UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
Amendment No. 1
(Mark One)
x |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended July 31, 2015
or
o |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________ to __________
Commission file number 333-68008
PHARMACYTE BIOTECH, INC.
(Exact name of registrant as specified in its
charter)
Nevada |
62-1772151 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
12510 Prosperity Drive, Suite 310, Silver
Spring, Maryland 20904
(Address of principal executive offices)
(917) 595-2850
(Registrant’s telephone number, including
area code)
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes x
No o
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) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post such files). Yes x
No o
Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
|
|
|
|
Large accelerated filer |
o |
Accelerated filer |
x |
Non-accelerated filer |
o |
Smaller reporting company |
o |
(Do not check if a 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 o
No x
As
of August 24, 2015, registrant had 743,428,629 outstanding shares of common stock, with a par value of $0.0001.
Explanatory Note
We are filing this Amendment No. 1
on Form 10-Q/A (“Amended Filing”) to our Quarterly Report on Form 10-Q for the period ended July 31, 2015, which was
filed with the Securities and Exchange Commission (“Commission”) on August 25, 2015 (“Original Filing”),
to amend and restate our condensed consolidated financial statements and related disclosures as of and for the period ended July
31, 2015, as disclosed below in Note 1A to the accompanying restated condensed consolidated financial statements and condensed
consolidated notes thereto (“Restated Financial Statements”), as well as to amend certain other Items within the Original
Filing as listed under the caption “Items Amended in this Filing” below, as a result of such amendment and restatement
of our condensed consolidated financial statements. As further described below under the caption “Restatement of Other Financial
Statements,” concurrently with this Amended Filing we are also filing an amendment (“Amended Form 10-K”) to
our Annual Report on Form 10-K for the year ended April 30, 2015, originally filed July 29, 2015 (“Original Form 10-K”),
and an amendment (“Amended October Form 10-Q”) to our Quarterly Report on Form 10-Q for the period ended October 31,
2015, originally filed December 10, 2015 (“Original October 10-Q”).
Background of Restatement
As described below and in the notes
to the Restated Financial Statements, PharmaCyte Biotech, Inc. (“Company”) restated its condensed consolidated financial
statements as of and for the period ended July 31, 2015 to reflect adjustments made to correct the treatment of the issuance
of certain shares of the Company’s common stock, $0.0001 par value per share (“common stock”), and warrants
and certain other matters, as further described below, resulting in a material understatement to assets, a material overstatement
to liabilities and a material understatement to stockholders’ equity. The nature and impact of these adjustments are
described in more detail below.
The adjustments described above
relate to the Company’s issuance of certain warrants to purchase common stock with a cashless exercise feature
(“cashless warrants”) in connection with its entry into a marketing and consulting agreement (“Consultant
Agreement”) with a consultant during the fourth quarter of the prior fiscal year ended April 30, 2015 (for more
information, see the Amended Form 10-K). The Company accounted for the cashless warrants as a derivative liability in
the Original 10-K. However, upon further analysis, the Company determined that the cashless warrants should have been
accounted for as equity in accordance with generally accepted accounting principles in the United States of America
(“U.S. GAAP”) in the Original Form 10-K. Additionally, the Company determined that the Consultant Agreement,
issuance of shares of common stock to the consultant pursuant to the Consultant Agreement and the issuance of certain
warrants to purchase common stock with a cash exercise feature (“cash warrants”) and the cashless warrants to the
consultant should have been recorded as a prepaid asset and amortized over the term of the Consultant Agreement in accordance
with U.S. GAAP. As a result of the Company’s determination that the cashless warrants should be accounted for as
equity, and that the Consultant Agreement, stock issuance, cash warrants and cashless warrants should be accounted for as a
prepaid asset, the Company increased general and administrative expenses by the net amount of $506,571 on its
condensed consolidated statements of operations for the period ended July 31, 2015, and increased prepaid expenses and other
assets by the amount of $842,451, net of amortization, and decreased by the amount of $29,746 its total current liabilities
on its condensed consolidated balance sheet as of July 31, 2015, as set forth in the Restated Financial Statements. As
a result of these adjustments, and the adjustments to our consolidated financial statements for the fiscal year ended April
30, 2015 as set forth in the Amended Form 10-K, the Company recorded a net increase to its accumulated deficit in the amount
of $472,074 and an increase to total stockholders’ equity in the amount of $872,196.
As set forth in the Restated Financial
Statements, the effect of the timing of the recognition of the cashless warrant expense resulted in a decrease in the amount of
$462,303 to total other income, an increase to general and administrative expenses of $506,571 (amortization of prepaid expenses)
and an increase to reported net loss in the amount of $968,874.
Internal Control Considerations
In connection with the Restated Financial
Statements, our management has re-evaluated the effectiveness of our disclosure controls and procedures as of July 31, 2015 and
has concluded that our disclosure controls and procedures were not effective due to the material weaknesses in internal control
over financial reporting described in the Original Filing as well as additional material weaknesses described below.
Management has also re-evaluated the
effectiveness of our internal control over financial reporting as of April 30, 2015, as disclosed in the Amended Form 10-K, and
the changes in our internal control over financial reporting that occurred during the period ended July 31, 2015. Based on such
re-evaluation, management confirmed that the material weaknesses in internal control over financial reporting described in the
Original Form 10-K continue to be material weaknesses, and has identified additional material weaknesses in internal control over
financial reporting relating to accounting for the Consultant Agreement, certain common stock issuances and warrants and certain
disclosures relating to issuances of options and common stock to directors and officers, which necessitated the restatements of
our respective financial statements as of and for the year ended April 30, 2015 and as of and for the periods ended July 31, 2015
and October 31, 2015, as described above (collectively, “Restatements”).
For a discussion of management’s
consideration of our disclosure controls and procedures, internal control over financial reporting and the material weaknesses
identified, see Part I, Item 4, “Controls and Procedures.”
Items Amended in This Filing
This Amended Filing sets forth the
Original Filing, as modified and superseded where necessary to reflect the restatement described above. The following Items have
been amended and restated as a result of, and to reflect, the Restated Financial Statements:
Part I –
Item 1. Financial Statements;
Part I –
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations;
Part I –
Item 4. Controls and Procedures; and
Part II –
Item 6. Exhibits.
The Company's Chief Executive Officer
and Interim Chief Financial Officer is providing currently dated certifications in connection with this Amended Filing, which
are being filed or furnished as Exhibit 31.1 and Exhibit 32.1 to this Amended Filing. The Company is also filing various exhibits
related to XBRL.
Except as set forth above, no other
information included in the Original Filing has been amended or updated by this Amended Filing. This Amended Filing continues
to describe the conditions as of the date of the Original Filing and, except as contained herein, we have not updated or modified
the disclosures contained in the Original Filing. Accordingly, this Amended Filing should be read in conjunction with our filings
made with the Commission subsequent to the filing of the Original Filing, including any amendments to those filings.
Restatement of Other Financial Statements
Along with the filing of this Amended Filing, we are concurrently filing the Amended Form 10-K and
the Amended October Form 10-Q. The Amended Form 10-K and Amended October Form 10-Q are being filed to amend and restate our audited
consolidated financial statements and schedule and related notes and disclosures for the year ended April 30, 2015 and our unaudited
condensed consolidated financial statements and related notes and disclosures for the period ended October 31, 2015, respectively.
For further information, see our Amended Form 10-K and Amended October Form 10-Q.
PHARMACYTE BIOTECH, INC.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
FOR THE THREE MONTHS ENDED JULY 31, 2015
|
|
Page |
PART I. |
FINANCIAL INFORMATION |
3 |
|
|
|
Item 1. |
Financial Statements
(As Restated) |
3 |
|
|
Condensed Consolidated
Balance Sheets as of July 31, 2015 (Unaudited) and April 30, 2015 (As Restated) |
3 |
|
|
Condensed Consolidated
Statements of Operations for the Three Months Ended July 31, 2015 and 2014 (Unaudited) (As Restated) |
4 |
|
|
|
|
Condensed Consolidated Statements of Comprehensive Loss
for the Three Months Ended July 31, 2015 and 2014 (Unaudited) (As Restated) |
5 |
|
|
|
|
Condensed Consolidated
Statements of Cash Flows for the Three Months Ended July 31, 2015 and 2014 (Unaudited) (As Restated) |
6 |
|
|
Notes to Condensed
Consolidated Financial Statements (Unaudited) (As Restated) |
7 |
|
Item 2. |
Management’s
Discussion and Analysis of Financial Condition and Results of Operations (As Restated) |
18 |
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
21 |
|
|
|
Item 4. |
Controls and Procedures |
21 |
|
|
|
PART II. |
OTHER INFORMATION |
23 |
|
|
|
Item 1. |
Legal Proceedings |
23 |
|
|
|
Item 1A. |
Risk Factors |
23 |
|
|
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
23 |
|
|
|
Item 3. |
Defaults Upon Senior Securities |
23 |
|
|
|
Item 4. |
Mine Safety Disclosures |
23 |
|
|
|
Item 5. |
Other Information |
23 |
|
|
|
Item 6. |
Exhibits |
23 |
PART I – FINANCIAL INFORMATION
Item1. Financial Statements.
PHARMACYTE BIOTECH, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS (AS RESTATED)
| |
July 31, | | |
April 30, | |
| |
2015 | | |
2015 | |
| |
(Unaudited) | | |
| |
| |
(Restated) | | |
(Restated) | |
ASSETS | |
| | |
| |
Current assets: | |
| | | |
| | |
Cash | |
$ | 2,910,201 | | |
$ | 2,699,737 | |
Prepaid expenses and other current assets | |
| 945,462 | | |
| 1,468,281 | |
Total current assets | |
| 3,855,663 | | |
| 4,168,018 | |
| |
| | | |
| | |
Other assets: | |
| | | |
| | |
Intangibles | |
| 3,549,427 | | |
| 3,549,427 | |
Investment in SG Austria | |
| 1,572,193 | | |
| 1,572,193 | |
Other assets | |
| 7,854 | | |
| 7,854 | |
Total other assets | |
| 5,129,474 | | |
| 5,129,474 | |
| |
| | | |
| | |
Total Assets | |
$ | 8,985,137 | | |
$ | 9,297,492 | |
| |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 413,117 | | |
$ | 496,699 | |
Accrued expenses | |
| 43,324 | | |
| 23,667 | |
License agreement obligation | |
| 700,000 | | |
| 1,000,000 | |
Total current liabilities | |
| 1,156,441 | | |
| 1,520,366 | |
| |
| | | |
| | |
Total Liabilities | |
| 1,156,441 | | |
| 1,520,366 | |
| |
| | | |
| | |
Commitments and Contingencies (Notes 8 and 9) | |
| | | |
| | |
| |
| | | |
| | |
Preferred stock, authorized 10,000,000 shares, $0.0001
par value, 0 shares issued and outstanding, respectively | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders' equity: | |
| | | |
| | |
Common stock, authorized 1,490,000,000 shares, $0.0001 par value, 742,610,829 and 732,760,536
shares issued and outstanding as of July 31, 2015 and April 30, 2015, respectively | |
| 74,261 | | |
| 73,273 | |
Additional paid in capital | |
| 87,895,688 | | |
| 86,330,224 | |
Accumulated deficit | |
| (80,142,874 | ) | |
| (78,627,833 | ) |
Accumulated other comprehensive income | |
| 1,621 | | |
| 1,462 | |
Total stockholders' equity | |
| 7,828,696 | | |
| 7,777,126 | |
| |
| | | |
| | |
Total Liabilities and Stockholders' Equity | |
$ | 8,985,137 | | |
$ | 9,297,492 | |
See accompanying notes to condensed consolidated financial statements.
PHARMACYTE BIOTECH,
INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
(AS RESTATED)
| |
Three Months Ended July 31, | |
| |
2015 | | |
2014 | |
| |
(Restated) | | |
| | |
Revenues: | |
| | | |
| | |
Product sales | |
$ | – | | |
$ | – | |
Total revenue | |
| – | | |
| – | |
Cost of revenue | |
| | | |
| | |
Gross margin | |
| – | | |
| – | |
| |
| | | |
| | |
Operating Expenses: | |
| | | |
| | |
Research and development costs | |
| 155,678 | | |
| – | |
Sales and marketing | |
| – | | |
| 230,500 | |
Compensation expense | |
| 447,570 | | |
| 253,418 | |
Director fees | |
| 18,000 | | |
| – | |
Legal and professional | |
| 125,075 | | |
| 260,864 | |
General and administrative | |
| 767,988 | | |
| 838,378 | |
Total operating expenses | |
| 1,514,311 | | |
| 1,583,160 | |
| |
| | | |
| | |
Loss from operations | |
| (1,514,311 | ) | |
| (1,583,160 | ) |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Other income (expense) | |
| (95 | ) | |
| 988 | |
Interest expense, net | |
| (632 | ) | |
| (2,652 | ) |
Total other income (expense), net | |
| (727 | ) | |
| (1,664 | ) |
| |
| | | |
| | |
Net loss | |
$ | (1,515,038 | ) | |
$ | (1,584,824 | ) |
| |
| | | |
| | |
Basic and diluted loss per share | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Weighted average shares outstanding basic and diluted | |
| 737,917,481 | | |
| 701,930,165 | |
See accompanying notes to condensed consolidated financial statements.
PHARMACYTE BIOTECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
(AS RESTATED)
| |
Three Months Ended July 31, | |
| |
2015 | | |
2014 | |
| |
(Restated) | | |
| | |
Net Loss | |
$ | (1,515,038 | ) | |
$ | (1,584,824 | ) |
Other comprehensive loss: | |
| | | |
| | |
Foreign currency translation adjustment | |
| (1,621 | ) | |
| – | |
Other comprehensive loss | |
| (1,621 | ) | |
| – | |
Comprehensive loss | |
$ | (1,516,659 | ) | |
$ | (1,584,824 | ) |
See
accompanying notes to condensed consolidated financial statements.
PHARMACYTE BIOTECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(AS RESTATED)
| |
Three Months Ended July 31, | |
| |
2015 | | |
2014 | |
| |
(Restated) | | |
| | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (1,515,038 | ) | |
$ | (1,584,824 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Stock issued for services | |
| 166,608 | | |
| 297,500 | |
Stock issued for compensation | |
| 147,360 | | |
| 86,100 | |
Stock based compensation - options | |
| 145,269 | | |
| – | |
Stock based compensation - warrants | |
| 339,963 | | |
| – | |
Change in assets and liabilities: | |
| | | |
| | |
Decrease in prepaid expenses and current assets | |
| 16,246 | | |
| 397,973 | |
Increase / (decrease) in accounts payable | |
| (83,582 | ) | |
| 16,326 | |
Increase in accrued expenses | |
| 19,657 | | |
| 111 | |
(Decrease) in license agreement obligation | |
| (300,000 | ) | |
| – | |
Net cash used in operating activities | |
| (1,063,517 | ) | |
| (786,814 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
| |
| | | |
| | |
Net cash used in investing activities | |
| – | | |
| – | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from sale of common stock | |
| 1,273,822 | | |
| 86,000 | |
Repayment of debt, related parties | |
| – | | |
| (18,717 | ) |
Net cash provided by financing activities | |
| 1,273,822 | | |
| 67,283 | |
| |
| | | |
| | |
Effect of currency rate exchange on cash | |
| 159 | | |
| – | |
| |
| | | |
| | |
Net increase (decrease) in cash | |
| 210,464 | | |
| (719,531 | ) |
| |
| | | |
| | |
Cash at beginning of the period | |
| 2,699,737 | | |
| 3,616,470 | |
Cash at end of the period | |
$ | 2,910,201 | | |
$ | 2,896,939 | |
| |
| | | |
| | |
Supplemental disclosures of cash flows information: | |
| | | |
| | |
Cash paid during the period for interest | |
$ | 632 | | |
$ | – | |
See accompanying
notes to condensed consolidated financial statements.
PHARMACYTE BIOTECH,
INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS (AS RESTATED)
July 31, 2015
(UNAUDITED)
NOTE 1A – RESTATEMENT AND REVISION OF PREVIOUSLY REPORTED
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PharmaCyte Biotech, Inc. (“Company”)
restated its condensed consolidated financial statements as of and for the period ended July 31, 2015 to reflect adjustments made
due to the correction of the treatment of the issuance of certain shares of the Company’s common stock, $0.0001 par value
per share (“common stock”), and warrants and certain other matters, as further described below, resulting in a material
understatement to assets, a material overstatement to liabilities and a material understatement to stockholders’ equity. The
nature and impact of these adjustments are more particularly described below.
The adjustments described
above relate to the Company’s issuance of certain warrants to purchase common stock with a cashless exercise
feature (“cashless warrants”) in connection with its entry into a marketing and consulting agreement
(“Consultant Agreement”) with a consultant during the prior year ended April 30, 2015 (for more information, see
the Amendment No. 1 on Form 10-K/A (“Amended Form 10-K”) to our Annual Report on Form 10-K for the year ended
April 30, 2015, originally filed July 29, 2015 (“Original Form 10-K”)). The Company accounted for the
cashless warrants as a derivative liability in the Original Form 10-K. However, upon further analysis, the Company determined
that the cashless warrants should have been accounted for as equity in accordance with generally accepted accounting
principles in the United States of America (“U.S. GAAP”) in the Original Form 10-K. Additionally, the
Company determined that the Consultant Agreement, issuance of shares of common stock to the consultant pursuant to the
Consultant Agreement and the issuance of certain warrants to purchase common stock with a cash exercise feature (“cash
warrants”) and the cashless warrants to the consultant should have been recorded as a prepaid asset and amortized over
the term of the Consultant Agreement in accordance with U.S. GAAP in the Original Form 10-K. As a result of the
Company’s determination that the cashless warrants should be accounted for as equity, and that the Consultant
Agreement, stock issuance, cash warrants and cashless warrants should be accounted for as a prepaid asset, the Company
increased general and administrative expenses by the net amount of $506,571 on its condensed consolidated statements of
operations for the period ended July 31, 2015, and increased prepaid expenses and other assets by the amount of $842,451, net
of amortization, and decreased by the amount of $29,746 its total current liabilities on its condensed consolidated balance
sheet as of July 31, 2015, as set forth in the Restated Financial Statements. As a result of these adjustments, and the
adjustments to our consolidated financial statements for the year ended April 30, 2015 as set forth in the Amended Form 10-K,
the Company also recorded a net increase to its accumulated deficit in the amount of $42,074 and an increase to total
stockholders’ equity in the amount of $872,196.
