAR, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS - UNAUDITED
DECEMBER 31, 2015
The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation
S-X. 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, all normal recurring adjustments considered necessary for a fair
presentation have been included. Operating results for the six months ended December 31, 2015 are not necessarily indicative
of the results that may be expected for the year ending June 30, 2016. For further information refer to the financial statements
and footnotes thereto included in the Company's Form 10-K for the year ended June 30, 2015.
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of
operations, realization of assets and liabilities and commitments in the normal course of business. The accompanying financial
statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company
does not generate revenue, and has negative cash flows from operations, which raise substantial doubt about the Company’s
ability to continue as a going concern. The ability of the Company to continue as a going concern and appropriateness of using
the going concern basis is dependent upon, among other things, additional cash infusion. The Company has historically obtained
funds through private placement offerings of equity and debt. Management believes that it will be able to continue to raise funds
by sale of its securities to its existing shareholders and prospective new investors to provide the additional cash needed to
meet the Company’s obligations as they become due, and will allow the development of its core business. There is no assurance
that the Company will be able to continue raising the required capital.
2. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
This
summary of significant accounting policies of HyperSolar, Inc. is presented to assist in understanding the Company’s financial
statements. The financial statements and notes are representations of the Company’s management, which is responsible for
their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States
of America and have been consistently applied in the preparation of the financial statements.
Cash
and Cash Equivalent
The
Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing
these financial statements include the estimate of useful lives of intangible assets, and the deferred tax valuation allowance.
Actual results could differ from those estimates.
Property
and Equipment
Property
and equipment are stated at lost and are depreciated by straight line method over their estimated useful life.
These include computers and related equipment depreciated over 5 years.
Intangible
Assets
Intangible
assets consist of patents that are initially measured at the lower of cost or fair value. The patents are deemed to have
an indefinite life and are not amortized. The patents are assessed annually for impairment, or whenever conditions indicate the
asset may be impaired, and any such impairment will be recognized in the period identified.
Loss
per Share Calculations
Loss
per Share dictates the calculation of basic earnings per share and diluted earnings per share. Basic earnings per share are computed
by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings
per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional
common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares
were dilutive. No shares for the convertible notes were used in the calculation of the loss per share as they were all anti-dilutive.
The Company’s diluted loss per share is the same as the basic loss per share for the six months ended December 31, 2015,
as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. The Company
excluded $500,000 of options, and the shares issuable from convertible debt of $1,226,000 for the six months ended December 31,
2015.
Stock
based Compensation
The
Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for
services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based
on the authoritative guidance provided by the Financial Accounting Standards Board whereas the value of the award is measured
on the date of grant and recognized over the vesting period. The Company accounts for stock option and warrant grants issued and
vesting to non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the
value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance
commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee
stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances
where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based
compensation charge is recorded in the period of the measurement date.
HYPERSOLAR, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS - UNAUDITED
DECEMBER 31, 2015
2. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Fair
Value of Financial Instruments
Fair
value of financial instruments, requires disclosure of the fair value information, whether or not recognized in the balance sheet,
where it is practicable to estimate that value. As of December 31, 2015, the amounts reported for cash, accrued interest and other
expenses, notes payables, and derivative liability approximate the fair value because of their short maturities.
We
adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value,
established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States
and expands disclosures about fair value measurements.
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes
the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets
for identical assets or liabilities (level 1measurements) and the lowest priority to unobservable inputs (level 3 measurements).
These tiers include:
| ● | Level
1, defined as observable inputs such as quoted prices for identical instruments in active
markets; |
| ● | Level
2, defined as inputs other than quoted prices in active markets that are either directly
or indirectly observable such as quoted prices for similar instruments in active markets
or quoted prices for identical or similar instruments in markets that are not active;
and |
| ● | Level
3, defined as unobservable inputs in which little or no market data exists, therefore
requiring an entity to develop its own assumptions, such as valuations derived from valuation
techniques in which one or more significant inputs or significant value drivers are unobservable. |
We
measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring
basis are as follows at December 31, 2015 (See Note 6):
|
| |
Total | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
|
Liabilities | |
| | | |
| | | |
| | | |
| | |
|
| |
| | | |
| | | |
| | | |
| | |
|
Derivative liability | |
| 8,992,520 | | |
| - | | |
| - | | |
| 8,992,520 | |
|
Total liabilities measured at fair value | |
$ | 8,992,520 | | |
$ | - | | |
$ | - | | |
$ | 8,992,520 | |
The
following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair
value:
Balance as of July 1, 2015 | |
$ | 13,034,374 | |
Fair value of derivative liabilities issued | |
| 431,354 | |
Gain on change in derivative liability | |
| (4,473,208 | ) |
Balance as of December 31, 2015 | |
$ | 8,992,520 | |
Accounting
for Derivatives
The
Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify
as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument
is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported
in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average
series Black-Scholes-Merton option pricing models to value the derivative instruments at inception and on subsequent valuation
dates.
The
classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is
evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current
or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of
the balance sheet date.
| | Recently
issued pronouncements |
On
August 27, 2014, the Company adopted the amendment to ASU 2014-15 on Presentation of Financial Statements Going Concern (Subtopic
205-40). The amendment provides for guidance to reduce diversity in the timing and content of footnote disclosures. The
amendment requires management to assess the Company’s ability to continue as a going concern by incorporating and expanding
upon certain principles that are currently in U.S. auditing standards. The Company has to define the term of substantial doubt,
which has to be evaluated every reporting period including interim periods. Management has to provide principles for considering
the mitigating effect of its plan, and disclose when substantial doubt is alleviated as well as when it is not alleviated. The
Company is required to assess managements plan for a period of one year after the financial statements are issued (or available
to be issued). The amendment is effective for annual periods ending after December 15, 2016. Early adoption is permitted. The
Company does not believe the accounting standards currently adopted will have a material effect on the accompanying condensed
financial statements.
HYPERSOLAR, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS - UNAUDITED
DECEMBER 31, 2015
2. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Management
does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a
material effect on the accompanying condensed financial statements.
| | During
the six months ended December 31, 2015, the Company issued 34,044,928 shares of common
stock upon conversion of $49,000 in principal, plus $10,579 in accrued interest on an
outstanding convertible note. |
Options
As
of December 31, 2015, there were 500,000 non-qualified common stock options outstanding. Each option is exercisable to the nearest
whole share, in installments or otherwise, as the respective agreements may provide. Each Option expires on the date specified
in the Option agreement, which date is not later than the fifth (5th) anniversary from the grant date of the options.
As of December 31, 2015, 250,000 options are fully vested and are exercisable at an exercise price $0.04 per share; 250,000 stock
options are not currently exercisable and are subject to vesting conditions which provide that fifty (50%) percent of the options
vest on March 31, 2016 and the remaining fifty (50%) vests on March 31, 2017. These stock options are exercisable for a period
of five years from the date of grant at an exercise price of $0.02245 per share.