As set forth in the Restated Financial
Statements, the effect of the timing of the recognition of the cashless warrant expense resulted in a decrease in the amount of
$462,303 to total other income, an increase to general and administrative expenses of $506,571 (amortization of prepaid expenses)
and an increase to reported net loss in the amount of $968,874.
The impact of the adjustments to the Company’s
condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statements of comprehensive
loss, condensed consolidated statements of stockholders’ equity (deficiency) and condensed consolidated statements of cash
flows for the period ended July 31, 2015 is as follows:
| |
July 31, 2015 | |
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Selected Consolidated Balance Sheet Accounts | |
| | | |
| | | |
| | |
Prepaid expenses and other current assets | |
$ | 103,011 | | |
$ | 842,451 | | |
$ | 945,462 | |
Total other assets | |
$ | 3,013,212 | | |
$ | 842,451 | | |
$ | 3,855,663 | |
Total assets | |
$ | 8,142,686 | | |
$ | 842,451 | | |
$ | 8,985,137 | |
Derivative liability | |
$ | 29,746 | | |
$ | (29,746 | ) | |
$ | – | |
Total current liabilities | |
$ | 1,186,186 | | |
$ | (29,746 | ) | |
$ | 1,156,440 | |
Total liabilities | |
$ | 1,186,186 | | |
$ | (29,746 | ) | |
$ | 1,156,440 | |
Additional paid in capital | |
$ | 86,981,418 | | |
$ | 914,270 | | |
$ | 87,895,688 | |
Accumulated deficit | |
$ | (80,100,800 | ) | |
$ | (42,074 | ) | |
$ | (80,142,874 | ) |
Total stockholders' equity | |
$ | 6,956,500 | | |
$ | 872,196 | | |
$ | 7,828,696 | |
Total liabilities and stockholders' equity | |
$ | 8,142,686 | | |
$ | 842,451 | | |
$ | 8,985,137 | |
| |
Three Months Ended July 31, 2015 | |
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Condensed Consolidated Statement of Operations | |
| | | |
| | | |
| | |
Total revenue | |
$ | – | | |
$ | – | | |
$ | – | |
Cost of revenue | |
| – | | |
| – | | |
| – | |
Gross margin | |
| – | | |
| – | | |
| – | |
Research and development costs | |
| 155,678 | | |
| – | | |
| 155,678 | |
Compensation expense | |
| 447,570 | | |
| – | | |
| 447,570 | |
Director fee | |
| 18,000 | | |
| – | | |
| 18,000 | |
Legal and professional | |
| 125,075 | | |
| – | | |
| 125,075 | |
General and administrative | |
| 261,417 | | |
| 506,571 | | |
| 767,988 | |
Loss from operations | |
| (1,007,740 | ) | |
| (506,571 | ) | |
| (1,514,311 | ) |
Unrealized gain on change in derivative | |
| 462,303 | | |
| (462,303 | ) | |
| – | |
Other expenses | |
| (95 | ) | |
| – | | |
| (95 | ) |
Interest expense, net | |
| (632 | ) | |
| – | | |
| (632 | ) |
Total other income (expense), net | |
| 461,576 | | |
| (462,303 | ) | |
| (727 | ) |
Net loss | |
$ | (546,164 | ) | |
$ | (968,874 | ) | |
$ | (1,515,038 | ) |
| |
| | | |
| | | |
| | |
Basic and diluted loss per share | |
$ | 0.00 | | |
$ | – | | |
$ | 0.00 | |
| |
Three Months Ended July 31, 2015 | |
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Condensed Consolidated Statement of Comprehensive Loss | |
| | | |
| | | |
| | |
Net loss | |
$ | (546,164 | ) | |
$ | (968,874 | ) | |
$ | (1,515,038 | ) |
Foreign currency translation adjustment | |
| (1,621 | ) | |
| – | | |
| (1,621 | ) |
Comprehensive loss | |
$ | (547,785 | ) | |
$ | (968,874 | ) | |
$ | (1,516,659 | ) |
| |
Three Months Ended July 31, 2015 | |
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Consolidated Statement of Cash Flows | |
| |
| |
|
Operating activities | |
| | | |
| | | |
| | |
Net loss | |
$ | (546,164 | ) | |
$ | (968,874 | ) | |
$ | (1,515,038 | ) |
Stock issued for services | |
| – | | |
| 166,608 | | |
| 166,608 | |
Stock issued for compensation | |
| 147,360 | | |
| – | | |
| 147,360 | |
Stock based compensation - options | |
| 145,269 | | |
| – | | |
| 145,269 | |
Stock based compensation - warrants | |
| – | | |
| 339,963 | | |
| 339,963 | |
Gain on derivative liability | |
| (462,303 | ) | |
| 462,303 | | |
| – | |
Decrease in prepaid expenses and current assets | |
| 16,246 | | |
| – | | |
| 16,246 | |
Decrease in accounts payable | |
| (83,582 | ) | |
| – | | |
| (83,582 | ) |
Increase in accrued expenses | |
| 19,657 | | |
| – | | |
| 19,657 | |
Decrease in license agreement obligation | |
| (300,000 | ) | |
| – | | |
| (300,000 | ) |
Net cash used in operating activities | |
| (1,063,517 | ) | |
| – | | |
| (1,063,517 | ) |
| |
| | | |
| | | |
| | |
Investing activities | |
| | | |
| | | |
| | |
Net cash from investing activities | |
| – | | |
| – | | |
| – | |
| |
| | | |
| | | |
| | |
Financing activities | |
| | | |
| | | |
| | |
Proceeds from sale of common stock | |
| 1,273,822 | | |
| – | | |
| 1,273,822 | |
Net cash provided by financing activities | |
| 1,273,822 | | |
| – | | |
| 1,273,822 | |
| |
| | | |
| | | |
| | |
Effect of currency rate exchange on cash | |
| 159 | | |
| – | | |
| 159 | |
| |
| | | |
| | | |
| | |
Net decrease in cash | |
| 210,464 | | |
| | | |
| 210,464 | |
Cash at beginning of year | |
| 2,699,737 | | |
| – | | |
| 2,699,737 | |
Cash at end of year | |
$ | 2,910,201 | | |
$ | – | | |
$ | 2,910,201 | |
| |
| | | |
| | | |
| | |
NOTE 1 – NATURE OF BUSINESS
In 2013, the Company restructured its
operations in an effort to focus on biotechnology, having been primarily a nutraceutical products company in the recent past.
The restructuring resulted in the Company focusing all of its efforts upon the development of unique, effective and safe ways
to treat cancer and diabetes. On January 6, 2015, the Company changed its name from Nuvilex, Inc. to PharmaCyte Biotech, Inc.
to better reflect the nature of its business.
The Company is now a clinical stage biotechnology
company focused on developing and preparing to commercialize treatments for cancer and diabetes using a proprietary cellulose-based
live cell encapsulation technology known as “Cell-in-a-Box®”. This unique and patented technology is
being used as a platform upon which treatments for several types of cancer, including advanced, inoperable pancreatic cancer and
its symptoms, and diabetes are being developed.
On May 26, 2011, the Company entered into
an Asset Purchase Agreement (“SG Austria APA”) with SG Austria Private Limited (“SG Austria”) to purchase
100% of the assets and liabilities of SG Austria. As a result, Austrianova Singapore Private Limited ("Austrianova")
and Bio Blue Bird AG ("Bio Blue Bird"), wholly-owned subsidiaries of SG Austria, were to become wholly-owned subsidiaries
of the Company on the condition that the Company pay SG Austria $2.5 million and 100,000,000 shares of the Company’s common
stock. The Company was to receive 100,000 shares of Austrianova’s common stock and nine Bio Blue Bird bearer shares.
Through two addenda to the SG Austria APA,
the closing date of the SG Austria APA was extended twice by mutual agreement of the parties.
In June 2013, the Company and SG Austria
entered into a Third Addendum to the SG Austria APA (“Third Addendum”). Under the terms of the Third Addendum, the
transaction contemplated by the SG Austria APA changed materially. Pursuant to the Third Addendum, the Company acquired 100% of
the equity interests in Bio Blue Bird and received a 14.5% equity interest in SG Austria. In addition, the Company received nine
bearer shares of Bio Blue Bird to evidence its 100% ownership. Under the Third Addendum, the Company paid: (i) $500,000 to retire
all outstanding debt of Bio Blue Bird; and (ii) $1.0 million to SG Austria. The Company also paid SG Austria $1,572,193 in exchange
for the 14.5% equity interest of SG Austria. Pursuant to the Third Addendum, SG Austria returned the original 100,000,000 shares
of common stock held by SG Austria to the Company treasury, and the 100,000 Austrianova shares of common stock held by the Company
were returned to SG Austria.
The acquisition of Bio Blue Bird provided
the Company with exclusive, worldwide licenses to use a proprietary cellulose-based live cell encapsulation technology for the
development of treatments for all forms of cancer using certain types genetically modified human cells. The licenses are pursuant
to patents licensed to Bio Blue Bird from Bavarian Nordic A/S and GSF-Forschungszentrum fur Umwelt u. Gesundheit GmbH. These licenses
enable the Company to carry out the research and development of cancer treatments that are based upon the Cell-in-a-Box®
technology.
In June 2013, the Company acquired from
Austrianova an exclusive, worldwide license to use the Cell-in-a-Box® technology for the development of a treatment
for diabetes and the use of Austrianova’s “Cell-In-A-Box®” trademark for this technology (“Diabetes
Licensing Agreement”). The Company paid Austrianova $2.0 million to secure this license.
In October 2014, the Company acquired from
the University of Technology Sydney (“UTS”) an exclusive, worldwide license to use genetically modified human cells
(“Melligen Cells”) that have been modified to produce, store and release insulin “on demand” in response
to the blood glucose in their surroundings. In addition, the Company obtained the non-exclusive worldwide rights to “know-how”
associated with the Melligen cells. The Company intends to use the Melligen cells, after they have been encapsulated using the
Cell-in-a-Box® technology, as a treatment for insulin-dependent diabetes.
In December 2014, the Company acquired
from Austrianova an exclusive, worldwide license to use the Cell-in-a-Box® technology in combination with compounds
from constituents of Cannabis for development of disease treatments and the use of Austrianova’s “Cell-in-a-Box®”
trademark for this technology (“Cannabis Licensing Agreement”).
NOTE 2 – MANAGEMENT PLANS
Management Goal and Strategies
The Company’s goal is to have the Company
become an industry-leading biotechnology company using the Cell-in-a-Box® technology as a platform upon which treatments
for cancer and diabetes are developed and obtain marketing approval by regulatory agencies in the United States, the European Union,
Australia and Canada.
The Company’s strategy is to build upon
and advance the success of the earlier Phase 1/2 and Phase 2 clinical trials involving advanced pancreatic cancer. The Company
will seek to raise capital to fund growth opportunities in the field of cancer and diabetes and provide for its immediate working
capital needs for both pancreatic cancer and insulin-dependent diabetes. The Company’s strategies to achieve its goal consists
of the following elements:
|
· |
The completion of the preparations for the Phase 2b clinical trial in advanced, inoperable pancreatic cancer to be conducted in Australia; |
|
· |
The completion of the preparations for
the clinical trials that will examine the effectiveness of the Company’s pancreatic cancer treatment in ameliorating
the pain and accumulation of malignant ascites fluid in the abdomen that are characteristic of pancreatic cancer. These
clinical trials will be conducted by TD2 in the United States; |
|
· |
The completion of preclinical studies that involve the encapsulation of the Melligen cells using the Cell-in-a-Box® technology to development a treatment for insulin-dependent diabetes; |
|
· |
The enhancement of the Company’s ability to expand into the biotechnology arena through further research and partnering agreements in cancer and diabetes; |
|
· |
The acquisition of contracts that generate revenue or provide research and development capital utilizing the Company’s sublicensing rights; |
|
· |
The further development of uses of the Cell-in-a-Box® technology platform through contracts, licensing agreements and joint ventures with other companies; and |
|
· |
The completion of testing, expansion and marketing of existing and newly derived product candidates. |
NOTE 3 – SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (AS RESTATED)
This Amendment No. 1 on Form 10-Q/A (“Amended
Filing” or "Report") to the Company’s Quarterly Report on Form 10-Q for the period ended July 31, 2015 should
be read in conjunction with the Amended 10-K/A. Unless the context otherwise requires, references in these notes are to the unaudited
condensed consolidated financial statements of the Company and its consolidated subsidiaries.
Principles of Consolidation and Basis of Presentation
The unaudited condensed consolidated financial
statements include the accounts of the Company and its wholly-owned subsidiaries. The unaudited condensed consolidated financial
statements are prepared in accordance with U.S. GAAP and the rules and regulations of the Securities and Exchange Commission (“Commission”).
Intercompany balances and transactions are eliminated. In the opinion of the Company’s management, the unaudited condensed
consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial
statement presentation. The Company’s 14.5 % investment in SG Austria is presented on the cost method of accounting.
Use of Estimates
The preparation of financial
statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial
statements are published and the reported amounts of revenues and expenses during the reporting period. Uncertainties with
respect to such estimates and assumptions are inherent in the preparation of the Company’s condensed consolidated
financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions,
which could have a material effect on the reported amounts of the Company’s condensed consolidated financial position
and results of operations.
Goodwill and Intangible Assets
The Company records the excess of purchase
price over the fair value of the identifiable net assets acquired as goodwill and other indefinite-lived intangibles. The Financial
Accounting Standards Board ("FASB") standard on goodwill and other intangible assets prescribes a two-step process for
impairment testing of goodwill and indefinite-lived intangibles, which is performed annually, as well as when an event triggering
impairment may have occurred. The first step tests for impairment, while the second step, if necessary, measures the impairment.
The Company has elected to perform its annual analysis at the end of its fiscal year.
Impairment of Long-Lived
Assets
The Company evaluates long-lived assets for
impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If
the estimated future cash flows (undiscounted and without interest charges) from the use of an asset are less than carrying value,
a write-down would be recorded to reduce the related asset to its estimated fair value. No impairment was identified or recorded
during the period ended July 31, 2015.
Earnings per Share
Basic earnings (loss) per share are
computed by dividing earnings available to common stockholders by the weighted average number of outstanding common shares
during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares
outstanding during the period increased to include the number of additional shares of common stock that would have been
outstanding if the potentially dilutive securities had been issued. For the period ended July 31, 2015 and 2014, the Company
incurred net losses; therefore, the effect of any common stock equivalent would be anti-dilutive during these periods.
Fair Value of Financial Instruments
For certain of the Company’s non-derivative
financial instruments, including cash, accounts payable and accrued expenses, the carrying amount approximates fair value due to
the short-term maturities of these instruments.
Accounting Standards Codification
(“ASC”) Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value
of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value and
establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements
for fair value measures. The carrying amounts reported in the condensed consolidated balance sheets for receivables and
current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values. This is because
of the short period of time between the origination of such instruments, their expected realization and their current market
rate of interest. The three levels of valuation hierarchy are defined as follows:
|
· |
Level 1. Observable inputs such as quoted prices in active markets; |
|
· |
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and |
|
· |
Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
The Company adopted ASC subtopic 820-10, Fair
Value Measurements and Disclosures ("ASC 820-10"), and Accounting Standards Codification subtopic 825-10, Financial
Instruments ("ASC 825-10"). These permit entities to choose to measure numerous financial instruments and certain
other items at their fair value. Neither ASC 820-10 nor ASC 825-10 had an impact on the Company's financial position, results of
operations or cash flows. The carrying value of cash, accounts payable and accrued expenses, as reflected in the condensed consolidated
balance sheets, approximate fair value because of the short-term maturity of these instruments.
Revenue Recognition
Sales of products and related costs of products
sold are recognized when: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred; (iii) the price is fixed
or determinable; and (iv) collectability is reasonably assured. These terms are typically met upon the prepayment or invoicing
and shipment of products.
Income Taxes
Deferred taxes are calculated using the liability
method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry
forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences
between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation
allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will
not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date
of enactment.
A valuation allowance is provided for deferred
income tax assets when, in management’s judgment, based upon currently available information and other factors, it is more
likely than not that all or a portion of such deferred income tax assets will not be realized. The determination of the need for
a valuation allowance is based on an on-going evaluation of current information including, among other things, historical operating
results, estimates of future earnings in different taxing jurisdictions and the expected timing of the reversals of temporary differences.
The Company believes the determination to record a valuation allowance to reduce a deferred income tax asset is a significant accounting
estimate because it is based, among other things, on an estimate of future taxable income in the United States and certain other
jurisdictions. This is because it is susceptible to change, may or may not occur and the impact of adjusting a valuation allowance
may be material. In determining when to release the valuation allowance established against the Company’s net deferred income
tax assets, the Company considers all available evidence, both positive and negative. Consistent with the Company’s policy,
and because of the Company’s history of operating losses, the Company does not currently recognize the benefit of all of
its deferred tax assets, including tax loss carry forwards, that may be used to offset future taxable income. The Company continually
assesses its ability to generate sufficient taxable income during future periods in which deferred tax assets may be realized.
If and when the Company believes it is more likely than not that it will recover its deferred tax assets, the Company will reverse
the valuation allowance as an income tax benefit in the Company’s statements of operations.
The Company accounts for its uncertain tax
positions in accordance with U.S. GAAP. The purpose of this method is to clarify accounting for uncertain tax positions recognized.
The U.S. GAAP method of accounting for uncertain tax positions utilizes a two-step approach to evaluate tax positions. Step one,
recognition, requires evaluation of the tax position to determine if based solely on technical merits it is more likely than not
to be sustained upon examination. Step two, measurement, is addressed only if a position is more likely than not to be sustained.
In step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, which
is more likely than not to be realized upon ultimate settlement with tax authorities. If a position does not meet the more likely
than not threshold for recognition in step one, no benefit is recorded until the first subsequent period in which the more likely
than not standard is met, the issue is resolved with the taxing authority or the statute of limitations expires. Positions previously
recognized are reversed when the Company subsequently determines the position no longer is more likely than not to be sustained.
Evaluation of tax positions, their technical merits and measurements using cumulative probability are highly subjective management
estimates. Actual results could differ materially from these estimates.
Research and Development
Research and development expenses consist of
costs incurred for direct and overhead-related research expenses and are expensed as incurred. Costs to acquire technologies, including
licenses, that are utilized in research and development and that have no alternative future use are expensed when incurred. Technology
developed for use in the Company’s product candidates is expensed as incurred until technological feasibility has been established.
Stock-Based Compensation
The Company’s stock-based employee compensation
awards are described in Note 6. The Company has adopted the provisions of ASC 718, which requires the fair value measurement and
recognition of compensation expense for all stock-based awards made to directors, executives and employees.
Concentration of Credit Risk
The Company has no significant off-balance-sheet
concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The
Company maintains most of its cash balance at a financial institution located in California. Accounts at this institution are insured
by the Federal Deposit Insurance Corporation up to $250,000. Uninsured balances aggregated approximately $2,660,000 at July 31,
2015. The Company has not experienced any losses in such accounts, and management believes it is not exposed to any significant
credit risk on cash.
Foreign Currency Translation
The Company translates the financial statements
of its foreign subsidiary from the local (functional) currencies to US dollars in accordance with FASB ASC 830, Foreign Currency
Matters. All assets and liabilities of the Company’s foreign subsidiaries are translated at year-end exchange rates,
while revenue and expenses are translated at average exchange rates prevailing during the year. Adjustments for foreign currency
translation fluctuations are excluded from net income and are included in other comprehensive loss. Gains and losses on short-term
intercompany foreign currency transactions are recognized as incurred.
Reclassification
Certain prior year balances have been reclassified
to conform to the presentation in this Report, with no changes in net loss for prior periods presented.
Recent Accounting Pronouncements
We have reviewed
all of the recent accounting pronouncements and have determined that they have not or will not have a material impact on the Company’s
consolidated financial statements, or simply do not apply to the Company’s operations.
NOTE 4 – DEBT
The Company entered into a licensing
agreement for a license to use the Cell-in-a-Box® technology to develop therapies involving the constituents
of the Cannabis plant. As of July 31, 2015, the Company owes $700,000 out of a total required $2,000,000
“upfront payment” for the license (see Note 8).
NOTE 5 – COMMON STOCK TRANSACTIONS
(AS RESTATED)
The Company issued 3,600,000 shares of
common stock to officers as part of their compensation agreements in the year ended April 30, 2015. These shares vest on a quarterly
basis over a twelve-month period. During the period ended July 31, 2015, 900,000 shares that vested were valued closing price at
the date of grant and resulted in a non-cash compensation expense of $110,610.
The Company issued 1,200,000 shares of
common stock to an employee as part of an employee agreement in the year ended April 30, 2015. These shares vest on a quarterly
basis over a twelve-month period. During the period ended July 31, 2015, 300,000 shares that vested were valued closing price at
the date of grant and resulted in a non-cash expense of $36,870.
The shares listed above were issued without
registration under the Securities Act of 1933, as amended (“Securities Act”), in reliance upon the exemption afforded
by Section 4(a)(2) of the Securities Act.
During the period ended July 31, 2015,
the Company sold and issued approximately 9.9 million shares of common stock pursuant to a registration statement at prices ranging
from $0.10 to $0.16 per share. The Company received net proceeds of approximately $1.3 million from the sale of these shares.
NOTE 6 – STOCK OPTIONS AND WARRANTS (AS RESTATED)
Stock Options
As of July 31, 2015, the Company had outstanding
stock options held by its directors, officers and an employee that were issued pursuant to compensation and director agreements.
The Company has adopted the provisions of ASC
718, “Compensation-Stock,” which requires the measurement and recognition of compensation expense for all stock-based
awards made to employees.
The fair value of the stock options at the
date of grant was estimated using the Black-Scholes option-pricing model, based on the following assumptions:
| |
July 31, | |
| |
2015 | | |
2014 | |
Risk-free interest rate | |
| 2.0% | | |
| – | |
Expected volatility | |
| 145% | | |
| – | |
Expected lives (years) | |
| 2.2 | | |
| – | |
Expected dividend yield | |
| 0.00% | | |
| – | |
The Company’s computation of expected
volatility is based on the historical daily volatility of its publicly traded stock. For stock option grants issued during the
periods ended July 31, 2015 and 2014, the Company used a calculated volatility for each grant. The Company lacks adequate information
about the exercise behavior at this time and has determined the expected term assumption under the simplified method provided for
under ASC 718, which averages the contractual term of the Company’s stock options of five years with the average vesting
term of two and one fifth years for an average of two and two third years. The dividend yield assumption of zero is based upon
the fact the Company has never paid cash dividends and presently has no intention of paying cash dividends. The risk-free interest
rate used for each grant is equal to the U.S. Treasury rates in effect at the time of the grant for instruments with a similar
expected life. No amounts relating to employee stock-based compensation have been capitalized.
Presented below is the Company’s stock
option activity for employees and directors:
The weighted average fair value of the
outstanding stock options during the periods ended July 31, 2015 and 2014 are $0.10 and $0, respectively.
A summary of the activity for unvested employee
stock options during the periods ended July 31, 2015 is presented below:
| | |
Options Outstanding | | |
Weighted Average Grant Date Fair Value per Share | |
Nonvested, April 30, 2015 | | |
| 6,600,000 | | |
$ | 0.10 | |
Granted | | |
| – | | |
| – | |
Vested | | |
| 1,800,000 | | |
| 0.10 | |
Forfeited | | |
| – | | |
| – | |
Nonvested, July 31, 2015 | | |
| 4,800,000 | | |
$ | 0.10 | |
| | | |
| | | |
| | |
The Company recorded approximately $145,000
and $0 of non-cash charges related to the vesting of stock options to certain directors and employees in exchange for services
during the periods ended July 31, 2015 and 2014, respectively.
At July 31, 2015, there remained approximately
$387,000 (subject to change in the future based on vesting date fair value) of unrecognized compensation expense related to unvested
employee stock options to be recognized as expense over a weighted-average period of one year.
The following table summarizes ranges of outstanding
stock options at July 31, 2015:
| |
Exercise Prices | |
Exercise Price | |
$ | 0.19 | | |
$ | 0.11 | | |
$ | 0.18 | |
Number of Options | |
| 25,000,000 | | |
| 27,200,000 | | |
| 250,000 | |
Weighted Average Remaining Contractual Life (years) | |
| 4.17 | | |
| 4.42 | | |
| 4.72 | |
Weighted Average Stock Price | |
$ | 0.19 | | |
$ | 0.11 | | |
$ | 0.18 | |
Number of Options Exercisable | |
| 25,000,000 | | |
| 27,200,000 | | |
| 250,000 | |
Weighted Average Contractual Life (years) | |
| 5 | | |
| 5 | | |
| 5 | |
Weighted Average Exercise Price | |
$ | 0.19 | | |
$ | 0.11 | | |
$ | 0.18 | |
The aggregate intrinsic value of outstanding
options as of July 31, 2015 was approximately $158,000. This represents options whose exercise price was less than the closing
fair market value of the Company’s common stock on July 31, 2015 of approximately $0.12 per share.
Warrants (As Restated)
The Company issued certain cashless warrants
in connection with its entry into the Consultant Agreement during the year ended April 30, 2015. The Company accounted for
the cashless warrants as a derivative liability, as disclosed in the Original Filing. However, upon further analysis, the Company
determined that the cashless warrants should have been accounted for as equity in accordance with U.S. GAAP. Additionally,
the Company determined that the Consultant Agreement, issuance of shares of common stock to the consultant pursuant to the Consultant
Agreement and the issuance of certain cash warrants and the cashless warrants to the consultant should have been recorded as a
prepaid asset and amortized over the term of the Consultant Agreement in accordance with U.S. GAAP in the Original Filing.
The warrants issued by the Company are
classified as equity. The fair value of the warrants was recorded as additional-paid-in-capital, and no further adjustments were
made.
For stock warrants paid
in consideration of services rendered by non-employees, the Company recognizes consulting expense in accordance with the
requirements of ASC 505-50 and ASC 505, as amended.
A summary of the Company’s warrant activity
and related information for the periods ended July 31, 2015 are shown below:
| | |
Warrants | | |
Weighted Average Price | | |
Weighted Average Fair Value | |
Outstanding, April 30, 2015 | | |
| 72,969,908 | | |
$ | 0.17 | | |
$ | 0.08 | |
Issued | | |
| – | | |
| – | | |
| – | |
Exercised | | |
| – | | |
| – | | |
| – | |
Outstanding, July 31, 2015 | | |
| 72,969,908 | | |
| 0.17 | | |
| 0.08 | |
Exercisable, July 31, 2015 | | |
| 72,969,908 | | |
$ | 0.17 | | |
$ | 0.08 | |
| | | |
| | | |
| | | |
| | |
There were no cashless exercises of warrants
as of July 31, 2015 and 2014.
The following table summarizes additional information concerning
warrants outstanding and exercisable at July 31, 2015:
Range of Exercise Prices | |
Number
of Warrant Shares Exercisable at 07/31/2015 | | |
Weighted Average Remaining Contractual Life | | |
Exercisable Weighted Average Exercise Price | |
$0.075, $0.11, $0.12, $0.18 and $0.25 | |
| 72,969,908 | | |
| 2.61 | | |
$ | 0.17 | |
| |
| | | |
| | | |
| | |
Five Year Term - $0.08 | |
| 1,056,000 | | |
| 2.20 | | |
| | |
Five Year Term - $0.12 | |
| 18,347,508 | | |
| 2.50 | | |
| | |
Five Year Term - 0.18 | |
| 19,811,200 | | |
| 2.42 | | |
| | |
Five Year Term - $0.25 | |
| 18,755,200 | | |
| 2.43 | | |
| | |
Five Year Term - $0.11 | |
| 10,000,000 | | |
| 4.65 | | |
| | |
Nine Month Term - 0.11 | |
| 5,000,000 | | |
| 0.42 | | |
| | |
| |
| 72,969,908 | | |
| | | |
| | |
NOTE 7 – LEGAL PROCEEDINGS
The Company is not currently a party to any
pending legal proceedings, material or otherwise. There are no legal proceedings to which any property of the Company is subject.
However, in the past the Company has been the subject of litigation, claims and assessments arising out of matters occurring in
its normal business operations. In the opinion of management, none of these had a material adverse effect on the Company’s
unaudited consolidated financial position, operations and cash flows presented in this Report.
NOTE 8 – RELATED PARTY TRANSACTIONS
The Company had the following related party transactions:
The Company owns 14.5% of the equity in SG
Austria. This equity interest is reported on the cost method of accounting. SG Austria has two subsidiaries: (i) Austrianova; and
(ii) Austrianova Thailand Ltd. For the three months ending July 31, 2015 and 2014, the Company has purchased products from these
subsidiaries in the approximate amount of $48,000 and $0, respectively.
Effective April 1, 2014, the Company entered
into a consulting agreement with Vin-de-Bona Trading Company Pte Ltd (“Vin-de-Bona”) to provide professional consulting
services to the Company. Vin-de-Bona is owned by Prof. Dr. Walter H. Günzburg and Dr. Brian Salmons, who are each an officer
of SG Austria. The term of the agreement is for 12 months, which is automatically renewed for successive 12 month terms. After
the initial term, either party has the right to terminate the consulting agreement by giving the other party 30 days written notice
before the effective date of termination. For the three months ending July 31, 2015 and 2014, the amount the Company paid Vin-de-Bona
for consulting services was approximately $8,000 and $3,000, respectively.
Under the Cannabis Licensing Agreement, the
Company is required to pay Austrianova an “Upfront Payment” of $2,000,000. The Company has the right to make periodic
monthly partial payments of the Upfront Payment in amounts to be agreed upon between the parties prior to each such payment being
made. The Cannabis Licensing Agreement requires that the Upfront Payment be paid in full by December 31, 2015. As of July 31, 2015,
the Company has paid Austrianova $1,300,000 of the Upfront Payment.
With the exception of Thomas Liquard, the Board
has determined that none of the Company’s directors satisfies the definition of an “Independent Director” as
established in the NASDAQ Marketplace Rules. Mr. Liquard has been determined by the Board to be an Independent Director.
NOTE 9 – COMMITMENTS AND CONTINGENCIES
The Company acquires assets still in development
and enters into research and development arrangements with third parties that often require milestone and royalty payments to the
third party contingent upon the occurrence of certain future events linked to the success of the asset in development. Milestone
payments may be required, contingent upon the successful achievement of an important point in the development life-cycle of the
pharmaceutical product, such as approval of the product for marketing by a regulatory agency. If required by its license agreements,
the Company may have to make royalty payments based upon a percentage of the sales of its products in the event that regulatory
approval for marketing is obtained.
Office Lease
The Company currently leases office space at
12510 Prosperity Drive, Suite 310, Silver Spring, Maryland 20904. The lease is due to expire on July 31, 2016. Rent expense for
the periods ended July 31, 2015 and 2014 were $12,498 and $12,135, respectively.
Period ending, July 31, |
|
Amount |
|
2016 |
|
$ |
51,492 |
|
|
|
$ |
51,492 |
|
Licensing Agreements
Diabetes Licensing Agreement
The Diabetes Licensing Agreement requires the
Company to pay a fee for producing the final encapsulated cell product of $633.14 per vial of 300 capsules after production with
a minimum purchased batch size of 400 vials of any Cell-in-a-Box® product.
The Diabetes Licensing Agreement requires
the Company to make future royalty and milestone payments as follows: (i) a 10% royalty payment of the gross sale of all
products the Company sells; (ii) a 20% royalty payment of the amount received by the Company from a sub-licensee on the
gross sales by the sub-licensee; (iii) milestone payments of $100,000 within 30 days of beginning the first pre-clinical
study using the encapsulated cells; (iv) $500,000 within 30 days after enrollment of the first human patient in the first
clinical trial; (v) $800,000 within 30 days after enrollment of the first human patient in the first Phase 3 clinical trial;
and (vi) $1,000,000 within 60 days after having a NDA or a BLA approved by the FDA or a MAA approved in Europe or its
equivalent based on the country in which it is accepted for each product.
Melligen Cell License Agreement
The Melligen Cell License Agreement does
not require an upfront payment to UTS. The Company is required to pay UTS a patent administration fee of 15%
on all amounts paid by UTS to prosecute and maintain patents related to the Melligen cells.
The Melligen Cell License Agreement requires
that the Company pay royalty payments to UTS of (i) 6% gross revenue on product sales; and (ii) 25% of gross revenues if the product
is sub-licensed by the Company. In addition, the Company is required to pay milestone payments of: (iii) AU$ 50,000 at the successful
conclusion of a preclinical study; (iv) AU$ 100,000 at the successful conclusion of a Phase 1 clinical trial; (v) AU$ 450,000 at
the successful conclusion of a Phase 2 clinical trial; and (vi) AU$ 3,000,000 at the successful conclusion of a Phase 3 clinical
trial.
Cannabis Licensing Agreement
Under the Cannabis Licensing Agreement,
the Company is required to pay Austrianova an upfront payment of $2,000,000. The Company has the right to make periodic
monthly partial payments of the upfront payment in amounts to be agreed upon between the parties prior to each such payment
being made. Pursuant to an amendment to the Cannabis Licensing Agreement, the upfront payment must be paid in full by
December 31, 2015. As of the July 31, 2015, the Company has paid Austrianova $1,300,000 of the Upfront Payment.
The Cannabis Licensing Agreement requires the
Company to pay Austrianova, pursuant to a manufacturing agreement between the parties, a one-time manufacturing setup fee in the
amount of $800,000, of which 50% is required to be paid on the signing of a manufacturing agreement for a product and 50% is required
to be paid three months later. In addition, the Cannabis Licensing Agreement requires the Company to pay a fee for producing the
final encapsulated cell product of $800 per vial of 300 capsules after production with a minimum purchased batch size of 400 vials
of any Cell-in-a-Box® product.
The Cannabis Licensing Agreement requires the
Company to make future royalty and milestone payments as follows: (i) a 10% royalty payment of the gross sales of all products
sold by the Company; (ii) 20% royalty payment of the amount received by the Company from a sub-licensees on a sub-licensee’s
gross sales of the sublicensed products; (iii) a milestone payment of $100,000 within 30 days of beginning the first pre-clinical
study using the encapsulated cells; (iv) a milestone payment of $500,000 within 30 days after enrollment of the first human patient
in the first clinical trial; (v) a milestone payment of $800,000 within 30 days after enrollment of the first human patient in
the first Phase 3 clinical trial; and (vi) a milestone payment of $1,000,000 due 90 days after having a NDA or a BLA approved by
the FDA or a MAA approved in Europe or its equivalent based on the country in which it is accepted for each product.
NOTE 10 – INCOME TAXES
The Company had no income tax expense for the
three months ended July 31, 2015 and 2014. During the three months ended July 31, 2015 and 2014, the Company had net operating
loss (“NOLs”) which generated deferred tax assets for NOL carryforwards. The Company provided valuation allowances
against the net deferred tax assets including the deferred tax assets for NOL carryforwards. Valuation allowances provided for
the net deferred tax asset increased by approximately $300,000 and $420,000 for the three months ended July 31, 2015 and 2014.
There was no material difference between the
effective tax rate and the projected blended statutory tax rate for the quarters ended July 31, 2015 and 2014.
In assessing the realization of deferred tax
assets, management considered whether it is more likely than not that some portion or all of the deferred asset will not be realized.
The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods
in which those temporary differences become deductible. Based on the available objective evidence, including the history of operating
losses and the uncertainty of generating future taxable income, management believes it is more likely than not that the net deferred
tax assets at July 31, 2015 will not be fully realizable. Accordingly, management has maintained a valuation allowance against
the net deferred tax asset at July 31, 2015.
There have been no changes to the Company’s
liability for unrecognized tax benefits during the period ended July 31, 2015.
The Company’s policy is to recognize
any interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of the periods ended July
31, 2015 and 2014, the Company had accrued no interest or penalties related to uncertain tax positions.
See Note 13 of Notes to Consolidated Financial
Statements included in our Annual Report on Form 10-K for the year ended April 30, 2015 for additional information regarding income
taxes.
NOTE 11 – SUBSEQUENT EVENTS
From August 1, 2015 to August 24, 2015,
the Company issued 817,800 shares of common stock under the S-3 Registration Statement. The issuance of the shares provided the
Company approximately $80,000.
On August 6, 2015, the Company made a
partial payment of $100,000 of the Upfront Payment to Austrianova under the Cannabis Licensing Agreement, as amended.
Item 2. Management’s
Discuss and Analysis of Financial Conditions and Results of Operations (As Restated).