A
summary of the Company’s stock option activity and related information follows:
| |
12/31/2015 | |
| |
| | |
Weighted | |
| |
Number | | |
average | |
| |
of | | |
exercise | |
| |
Options | | |
price | |
Outstanding, beginning of period | |
| 500,000 | | |
$ | 0.03 | |
Granted | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Forfeited/Expired | |
| - | | |
| - | |
Outstanding, end of period | |
| 500,000 | | |
$ | 0.03 | |
Exercisable at the end of period | |
| 250,000 | | |
$ | 0.04 | |
Weighted average fair value of options granted during the period | |
| | | |
$ | - | |
5. |
CONVERTIBLE PROMISSORY NOTES |
On
August 9, 2013, the Company entered into a securities purchase agreement entered into for the sale of a 10% convertible promissory
note in the aggregate principal amount of up to $100,000. The note is convertible into shares of common stock of the Company at
a price equal to a variable conversion price of the lesser of a) $0.0048 per share; b) fifty percent (50%) of the lowest trading
price after the effective date of each respective advance or c) the lowest effective price per share granted to any person or
entity, after the effective date, to acquire common stock. Upon execution of the securities purchase agreement, the Company received
an advance of $15,000. The Company received additional advances in the aggregate amount of $85,000 for a total aggregate principal
sum of $100,000. The Note provided for a maturity date of July 9, 2015, which was extended to April 9, 2016. During the six months
ended December 31, 2015, the Company issued 34,044,928 shares of common stock upon conversion of $49,000 in principal, plus accrued
interest of $10,579. The remaining balance as of December 31, 2015 was $51,000.
On
December 16, 2013, the Company entered into a securities purchase agreement entered for the sale of a 10% convertible promissory
note in the aggregate principal amount of up to $100,000. The Note is convertible into shares of common stock of the Company at
a price equal to a variable conversion price of the lesser of a) $0.0048 per share; b) 50% of the lowest trading price since the
original effective date of each respective advance: c) or the lowest effective price per share granted to any person or entity,
after the effective date, to acquire common stock. Upon execution of the securities purchase agreement, the Company received an
advance of $26,000.The Company received additional advances in the amount of $74,000 for an aggregate sum of $100,000. The Note
provided for a maturity date of May 16, 2015, which was extended to February 16, 2016.
On
March 5, 2014, the Company entered into a securities purchase agreement into for the sale of a 10% convertible promissory note
in the aggregate principal amount of up to $100,000. The Note is convertible into shares of common stock of the Company at a price
equal to a variable conversion price of the lesser of a) $0.0048 per share; b) 50% of the lowest trading price since the original
effective date of each respective advance: c) or the lowest effective price per share granted to any person or entity, after the
effective date, to acquire common stock. Upon execution of the securities purchase agreement, the Company received an advance
of $30,000. On April 15, 2014, the lender and borrower agreed to amend the note to increase the principle sum to $150,000. The
Company received additional advances in the amount of $120,000 for an aggregate sum of $150,000. The Note provided for a maturity
date of September 5, 2015 which was extended to June 5, 2016.
HYPERSOLAR, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS - UNAUDITED
DECEMBER 31, 2015
5. |
CONVERTIBLE PROMISSORY NOTES (Continued) |
On
May 23, 2014, the Company entered into a securities purchase agreement for the sale of a 10% convertible promissory note in the
aggregate principal amount of up to $500,000. The note is convertible into shares of common stock of the Company at a price equal
to a variable conversion price of the lesser of a) $0.0048 per share; b) 50% of the lowest trading price since the original effective
date of each respective advance: c) or the lowest effective price per share granted to any person or entity, after the effective
date, to acquire common stock. Upon execution of the securities purchase agreement, the Company received an advance of $50,000.The
Company received additional advances in the amount of $415,000 for an aggregate sum of $465,000. The Note provided for a maturity
date on May 23, 2015 which was extended to February 23, 2016. The Company recorded amortization of debt discount, which was recognized
as interest expense in the amount of $128,521 during the six months ended December 31, 2015.
On
April 9, 2015, the Company entered into a securities purchase agreement into for the sale of a 10% convertible promissory note
in the aggregate principal amount of up to $500,000. The note is convertible into shares of common stock of the Company at a price
equal to a variable conversion price of the lesser of a) $0.01 per share or fifty percent (50%); b) of the lowest trading price
since the original effective date of each respective advance: c) or the lowest effective price per share granted to any person
or entity, after the effective date, to acquire common stock. Upon execution of the securities purchase agreement, the Company
received an advance of $50,000. The Company received additional advances in the amount of $410,000 for an aggregate sum of $460,000.
The note matures nine (9) months from the effective dates of each respective advance. The Company recorded amortization of debt
discount, which was recognized as interest expense in the amount of $201,515 during the six months ended December 31, 2015.
ASC
Topic 815 provides guidance applicable to convertible debt issued by the Company in instances where the number into which the
debt can be converted is not fixed. For example, when a convertible debt converts at a discount to market based on the stock price
on the date of conversion, ASC Topic 815 requires that the embedded conversion option of the convertible debt be bifurcated from
the host contract and recorded at their fair value. In accounting for derivatives under accounting standards, the Company recorded
a liability representing the estimated present value of the conversion feature considering the historic volatility of the Company’s
stock, and a discount representing the imputed interest associated with the embedded derivative. The discount is amortized over
the life of the convertible debt, and the derivative liability is adjusted periodically according to stock price fluctuations.
6. |
DERIVATIVE LIABILITIES |
The
convertible notes (the “Notes”) issued and described in Note 5 do not have fixed settlement provisions because their
conversion prices are not fixed. The conversion features have been characterized as derivative liabilities to be re-measured at
the end of every reporting period with the change in value reported in the statement of operations.
During
the six months ended December 31, 2015, as a result of the Notes issued that were accounted for as derivative liabilities, we
determined that the fair value of the conversion feature of the convertible notes at issuance was $633,287, based upon a Black-Sholes-Model
calculation. We recorded the full value of the derivative as a liability at issuance with an offset to valuation discount, which
will be amortized over the life of the Notes.
During
the six months ended December 31, 2015, approximately $49,000 in principal of the Notes were converted. As a result of the conversion
of these Notes, and the change in fair value of the remaining Notes, the Company recorded a net gain in change in derivative of
$4,351,854 in the statement of operations for the six months ended December 31, 2015. At December 31, 2015, the fair value of
the derivative liability was $8,992,520.
For
purpose of determining the fair market value of the derivative liability for the embedded conversion, the Company used Black
Scholes option valuation model. The significant assumptions used in the Black Scholes valuation of the derivative are as follows:
Risk free interest rate | |
| 0.14% - 0.65% | |
Stock volatility factor | |
| 23.70% - 110.22% | |
Weighted average expected option life | |
| 1 month - 9 months | |
Expected dividend yield | |
| None | |
| | Management
evaluated subsequent events as of the date of the financial statements pursuant to ASC
TOPIC 855, and reported the following events: |
| | |
| | On
January 22, 2016, the Company issued 17,432,877 shares of common stock upon partial conversion
of the Note dated August 9, 2013 in the principal amount of $24,500, plus accrued interest
of $6,008. |
ITEM
2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cautionary
Statement Regarding Forward-Looking Statements
The
information in this discussion may contain forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements
involve risks and uncertainties, including statements regarding our capital needs, business strategy and expectations. Any statements
that are not of historical fact may be deemed to be forward-looking statements. These forward-looking statements involve
substantial risks and uncertainties. In some cases you can identify forward-looking statements by terminology such as “may,”
“will,” “should,” “expect,” “plan,” “intend,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” or “continue”, the
negative of the terms or other comparable terminology. Actual events or results may differ materially from the anticipated
results or other expectations expressed in the forward-looking statements. In evaluating these statements, you should consider
various factors, including the risks included from time to time in other reports or registration statements filed with the United
States Securities and Exchange Commission. These factors may cause our actual results to differ materially from any forward-looking
statements. We disclaim any obligation to publicly update these statements, or disclose any difference between actual results
and those reflected in these statements.