Summary of Impact of Restatement
on Financial Condition and Results of Operations
The Company restated its condensed
consolidated financial statements as of and for the period ended July 31, 2015 to reflect adjustments made due to the correction
of the treatment of the issuance of certain shares of common stock and certain warrants and certain other matters, as further
described below, resulting in a material understatement to assets, a material overstatement to liabilities and a material understatement
to stockholders’ equity. The nature and impact of these adjustments are more particularly described below and in Note
1A to the Restated Financial Statements.
The adjustments described
above relate to the Company’s issuance of certain cashless warrants in connection with its entry into the
Consultant Agreement during the year ended April 30, 2015 (for more information, see the Amended Form 10-K). The
Company accounted for the cashless warrants as a derivative liability in the Original Form 10-K. However, upon further
analysis, the Company determined that the cashless warrants should have been accounted for as equity in accordance with U.S.
GAAP in the Original Form 10-K. Additionally, the Company determined that the Consultant Agreement, issuance of shares
of common stock to the consultant pursuant to the Consultant Agreement and the issuance of certain cash warrants and the
cashless warrants to the consultant should have been recorded as a prepaid asset and amortized over the term of the
Consultant Agreement in accordance with U.S. GAAP in the Original Form 10-K. As a result of the Company’s determination
that the cashless warrants should be accounted for as equity, and that the Consultant Agreement, stock issuance, cash
warrants and cashless warrants should be accounted for as a prepaid asset, the Company increased general and administrative
expenses by the net amount of $506,571 on its condensed consolidated statements of operations for the period ended July 31,
2015, and increased prepaid expenses and other assets by the amount of $842,451, net of amortization, and decreased by the
amount of $29,746 its total current liabilities on its condensed consolidated balance sheet as of July 31, 2015, as set forth
in the Restated Financial Statements. As a result of these adjustments, and the adjustments to our consolidated
financial statements for the year ended April 30, 2015 as set forth in the Amended Form 10-K, the Company also recorded a net
increase to its accumulated deficit in the amount of $42,074 and an increase to total stockholders’ equity in the
amount of $872,196.
As set forth in the Restated Financial
Statements, the effect of the timing of the recognition of the cashless warrant expense resulted in a decrease of $462,303 to
total other income, an increase to general and administrative expenses of $506,571 (amortization of prepaid expenses) and an increase
to reported net loss in the amount of $968,874.
This summary does not purport to be
a complete discussion of the impact of the restatement described above and additional effects of the restatement are presented
below in this Management's Discussion and Analysis of Financial Condition and Results of Operations and in the Restated Financial
Statements contained in the Amended Filing, including, but not limited to, Note 1A to the Restated Financial Statements.
Forward-Looking Statements
This Amended Filing (“Report”)
includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended
(“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”).
All statements other than statements of historical fact are “forward-looking statements” for purposes of this Report,
including any projections of earnings, revenue or other financial items, any statements regarding the plans and objectives of
management for future operations, any statements concerning proposed new products or services, any statements regarding future
economic conditions or performance, any statements regarding expected benefits from any transactions and any statements of assumptions
underlying any of the foregoing. In some cases, forward-looking statements can be identified by the use of terminology such as
“may,” “will,” “expects,” “plans,” “anticipates,” “estimates,”
“potential” or “continue,” or the negative thereof or other comparable terminology. Although we believe
that the expectations reflected in the forward-looking statements contained in this Report are reasonable, there can be no assurance
that such expectations or any of the forward-looking statements will prove to be correct, and actual results could differ materially
from those projected or assumed in the forward-looking statements. Thus, investors should refer to and carefully review information
in future documents we file with the Commission. Our future financial condition and results of operations, as well as any forward-looking
statements, are subject to inherent risk and uncertainties, including, but not limited to, the risk factors set forth in “Part
I, Item 1A – Risk Factors” of our Annual Report on Form 10-K filed with the Commission on July 29, 2015 and for the
reasons described elsewhere in this Report. All forward looking statements and reasons why results may differ included in this
Report are made as of the date of this Report, and we do not intend to update any forward-looking statements except as required
by law or applicable regulations. Except where the context otherwise requires, in this Report, the “Company,” “PharmaCyte
Biotech,” “we,” “us” and “our” refer to PharmaCyte Biotech, Inc., a Nevada corporation,
and, where appropriate, its subsidiaries.
Item 2 of this Report should be read in conjunction
with the unaudited condensed consolidated financial statements and related notes included under Part I, Item 1, of this Report.
"Financial Statements" referenced in this Report refer to the unaudited condensed consolidated financial statements and
related notes included in Part I, Item 1, and to the "Financial Statements and Supplementary Data" of our Annual Report
on Form 10-K for the year ended April 30, 2015.
Overview
We are a clinical stage biotechnology company
focused on developing and preparing to commercialize treatments for cancer and diabetes based upon our proprietary cellulose-based
live cell encapsulation technology, which we refer to as Cell-in-a-Box®. We are working to advance clinical research
and development of new cellular-based therapies in the oncology and diabetes arenas. We are now actively engaged with Austrianova
Singapore Pte Ltd (“Austrianova”) and other entities in preparation for clinical trials for our treatment of pancreatic
cancer and its symptoms using encapsulated live cells similar to those used in previous Phase 1/2 and Phase 2 clinical trials using
the same technology. We are also involved in preclinical studies to development treatment for insulin dependent diabetes.
Performance Indicators
Non-financial performance indicators used by
management to manage and assess how the business is progressing will include, but are not limited to, the ability to: (i) acquire
appropriate funding for all aspects of our operations; (ii) acquire and complete necessary contracts; (iii) complete activities
for producing cells and having them encapsulated for the planned preclinical studies and clinical trials; (iv) have regulatory
work completed to enable studies and trials to be submitted to regulatory agencies; (v) initiate all purity and toxicology cellular
assessments; and (vi) ensure completion of cGMP produced encapsulated cells to use in our clinical trials.
There are numerous factors required to be
completed successfully in order to ensure our final product candidates are ready for use in our clinical trials. Therefore,
the effects of material transactions with related parties and certain other parties to the extent necessary for such an undertaking
may have substantial effects on both the timeliness and success of our current and prospective financial position and operating
results. Nonetheless, we are actively working to ensure strong ties and interactions to minimize the inherent risks regarding
success. From our assessments to date, we do not believe there are factors which will cause materially different amounts to be
reported than those presented in this Report and aim to assess this regularly to provide the most accurate information to our
shareholders.
Results of Operations (As Restated)
Period ended July 31, 2015 compared to period ended July
31, 2014 (As Restated)
Revenue
We had no revenues in the periods ended July 31, 2015 and 2014.
Operating Expenses (As Restated)
As a result of the restatement of our
condensed consolidated financial statements as of and for the period ended July 31, 2015 relating to the change in the accounting
treatment of cashless warrants, cash warrants and the common stock issuance under the Consultant Agreement, consolidated general
and administrative expenses (consulting expense) increased by the net amount of $506,571, which was attributable to the amortization
of prepaid expense. Accordingly, consolidated general and administrative expenses increased to $767,988 from $261,417 for the
period ended July 31, 2015.
The total operating expenses during the
period ended July 31, 2015 decreased by $68,849 to $1,514,311 from $1,583,160 in the period ended July 31, 2014. The decrease
is attributable to a reduction in general and administrative and legal fees, partially offset by an increase in compensation expense
as we recognized more stock based compensation in 2015 than in 2014.
Loss from operations (As Restated)
As a result of the restatement of our
condensed consolidated financial statements as of and for the period ended July 31, 2015 relating to the change in the accounting
treatment of cashless warrants, cash warrants and the common stock issuance under the Consultant Agreement, consolidated general
and administrative expenses (consulting expense) increased by the net amount of $506,571 which was attributable to the amortization
of prepaid expense. Accordingly, the loss from operations increased by $506,571 to $1,514,311 from $1,007,740 for the period ended
July 31, 2015.
Loss from operations during the period
ended July 31, 2015 decreased by $68,849 to $1,514,311, from $1,583,160 in the period ended July 31, 2014. The decrease
is attributable to a reduction in general and administrative expenses and legal fees, partially offset by an increase in compensation
expense as we awarded more stock based compensation in 2015 than in 2014.
Other income (expenses) (As Restated)
As result of the restatement of our
condensed consolidated financial statements as of and for the period ended July 31, 2015 relating to the change in the accounting
treatment of cashless warrants, total other income decreased by the amount of $462,303 due to the reversal of the unrealized gain
on change in the derivative liability. Total other income, net, decreased from $461,576 to total other expense, net, of $727 for
the period ended July 31, 2015.
Total other expenses, net, for the
period ended July 31, 2015, was $727, as compared to total other expense, net of $1,664, for the period ended July 31, 2014. The
decrease in the amount of $937 in other expense, net is attributable mainly to the decreased amount of interest expense, net,
in the period ended July 31, 2015.
Discussion of Operating, Investing and Financing Activities
The following table presents a summary of our sources and uses of
cash for the periods ended:
| |
July 31, 2015 | | |
July 31, 2014 | |
Net cash used in operating activities: | |
$ | (1,063,517 | ) | |
| (786,814 | ) |
Net cash used in investing activities: | |
$ | – | | |
| – | |
Net cash provided by financing activities: | |
$ | 1,273,822 | | |
| 67,283 | |
Effect of currency rate exchange | |
$ | 159 | | |
| – | |
Increase (decrease) in cash | |
$ | 210,464 | | |
| (719,531 | ) |
Operating Activities:
The cash used in operating activities
for the period ended July 31, 2015 is a result of our net losses: (i) offset by securities issued for services and compensation,
changes to prepaid expenses, accounts payable and accrued expenses; (ii) increased by the gain in the derivative liability; and
(iii) decreased by the reduction in license agreement liability. The cash used in operating activities for the period ended July
31, 2014 is a result of our net losses increased by stock issued, changes to prepaid expenses, accounts payable and accrued expenses
for 2014.
Investing Activities:
There were no investing activities in the periods ending July 31,
2015 and 2014.
Financing Activities:
The cash provided from financing activities
is mainly attributable to the proceeds from the sale of our common stock.
Liquidity and Capital Resources (As Restated)
As of July 31, 2015, our cash totaled
approximately $2.9 million, compared to approximately $2.7 million at April 30, 2015. Working capital was approximately $1.8 million
at July 31, 2015 and approximately $800,000 at April 30, 2015. The increase in cash is attributable to the sale of our common
stock.
We expect that our cash as of July 31, 2015
will be sufficient to fund our current operations and provide working capital for general corporate purposes for the foreseeable
future. As a result, we may undertake additional opportunities in planning and implementing clinical trials. We intend on continuing
the sale of our common stock to raise capital to fund our clinical trials.
Off-Balance Sheet Arrangements
Except as described below, we have no off-balance
sheet arrangements that could have a material current effect or that are reasonably likely to have a material future effect on
our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures,
or capital resources.
As we reach certain “milestones”
in the progression of our live cell encapsulation technology towards the development of treatments for cancer and diabetes, we
will be required to make payments to SG Austria or Austrianova. The future royalty and milestone payments are as follows: (i)
10% royalty payments on all gross sales; (ii) 20% percent royalty payments on gross revenues from sublicensing; (iii) milestone
payments of $100,000 after enrollment of the first human patient in the first clinical trial for each product; (iv) $300,000 after
the enrollment of the first human patient in the first Phase 3 clinical trial; and (v) $800,000 after obtaining a marketing authorization
from a regulatory agency. Additional milestone payments of $50,000 after the enrollment of the first veterinary patient for each
product and $300,000 after obtaining marketing authorization for each veterinary product are also required.
Critical Accounting Estimates and Policies
Our condensed consolidated financial statements
are prepared in accordance with U.S. GAAP. In connection with the preparation of our financial statements, we are required to make
assumptions and estimates about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue
and expenses and the related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends
and other factors that management believes to be relevant at the time our consolidated financial statements are prepared. On a
regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements
are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty,
actual results could differ from our assumptions and estimates and such differences could be material. Our significant accounting
policies are discussed in Note 3 of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the
year ended April 30, 2015 and Note 3 of Notes to Condensed Consolidated Financial Statements included in this Report.
We discuss our critical accounting estimates
and policies in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” of our Annual Report on Form 10-K for the year ended April 30, 2015. There has been no material change in our
critical accounting estimates and policies since April 30, 2015.
New Accounting Pronouncements
For a discussion of all recently adopted and
recently issued but not yet adopted accounting pronouncements, see “New Accounting Pronouncements” in Note 3 of our
notes to our condensed consolidated financial statements contained in this Report.
Available Information
Our website is located at www.pharmacyte.com.
The website includes a section for investor relations under which we provide notifications of news or announcements regarding
our financial performance, including filings with the Commission, investor events and press and earnings releases. In addition,
all PharmaCyte Biotech, Inc. filings submitted to the Commission, including our Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q, Current Reports on Form 8-K, as well as other PharmaCyte Biotech, Inc. reports and statements, are available on the Commission’s
web site at www.sec.gov. Such filings are also available for download free of
charge on our website. The contents of the website are not intended to be incorporated by reference into this Report or any other
report or document filed by us, and any reference to the websites are intended to be inactive textual references only.
Item 3. Quantitative and Qualitative
Disclosures about Market Risk.
Pursuant to Item 305(c) of Regulation
S-K, we are not required to provide disclosures under this Item.
Item 4. Controls and Procedures (As Restated).
In connection with the Original
Filing, our management, including our Chief Executive Officer, President and General Counsel, as our principal executive
officer and acting principal financial officer (“Principal Executive Officer” or “Principal Executive and
Financial Officer”), and our Vice President of Finance (“Vice President of Finance”) evaluated the
effectiveness of our “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) promulgated
under the Exchange Act. Disclosure controls and procedures are designed to ensure that the information required to be
disclosed in the reports that we file or submit to the Commission pursuant to the Exchange Act is recorded, processed,
summarized and reported within the time period specified by the Commission’s rules and forms and is accumulated and
communicated to our management, including our Principal Executive Officer, as appropriate to allow timely decisions regarding
required disclosures. As reported in the Original Filing, based upon this evaluation, the Principal Executive Officer and
Vice President of Finance concluded that, as of July 31, 2015, our disclosure controls and procedures were not effective due
to the material weaknesses in internal control over financial reporting described in the Original Filing. In connection with
the filing of this Amended Filing and the Restatements discussed above under the caption “Explanatory Note” and
in Note 1A to our Restated Financial Statements, management, including our Principal Executive Officer and the Vice President
of Finance, reassessed the effectiveness of our disclosure controls and procedures and concluded that, as of July 31, 2015,
our disclosure controls and procedures were not effective due to the material weaknesses in internal control over financial
reporting described in the Original Filing and the additional material weaknesses relating to the Restatements described
below.
A control system, no matter how well conceived
and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further,
the design of a control system must reflect the fact that there are resource constraints. Accordingly, the benefits of controls
must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls
can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.
These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur
because of simple error or mistake. In addition, controls can be circumvented by the act of a single person, by collusion of two
or more people or by management override of the controls. The design of any system of controls is also based in part upon certain
assumptions about the likelihood of future events. Therefore, there can be no assurance that any design will succeed in achieving
its stated goals under all potential future conditions.
As of April 30, 2015, our management identified
the following material weaknesses in internal control over financial reporting:
|
· |
Ineffective corporate governance; |
|
· |
Ineffective communication of internal information; |
|
· |
Insufficient procedures and control documentation; |
|
· |
Insufficient segregation of duties; and |
|
· |
Insufficient information technology controls and documentation. |
As reported in the Original Filing,
because of these material weaknesses, the Principal Executive Officer and the Vice President of Finance concluded that, as
of April 30, 2015, our internal control over financial reporting was not effective based on the criteria outlined in Internal
Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
(“COSO”).
In connection with the Restatements
discussed above under the caption “Explanatory Note” and in Note 1A to our Restated Financial Statements, management,
including our Principal Executive Officer and the Vice President of Finance, reassessed the effectiveness of our internal control
over financial reporting as of April 30, 2015, and any changes to the Company’s internal control over financial reporting
during the period ended July 31, 2015, using the COSO criteria. Based on this reassessment, management has concluded that we did
not maintain effective internal control over financial reporting as of April 30, 2015, for the reasons previously identified by
management, as stated above, and because of material weaknesses relating to accounting for the Consultant Agreement, certain common
stock issuances and warrants and certain disclosures relating to issuances of options and common stock to directors and officers,
which necessitated the Restatements. These material weaknesses resulted in a material misstatement of our liabilities, total stockholders’
equity, consolidated other income, consolidated general and administrative expenses and certain non-cash compensation expenses
set forth in our audited consolidated financial statements as of and for the year ended April 30, 2015 contained in the Original
Form 10-K and our condensed consolidated financial statements as of and for the periods ended July 31, 2015 and October 31, 2015
contained in the Original Filing and the Original October Form 10-Q, respectively. Because these material weaknesses had not been
remediated as of July 31, 2015, management has concluded that the Company’s internal control over financial reporting was
also ineffective as of that date and during the period then ended.
As reported in the Original Filing,
we have undertaken the process to review further our procedures and controls and plan to implement new procedures and controls
in fiscal year 2016. Although we plan to make additional changes to our infrastructure and related processes that we believe are
also reasonably likely to strengthen and materially affect our internal control over financial reporting, we have not yet made
any such changes.
Prior to the remediation of these material
weaknesses, there remains risk that the processes and procedures on which we currently rely will fail to be sufficiently effective.
There is the possibility that this could result in material misstatement of our financial position or results of operations and
require a restatement. As discussed above, because of the inherent limitations in all control systems, no evaluation of controls-even
where we conclude the controls are operating effectively-can provide absolute assurance that all control issues, including instances
of fraud, if any, have been detected.
The Certifications of our Principal Executive
and Financial Officer required in accordance with Rule 13a-14(a) under the Exchange Act and Section 302 of the Sarbanes-Oxley Act
of 2002 (“Certifications”) are attached to this Report. The disclosures set forth in this Item 4 contain information
concerning: (i) the evaluation of our disclosure controls and procedures, and changes in internal control over financial reporting,
referred to in paragraph 4 of the Certifications; and (ii) material weaknesses in the design or operation of our internal control
over financial reporting, referred to in paragraph 5 of the Certifications. The Certifications should be read in conjunction with
this Item 4 for a more complete understanding of the matters covered by the Certifications.
Changes in Internal Control over Financial Reporting
(As Restated)
There were no changes, other than those
detailed in the preceding paragraphs (including, but not limited to, the material weaknesses which necessitated the Restatements),
in our internal control over financial reporting during the most recent fiscal quarter that have materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
The Company is not currently a party to any
material pending legal proceedings. There are no material legal proceedings to which any property of the Company is subject.