Unless
the context otherwise requires, references in this Form 10-Q to “we,” “us,” “our,” or the
“Company” refer to Hypersolar, Inc.
Overview
Inspired
by the photosynthetic process that plants use to harness the power of the sun to create energy molecules, we are developing a
novel solar-powered particle system that mimics photosynthesis to separate hydrogen from water.
Our
research is centered on developing a low-cost and submersible hydrogen production particle that can split water molecules under
the sun, emulating the core functions of photosynthesis. Each particle is a complete hydrogen generator that contains a novel
high voltage solar cell bonded to chemical catalysts by a proprietary encapsulation coating. On September 15, 2015,
we announced that we had surpassed the critical voltage (1.5 Volts) threshold to split water molecules for renewable hydrogen
fuel production. We believe this is an extremely important step towards commercialization, as 1.5 V is the minimum voltage needed
to produce hydrogen in real world systems.
On
November 15, 2011, we filed a patent application to protect the intellectual property rights to the production of renewable hydrogen
and natural gas using sunlight, water, and carbon dioxide.
Currently,
our strategy of partnering with both the University of Iowa and University of California, Santa Barbara (“UCSB”),
has advanced our technology significantly. In November of 2014, the University of Iowa was added to the research and development
team, giving us the support of two leading universities as we continue our pursuit of commercially viable renewable hydrogen.
In December of 2015, we extended our agreement with the University of California, Santa Barbara until June 30, 2016. As the technology
progresses, the University of Iowa team will continue to focus on increasing the voltage of the technology, while the UCSB team
will focus more on the technology’s production aspects and cost models for scaled up systems. We anticipate continuing this
strategy of leveraging our existing relationship, as well as potentially exploring relationships with other leading universities,
to continue developing our technology.
Now
that we have surpassed the 1.5 V threshold required for hydrogen fuel production in real world systems, we will identify the next
steps in terms of scaling up the technology. Following this breakthrough, we will focus our efforts on increasing the hydrogen
production efficiencies of these particles by bonding the ideal fuel production catalyst to the low-cost, high-voltage solar cell.
In order to achieve this, the Company is currently exploring two parallel approaches. The first is to identify materials that
interface with well-known hydrogen production catalysts, such as the platinum on solar particles, to improve sunlight-to-hydrogen
conversion efficiency. The second is to pursue methods that further increase photo voltages of solar particles to greater than
1.7 V that allow integration of cheaper earth abundant catalysts without significant loss in hydrogen production efficiency. We
believe this will bring us closer to developing a prototype or pilot. In December 2015, the University
of Iowa team led by Dr. Syed Mubeen Hussaini identified a sulfide-based photocatalyst comprised of an earth abundant, non-toxic
cheap material that it believed would rival platinum, a well-known catalyst material. The preliminary data following a series
of laboratory tests indicates success in meeting these objectives.
We
believe the ramifications of this breakthrough are significant, particularly the solar-to-hydrogen conversion efficiency. Historically,
the key commercial barrier to renewable-produced (solar and wind) hydrogen fuel has been the expense of various system components.
We believe the initial successes of utilizing this earth abundant photocatalyst clearly demonstrates its potential to compete
with platinum, therefore significant reducing overall system cost.
Critical
Accounting Policies
Our
discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have
been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of
these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities,
revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates,
including those related to impairment of property, plant and equipment, intangible assets, deferred tax assets and fair value
computation using the Black Scholes option pricing model. We base our estimates on historical experience and on various other
assumptions, such as the trading value of our common stock and estimated future undiscounted cash flows, that we believe to be
reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets
and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different
assumptions or conditions; however, we believe that our estimates, including those for the above-described items, are reasonable.
Use
of Estimates
In
accordance with accounting principles generally accepted in the United States, management utilizes estimates and assumptions that
affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the
financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could
differ from those estimates. These estimates and assumptions relate to recording net revenue, collectability of accounts receivable,
useful lives and impairment of tangible and intangible assets, accruals, income taxes, inventory realization, stock-based compensation
expense, Black Scholes valuation model inputs, derivative liabilities and other factors. Management believes it has exercised
reasonable judgment in deriving these estimates. Consequently, a change in conditions could affect these estimates.
Fair
Value of Financial Instruments
Fair
value of financial instruments, requires disclosure of the fair value information, whether or not recognized in the balance sheet,
where it is practicable to estimate that value. As of December 31, 2015, the amounts reported for cash, accrued interest and other
expenses, notes payables, and derivative liability approximate the fair value because of their short maturities.
We
adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value,
established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States
and expands disclosures about fair value measurements.
Recently
Issued Accounting Pronouncements
In
August 2014, FASB issued ASU 2014-15, “Presentation of Financial Statements Going Concern (Subtopic 205-40) –
Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ”. Currently, there is no guidance
in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability
to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In
doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require
management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles
that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial
doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering
the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result
of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is
not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued
(or available to be issued). The amendments in this ASU are effective for public and nonpublic entities for annual periods ending
after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-15
on the Company’s financial statements.
Management
reviewed currently issued pronouncements during the nine months ended December 31, 2015, and does not believe that any other recently
issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed
financial statements.
Results
of Operations for the Three Months Ended December 31, 2015 compared to Three Months Ended December 31, 2014.
Operating
Expenses
Operating
expenses for the three months ended December 31, 2015 were $130,194 and $126,390 for the prior period ended December 31, 2014.
The net increase of $3,804 in operating expenses consisted primarily of the decrease in research and development cost of $7,245
associated with outside consulting services, with an overall increase in general and administrative expenses of $11,049.
Other
Income/(Expenses)
Other
income and (expenses) for the three months ended December 31, 2015 were $1,765,660 and $(2,718,598) for the prior period ended
December 31, 2014. The increase of $4,484,258 in other income and (expenses) was the result of an increase in net gain on debt
conversion and change in fair value of the Company’s derivative instruments of $4,596,676, with an increase in interest
expense of $112,418, which includes $100,314 of amortization of debt discount.
Net
Income
For
the three months ended December 31, 2015, our net income was $1,635,466 as compared to a net loss of $(2,844,988) for the prior
period December 31, 2014. The increase of $4,480,454 in net income was related primarily to other income and (expenses) due to
an increase in non-cash cost associated with the fair value of the Company’s convertible notes, and an increase in operating
expenses. The Company has not generated any revenues.
Results
of Operations for the Six Months Ended December 31, 2015 compared to Six Months Ended December 31, 2014.
Operating
Expenses
Operating
expenses for the six months ended December 31, 2015 were $274,148 and $243,703 for the prior period ended December 31, 2014.
The net increase of $30,445 in operating expenses consisted primarily of the increase in research and development cost of
$14,490 associated with outside consulting services, with an overall increase in general and administrative expenses of
$15,955.
Other
Income/(Expenses)
Other
income and (expenses) for the six months ended December 31, 2015 were $3,966,892 and $7,969 for the prior period ended December
31, 2014. The increase of $3,958,923 in other income and (expenses) was the result of an increase in net gain on debt conversion
and change in fair value of the Company’s derivative instruments of $4,124,993, with an increase in interest expense of
$166,070, which includes $141,874 of amortization of debt discount.
Net
Income
For
the six months ended December 31, 2015, our net income was $3,692,744 as compared to a net loss of $(235,734) for the prior period
December 31, 2014. The increase of $3,928,478 in net income was related primarily to other income and (expenses) due to an increase
in non-cash cost associated with the fair value of the Company’s convertible notes, and an increase in operating expenses.
The Company has not generated any revenues.