Item 1A. Risk Factors.
Reference is made to Part I, Item 1A. “Risk
Factors” included in our Annual Report on Form 10-K for the year ended April 30, 2015 for information concerning risk factors.
There have been no material changes in risk factors since April 30, 2015.
Item 2. Unregistered Sales of
Equity Securities and Use of Proceeds.
None.
Item 3. Defaults upon Senior Securities.
None.
Item 4. Mine Safety Disclosure.
Not applicable.
Item 5. Other Information.
(a) None.
Item 6. Exhibits (As Restated).
Except as so indicated below and in
Exhibit 32.1, the following exhibits are filed as part of, or incorporated by reference into, the Report.
Exhibit No. |
|
Description |
|
Location |
31.1 |
|
Certification of Chief
Executive and Interim Chief Financial Officer (Principal Executive Officer and acting Principal Financial and Principal Accounting
Officer) pursuant to Rules 13a-14(a) and 15d-14(a) of the
Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
Filed herewith. |
|
|
|
|
|
32.1 |
|
Certification of Chief Executive and Interim
Chief Financial Officer (Principal Executive Officer and acting Principal Financial and Principal Accounting Officer)
pursuant to 18 U.S.C. Section 1350 (Section 906 of the Sarbanes-Oxley Act of 2002) |
|
Furnished herewith. |
|
|
|
|
|
101.INS |
|
XBRL Instance Document |
|
Submitted herewith. |
|
|
|
|
|
101.SCH |
|
XBRL Taxonomy Extension Schema Document |
|
Submitted herewith. |
|
|
|
|
|
101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document |
|
Submitted herewith. |
|
|
|
|
|
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document |
|
Submitted herewith. |
|
|
|
|
|
101.LAB |
|
XBRL Taxonomy Extension Labels Linkbase Document |
|
Submitted herewith. |
|
|
|
|
|
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document |
|
Submitted herewith. |
Exhibit
32.1 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise
subject to the liability of that section, nor shall such exhibit be deemed to be incorporated by reference in any registration
statement or other document filed under the Securities Act or the Exchange Act, except as otherwise stated in such filing.
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
PharmaCyte Biotech, Inc.
January 19, 2016 |
By: /s/ Kenneth L. Waggoner |
|
Kenneth L. Waggoner
Chief Executive Officer and Chairman of the Board
(Principal Executive Officer and acting Principal Financial Officer |
|
and Principal Accounting Officer on behalf
of Registrant) |
EXHIBIT 31.1
CERTIFICATION
I, Kenneth L. Waggoner, certify that:
1. I have
reviewed this Amendment No. 1 to the Quarterly Report on Form 10-Q/A of PharmaCyte Biotech, Inc. (“Report”) and
its subsidiaries for the period ended July 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 officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this Report is being prepared;
(b) Designed such
internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles in the United States;
(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;
(d) Disclosed in
this Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and
5. 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.
Dated: January 19, 2016 |
|
By: |
/s/ Kenneth L. Waggoner |
|
|
|
Name: Kenneth L. Waggoner |
|
|
|
Title: Chief Executive Officer and Interim Chief Financial Officer
(Principal Executive Officer and acting Principal Financial and Principal Accounting Officer on behalf of Registrant) |
EXHIBIT 32.1
WRITTEN STATEMENT
PURSUANT TO
18 U.S.C. SECTION 1350
In connection with Amendment No. 1
to the Quarterly Report of PharmaCyte Biotech, Inc. and its subsidiaries (“Company”) on Form 10-Q/A for the
period ended July 31, 2015 as filed with the Securities and Exchange Commission (“Commission”) on the date hereof
(“Report”), the undersigned, Kenneth L. Waggoner, Chief Executive Officer of the Company, certifies, pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the
requirements of Section 13a-14(b) or 15d-14(b) of the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: January 19, 2016 |
|
By: |
/s/ Kenneth L. Waggoner |
|
|
|
Name: Kenneth L. Waggoner |
|
|
|
Title: Chief Executive Officer and Interim Chief Financial Officer
(Principal Executive Officer and acting Principal Financial and Principal Accounting Officer on behalf of Registrant) |
A signed original of this written
statement required by Section 906 of the Sarbanes Oxley Act of 2002 has been provided to the Company and will be retained by
the Company and will be furnished to the Commission or its staff upon request. This exhibit is not “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934 but is instead furnished as provided by applicable rules of the
Commission.
v3.3.1.900
X |
- DefinitionDescription of changes contained within amended document.
+ References
+ Details
Name: |
dei_AmendmentDescription |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIf the value is true, then the document is an amendment to previously-filed/accepted document.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEnd date of current fiscal year in the format --MM-DD.
+ References
+ Details
Name: |
dei_CurrentFiscalYearEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gMonthDayItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
+ References
+ Details
Name: |
dei_DocumentFiscalPeriodFocus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fiscalPeriodItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
+ Details
Name: |
dei_DocumentFiscalYearFocus |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
+ Details
Name: |
dei_EntityCommonStockSharesOutstanding |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityCurrentReportingStatus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityFilerCategory |
Namespace Prefix: |
dei_ |
Data Type: |
dei:filerCategoryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
+ References
+ Details
Name: |
dei_EntityVoluntaryFilers |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.
+ References
+ Details
Name: |
dei_EntityWellKnownSeasonedIssuer |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Consolidated Balance Sheet (Unaudited) - USD ($)
|
Jul. 31, 2015 |
Apr. 30, 2015 |
Current Assets: |
|
|
Cash |
$ 2,910,201
|
$ 2,699,737
|
Prepaid expenses and other current assets |
945,462
|
1,468,281
|
Total Current Assets |
3,855,663
|
4,168,018
|
Other assets: |
|
|
Intangibles |
3,549,427
|
3,549,427
|
Investment in SG Austria |
1,572,193
|
1,572,193
|
Other assets |
7,854
|
7,854
|
Total other assets |
5,129,474
|
5,129,474
|
Total Assets |
8,985,137
|
9,297,492
|
Current Liabilities: |
|
|
Accounts payable |
413,117
|
496,699
|
Accrued expenses |
43,324
|
23,667
|
License agreement obligation |
700,000
|
1,000,000
|
Total current liabilities |
1,156,441
|
1,520,366
|
Total Liabilities |
1,156,441
|
$ 1,520,366
|
Commitments and Contingencies (Notes 8 and 9) |
|
|
Preferred stock, authorized 10,000,000 shares, $0.0001 par value, 0 shares issued and outstanding, respectively |
0
|
$ 0
|
Stockholders' Equity |
|
|
Common stock, authorized 1,490,000,000 shares, $0.0001 par value, 742,610,829 and 732,760,536 shares issued and outstanding as of July 31, 2015 and April 30, 2015, respectively |
74,261
|
73,273
|
Additional paid in capital |
87,895,688
|
86,330,224
|
Accumulated deficit |
(80,142,874)
|
(78,627,833)
|
Accumulated other comprehensive income |
1,621
|
1,462
|
Total stockholders' equity |
7,828,696
|
7,777,126
|
Total Liabilities and Stockholders' Equity |
$ 8,985,137
|
$ 9,297,492
|
X |
- DefinitionCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_AccountsPayableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_AccruedLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAccumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669686-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionExcess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.30(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5
+ Details
Name: |
us-gaap_AdditionalPaidInCapital |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.18) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.9) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6801-107765
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
+ Details
Name: |
us-gaap_AssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AssetsCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.10-17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5
+ Details
Name: |
us-gaap_AssetsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_Cash |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionRepresents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.(a),19) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.17) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_CommitmentsAndContingencies |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments.
+ References
+ Details
Name: |
us-gaap_ContractualObligation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThis item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35755396&loc=d3e33749-111570
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_EquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCarrying amount (original costs adjusted for previously recognized amortization and impairment) as of the balance sheet date for the capitalized costs to acquire rights under a license arrangement (for example, to sell specified products in a specified territory) having an indefinite period of benefit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275
+ Details
Name: |
us-gaap_IndefiniteLivedLicenseAgreements |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.32) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 25 -Article 7
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.21) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_LiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OtherAssetsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_OtherAssetsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 8 -Article 5
+ Details
Name: |
us-gaap_PrepaidExpenseAndOtherAssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe cumulative amount of the reporting entity's undistributed earnings or deficit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31(a)(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StockholdersEquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Consolidated Balance Sheet (Unaudited) (Parenthetical) - $ / shares
|
Jul. 31, 2015 |
Apr. 30, 2015 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, authorized |
10,000,000
|
10,000,000
|
Preferred stock, issued |
0
|
0
|
Preferred stock, outstanding |
0
|
0
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, authorized |
1,490,000,000
|
1,490,000,000
|
Common stock issued |
742,610,829
|
732,760,536
|
Common stock, outstanding |
742,610,829
|
732,760,536
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
X |
- DefinitionFace amount or stated value per share of common stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockParOrStatedValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionFace amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockParOrStatedValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StatementOfFinancialPositionAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Jul. 31, 2015 |
Jul. 31, 2014 |
Revenues: |
|
|
Product sales |
$ 0
|
$ 0
|
Total revenue |
0
|
0
|
Cost of revenues |
0
|
0
|
Gross margin |
0
|
0
|
Expenses: |
|
|
Research and development costs |
155,678
|
0
|
Sales and marketing |
0
|
230,500
|
Compensation expense |
447,570
|
253,418
|
Director fees |
18,000
|
0
|
Legal and professional fees |
125,075
|
260,864
|
General and administrative |
767,988
|
838,378
|
Total operating expenses |
1,514,311
|
1,583,160
|
Loss from operations |
(1,514,311)
|
(1,583,160)
|
Other income (expense): |
|
|
Other income (expense) |
(95)
|
988
|
Interest expense, net |
(632)
|
(2,652)
|
Total other income (expense), net |
(727)
|
(1,664)
|
Net loss |
$ (1,515,038)
|
$ (1,584,824)
|
Basic and diluted loss per share |
$ 0.00
|
$ (0.00)
|
Weighted average shares outstanding basic and diluted |
737,917,481
|
701,930,165
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_CostOfRevenue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
+ Details
Name: |
us-gaap_EarningsPerShareBasicAndDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.4) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_GeneralAndAdministrativeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1,2) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_GrossProfit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.9) -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
+ Details
Name: |
us-gaap_InterestExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionNoninterest expense related to directors' fees which are fees paid by an Entity to its directors. Directors' fees may be paid in addition to salary and other benefits.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.14) -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
+ Details
Name: |
us-gaap_NoninterestExpenseDirectorsFees |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionGenerally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References
+ Details
Name: |
us-gaap_OperatingExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OperatingExpensesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
+ References
+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OtherIncomeAndExpensesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_OtherNonoperatingIncome |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_OtherNonoperatingIncomeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionA fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07.2(a),(b),(c),(d)) -URI http://asc.fasb.org/extlink&oid=6488393&loc=d3e606610-122999
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 225 -Section 45 -Paragraph 3 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=6488370&loc=d3e13550-115849
+ Details
Name: |
us-gaap_ProfessionalFees |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 730 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 985 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6501960&loc=d3e128462-111756
+ Details
Name: |
us-gaap_ResearchAndDevelopmentExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RevenuesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTotal revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_SalesRevenueNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate total amount of expenses directly related to the marketing or selling of products or services.
+ References
+ Details
Name: |
us-gaap_SellingAndMarketingExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAverage number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).
+ References
+ Details
Name: |
us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
Jul. 31, 2015 |
Jul. 31, 2014 |
Income Statement [Abstract] |
|
|
Net Loss |
$ (1,515,038)
|
$ (1,584,824)
|
Other comprehensive loss: |
|
|
Foreign currency translation adjustment |
(1,621)
|
0
|
Other comprehensive loss |
(1,621)
|
0
|
Comprehensive loss |
$ (1,516,659)
|
$ (1,584,824)
|
X |
- References
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831223
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e557-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncomeStatementAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount before tax, after reclassification adjustments of gain (loss) on foreign currency translation adjustments, on foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569643-111683
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount before tax, after reclassification adjustments of other comprehensive income (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669625-108580
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=35755396&loc=d3e33775-111570
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.3.1.900
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Jul. 31, 2015 |
Jul. 31, 2014 |
Cash flows from operating activities: |
|
|
Net loss |
$ (1,515,038)
|
$ (1,584,824)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Stock issued for services |
166,608
|
297,500
|
Stock issued for compensation |
147,360
|
86,100
|
Stock based compensation - options |
145,269
|
0
|
Stock based compensation - warrants |
339,963
|
0
|
Change in assets and liabilities: |
|
|
Decrease in prepaid expenses and current assets |
16,246
|
397,973
|
Increase / (decrease) in accounts payable |
(83,582)
|
16,326
|
Increase in accrued expenses |
19,657
|
111
|
(Decrease) in license agreement obligation |
(300,000)
|
0
|
Net cash used in operating activities |
(1,063,517)
|
(786,814)
|
Cash flows from investing activities: |
|
|
Net cash used by investing activities |
0
|
0
|
Cash flows from financing activities: |
|
|
Proceeds from the sale of common stock |
1,273,822
|
86,000
|
Repayment of debt, related party |
0
|
(18,717)
|
Net cash provided by financing activities |
1,273,822
|
67,283
|
Effect of currency rate exchange on cash |
159
|
0
|
Net increase (decrease) in cash |
210,464
|
(719,531)
|
Cash at beginning of the period |
2,699,737
|
3,616,470
|
Cash at end of the period |
2,910,201
|
2,896,939
|
Supplementary disclosures of cash flows information: |
|
|
Cash paid during the year for interest |
$ 632
|
$ 0
|
X |
- DefinitionStock based compensation - options
+ References
+ Details
Name: |
pmcb_ShareBasedCompensationOptions |
Namespace Prefix: |
pmcb_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionStock based compensation - warrants
+ References
+ Details
Name: |
pmcb_StockBasedCompensationWarrants |
Namespace Prefix: |
pmcb_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_Cash |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of increase (decrease) in cash. Cash is the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Includes effect from exchange rate changes.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 230 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906
+ Details
Name: |
us-gaap_CashPeriodIncreaseDecrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe effect of exchange rate changes on cash balances in continuing operations held in foreign currencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 230 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906
+ Details
Name: |
us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccruedLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in other obligations due by the reporting entity that are payable within one year (or one business cycle), not otherwise defined in the taxonomy.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherAccountsPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInPrepaidExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of cash paid for interest during the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4297-108586
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585
+ Details
Name: |
us-gaap_InterestPaid |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionFair value of share-based compensation granted to nonemployees as payment for services rendered or acknowledged claims.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from the additional capital contribution to the entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
+ Details
Name: |
us-gaap_ProceedsFromIssuanceOfCommonStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_ShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.3.1.900
1A. RESTATEMENT OF PREVIOUSLY REPORTED INFORMATION
|
3 Months Ended |
Jul. 31, 2015 |
Restatement of Prior Year Income [Abstract] |
|
1A. RESTATEMENT OF PREVIOUSLY REPORTED INFORMATION |
PharmaCyte
Biotech, Inc. (Company) restated its condensed consolidated financial statements as of and for the period ended
July 31, 2015 to reflect adjustments made due to the correction of the treatment of the issuance of certain shares of the Companys
common stock, $0.0001 par value per share (common stock), and warrants and certain other matters, as further described
below, resulting in a material understatement to assets, a material overstatement to liabilities and a material understatement
to stockholders equity. The nature and impact of these adjustments are more particularly described below.
The
adjustments described above relate to the Companys issuance of certain warrants to purchase common stock with
a cashless exercise feature (cashless warrants) in connection with its entry into a marketing and
consulting agreement (Consultant Agreement) with a consultant during the prior year ended April 30, 2015 (for
more information, see the Amendment No. 1 on Form 10-K/A (Amended Form 10-K) to our Annual Report on Form 10-K
for the year ended April 30, 2015, originally filed July 29, 2015 (Original Form 10-K)). The Company
accounted for the cashless warrants as a derivative liability in the Original Form 10-K. However, upon further analysis, the
Company determined that the cashless warrants should have been accounted for as equity in accordance with generally
accepted accounting principles in the United States of America (U.S. GAAP) in the Original Form
10-K. Additionally, the Company determined that the Consultant Agreement, issuance of shares of common stock to the
consultant pursuant to the Consultant Agreement and the issuance of certain warrants to purchase common stock with a cash
exercise feature (cash warrants) and the cashless warrants to the consultant should have been recorded as a
prepaid asset and amortized over the term of the Consultant Agreement in accordance with U.S. GAAP in the Original Form 10-K.
As a result of the Companys determination that the cashless warrants should be accounted for as equity, and that the
Consultant Agreement, stock issuance, cash warrants and cashless warrants should be accounted for as a prepaid asset, the
Company increased general and administrative expenses by the net amount of $506,571 on its condensed consolidated statements
of operations for the period ended July 31, 2015, and increased prepaid expenses and other assets by the amount of $842,451,
net of amortization, and decreased by the amount of $29,746 its total current liabilities on its condensed consolidated
balance sheet as of July 31, 2015, as set forth in the Restated Financial Statements. As a result of these adjustments,
and the adjustments to our consolidated financial statements for the year ended April 30, 2015 as set forth in the Amended
Form 10-K, the Company also recorded a net increase to its accumulated deficit in the amount of $42,074 and an increase to
total stockholders equity in the amount of $872,196.
As set forth
in the Restated Financial Statements, the effect of the timing of the recognition of the cashless warrant expense resulted in
a decrease in the amount of $462,303 to total other income, an increase to general and administrative expenses of $506,571 (amortization
of prepaid expenses) and an increase to reported net loss in the amount of $968,874.
The impact
of the adjustments to the Companys condensed consolidated balance sheets, condensed consolidated statements of operations,
condensed consolidated statements of comprehensive loss, condensed consolidated statements of stockholders equity (deficiency)
and condensed consolidated statements of cash flows for the period ended July 31, 2015 is as follows:
| |
July 31, 2015 | |
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Selected Consolidated Balance Sheet Accounts | |
| | | |
| | | |
| | |
Prepaid expenses and other current
assets | |
$ | 103,011 | | |
$ | 842,451 | | |
$ | 945,462 | |
Total other assets | |
$ | 3,013,212 | | |
$ | 842,451 | | |
$ | 3,855,663 | |
Total assets | |
$ | 8,142,686 | | |
$ | 842,451 | | |
$ | 8,985,137 | |
Derivative liability | |
$ | 29,746 | | |
$ | (29,746 | ) | |
$ | | |
Total current liabilities | |
$ | 1,186,186 | | |
$ | (29,746 | ) | |
$ | 1,156,441 | |
Total liabilities | |
$ | 1,186,186 | | |
$ | (29,746 | ) | |
$ | 1,156,441 | |
Additional paid in capital | |
$ | 86,981,418 | | |
$ | 914,270 | | |
$ | 87,895,688 | |
Accumulated deficit | |
$ | (80,100,800 | ) | |
$ | (42,074 | ) | |
$ | (80,142,874 | ) |
Total stockholders' equity | |
$ | 6,956,500 | | |
$ | 872,196 | | |
$ | 7,828,696 | |
Total liabilities and stockholders' equity | |
$ | 8,142,686 | | |
| 842,451 | | |
$ | 8,985,137 | |
| |
Three Months Ended
July 31, 2015 | |
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Condensed Consolidated Statement of Operations | |
| | | |
| | | |
| | |
Total revenue | |
$ | | | |
$ | | | |
$ | | |
Cost of revenue | |
| | | |
| | | |
| | |
Gross margin | |
| | | |
| | | |
| | |
Research and development costs | |
| 155,678 | | |
| | | |
| 155,678 | |
Compensation expense | |
| 447,570 | | |
| | | |
| 447,570 | |
Director fee | |
| 18,000 | | |
| | | |
| 18,000 | |
Legal and professional | |
| 125,075 | | |
| | | |
| 125,075 | |
General and administrative | |
| 261,417 | | |
| 506,571 | | |
| 767,988 | |
Loss from operations | |
| (1,007,740 | ) | |
| (506,571 | ) | |
| (1,514,311 | ) |
Unrealized gain on change in derivative | |
| 462,303 | | |
| (462,303 | ) | |
| | |
Other expenses | |
| (95 | ) | |
| | | |
| (95 | ) |
Interest expense, net | |
| (632 | ) | |
| | | |
| (632 | ) |
Total other income (expense),
net | |
| 461,576 | | |
| (462,303 | ) | |
| (727 | ) |
Net loss | |
$ | (546,164 | ) | |
$ | (968,874 | ) | |
$ | (1,515,038 | ) |
| |
| | | |
| | | |
| | |
Basic and diluted loss per share | |
$ | 0.00 | | |
$ | | | |
$ | 0.00 | |
| |
Three Months Ended
July 31, 2015 | |
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Condensed Consolidated Statement of Comprehensive
Loss | |
| | | |
| | | |
| | |
Net loss | |
$ | (546,164 | ) | |
$ | (968,874 | ) | |
$ | (1,515,038 | ) |
Foreign currency translation
adjustment | |
| (1,621 | ) | |
| | | |
| (1,621 | ) |
Comprehensive loss | |
$ | (547,785 | ) | |
$ | (968,874 | ) | |
$ | (1,516,659 | ) |
| |
Three Months Ended
July 31, 2015 | |
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Consolidated Statement of Cash Flows | |
| |
| |
|
Operating activities | |
| | | |
| | | |
| | |
Net loss | |
$ | (546,164 | ) | |
$ | (968,874 | ) | |
$ | (1,515,038 | ) |
Stock issued for services | |
| | | |
| 166,608 | | |
| 166,608 | |
Stock issued for compensation | |
| 147,360 | | |
| | | |
| 147,360 | |
Stock based compensation - options | |
| 145,269 | | |
| | | |
| 145,269 | |
Stock based compensation - warrants | |
| | | |
| 339,963 | | |
| 339,963 | |
Gain on derivative liability | |
| (462,303 | ) | |
| 462,303 | | |
| | |
Decrease in prepaid expenses and current assets | |
| 16,246 | | |
| | | |
| 16,246 | |
Decrease in accounts payable | |
| (83,582 | ) | |
| | | |
| (83,582 | ) |
Increase in accrued expenses | |
| 19,657 | | |
| | | |
| 19,657 | |
Decrease in license agreement
obligation | |
| (300,000 | ) | |
| | | |
| (300,000 | ) |
Net cash used in operating
activities | |
| (1,063,517 | ) | |
| | | |
| (1,063,517 | ) |
| |
| | | |
| | | |
| | |
Investing activities | |
| | | |
| | | |
| | |
Net cash from investing
activities | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Financing activities | |
| | | |
| | | |
| | |
Proceeds from sale of common
stock | |
| 1,273,822 | | |
| | | |
| 1,273,822 | |
Net cash provided by financing
activities | |
| 1,273,822 | | |
| | | |
| 1,273,822 | |
| |
| | | |
| | | |
| | |
Effect of currency rate exchange on cash | |
| 159 | | |
| | | |
| 159 | |
| |
| | | |
| | | |
| | |
Net decrease in cash | |
| 210,464 | | |
| | | |
| 210,464 | |
Cash at beginning of year | |
| 2,699,737 | | |
| | | |
| 2,699,737 | |
Cash at end of year | |
$ | 2,910,201 | | |
$ | | | |
$ | 2,910,201 | |
| |
| | | |
| | | |
| | |
|
X |
- References
+ Details
Name: |
pmcb_RestatementOfPreviouslyReportedInformationDisclosureTextBlock |
Namespace Prefix: |
pmcb_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RestatementOfPriorYearIncomeAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
1. NATURE OF BUSINESS
|
3 Months Ended |
Jul. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF BUSINESS |
In 2013,
the Company restructured its operations in an effort to focus on biotechnology, having been primarily a nutraceutical
products company in the recent past. The restructuring resulted in the Company focusing all of its efforts upon the
development of unique, effective and safe ways to treat cancer and diabetes. On January 6, 2015, the Company changed its name
from Nuvilex, Inc. to PharmaCyte Biotech, Inc. to better reflect the nature of its business.
The Company
is now a clinical stage biotechnology company focused on developing and preparing to commercialize treatments for cancer and diabetes
using a proprietary cellulose-based live cell encapsulation technology known as Cell-in-a-Box®. This
unique and patented technology is being used as a platform upon which treatments for several types of cancer, including advanced,
inoperable pancreatic cancer and its symptoms, and diabetes are being developed.
On May 26,
2011, the Company entered into an Asset Purchase Agreement (SG Austria APA) with SG Austria Private Limited (SG
Austria) to purchase 100% of the assets and liabilities of SG Austria. As a result, Austrianova Singapore Private Limited
("Austrianova") and Bio Blue Bird AG ("Bio Blue Bird"), wholly-owned subsidiaries of SG Austria, were to become
wholly-owned subsidiaries of the Company on the condition that the Company pay SG Austria $2.5 million and 100,000,000 shares
of the Companys common stock. The Company was to receive 100,000 shares of Austrianovas common stock and nine Bio
Blue Bird bearer shares.
Through two
addenda to the SG Austria APA, the closing date of the SG Austria APA was extended twice by mutual agreement of the parties.
In June 2013,
the Company and SG Austria entered into a Third Addendum to the SG Austria APA (Third Addendum). Under the terms
of the Third Addendum, the transaction contemplated by the SG Austria APA changed materially. Pursuant to the Third Addendum,
the Company acquired 100% of the equity interests in Bio Blue Bird and received a 14.5% equity interest in SG Austria. In addition,
the Company received nine bearer shares of Bio Blue Bird to evidence its 100% ownership. Under the Third Addendum, the Company
paid: (i) $500,000 to retire all outstanding debt of Bio Blue Bird; and (ii) $1.0 million to SG Austria. The Company also paid
SG Austria $1,572,193 in exchange for the 14.5% equity interest of SG Austria. Pursuant to the Third Addendum, SG Austria returned
the original 100,000,000 shares of common stock held by SG Austria to the Company treasury, and the 100,000 Austrianova shares
of common stock held by the Company were returned to SG Austria.
The acquisition
of Bio Blue Bird provided the Company with exclusive, worldwide licenses to use a proprietary cellulose-based live cell encapsulation
technology for the development of treatments for all forms of cancer using certain types genetically modified human cells. The
licenses are pursuant to patents licensed to Bio Blue Bird from Bavarian Nordic A/S and GSF-Forschungszentrum fur Umwelt u. Gesundheit
GmbH. These licenses enable the Company to carry out the research and development of cancer treatments that are based upon the
Cell-in-a-Box® technology.
In June 2013,
the Company acquired from Austrianova an exclusive, worldwide license to use the Cell-in-a-Box® technology for
the development of a treatment for diabetes and the use of Austrianovas Cell-In-A-Box® trademark
for this technology (Diabetes Licensing Agreement). The Company paid Austrianova $2.0 million to secure this license.
In October
2014, the Company acquired from the University of Technology Sydney (UTS) an exclusive, worldwide license to use
genetically modified human cells (Melligen Cells) that have been modified to produce, store and release insulin
on demand in response to the blood glucose in their surroundings. In addition, the Company obtained the non-exclusive
worldwide rights to know-how associated with the Melligen cells. The Company intends to use the Melligen cells,
after they have been encapsulated using the Cell-in-a-Box® technology, as a treatment for insulin-dependent diabetes.
In December
2014, the Company acquired from Austrianova an exclusive, worldwide license to use the Cell-in-a-Box® technology
in combination with compounds from constituents of Cannabis for development of disease treatments and the use of Austrianovas
Cell-in-a-Box® trademark for this technology (Cannabis Licensing Agreement).
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=35735333&loc=d3e288-107754
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
2. MANAGEMENT PLANS
|
3 Months Ended |
Jul. 31, 2015 |
Management Plans |
|
MANAGEMENT PLANS |
Management
Goal and Strategies
The Companys
goal is to have the Company become an industry-leading biotechnology company using the Cell-in-a-Box® technology
as a platform upon which treatments for cancer and diabetes are developed and obtain marketing approval by regulatory agencies
in the United States, the European Union, Australia and Canada.
The Companys
strategy is to build upon and advance the success of the earlier Phase 1/2 and Phase 2 clinical trials involving advanced pancreatic
cancer. The Company will seek to raise capital to fund growth opportunities in the field of cancer and diabetes and provide for
its immediate working capital needs for both pancreatic cancer and insulin-dependent diabetes. The Companys strategies
to achieve its goal consists of the following elements:
|
· |
The completion of the preparations for
the Phase 2b clinical trial in advanced, inoperable pancreatic cancer to be conducted in Australia; |
|
· |
The completion of the preparations for
the clinical trials that will examine the effectiveness of the Companys pancreatic cancer treatment in ameliorating
the pain and accumulation of malignant ascites fluid in the abdomen that are characteristic of pancreatic cancer. These clinical
trials will be conducted by TD2 in the United States; |
|
· |
The completion of preclinical studies
that involve the encapsulation of the Melligen cells using the Cell-in-a-Box® technology to development a treatment
for insulin-dependent diabetes; |
|
· |
The enhancement of the Companys
ability to expand into the biotechnology arena through further research and partnering agreements in cancer and diabetes; |
|
· |
The acquisition of contracts that generate
revenue or provide research and development capital utilizing the Companys sublicensing rights; |
|
· |
The further development of uses of the
Cell-in-a-Box® technology platform through contracts, licensing agreements and joint ventures with other companies;
and |
|
· |
The completion of testing, expansion
and marketing of existing and newly derived product candidates. |
|
X |
- DefinitionCapitalization and Management Plans Text Block
+ References
+ Details
Name: |
pmcb_CapitalizationAndManagementPlansTextBlock |
Namespace Prefix: |
pmcb_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pmcb_ManagementPlansAbstract |
Namespace Prefix: |
pmcb_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Jul. 31, 2015 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
This Amendment
No. 1 on Form 10-Q/A (Amended Filing or "Report") to the Companys Quarterly Report on Form 10-Q
for the period ended July 31, 2015 should be read in conjunction with the Amended 10-K/A. Unless the context otherwise requires,
references in these notes are to the unaudited condensed consolidated financial statements of the Company and its consolidated
subsidiaries.
Principles of Consolidation
and Basis of Presentation
The unaudited
condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The unaudited
condensed consolidated financial statements are prepared in accordance with U.S. GAAP and the rules and regulations of the Securities
and Exchange Commission (Commission). Intercompany balances and transactions are eliminated. In the opinion of the
Companys management, the unaudited condensed consolidated financial statements reflect all adjustments, which are normal
and recurring in nature, necessary for fair financial statement presentation. The Companys 14.5 % investment in SG Austria
is presented on the cost method of accounting.
Use of Estimates
The preparation
of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts
of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements
are published and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such
estimates and assumptions are inherent in the preparation of the Companys condensed consolidated financial statements;
accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material
effect on the reported amounts of the Companys condensed consolidated financial position and results of operations.
Goodwill and Intangible Assets
The Company records
the excess of purchase price over the fair value of the identifiable net assets acquired as goodwill and other indefinite-lived
intangibles. The Financial Accounting Standards Board ("FASB") standard on goodwill and other intangible assets prescribes
a two-step process for impairment testing of goodwill and indefinite-lived intangibles, which is performed annually, as well as
when an event triggering impairment may have occurred. The first step tests for impairment, while the second step, if necessary,
measures the impairment. The Company has elected to perform its annual analysis at the end of its fiscal year.
Impairment
of Long-Lived Assets
The Company evaluates
long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may
not be recoverable. If the estimated future cash flows (undiscounted and without interest charges) from the use of an asset are
less than carrying value, a write-down would be recorded to reduce the related asset to its estimated fair value. No impairment
was identified or recorded during the period ended July 31, 2015.
Earnings per
Share
Basic earnings
(loss) per share are computed by dividing earnings available to common stockholders by the weighted average number of outstanding
common shares during the period. Diluted earnings per share is computed by dividing net income by the weighted average number
of shares outstanding during the period increased to include the number of additional shares of common stock that would have been
outstanding if the potentially dilutive securities had been issued. For the period ended July 31, 2015 and 2014, the Company incurred
net losses; therefore, the effect of any common stock equivalent would be anti-dilutive during these periods.
Fair Value
of Financial Instruments
For certain of
the Companys non-derivative financial instruments, including cash, accounts payable and accrued expenses, the carrying
amount approximates fair value due to the short-term maturities of these instruments.
Accounting Standards
Codification (ASC) Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the
fair value of financial instruments held by the Company. ASC Topic 825, Financial Instruments, defines fair value
and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements
for fair value measures. The carrying amounts reported in the condensed consolidated balance sheets for receivables and current
liabilities each qualify as financial instruments and are a reasonable estimate of their fair values. This is because of the short
period of time between the origination of such instruments, their expected realization and their current market rate of interest.
The three levels of valuation hierarchy are defined as follows:
|
· |
Level 1. Observable inputs such as quoted
prices in active markets; |
|
· |
Level 2. Inputs, other than the quoted prices
in active markets, that are observable either directly or indirectly; and |
|
· |
Level 3. Unobservable inputs in which there
is little or no market data, which require the reporting entity to develop its own assumptions. |
The Company adopted
ASC subtopic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), and Accounting Standards Codification
subtopic 825-10, Financial Instruments ("ASC 825-10"). These permit entities to choose to measure numerous financial
instruments and certain other items at their fair value. Neither ASC 820-10 nor ASC 825-10 had an impact on the Company's financial
position, results of operations or cash flows. The carrying value of cash, accounts payable and accrued expenses, as reflected
in the condensed consolidated balance sheets, approximate fair value because of the short-term maturity of these instruments.
Revenue Recognition
Sales of products
and related costs of products sold are recognized when: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred;
(iii) the price is fixed or determinable; and (iv) collectability is reasonably assured. These terms are typically met upon the
prepayment or invoicing and shipment of products.
Income Taxes
Deferred taxes
are calculated using the liability method whereby deferred tax assets are recognized for deductible temporary differences and
operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary
differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax
assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or
all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes
in tax laws and rates on the date of enactment.
A valuation allowance
is provided for deferred income tax assets when, in managements judgment, based upon currently available information and
other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The determination
of the need for a valuation allowance is based on an on-going evaluation of current information including, among other things,
historical operating results, estimates of future earnings in different taxing jurisdictions and the expected timing of the reversals
of temporary differences. The Company believes the determination to record a valuation allowance to reduce a deferred income tax
asset is a significant accounting estimate because it is based, among other things, on an estimate of future taxable income in
the United States and certain other jurisdictions. This is because it is susceptible to change, may or may not occur and the impact
of adjusting a valuation allowance may be material. In determining when to release the valuation allowance established against
the Companys net deferred income tax assets, the Company considers all available evidence, both positive and negative.
Consistent with the Companys policy, and because of the Companys history of operating losses, the Company does not
currently recognize the benefit of all of its deferred tax assets, including tax loss carry forwards, that may be used to offset
future taxable income. The Company continually assesses its ability to generate sufficient taxable income during future periods
in which deferred tax assets may be realized. If and when the Company believes it is more likely than not that it will recover
its deferred tax assets, the Company will reverse the valuation allowance as an income tax benefit in the Companys statements
of operations.
The Company accounts
for its uncertain tax positions in accordance with U.S. GAAP. The purpose of this method is to clarify accounting for uncertain
tax positions recognized. The U.S. GAAP method of accounting for uncertain tax positions utilizes a two-step approach to evaluate
tax positions. Step one, recognition, requires evaluation of the tax position to determine if based solely on technical merits
it is more likely than not to be sustained upon examination. Step two, measurement, is addressed only if a position is more likely
than not to be sustained. In step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative
probability basis, which is more likely than not to be realized upon ultimate settlement with tax authorities. If a position does
not meet the more likely than not threshold for recognition in step one, no benefit is recorded until the first subsequent period
in which the more likely than not standard is met, the issue is resolved with the taxing authority or the statute of limitations
expires. Positions previously recognized are reversed when the Company subsequently determines the position no longer is more
likely than not to be sustained. Evaluation of tax positions, their technical merits and measurements using cumulative probability
are highly subjective management estimates. Actual results could differ materially from these estimates.
Research and Development
Research and
development expenses consist of costs incurred for direct and overhead-related research expenses and are expensed as incurred.
Costs to acquire technologies, including licenses, that are utilized in research and development and that have no alternative
future use are expensed when incurred. Technology developed for use in the Companys product candidates is expensed as incurred
until technological feasibility has been established.
Stock-Based Compensation
The Companys
stock-based employee compensation awards are described in Note 6. The Company has adopted the provisions of ASC 718, which requires
the fair value measurement and recognition of compensation expense for all stock-based awards made to directors, executives and
employees.
Concentration of Credit Risk
The Company has
no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other
foreign hedging arrangements. The Company maintains most of its cash balance at a financial institution located in California.