LIQUIDITY
AND CAPITAL RESOURCES
Liquidity
is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise
operate on an ongoing basis. Significant factors in the management of liquidity are funds generated by operations, levels of accounts
receivable and accounts payable and capital expenditures.
As
of December 31, 2015, we had a working capital deficit of $10,319,736 as compared to $14,072,573 as of June 30, 2015. This decrease
in working capital deficit of $3,752,837 was due primarily to an increase in cash, accounts payable, accrued expenses, convertible
notes, offset with a decrease in non-cash derivative liability.
Cash
flow used in operating activities was $255,606 for the six months ended December 31, 2015 and $249,406 for the prior period ended
December 31, 2014. The increase in cash used by operating activities was primarily due to an increase in accounts payable, accrued
expenses, amortization of debt discount, with a decrease in deposits and non-cash loss on change in derivative liability. The
Company has had no revenues.
Cash
provided by financing activities during the six months ended December 31, 2015 was $310,000 and $250,000 for the prior period
ended December 31, 2014. The increase in financing activities was due to equity financing with convertible notes through private
placements during the current period.
The
condensed financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations,
realization of assets and liabilities and commitments in the normal course of business. The accompanying condensed financial statements
do not reflect any adjustments that might result if we are unable to continue as a going concern. During the six months ended
December 31, 2015, we did not generate any revenues, and used cash of $255,606 in operations.
As of December 31, 2015, we had a working capital deficiency of $10,319,736 and a shareholders’ deficit of $10,282,367.
These factors, among others raise substantial doubt about our ability to continue as a going concern. Our independent auditors,
in their report on our audited financial statements for the year ended June 30, 2015 expressed substantial doubt about our ability
to continue as a going concern. Our ability of us to continue as a going concern and suitability of using the going concern basis
is dependent upon, among other things, additional cash infusion. Historically, we have obtained funds from our shareholders. In
the six months ended December 31, 2015, we obtained funding through the sale of our securities. Management believes that we will
be able to continue to raise funds through the sale of our securities to existing and new investors. Management believes that
funding from existing and prospective new investors and future revenue will provide the additional cash needed to meet our obligations
as they become due, and will allow the development of our core business operations.
PLAN
OF OPERATION AND FINANCING NEEDS
Our
plan of operation within the next twelve months is to further research, develop, and protect our technology. We expect to
incur additional expenses in prosecuting our primary patent.
We
believe that working with both the University of Iowa and University of California, Santa Barbara (“UCSB”), gives
us the support of two leading universities as we continue our pursuit of commercially viable renewable hydrogen. As the technology
progresses, the University of Iowa team will continue to focus on increasing the voltage of the technology, while the UCSB team
will focus more on the technology’s production aspects and cost models for scaled up systems. We anticipate continuing
this strategy of leveraging our existing relationship, as well as potentially exploring relationships with other leading universities,
to continue developing our technology.
Off-Balance
Sheet Arrangements
We
do not have any off balance sheet arrangements that are reasonably likely to have a current or future effect on our financial
condition, revenues or expenses, result of operations, liquidity or capital expenditures.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
required for Smaller Reporting Companies.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
As
of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation
of our chief executive officer and chief financial officer of our disclosure controls and procedures (as defined in Rule 13a-15(e)
and Rule 15d-15(e) of the Exchange Act). Based upon this evaluation, our chief executive officer and chief financial officer concluded
that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports
that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified
in the Commission's rules and forms, and (ii) accumulated and communicated to our management, including our chief executive officer
and chief financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure.
Changes
in Internal Control Over Financial Reporting
There
was no change to our internal control over financial reporting that occurred during our last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II
- OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
We
are not currently a party to, nor is any of our property currently the subject of, any pending legal proceeding that will have
a material adverse effect on our business.
ITEM
1A. RISK FACTORS
There
are no material changes from the risk factors previously disclosed in our annual report on Form 10-K filed with the SEC on September
28, 2015.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During
the three months ended December 31, 2015, the Company issued 17,053,147 shares of common stock upon conversion of $24,500 in principal,
plus accrued interest of $5,343.
The
Company relied on an exemption pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended in connection with the sale
and issuances of its shares of common stock described above.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
ITEM
4. MINE SAFETY DISCLOSURES
No
disclosure required.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
Exhibit
No. |
|
Description |
|
|
|
10.1 |
|
Contract
between Hypersolar, Inc. and the University of Iowa dated as of October 15, 2015 (filed herewith). |
|
|
|
31.1 |
|
Certification
by Chief Executive Officer and Acting Chief Financial Officer pursuant to Sarbanes-Oxley Section 302 (filed herewith). |
|
|
|
32.2 |
|
Certification
by Chief Executive Officer and Acting Chief Financial Officer pursuant to 18 U.S.C. Section 1350 (filed herewith). |
|
|
|
EX-101.INS |
|
XBRL
Instance Document |
|
|
|
EX-101.SCH |
|
XBRL
Taxonomy Extension Schema Document |
|
|
|
EX-101.CAL |
|
XBRL
Taxonomy Extension Calculation Linkbase |
|
|
|
EX-101.DEF |
|
XBRL
Taxonomy Extension Definition Linkbase |
|
|
|
EX-101.LAB |
|
XBRL
Taxonomy Extension Labels Linkbase |
|
|
|
EX-101.PRE |
|
XBRL
Taxonomy Extension Presentation Linkbase |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
February
3, 2016 |
HYPERSOLAR,
INC. |
|
|
|
|
By: |
/s/ Timothy
Young |
|
|
Timothy
Young
Chief
Executive Officer and Acting Chief Financial Officer
(Principal
Executive Officer and Principal
Financial
Officer and Accounting Officer) |
17
EXHIBIT
31.1
CERTIFICATION
PURSUANT TO
RULE
13a-14(a) OR RULE 15d-14(a) OF THE
SECURITIES
EXCHANGE ACT OF 1934
I,
Timothy Young, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Hypersolar, Inc. for the quarter ended December 31, 2015; |
|
|
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 officers 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
my 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 officers 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. |
February
3, 2016 |
/s/ Timothy Young |
|
Timothy Young
Chief Executive Officer
Acting Chief Financial Officer |
EXHIBIT 32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Hypersolar, Inc. (the “Company”) on Form 10-Q for the quarter ended December
31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Timothy Young, Chief
Executive Officer and Acting Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 906 of the Sarbanes-Oxley
Act of 2002, that:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations
of the Company.