Accounts at this institution are insured by the Federal Deposit Insurance Corporation up to $250,000. Uninsured balances aggregated
approximately $2,660,000 at July 31, 2015. The Company has not experienced any losses in such accounts, and management believes
it is not exposed to any significant credit risk on cash.
Foreign Currency
Translation
The Company translates
the financial statements of its foreign subsidiary from the local (functional) currencies to US dollars in accordance with FASB
ASC 830, Foreign Currency Matters. All assets and liabilities of the Companys foreign subsidiaries are translated
at year-end exchange rates, while revenue and expenses are translated at average exchange rates prevailing during the year. Adjustments
for foreign currency translation fluctuations are excluded from net income and are included in other comprehensive loss. Gains
and losses on short-term intercompany foreign currency transactions are recognized as incurred.
Reclassification
Certain prior
year balances have been reclassified to conform to the presentation in this Report, with no changes in net loss for prior periods
presented.
Recent Accounting
Pronouncements
We
have reviewed all of the recent accounting pronouncements and have determined that they have not or will not have a material impact
on the Companys consolidated financial statements, or simply do not apply to the Companys operations.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18861-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18726-107790
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18743-107790
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18854-107790
+ Details
Name: |
us-gaap_SignificantAccountingPoliciesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
4. DEBT
|
3 Months Ended |
Jul. 31, 2015 |
Debt Disclosure [Abstract] |
|
DEBT |
The Company
entered into a licensing agreement for a license to use the Cell-in-a-Box® technology to develop therapies
involving the constituents of the Cannabis plant. As of July 31, 2015, the Company owes $700,000 out of a total
required $2,000,000 upfront payment for the license (see Note 8).
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
5. COMMON STOCK TRANSACTIONS
|
3 Months Ended |
Jul. 31, 2015 |
Equity [Abstract] |
|
COMMON STOCK TRANSACTIONS |
The Company
issued 3,600,000 shares of common stock to officers as part of their compensation agreements in the year ended April 30, 2015.
These shares vest on a quarterly basis over a twelve-month period. During the period ended July 31, 2015, 900,000 shares that
vested were valued closing price at the date of grant and resulted in a non-cash compensation expense of $110,610.
The Company
issued 1,200,000 shares of common stock to an employee as part of an employee agreement in the year ended April 30, 2015. These
shares vest on a quarterly basis over a twelve-month period. During the period ended July 31, 2015, 300,000 shares that vested
were valued closing price at the date of grant and resulted in a non-cash expense of $36,870.
The shares
listed above were issued without registration under the Securities Act of 1933, as amended (Securities Act), in
reliance upon the exemption afforded by Section 4(a)(2) of the Securities Act.
During the
period ended July 31, 2015, the Company sold and issued approximately 9.9 million shares of common stock pursuant to a registration
statement at prices ranging from $0.10 to $0.16 per share. The Company received net proceeds of approximately $1.3 million from
the sale of these shares.
|
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656
Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494
Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644
Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E
Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C
+ Details
Name: |
us-gaap_StockholdersEquityNoteDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
6. STOCK OPTIONS AND WARRANTS
|
3 Months Ended |
Jul. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
STOCK OPTIONS AND WARRANTS |
Stock Options
As of July
31, 2015, the Company had outstanding stock options held by its directors, officers and an employee that were issued pursuant
to compensation and director agreements.
The Company has
adopted the provisions of ASC 718, Compensation-Stock, which requires the measurement and recognition of
compensation expense for all stock-based awards made to employees.
The fair value
of the stock options at the date of grant was estimated using the Black-Scholes option-pricing model, based on the following assumptions:
| |
July
31, | |
| |
2015 | | |
2014 | |
Risk-free interest rate | |
| 2.0% | | |
| | |
Expected volatility | |
| 145% | | |
| | |
Expected lives (years) | |
| 2.2 | | |
| | |
Expected dividend yield | |
| 0.00% | | |
| | |
The Companys
computation of expected volatility is based on the historical daily volatility of its publicly traded stock. For stock option
grants issued during the periods ended July 31, 2015 and 2014, the Company used a calculated volatility for each grant. The Company
lacks adequate information about the exercise behavior at this time and has determined the expected term assumption under the
simplified method provided for under ASC 718, which averages the contractual term of the Companys stock options of five
years with the average vesting term of two and one fifth years for an average of two and two third years. The dividend yield assumption
of zero is based upon the fact the Company has never paid cash dividends and presently has no intention of paying cash dividends.
The risk-free interest rate used for each grant is equal to the U.S. Treasury rates in effect at the time of the grant for instruments
with a similar expected life. No amounts relating to employee stock-based compensation have been capitalized.
Presented below
is the Companys stock option activity for employees and directors:
The weighted
average fair value of the outstanding stock options during the periods ended July 31, 2015 and 2014 are $0.10 and $0, respectively.
A summary of
the activity for unvested employee stock options during the periods ended July 31, 2015 is presented below:
| | |
Options Outstanding | | |
Weighted Average Grant
Date Fair Value per Share | |
Nonvested,
April 30, 2015 | | |
| 6,600,000 | | |
$ | 0.10 | |
Granted | | |
| | | |
| | |
Vested | | |
| 1,800,000 | | |
| 0.10 | |
Forfeited | | |
| | | |
| | |
Nonvested,
July 31, 2015 | | |
| 4,800,000 | | |
$ | 0.10 | |
| | | |
| | | |
| | |
The Company recorded
approximately $145,000 and $0 of non-cash charges related to the vesting of stock options to certain directors and employees in
exchange for services during the periods ended July 31, 2015 and 2014, respectively.
At July 31, 2015,
there remained approximately $387,000 (subject to change in the future based on vesting date fair value) of unrecognized compensation
expense related to unvested employee stock options to be recognized as expense over a weighted-average period of one year.
The following
table summarizes ranges of outstanding stock options at July 31, 2015:
| |
Exercise Prices | |
Exercise Price | |
$ | 0.19 | | |
$ | 0.11 | | |
$ | 0.18 | |
Number of Options | |
| 25,000,000 | | |
| 27,200,000 | | |
| 250,000 | |
Weighted Average Remaining Contractual Life (years) | |
| 4.17 | | |
| 4.42 | | |
| 4.72 | |
Weighted Average Stock Price | |
$ | 0.19 | | |
$ | 0.11 | | |
$ | 0.18 | |
Number of Options Exercisable | |
| 25,000,000 | | |
| 27,200,000 | | |
| 250,000 | |
Weighted Average Contractual Life (years) | |
| 5 | | |
| 5 | | |
| 5 | |
Weighted Average Exercise Price | |
$ | 0.19 | | |
$ | 0.11 | | |
$ | 0.18 | |
The aggregate
intrinsic value of outstanding options as of July 31, 2015 was approximately $158,000. This represents options whose exercise
price was less than the closing fair market value of the Companys common stock on July 31, 2015 of approximately $0.12
per share.
Warrants
(As Restated)
The Company
issued certain cashless warrants in connection with its entry into the Consultant Agreement during the year ended April 30, 2015.
The Company accounted for the cashless warrants as a derivative liability, as disclosed in the Original Filing. However, upon
further analysis, the Company determined that the cashless warrants should have been accounted for as equity in accordance with
U.S. GAAP. Additionally, the Company determined that the Consultant Agreement, issuance of shares of common stock to the consultant
pursuant to the Consultant Agreement and the issuance of certain cash warrants and the cashless warrants to the consultant should
have been recorded as a prepaid asset and amortized over the term of the Consultant Agreement in accordance with U.S. GAAP in
the Original Filing.
The warrants
issued by the Company are classified as equity. The fair value of the warrants was recorded as additional-paid-in-capital, and
no further adjustments were made.
For
stock warrants paid in consideration of services rendered by non-employees, the Company recognizes consulting
expense in accordance with the requirements of ASC 505-50 and ASC 505, as amended.
A summary of
the Companys warrant activity and related information for the periods ended July 31, 2015 are shown below:
| | |
Warrants | | |
Weighted Average Price | | |
Weighted Average Fair
Value | |
Outstanding,
April 30, 2015 | | |
| 72,969,908 | | |
$ | 0.17 | | |
$ | 0.08 | |
Issued | | |
| | | |
| | | |
| | |
Exercised | | |
| | | |
| | | |
| | |
Outstanding,
July 31, 2015 | | |
| 72,969,908 | | |
| 0.17 | | |
| 0.08 | |
Exercisable,
July 31, 2015 | | |
| 72,969,908 | | |
$ | 0.17 | | |
$ | 0.08 | |
| | | |
| | | |
| | | |
| | |
There were no
cashless exercises of warrants as of July 31, 2015 and 2014.
The following table summarizes additional
information concerning warrants outstanding and exercisable at July 31, 2015:
Range
of Exercise Prices | |
Number
of Warrant Shares Exercisable at 07/31/2015 | | |
Weighted
Average Remaining Contractual Life | | |
Exercisable
Weighted Average Exercise Price | |
$0.075, $0.11, $0.12, $0.18 and $0.25 | |
| 72,969,908 | | |
| 2.61 | | |
$ | 0.17 | |
| |
| | | |
| | | |
| | |
Five Year Term - $0.08 | |
| 1,056,000 | | |
| 2.20 | | |
| | |
Five Year Term - $0.12 | |
| 18,347,508 | | |
| 2.50 | | |
| | |
Five Year Term - 0.18 | |
| 19,811,200 | | |
| 2.42 | | |
| | |
Five Year Term - $0.25 | |
| 18,755,200 | | |
| 2.43 | | |
| | |
Five Year Term - $0.11 | |
| 10,000,000 | | |
| 4.65 | | |
| | |
Nine Month Term - 0.11 | |
| 5,000,000 | | |
| 0.42 | | |
| | |
| |
| 72,969,908 | | |
| | | |
| | |
|
X |
- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14
+ Details
Name: |
us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
7. LEGAL PROCEEDINGS
|
3 Months Ended |
Jul. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
LEGAL PROCEEDINGS |
The Company is
not currently a party to any pending legal proceedings, material or otherwise. There are no legal proceedings to which any property
of the Company is subject. However, in the past the Company has been the subject of litigation, claims and assessments arising
out of matters occurring in its normal business operations. In the opinion of management, none of these had a material adverse
effect on the Companys unaudited consolidated financial position, operations and cash flows presented in this Report.
|
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies.
+ References
+ Details
Name: |
us-gaap_LegalMattersAndContingenciesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
8. RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Jul. 31, 2015 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
The Company had the following related
party transactions:
The Company owns
14.5% of the equity in SG Austria. This equity interest is reported on the cost method of accounting. SG Austria has two subsidiaries:
(i) Austrianova; and (ii) Austrianova Thailand Ltd. For the three months ending July 31, 2015 and 2014, the Company has purchased
products from these subsidiaries in the approximate amount of $48,000 and $0, respectively.
Effective
April 1, 2014, the Company entered into a consulting agreement with Vin-de-Bona Trading Company Pte Ltd (Vin-de-Bona)
to provide professional consulting services to the Company. Vin-de-Bona is owned by Prof. Dr. Walter H. Günzburg and Dr.
Brian Salmons, who are each an officer of SG Austria. The term of the agreement is for 12 months, which is automatically renewed
for successive 12 month terms. After the initial term, either party has the right to terminate the consulting agreement by giving
the other party 30 days written notice before the effective date of termination. For the three months ending July 31, 2015 and
2014, the amount the Company paid Vin-de-Bona for consulting services was approximately $8,000 and $3,000, respectively.
Under the Cannabis
Licensing Agreement, the Company is required to pay Austrianova an Upfront Payment of $2,000,000. The Company has
the right to make periodic monthly partial payments of the Upfront Payment in amounts to be agreed upon between the parties prior
to each such payment being made. The Cannabis Licensing Agreement requires that the Upfront Payment be paid in full by December
31, 2015. As of July 31, 2015, the Company has paid Austrianova $1,300,000 of the Upfront Payment.
With the exception
of Thomas Liquard, the Board has determined that none of the Companys directors satisfies the definition of an Independent
Director as established in the NASDAQ Marketplace Rules. Mr. Liquard has been determined by the Board to be an Independent
Director.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph b -Article 3A
+ Details
Name: |
us-gaap_RelatedPartyTransactionsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
9. COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Jul. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
The Company acquires
assets still in development and enters into research and development arrangements with third parties that often require milestone
and royalty payments to the third party contingent upon the occurrence of certain future events linked to the success of the asset
in development. Milestone payments may be required, contingent upon the successful achievement of an important point in the development
life-cycle of the pharmaceutical product, such as approval of the product for marketing by a regulatory agency. If required by
its license agreements, the Company may have to make royalty payments based upon a percentage of the sales of its products in
the event that regulatory approval for marketing is obtained.
Office Lease
The Company currently
leases office space at 12510 Prosperity Drive, Suite 310, Silver Spring, Maryland 20904. The lease is due to expire on July 31,
2016. Rent expense for the periods ended July 31, 2015 and 2014 were $12,498 and $12,135, respectively.
Period ending, July 31, |
|
Amount |
|
2016 |
|
$ |
51,492 |
|
|
|
$ |
51,492 |
|
Licensing Agreements
Diabetes Licensing Agreement
The Diabetes
Licensing Agreement requires the Company to pay a fee for producing the final encapsulated cell product of $633.14 per vial of
300 capsules after production with a minimum purchased batch size of 400 vials of any Cell-in-a-Box® product.
The Diabetes
Licensing Agreement requires the Company to make future royalty and milestone payments as follows: (i) a 10% royalty payment of
the gross sale of all products the Company sells; (ii) a 20% royalty payment of the amount received by the Company from a sub-licensee
on the gross sales by the sub-licensee; (iii) milestone payments of $100,000 within 30 days of beginning the first pre-clinical
study using the encapsulated cells; (iv) $500,000 within 30 days after enrollment of the first human patient in the first clinical
trial; (v) $800,000 within 30 days after enrollment of the first human patient in the first Phase 3 clinical trial; and (vi) $1,000,000
within 60 days after having a NDA or a BLA approved by the FDA or a MAA approved in Europe or its equivalent based on the country
in which it is accepted for each product.
Melligen
Cell License Agreement
The Melligen
Cell License Agreement does not require an upfront payment to UTS. The Company is required to pay UTS a patent
administration fee of 15% on all amounts paid by UTS to prosecute and maintain patents related to the Melligen cells.
The Melligen
Cell License Agreement requires that the Company pay royalty payments to UTS of (i) 6% gross revenue on product sales; and (ii)
25% of gross revenues if the product is sub-licensed by the Company. In addition, the Company is required to pay milestone payments
of: (iii) AU$ 50,000 at the successful conclusion of a preclinical study; (iv) AU$ 100,000 at the successful conclusion of a Phase
1 clinical trial; (v) AU$ 450,000 at the successful conclusion of a Phase 2 clinical trial; and (vi) AU$ 3,000,000 at the successful
conclusion of a Phase 3 clinical trial.
Cannabis
Licensing Agreement
Under the Cannabis
Licensing Agreement, the Company is required to pay Austrianova an upfront payment of $2,000,000. The Company has the right to
make periodic monthly partial payments of the upfront payment in amounts to be agreed upon between the parties prior to each such
payment being made. Pursuant to an amendment to the Cannabis Licensing Agreement, the upfront payment must be paid in full by
December 31, 2015. As of the July 31, 2015, the Company has paid Austrianova $1,300,000 of the Upfront Payment.
The Cannabis
Licensing Agreement requires the Company to pay Austrianova, pursuant to a manufacturing agreement between the parties, a one-time
manufacturing setup fee in the amount of $800,000, of which 50% is required to be paid on the signing of a manufacturing agreement
for a product and 50% is required to be paid three months later. In addition, the Cannabis Licensing Agreement requires the Company
to pay a fee for producing the final encapsulated cell product of $800 per vial of 300 capsules after production with a minimum
purchased batch size of 400 vials of any Cell-in-a-Box® product.
The Cannabis
Licensing Agreement requires the Company to make future royalty and milestone payments as follows: (i) a 10% royalty payment of
the gross sales of all products sold by the Company; (ii) 20% royalty payment of the amount received by the Company from a sub-licensees
on a sub-licensees gross sales of the sublicensed products; (iii) a milestone payment of $100,000 within 30 days of beginning
the first pre-clinical study using the encapsulated cells; (iv) a milestone payment of $500,000 within 30 days after enrollment
of the first human patient in the first clinical trial; (v) a milestone payment of $800,000 within 30 days after enrollment of
the first human patient in the first Phase 3 clinical trial; and (vi) a milestone payment of $1,000,000 due 90 days after having
a NDA or a BLA approved by the FDA or a MAA approved in Europe or its equivalent based on the country in which it is accepted
for each product.
|
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for commitments and contingencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=51674963&loc=d3e12565-110249
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
10. INCOME TAXES
|
3 Months Ended |
Jul. 31, 2015 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
The Company had
no income tax expense for the three months ended July 31, 2015 and 2014. During the three months ended July 31, 2015 and 2014,
the Company had net operating loss (NOLs) which generated deferred tax assets for NOL carryforwards. The Company
provided valuation allowances against the net deferred tax assets including the deferred tax assets for NOL carryforwards. Valuation
allowances provided for the net deferred tax asset increased by approximately $300,000 and $420,000 for the three months ended
July 31, 2015 and 2014.
There was no
material difference between the effective tax rate and the projected blended statutory tax rate for the quarters ended July 31,
2015 and 2014.
In assessing
the realization of deferred tax assets, management considered whether it is more likely than not that some portion or all of the
deferred asset will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future
taxable income during the periods in which those temporary differences become deductible. Based on the available objective evidence,
including the history of operating losses and the uncertainty of generating future taxable income, management believes it is more
likely than not that the net deferred tax assets at July 31, 2015 will not be fully realizable. Accordingly, management has maintained
a valuation allowance against the net deferred tax asset at July 31, 2015.
There have been
no changes to the Companys liability for unrecognized tax benefits during the period ended July 31, 2015.
The Companys
policy is to recognize any interest and penalties related to unrecognized tax benefits as a component of income tax expense. As
of the periods ended July 31, 2015 and 2014, the Company had accrued no interest or penalties related to uncertain tax positions.
See Note 13 of
Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended April 30, 2015 for additional
information regarding income taxes.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
+ Details
Name: |
us-gaap_IncomeTaxDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
11. SUBSEQUENT EVENTS
|
3 Months Ended |
Jul. 31, 2015 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
From August
1, 2015 to August 24, 2015, the Company issued 817,800 shares of common stock under the S-3 Registration Statement. The issuance
of the shares provided the Company approximately $80,000.