February
3, 2016 |
/s/
Timothy Young |
|
Timothy
Young |
|
Chief
Executive Officer |
|
Acting
Chief Financial Officer |
v3.3.1.900
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Condensed Balance Sheets - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
CURRENT ASSETS |
|
|
Cash |
$ 93,885
|
$ 39,491
|
TOTAL CURRENT ASSETS |
93,885
|
39,491
|
PROPERTY & EQUIPMENT |
|
|
Computers and peripherals |
6,218
|
6,218
|
Less: accumulated depreciation |
(5,722)
|
(5,385)
|
NET PROPERTY AND EQUIPMENT |
496
|
833
|
OTHER ASSETS |
|
|
Deposits |
1,450
|
1,450
|
Domain, net of amortization $2,628 and $2,451, respectively |
2,687
|
2,864
|
Patents |
32,736
|
32,736
|
TOTAL OTHER ASSETS |
36,873
|
37,050
|
TOTAL ASSETS |
131,254
|
77,374
|
CURRENT LIABILITIES |
|
|
Accounts payable |
112,169
|
97,467
|
Accrued expenses |
327,094
|
279,419
|
Derivative liability |
8,992,520
|
13,034,374
|
Convertible promissory notes, net of debt discount of $244,162 and $264,196, respectively |
981,838
|
700,804
|
TOTAL CURRENT LIABILITIES |
$ 10,413,621
|
$ 14,112,064
|
SHAREHOLDERS' DEFICIT |
|
|
Preferred Stock, $0.001 par value; 5,000,000 authorized preferred shares, no shares issued or outstanding |
|
|
Common Stock, $0.001 par value; 1,500,000,000 authorized common shares 510,893,000 and 476,848,072 shares issued and outstanding, respectively |
$ 510,893
|
$ 476,848
|
Additional Paid in Capital |
5,593,837
|
5,568,303
|
Accumulated deficit |
(16,387,097)
|
(20,079,841)
|
TOTAL SHAREHOLDERS' DEFICIT |
(10,282,367)
|
(14,034,690)
|
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT |
$ 131,254
|
$ 77,374
|
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v3.3.1.900
Condensed Balance Sheets (Parenthetical) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Condensed Balance Sheets |
|
|
Amortization of domain |
$ 2,628
|
$ 2,451
|
Debt discount on convertible promissory notes |
$ 244,162
|
$ 264,196
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
Preferred Stock, shares issued |
|
|
Preferred stock, shares outstanding |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
1,500,000,000
|
1,500,000,000
|
Common stock, shares issued |
510,893,000
|
476,848,072
|
Common stock, shares outstanding |
510,893,000
|
476,848,072
|
X |
- DefinitionThe amount of amortization related to domain.
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v3.3.1.900
Condensed Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Statements of Operations |
|
|
|
|
REVENUE |
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
General and administrative expenses |
$ 122,692
|
$ 111,561
|
$ 244,654
|
$ 228,535
|
Research and development cost |
7,245
|
14,490
|
28,980
|
14,490
|
Depreciation and amortization |
257
|
339
|
514
|
678
|
TOTAL OPERATING EXPENSES |
130,194
|
126,390
|
274,148
|
243,703
|
LOSS FROM OPERATIONS BEFORE OTHER INCOME (EXPENSES) |
(130,194)
|
(126,390)
|
(274,148)
|
(243,703)
|
OTHER INCOME/(EXPENSES) |
|
|
|
|
Net Gain/(Loss) on debt conversion and change in derivative liability |
1,970,483
|
(2,626,193)
|
4,351,854
|
226,861
|
Interest expense |
(204,823)
|
(92,405)
|
(384,962)
|
(218,892)
|
TOTAL OTHER INCOME/(EXPENSES) |
1,765,660
|
(2,718,598)
|
3,966,892
|
7,969
|
NET INCOME (LOSS) |
$ 1,635,466
|
$ (2,844,988)
|
$ 3,692,744
|
$ (235,734)
|
BASIC AND DILUTED LOSS PER SHARE |
$ 0
|
$ (0.01)
|
$ 0.01
|
$ 0
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING BASIC AND DILUTED |
508,297,956
|
448,562,529
|
492,757,707
|
446,056,343
|
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v3.3.1.900
Condensed Statements of Shareholders' Equity Deficit - 6 months ended Dec. 31, 2015 - USD ($)
|
Total |
Preferred stock |
Common stock |
Additional Paid-in Capital |
Accumulated Deficit |
Beginning balance at Jun. 30, 2015 |
$ (14,034,690)
|
|
$ 476,848
|
$ 5,568,303
|
$ (20,079,841)
|
Beginning balance, shares at Jun. 30, 2015 |
|
|
476,848,072
|
|
|
Issuance of common stock for conversion of debt |
59,579
|
|
$ 34,045
|
$ 25,534
|
|
Issuance of common stock for conversion of debt, shares |
|
|
34,044,928
|
|
|
Net income |
3,692,744
|
|
|
|
$ 3,692,744
|
Ending balance (unaudited) at Dec. 31, 2015 |
$ (10,282,367)
|
|
$ 510,893
|
$ 5,593,837
|
$ (16,387,097)
|
Ending balance (unaudited), shares at Dec. 31, 2015 |
|
|
510,893,000
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.3.1.900
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net income (loss) |
$ 3,692,744
|
$ (235,734)
|
Adjustment to reconcile net income to net cash used in operating activities |
|
|
Depreciation & amortization expense |
514
|
678
|
(Gain) on change in derivative liability |
(4,351,854)
|
(226,861)
|
Amortization of debt discount recorded as interest expense |
$ 330,034
|
188,161
|
(Increase) Decrease in: |
|
|
Deposits |
|
(525)
|
Increase (Decrease) in: |
|
|
Accounts payable |
$ 14,702
|
(9,345)
|
Accrued expenses |
58,254
|
34,220
|
NET CASH USED IN OPERATING ACTIVITIES |
$ (255,606)
|
$ (249,406)
|
NET CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
NET CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from convertible notes payable |
$ 310,000
|
$ 250,000
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
310,000
|
250,000
|
NET INCREASE IN CASH |
54,394
|
594
|
CASH, BEGINNING OF PERIOD |
39,491
|
61,628
|
CASH, END OF PERIOD |
93,885
|
62,222
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
Interest paid |
$ 70
|
$ 134
|
Taxes paid |
|
|
SUPPLEMENTAL DISCLOSURES OF NON CASH TRANSACTIONS |
|
|
Issuance of common stock upon conversion of convertible notes |
$ 59,579
|
$ 33,625
|
X |
- DefinitionThe value of common stock issued [noncash or part noncash] in the conversion of convertible notes.
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v3.3.1.900
Basis of Presentation
|
6 Months Ended |
Dec. 31, 2015 |
Basis of Presentation [Abstract] |
|
BASIS OF PRESENTATION |
The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. 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, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the six months ended December 31, 2015 are not necessarily indicative of the results that may be expected for the year ending June 30, 2016. For further information refer to the financial statements and footnotes thereto included in the Company's Form 10-K for the year ended June 30, 2015. Going Concern The accompanying financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The accompanying financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company does not generate revenue, and has negative cash flows from operations, which raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern and appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusion. The Company has historically obtained funds through private placement offerings of equity and debt. Management believes that it will be able to continue to raise funds by sale of its securities to its existing shareholders and prospective new investors to provide the additional cash needed to meet the Company’s obligations as they become due, and will allow the development of its core business. There is no assurance that the Company will be able to continue raising the required capital.
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v3.3.1.900
Summary of Significant Accounting Policies
|
6 Months Ended |
Dec. 31, 2015 |
Summary of Significant Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
This summary of significant accounting policies of HyperSolar, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. Cash and Cash Equivalent The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements include the estimate of useful lives of intangible assets, and the deferred tax valuation allowance. Actual results could differ from those estimates. Property and Equipment Property and equipment are stated at lost and are depreciated by straight line method over their estimated useful life. These include computers and related equipment depreciated over 5 years. Intangible Assets Intangible assets consist of patents that are initially measured at the lower of cost or fair value. The patents are deemed to have an indefinite life and are not amortized. The patents are assessed annually for impairment, or whenever conditions indicate the asset may be impaired, and any such impairment will be recognized in the period identified. Loss per Share Calculations Loss per Share dictates the calculation of basic earnings per share and diluted earnings per share. Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. No shares for the convertible notes were used in the calculation of the loss per share as they were all anti-dilutive. The Company’s diluted loss per share is the same as the basic loss per share for the six months ended December 31, 2015, as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. The Company excluded $500,000 of options, and the shares issuable from convertible debt of $1,226,000 for the six months ended December 31, 2015. Stock based Compensation The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the Financial Accounting Standards Board whereas the value of the award is measured on the date of grant and recognized over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date. Fair Value of Financial Instruments Fair value of financial instruments, requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of December 31, 2015, the amounts
reported for cash, accrued interest and other expenses, notes payables, and derivative liability approximate the fair value because of their short maturities. We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: | ● | Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
| ● | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
| ● | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at December 31, 2015 (See Note 6): | | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | | Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative liability | | | 8,992,520 | | | | - | | | | - | | | | 8,992,520 | | | Total liabilities measured at fair value | | $ | 8,992,520 | | | $ | - | | | $ | - | | | $ | 8,992,520 | |
The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value: Balance as of July 1, 2015 | | $ | 13,034,374 | | Fair value of derivative liabilities issued | | | 431,354 | | Gain on change in derivative liability | | | (4,473,208 | ) | Balance as of December 31, 2015 | | $ | 8,992,520 | |
Accounting for Derivatives The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average series Black-Scholes-Merton option pricing models to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. | | Recently issued pronouncements |
On August 27, 2014, the Company adopted the amendment to ASU 2014-15 on Presentation of Financial Statements Going Concern (Subtopic 205-40). The amendment provides for guidance to reduce diversity in the timing and content of footnote disclosures. The amendment requires management to assess the Company’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The Company has to define the term of substantial doubt, which has to be evaluated every reporting period including interim periods. Management has to provide principles for considering the mitigating effect of its plan, and disclose when substantial doubt is alleviated as well as when it is not alleviated. The Company is required to assess managements plan for a period of one year after the financial statements are issued (or available to be issued). The amendment is effective for annual periods ending after December 15, 2016. Early adoption is permitted. The Company does not believe the accounting standards currently adopted will have a material effect on the accompanying condensed financial statements. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed financial statements.
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v3.3.1.900
Capital Stock
|
6 Months Ended |
Dec. 31, 2015 |
Capital Stock [Abstract] |
|
CAPITAL STOCK |
| | During the six months ended December 31, 2015, the Company issued 34,044,928 shares of common stock upon conversion of $49,000 in principal, plus $10,579 in accrued interest on an outstanding convertible note. |
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v3.3.1.900
Stock Options
|
6 Months Ended |
Dec. 31, 2015 |
Stock Options [Abstract] |
|
STOCK OPTIONS |
Options As of December 31, 2015, there were 500,000 non-qualified common stock options outstanding. Each option is exercisable to the nearest whole share, in installments or otherwise, as the respective agreements may provide. Each Option expires on the date specified in the Option agreement, which date is not later than the fifth (5th) anniversary from the grant date of the options. As of December 31, 2015, 250,000 options are fully vested and are exercisable at an exercise price $0.04 per share; 250,000 stock options are not currently exercisable and are subject to vesting conditions which provide that fifty (50%) percent of the options vest on March 31, 2016 and the remaining fifty (50%) vests on March 31, 2017. These stock options are exercisable for a period of five years from the date of grant at an exercise price of $0.02245 per share. A summary of the Company’s stock option activity and related information follows: | | 12/31/2015 | | | | | | | Weighted | | | | Number | | | average | | | | of | | | exercise | | | | Options | | | price | | Outstanding, beginning of period | | | 500,000 | | | $ | 0.03 | | Granted | | | - | | | | - | | Exercised | | | - | | | | - | | Forfeited/Expired | | | - | | | | - | | Outstanding, end of period | | | 500,000 | | | $ | 0.03 | | Exercisable at the end of period | | | 250,000 | | | $ | 0.04 | | Weighted average fair value of options granted during the period | | | | | | $ | - | |
|
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v3.3.1.900
Convertible Promissory Notes
|
6 Months Ended |
Dec. 31, 2015 |
Convertible Promissory Notes [Abstract] |
|
CONVERTIBLE PROMISSORY NOTES |
5. | CONVERTIBLE PROMISSORY NOTES |
On August 9, 2013, the Company entered into a securities purchase agreement entered into for the sale of a 10% convertible promissory note in the aggregate principal amount of up to $100,000. The note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of the lesser of a) $0.0048 per share; b) fifty percent (50%) of the lowest trading price after the effective date of each respective advance or c) the lowest effective price per share granted to any person or entity, after the effective date, to acquire common stock. Upon execution of the securities purchase agreement, the Company received an advance of $15,000. The Company received additional advances in the aggregate amount of $85,000 for a total aggregate principal sum of $100,000. The Note provided for a maturity date of July 9, 2015, which was extended to April 9, 2016. During the six months ended December 31, 2015, the Company issued 34,044,928 shares of common stock upon conversion of $49,000 in principal, plus accrued interest of $10,579. The remaining balance as of December 31, 2015 was $51,000. On December 16, 2013, the Company entered into a securities purchase agreement entered for the sale of a 10% convertible promissory note in the aggregate principal amount of up to $100,000. The Note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of the lesser of a) $0.0048 per share; b) 50% of the lowest trading price since the original effective date of each respective advance: c) or the lowest effective price per share granted to any person or entity, after the effective date, to acquire common stock. Upon execution of the securities purchase agreement, the Company received an advance of $26,000.The Company received additional advances in the amount of $74,000 for an aggregate sum of $100,000. The Note provided for a maturity date of May 16, 2015, which was extended to February 16, 2016. On March 5, 2014, the Company entered into a securities purchase agreement into for the sale of a 10% convertible promissory note in the aggregate principal amount of up to $100,000. The Note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of the lesser of a) $0.0048 per share; b) 50% of the lowest trading price since the original effective date of each respective advance: c) or the lowest effective price per share granted to any person or entity, after the effective date, to acquire common stock. Upon execution of the securities purchase agreement, the Company received an advance of $30,000. On April 15, 2014, the lender and borrower agreed to amend the note to increase the principle sum to $150,000. The Company received additional advances in the amount of $120,000 for an aggregate sum of $150,000. The Note provided for a maturity date of September 5, 2015 which was extended to June 5, 2016. On May 23, 2014, the Company entered into a securities purchase agreement for the sale of a 10% convertible promissory note in the aggregate principal amount of up to $500,000. The note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of the lesser of a) $0.0048 per share; b) 50% of the lowest trading price since the original effective date of each respective advance: c) or the lowest effective price per share granted to any person or entity, after the effective date, to acquire common stock. Upon execution of the securities purchase agreement, the Company received an advance of $50,000.The
Company received additional advances in the amount of $415,000 for an aggregate sum of $465,000. The Note provided for a maturity date on May 23, 2015 which was extended to February 23, 2016. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $128,521 during the six months ended December 31, 2015. On April 9, 2015, the Company entered into a securities purchase agreement into for the sale of a 10% convertible promissory note in the aggregate principal amount of up to $500,000. The note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of the lesser of a) $0.01 per share or fifty percent (50%); b) of the lowest trading price since the original effective date of each respective advance: c) or the lowest effective price per share granted to any person or entity, after the effective date, to acquire common stock. Upon execution of the securities purchase agreement, the Company received an advance of $50,000. The Company received additional advances in the amount of $410,000 for an aggregate sum of $460,000. The note matures nine (9) months from the effective dates of each respective advance. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $201,515 during the six months ended December 31, 2015. ASC Topic 815 provides guidance applicable to convertible debt issued by the Company in instances where the number into which the debt can be converted is not fixed. For example, when a convertible debt converts at a discount to market based on the stock price on the date of conversion, ASC Topic 815 requires that the embedded conversion option of the convertible debt be bifurcated from the host contract and recorded at their fair value. In accounting for derivatives under accounting standards, the Company recorded a liability representing the estimated present value of the conversion feature considering the historic volatility of the Company’s stock, and a discount representing the imputed interest associated with the embedded derivative. The discount is amortized over the life of the convertible debt, and the derivative liability is adjusted periodically according to stock price fluctuations.
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- DefinitionThe entire disclosure for short-term debt.
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v3.3.1.900
Derivative Liabilities
|
6 Months Ended |
Dec. 31, 2015 |
Derivative Liabilities [Abstract] |
|
DERIVATIVE LIABILITIES |
The convertible notes (the “Notes”) issued and described in Note 5 do not have fixed settlement provisions because their conversion prices are not fixed. The conversion features have been characterized as derivative liabilities to be re-measured at the end of every reporting period with the change in value reported in the statement of operations. During the six months ended December 31, 2015, as a result of the Notes issued that were accounted for as derivative liabilities, we determined that the fair value of the conversion feature of the convertible notes at issuance was $633,287, based upon a Black-Sholes-Model calculation. We recorded the full value of the derivative as a liability at issuance with an offset to valuation discount, which will be amortized over the life of the Notes. During the six months ended December 31, 2015, approximately $49,000 in principal of the Notes were converted. As a result of the conversion of these Notes, and the change in fair value of the remaining Notes, the Company recorded a net gain in change in derivative of $4,351,854 in the statement of operations for the six months ended December 31, 2015. At December 31, 2015, the fair value of the derivative liability was $8,992,520. For purpose of determining the fair market value of the derivative liability for the embedded conversion, the Company used Black Scholes option valuation model. The significant assumptions used in the Black Scholes valuation of the derivative are as follows: Risk free interest rate | | | 0.14% - 0.65% | | Stock volatility factor | | | 23.70% - 110.22% | | Weighted average expected option life | | | 1 month - 9 months | | Expected dividend yield | | | None | |
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v3.3.1.900
Subsequent Events
|
6 Months Ended |
Dec. 31, 2015 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
| | Management evaluated subsequent events as of the date of the financial statements pursuant to ASC TOPIC 855, and reported the following events: | | | |
| | On January 22, 2016, the Company issued 17,432,877 shares of common stock upon partial conversion of the Note dated August 9, 2013 in the principal amount of $24,500, plus accrued interest of $6,008. |
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v3.3.1.900
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Dec. 31, 2015 |
Summary of Significant Accounting Policies [Abstract] |
|
Cash and Cash Equivalent |
Cash and Cash Equivalent The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
|
Use of Estimates |
Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements include the estimate of useful lives of intangible assets, and the deferred tax valuation allowance. Actual results could differ from those estimates.
|
Property and Equipment |
Property and Equipment Property and equipment are stated at lost and are depreciated by straight line method over their estimated useful life. These include computers and related equipment depreciated over 5 years.
|
Intangible Assets |
Intangible Assets Intangible assets consist of patents that are initially measured at the lower of cost or fair value. The patents are deemed to have an indefinite life and are not amortized. The patents are assessed annually for impairment, or whenever conditions indicate the asset may be impaired, and any such impairment will be recognized in the period identified.
|
Loss per Share Calculations |
Loss per Share Calculations Loss per Share dictates the calculation of basic earnings per share and diluted earnings per share. Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. No shares for the convertible notes were used in the calculation of the loss per share as they were all anti-dilutive. The Company’s diluted loss per share is the same as the basic loss per share for the six months ended December 31, 2015, as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. The Company excluded $500,000 of options, and the shares issuable from convertible debt of $1,226,000 for the six months ended December 31, 2015.
|
Stock based Compensation |
Stock based Compensation The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the Financial Accounting Standards Board whereas the value of the award is measured on the date of grant and recognized over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments Fair value of financial instruments, requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of December 31, 2015, the amounts reported for cash, accrued interest and other expenses, notes payables, and derivative liability approximate the fair value because of their short maturities. We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: | ● | Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
| ● | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
| ● | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at December 31, 2015 (See Note 6): | | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | | Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative liability | | | 8,992,520 | | | | - | | | | - | | | | 8,992,520 | | | Total liabilities measured at fair value | | $ | 8,992,520 | | | $ | - | | | $ | - | | | $ | 8,992,520 | |
The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value: Balance as of July 1, 2015 | | $ | 13,034,374 | | Fair value of derivative liabilities issued | | | 431,354 | | Gain on change in derivative liability | | | (4,473,208 | ) | Balance as of December 31, 2015 | | $ | 8,992,520 | |
|
Accounting for Derivatives |
Accounting for Derivatives The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average series Black-Scholes-Merton option pricing models to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date.
|
Recently issued pronouncements |
| | Recently issued pronouncements |
On August 27, 2014, the Company adopted the amendment to ASU 2014-15 on Presentation of Financial Statements Going Concern (Subtopic 205-40). The amendment provides for guidance to reduce diversity in the timing and content of footnote disclosures. The amendment requires management to assess the Company’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The Company has to define the term of substantial doubt, which has to be evaluated every reporting period including interim periods. Management has to provide principles for considering the mitigating effect of its plan, and disclose when substantial doubt is alleviated as well as when it is not alleviated. The Company is required to assess managements plan for a period of one year after the financial statements are issued (or available to be issued). The amendment is effective for annual periods ending after December 15, 2016. Early adoption is permitted. The Company does not believe the accounting standards currently adopted will have a material effect on the accompanying condensed financial statements. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed financial statements.
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6 Months Ended |
Dec. 31, 2015 |
Summary of Significant Accounting Policies [Abstract] |
|
Schedule of measurement of assets and liabilities at fair value on recurring basis |
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | | Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative liability | | | 8,992,520 | | | | - | | | | - | | | | 8,992,520 | | | Total liabilities measured at fair value | | $ | 8,992,520 | | | $ | - | | | $ | - | | | $ | 8,992,520 | |
|
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Balance as of July 1, 2015 | | $ | 13,034,374 | | Fair value of derivative liabilities issued | | | 431,354 | | Gain on change in derivative liability | | | (4,473,208 | ) | Balance as of December 31, 2015 | | $ | 8,992,520 | |
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6 Months Ended |
Dec. 31, 2015 |
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| | 12/31/2015 | | | | | | | Weighted | | | | Number | | | average | | | | of | | | exercise | | | | Options | | | price | | Outstanding, beginning of period | | | 500,000 | | | $ | 0.03 | | Granted | | | - | | | | - | | Exercised | | | - | | | | - | | Forfeited/Expired | | | - | | | | - | | Outstanding, end of period | | | 500,000 | | | $ | 0.03 | | Exercisable at the end of period | | | 250,000 | | | $ | 0.04 | | Weighted average fair value of options granted during the period | | | | | | $ | - | |
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Dec. 31, 2015 |
Jun. 30, 2015 |
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Summary of Significant Accounting Policies (Details 1)
|
6 Months Ended |
Dec. 31, 2015
USD ($)
|
Fair Value, Assets and Liabilities Measured On Recurring and Nonrecurring Basis [Line Items] |
|
Balance as of December 31, 2015 |
$ 8,992,520
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Fair Value Measurements [Member] |
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$ 8,992,520
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v3.3.1.900
Convertible Promissory Notes (Details) - USD ($)
|
|
|
|
|
|
6 Months Ended |
Apr. 09, 2015 |
May. 23, 2014 |
Mar. 05, 2014 |
Dec. 16, 2013 |
Aug. 09, 2013 |
Dec. 31, 2015 |
Convertible Promissory Notes (Textual) |
|
|
|
|
|
|
Principal amount of partial convertible promissory note |
|
|
|
|
|
$ 1,226,000
|
Convertible promissory note [Member] | Securities Purchase Agreements [Member] | 10% Convertible Promissory Notes [Member] |
|
|
|
|
|
|
Convertible Promissory Notes (Textual) |
|
|
|
|
|
|
Amount received in consideration of sale of debt |
|
|
|
|
$ 15,000
|
|
Convertible promissory notes, interest rate |
|
|
|
|
10.00%
|
|
Amount of additional advance received |
|
|
|
|
$ 85,000
|
|
Convertible promissory note principal amount |
|
|
|
|
100,000
|
|
Cumulative outstanding principal amount |
|
|
|
|
$ 100,000
|
|
Issuance of common stock on payment of accrued interest for convertible notes |
|
|
|
|
|
10,579
|
Conversion price |
|
|
|
|
$ 0.0048
|
|
Percentage of trading price |
|
|
|
|
50.00%
|
|
Debt instrument, Maturity date description |
|
|
|
|
The Note provided for a maturity date of July 9, 2015, which was extended to April 9, 2016.
|
|
Maturity date |
|
|
|
|
Jul. 09, 2015
|
|
Debt instrument, convertible, terms of conversion feature |
|
|
|
|
Price equal to a variable conversion price of the lesser of a) $0.0048 per share; b) fifty percent (50%) of the lowest trading price after the effective date of each respective advance or c) the lowest effective price per share granted to any person or entity, after the effective date, to acquire common stock.
|
|
Convertible debt remains balance |
|
|
|
|
|
$ 51,000
|
Issuance of common stock (in shares) |
|
|
|
|
|
34,044,928
|
Principal amount of partial convertible promissory note |
|
|
|
|
|
$ 49,000
|
Convertible Promissory Notes One [Member] | Securities Purchase Agreements [Member] | 10% Convertible Promissory Notes [Member] |
|
|
|
|
|
|
Convertible Promissory Notes (Textual) |
|
|
|
|
|
|
Amount received in consideration of sale of debt |
|
|
|
$ 26,000
|
|
|
Convertible promissory notes, interest rate |
|
|
|
10.00%
|
|
|
Amount of additional advance received |
|
|
|
$ 74,000
|
|
|
Convertible promissory note principal amount |
|
|
|
100,000
|
|
|
Cumulative outstanding principal amount |
|
|
|
$ 100,000
|
|
|
Conversion price |
|
|
|
$ 0.0048
|
|
|
Percentage of trading price |
|
|
|
50.00%
|
|
|
Debt instrument, Maturity date description |
|
|
|
The Note provided for a maturity date of May 16, 2015, which was extended to February 16, 2016.
|
|
|
Maturity date |
|
|
|
May 16, 2015
|
|
|
Debt instrument, convertible, terms of conversion feature |
|
|
|
Price equal to a variable conversion price of the lesser of a) $0.0048 per share; b) 50% of the lowest trading price since the original effective date of each respective advance: c) or the lowest effective price per share granted to any person or entity, after the effective date, to acquire common stock.
|
|
|
Convertible Promissory Notes Two [Member] | Securities Purchase Agreements [Member] | 10% Convertible Promissory Notes [Member] |
|
|
|
|
|
|
Convertible Promissory Notes (Textual) |
|
|
|
|
|
|
Amount received in consideration of sale of debt |
|
|
$ 30,000
|
|
|
|
Convertible promissory notes, interest rate |
|
|
10.00%
|
|
|
|
Amount of additional advance received |
|
|
$ 120,000
|
|
|
|
Convertible promissory note principal amount |
|
|
150,000
|
|
|
|
Cumulative outstanding principal amount |
|
|
$ 100,000
|
|
|
|
Conversion price |
|
|
$ 0.0048
|
|
|
|
Percentage of trading price |
|
|
50.00%
|
|
|
|
Debt instrument, Maturity date description |
|
|
The Note provided for a maturity date of September 5, 2015 which was extended to June 5, 2016.
|
|
|
|
Maturity date |
|
|
Sep. 05, 2015
|
|
|
|
Debt instrument, convertible, terms of conversion feature |
|
|
Price of the lesser of a) $0.0048 per share; b) 50% of the lowest trading price since the original effective date of each respective advance: c) or the lowest effective price per share granted to any person or entity, after the effective date, to acquire common stock.
|
|
|
|
Debt instrument, increase (decrease), Net |
|
|
$ 150,000
|
|
|
|
Convertible Promissory Notes Three [Member] | Securities Purchase Agreements [Member] | 10% Convertible Promissory Notes [Member] |
|
|
|
|
|
|
Convertible Promissory Notes (Textual) |
|
|
|
|
|
|
Amount received in consideration of sale of debt |
|
$ 50,000
|
|
|
|
|
Convertible promissory notes, interest rate |
|
10.00%
|
|
|
|
|
Interest expense |
|
|
|
|
|
128,521
|
Amount of additional advance received |
|
$ 415,000
|
|
|
|
|
Convertible promissory note principal amount |
|
465,000
|
|
|
|
|
Cumulative outstanding principal amount |
|
$ 500,000
|
|
|
|
|
Conversion price |
|
$ 0.0048
|
|
|
|
|
Percentage of trading price |
|
50.00%
|
|
|
|
|
Debt instrument, Maturity date description |
|
The Note provided for a maturity date on May 23, 2015 which was extended to February 23, 2016.
|
|
|
|
|
Maturity date |
|
May 23, 2015
|
|
|
|
|
Debt instrument, convertible, terms of conversion feature |
|
Price equal to a variable conversion price of the lesser of a) $0.0048 per share; b) 50% of the lowest trading price since the original effective date of each respective advance: c) or the lowest effective price per share granted to any person or entity, after the effective date, to acquire common stock.
|
|
|
|
|
Convertible Promissory Notes Four [Member] | Securities Purchase Agreements [Member] | 10% Convertible Promissory Notes [Member] |
|
|
|
|
|
|
Convertible Promissory Notes (Textual) |
|
|
|
|
|
|
Amount received in consideration of sale of debt |
$ 50,000
|
|
|
|
|
|
Convertible promissory notes, interest rate |
10.00%
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
$ 201,515
|
Amount of additional advance received |
$ 410,000
|
|
|
|
|
|
Convertible promissory note principal amount |
460,000
|
|
|
|
|
|
Cumulative outstanding principal amount |
$ 500,000
|
|
|
|
|
|
Conversion price |
$ 0.01
|
|
|
|
|
|
Percentage of trading price |
50.00%
|
|
|
|
|
|
Debt instrument, term |
9 months
|
|
|
|
|
|
Debt instrument, convertible, terms of conversion feature |
Price equal to a variable conversion price of the lesser of a) $0.01 per share or fifty percent (50%); b) of the lowest trading price since the original effective date of each respective advance: c) or the lowest effective price per share granted to any person or entity, after the effective date, to acquire common stock.
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v3.3.1.900
Derivative Liabilities (Details Textual) - USD ($)
|
6 Months Ended |
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Derivative Liabilities (Textual) |
|
|
Convertible notes payable |
$ 1,226,000
|
|
Derivative liability current |
8,992,520
|
$ 13,034,374
|
Fair Value Measurements [Member] |
|
|
Derivative Liabilities (Textual) |
|
|
Fair value of derivative liabilities issued |
633,287
|
|
Convertible notes payable |
49,000
|
|
Gain on change in derivative liability |
$ 4,351,854
|
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