On August
6, 2015, the Company made a partial payment of $100,000 of the Upfront Payment to Austrianova under the Cannabis Licensing Agreement,
as amended.
|
X |
- References
+ Details
Name: |
us-gaap_SubsequentEventsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ References
+ Details
Name: |
us-gaap_SubsequentEventsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Jul. 31, 2015 |
Accounting Policies [Abstract] |
|
Principles of Consolidation and Basis of Presentation |
Principles of Consolidation
and Basis of Presentation
The unaudited
condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The unaudited
condensed consolidated financial statements are prepared in accordance with U.S. GAAP and the rules and regulations of the Securities
and Exchange Commission (Commission). Intercompany balances and transactions are eliminated. In the opinion of the
Companys management, the unaudited condensed consolidated financial statements reflect all adjustments, which are normal
and recurring in nature, necessary for fair financial statement presentation. The Companys 14.5 % investment in SG Austria
is presented on the cost method of accounting.
|
Use of Estimates |
Use of Estimates
The
preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that
affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of
the date the financial statements are published and the reported amounts of revenues and expenses during the reporting
period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Companys
condensed consolidated financial statements; accordingly, it is possible that the actual results could differ from these
estimates and assumptions, which could have a material effect on the reported amounts of the Companys condensed
consolidated financial position and results of operations.
|
Goodwill and Intangible Assets |
Goodwill and Intangible Assets
The Company records
the excess of purchase price over the fair value of the identifiable net assets acquired as goodwill and other indefinite-lived
intangibles. The Financial Accounting Standards Board ("FASB") standard on goodwill and other intangible assets prescribes
a two-step process for impairment testing of goodwill and indefinite-lived intangibles, which is performed annually, as well as
when an event triggering impairment may have occurred. The first step tests for impairment, while the second step, if necessary,
measures the impairment. The Company has elected to perform its annual analysis at the end of its fiscal year.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
The Company evaluates
long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may
not be recoverable. If the estimated future cash flows (undiscounted and without interest charges) from the use of an asset are
less than carrying value, a write-down would be recorded to reduce the related asset to its estimated fair value. No impairment
was identified or recorded during the period ended July 31, 2015.
|
Earnings per Share |
Earnings per
Share
Basic earnings
(loss) per share are computed by dividing earnings available to common stockholders by the weighted average number of outstanding
common shares during the period. Diluted earnings per share is computed by dividing net income by the weighted average number
of shares outstanding during the period increased to include the number of additional shares of common stock that would have been
outstanding if the potentially dilutive securities had been issued. For the period ended July 31, 2015 and 2014, the Company incurred
net losses; therefore, the effect of any common stock equivalent would be anti-dilutive during these periods.
|
Fair value of Financial Instruments |
Fair Value
of Financial Instruments
For certain of
the Companys non-derivative financial instruments, including cash, accounts payable and accrued expenses, the carrying
amount approximates fair value due to the short-term maturities of these instruments.
Accounting Standards
Codification (ASC) Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the
fair value of financial instruments held by the Company. ASC Topic 825, Financial Instruments, defines fair value
and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements
for fair value measures. The carrying amounts reported in the condensed consolidated balance sheets for receivables and current
liabilities each qualify as financial instruments and are a reasonable estimate of their fair values. This is because of the short
period of time between the origination of such instruments, their expected realization and their current market rate of interest.
The three levels of valuation hierarchy are defined as follows:
|
· |
Level 1. Observable inputs such as quoted
prices in active markets; |
|
· |
Level 2. Inputs, other than the quoted prices
in active markets, that are observable either directly or indirectly; and |
|
· |
Level 3. Unobservable inputs in which there
is little or no market data, which require the reporting entity to develop its own assumptions. |
The Company adopted
ASC subtopic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), and Accounting Standards Codification
subtopic 825-10, Financial Instruments ("ASC 825-10"). These permit entities to choose to measure numerous financial
instruments and certain other items at their fair value. Neither ASC 820-10 nor ASC 825-10 had an impact on the Company's financial
position, results of operations or cash flows. The carrying value of cash, accounts payable and accrued expenses, as reflected
in the condensed consolidated balance sheets, approximate fair value because of the short-term maturity of these instruments.
|
Derivative Instruments |
Derivative Instruments
The Company issued
cashless warrants that are accounted for as a derivative instruments. This prevents them from being considered indexed to the
Companys common stock and qualify for an exception to derivative accounting.
The Company recognized
the derivative instruments as either assets or liabilities on the accompanying unaudited consolidated balance sheets at fair value.
The Company records changes in the fair value (gains or losses) of the derivatives in the accompanying unaudited consolidated
statements of operations.
|
Revenue Recognition |
Revenue Recognition
Sales of products
and related costs of products sold are recognized when: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred;
(iii) the price is fixed or determinable; and (iv) collectability is reasonably assured. These terms are typically met upon the
prepayment or invoicing and shipment of products.
|
Income Taxes |
Income Taxes
Deferred taxes
are calculated using the liability method whereby deferred tax assets are recognized for deductible temporary differences and
operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary
differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax
assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or
all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes
in tax laws and rates on the date of enactment.
A valuation allowance
is provided for deferred income tax assets when, in managements judgment, based upon currently available information and
other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The determination
of the need for a valuation allowance is based on an on-going evaluation of current information including, among other things,
historical operating results, estimates of future earnings in different taxing jurisdictions and the expected timing of the reversals
of temporary differences. The Company believes the determination to record a valuation allowance to reduce a deferred income tax
asset is a significant accounting estimate because it is based, among other things, on an estimate of future taxable income in
the United States and certain other jurisdictions. This is because it is susceptible to change, may or may not occur and the impact
of adjusting a valuation allowance may be material. In determining when to release the valuation allowance established against
the Companys net deferred income tax assets, the Company considers all available evidence, both positive and negative.
Consistent with the Companys policy, and because of the Companys history of operating losses, the Company does not
currently recognize the benefit of all of its deferred tax assets, including tax loss carry forwards, that may be used to offset
future taxable income. The Company continually assesses its ability to generate sufficient taxable income during future periods
in which deferred tax assets may be realized. If and when the Company believes it is more likely than not that it will recover
its deferred tax assets, the Company will reverse the valuation allowance as an income tax benefit in the Companys statements
of operations.
The Company accounts
for its uncertain tax positions in accordance with U.S. GAAP. The purpose of this method is to clarify accounting for uncertain
tax positions recognized. The U.S. GAAP method of accounting for uncertain tax positions utilizes a two-step approach to evaluate
tax positions. Step one, recognition, requires evaluation of the tax position to determine if based solely on technical merits
it is more likely than not to be sustained upon examination. Step two, measurement, is addressed only if a position is more likely
than not to be sustained. In step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative
probability basis, which is more likely than not to be realized upon ultimate settlement with tax authorities. If a position does
not meet the more likely than not threshold for recognition in step one, no benefit is recorded until the first subsequent period
in which the more likely than not standard is met, the issue is resolved with the taxing authority or the statute of limitations
expires. Positions previously recognized are reversed when the Company subsequently determines the position no longer is more
likely than not to be sustained. Evaluation of tax positions, their technical merits and measurements using cumulative probability
are highly subjective management estimates. Actual results could differ materially from these estimates.
|
Research and Development |
Research and Development
Research and
development expenses consist of costs incurred for direct and overhead-related research expenses and are expensed as incurred.
Costs to acquire technologies, including licenses, that are utilized in research and development and that have no alternative
future use are expensed when incurred. Technology developed for use in the Companys product candidates is expensed as incurred
until technological feasibility has been established.
|
Stock-Based Compensation |
Stock-Based Compensation
The Companys
stock-based employee compensation awards are described in Note 6. The Company has adopted the provisions of ASC 718, which requires
the fair value measurement and recognition of compensation expense for all stock-based awards made to directors, executives and
employees.
|
Concentration of Credit Risk |
Concentration of Credit Risk
The Company has
no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other
foreign hedging arrangements. The Company maintains most of its cash balance at a financial institution located in California.
Accounts at this institution are insured by the Federal Deposit Insurance Corporation up to $250,000. Uninsured balances aggregated
approximately $2,660,000 at July 31, 2015. The Company has not experienced any losses in such accounts, and management believes
it is not exposed to any significant credit risk on cash.
|
Foreign Currency Translation |
Foreign Currency
Translation
The Company translates
the financial statements of its foreign subsidiary from the local (functional) currencies to US dollars in accordance with FASB
ASC 830, Foreign Currency Matters. All assets and liabilities of the Companys foreign subsidiaries are translated
at year-end exchange rates, while revenue and expenses are translated at average exchange rates prevailing during the year. Adjustments
for foreign currency translation fluctuations are excluded from net income and are included in other comprehensive loss. Gains
and losses on short-term intercompany foreign currency transactions are recognized as incurred.
|
Reclassifications |
Reclassification
Certain prior
year balances have been reclassified to conform to the presentation in this Report, with no changes in net loss for prior periods
presented.
|
Recent accounting pronouncements |
Recent Accounting
Pronouncements
We
have reviewed all of the recent accounting pronouncements and have determined that they have not or will not have a material impact
on the Companys consolidated financial statements, or simply do not apply to the Companys operations.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for credit risk.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 55 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6875567&loc=d3e14489-108613
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 825 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=51676700&loc=d3e61082-112788
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 825 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28088331&loc=SL29635902-196195
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13531-108611
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 825 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51676700&loc=d3e61044-112788
+ Details
Name: |
us-gaap_ConcentrationRiskCreditRisk |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.3A-02) -URI http://asc.fasb.org/extlink&oid=27015204&loc=d3e355033-122828
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph k -Article 1
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02, 03 -Article 3A
+ Details
Name: |
us-gaap_ConsolidationPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for its derivative instruments and hedging activities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41675-113959
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959
+ Details
Name: |
us-gaap_DerivativesPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
+ Details
Name: |
us-gaap_EarningsPerSharePolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for determining the fair value of financial instruments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13279-108611
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 60 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7493716&loc=d3e21868-110260
+ Details
Name: |
us-gaap_FairValueOfFinancialInstrumentsPolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6450222&loc=d3e30840-110895
+ Details
Name: |
us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
+ Details
Name: |
us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 05 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51717228&loc=d3e202-110218
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section CC -Subsection 3
+ Details
Name: |
us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32840-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 05 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6423966&loc=d3e40913-109327
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 740 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32809-109319
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e32247-109318
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e32280-109318
+ Details
Name: |
us-gaap_IncomeTaxPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
+ References
+ Details
Name: |
us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for reclassifications that affects the comparability of the financial statements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755
+ Details
Name: |
us-gaap_PriorPeriodReclassificationAdjustmentDescription |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 730 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Research and Development -URI http://asc.fasb.org/extlink&oid=6523717
+ Details
Name: |
us-gaap_ResearchAndDevelopmentExpensePolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18823-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18726-107790
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 13.B.Q1) -URI http://asc.fasb.org/extlink&oid=27012821&loc=d3e214044-122780
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section B -Paragraph Question 1
+ Details
Name: |
us-gaap_RevenueRecognitionPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b),(f) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6061-108592
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6143-108592
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6132-108592
+ Details
Name: |
us-gaap_UseOfEstimates |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
1A. RESTATEMENT OF PREVIOUSLY REPORTED INFORMATION (Tables)
|
3 Months Ended |
Jul. 31, 2015 |
Restatement of Prior Year Income [Abstract] |
|
Restated financial information |
| |
July 31, 2015 | |
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Selected Consolidated Balance Sheet Accounts | |
| | | |
| | | |
| | |
Prepaid expenses and other current
assets | |
$ | 103,011 | | |
$ | 842,451 | | |
$ | 945,462 | |
Total other assets | |
$ | 3,013,212 | | |
$ | 842,451 | | |
$ | 3,855,663 | |
Total assets | |
$ | 8,142,686 | | |
$ | 842,451 | | |
$ | 8,985,137 | |
Derivative liability | |
$ | 29,746 | | |
$ | (29,746 | ) | |
$ | | |
Total current liabilities | |
$ | 1,186,186 | | |
$ | (29,746 | ) | |
$ | 1,156,441 | |
Total liabilities | |
$ | 1,186,186 | | |
$ | (29,746 | ) | |
$ | 1,156,441 | |
Additional paid in capital | |
$ | 86,981,418 | | |
$ | 914,270 | | |
$ | 87,895,688 | |
Accumulated deficit | |
$ | (80,100,800 | ) | |
$ | (42,074 | ) | |
$ | (80,142,874 | ) |
Total stockholders' equity | |
$ | 6,956,500 | | |
$ | 872,196 | | |
$ | 7,828,696 | |
Total liabilities and stockholders' equity | |
$ | 8,142,686 | | |
| 842,451 | | |
$ | 8,985,137 | |
| |
Three Months Ended
July 31, 2015 | |
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Condensed Consolidated Statement of Operations | |
| | | |
| | | |
| | |
Total revenue | |
$ | | | |
$ | | | |
$ | | |
Cost of revenue | |
| | | |
| | | |
| | |
Gross margin | |
| | | |
| | | |
| | |
Research and development costs | |
| 155,678 | | |
| | | |
| 155,678 | |
Compensation expense | |
| 447,570 | | |
| | | |
| 447,570 | |
Director fee | |
| 18,000 | | |
| | | |
| 18,000 | |
Legal and professional | |
| 125,075 | | |
| | | |
| 125,075 | |
General and administrative | |
| 261,417 | | |
| 506,571 | | |
| 767,988 | |
Loss from operations | |
| (1,007,740 | ) | |
| (506,571 | ) | |
| (1,514,311 | ) |
Unrealized gain on change in derivative | |
| 462,303 | | |
| (462,303 | ) | |
| | |
Other expenses | |
| (95 | ) | |
| | | |
| (95 | ) |
Interest expense, net | |
| (632 | ) | |
| | | |
| (632 | ) |
Total other income (expense),
net | |
| 461,576 | | |
| (462,303 | ) | |
| (727 | ) |
Net loss | |
$ | (546,164 | ) | |
$ | (968,874 | ) | |
$ | (1,515,038 | ) |
| |
| | | |
| | | |
| | |
Basic and diluted loss per share | |
$ | 0.00 | | |
$ | | | |
$ | 0.00 | |
| |
Three Months Ended
July 31, 2015 | |
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Condensed Consolidated Statement of Comprehensive
Loss | |
| | | |
| | | |
| | |
Net loss | |
$ | (546,164 | ) | |
$ | (968,874 | ) | |
$ | (1,515,038 | ) |
Foreign currency translation
adjustment | |
| (1,621 | ) | |
| | | |
| (1,621 | ) |
Comprehensive loss | |
$ | (547,785 | ) | |
$ | (968,874 | ) | |
$ | (1,516,659 | ) |
| |
Three Months Ended
July 31, 2015 | |
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Consolidated Statement of Cash Flows | |
| |
| |
|
Operating activities | |
| | | |
| | | |
| | |
Net loss | |
$ | (546,164 | ) | |
$ | (968,874 | ) | |
$ | (1,515,038 | ) |
Stock issued for services | |
| | | |
| 166,608 | | |
| 166,608 | |
Stock issued for compensation | |
| 147,360 | | |
| | | |
| 147,360 | |
Stock based compensation - options | |
| 145,269 | | |
| | | |
| 145,269 | |
Stock based compensation - warrants | |
| | | |
| 339,963 | | |
| 339,963 | |
Gain on derivative liability | |
| (462,303 | ) | |
| 462,303 | | |
| | |
Decrease in prepaid expenses and current assets | |
| 16,246 | | |
| | | |
| 16,246 | |
Decrease in accounts payable | |
| (83,582 | ) | |
| | | |
| (83,582 | ) |
Increase in accrued expenses | |
| 19,657 | | |
| | | |
| 19,657 | |
Decrease in license agreement
obligation | |
| (300,000 | ) | |
| | | |
| (300,000 | ) |
Net cash used in operating
activities | |
| (1,063,517 | ) | |
| | | |
| (1,063,517 | ) |
| |
| | | |
| | | |
| | |
Investing activities | |
| | | |
| | | |
| | |
Net cash from investing
activities | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Financing activities | |
| | | |
| | | |
| | |
Proceeds from sale of common
stock | |
| 1,273,822 | | |
| | | |
| 1,273,822 | |
Net cash provided by financing
activities | |
| 1,273,822 | | |
| | | |
| 1,273,822 | |
| |
| | | |
| | | |
| | |
Effect of currency rate exchange on cash | |
| 159 | | |
| | | |
| 159 | |
| |
| | | |
| | | |
| | |
Net decrease in cash | |
| 210,464 | | |
| | | |
| 210,464 | |
Cash at beginning of year | |
| 2,699,737 | | |
| | | |
| 2,699,737 | |
Cash at end of year | |
$ | 2,910,201 | | |
$ | | | |
$ | 2,910,201 | |
| |
| | | |
| | | |
| | |
|
X |
- References
+ Details
Name: |
us-gaap_RestatementOfPriorYearIncomeAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the nature and effects of a restatement to correct an error in the reported results of operations of prior periods. When prior period adjustments are recorded, the resulting effects (both gross and net of applicable income tax) on the net income of prior periods are disclosed in the annual report for the year in which the adjustments are made, and amended filings of previously issued reports are typically issued.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22644-107794
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22658-107794
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22663-107794
+ Details
Name: |
us-gaap_RestatementToPriorYearIncomeTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
6. STOCK OPTIONS AND WARRANTS (Tables)
|
3 Months Ended |
Jul. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Assumptions |
| |
July 31, | |
| |
2015 | | |
2014 | |
Risk-free interest rate | |
| 2.0% | | |
| | |
Expected volatility | |
| 145% | | |
| | |
Expected lives (years) | |
| 2.2 | | |
| | |
Expected dividend yield | |
| 0.00% | | |
| | |
|
Unvested employee stock option activity |
| | |
Options Outstanding | | |
Weighted Average Grant
Date Fair Value per Share | |
Nonvested, April 30, 2015 | | |
| 6,600,000 | | |
$ | 0.10 | |
Granted | | |
| | | |
| | |
Vested | | |
| 1,800,000 | | |
| 0.10 | |
Forfeited | | |
| | | |
| | |
Nonvested, July 31, 2015 | | |
| 4,800,000 | | |
$ | 0.10 | |
| | | |
| | | |
| | |
|
Range of outstanding stock options |
| |
Exercise Prices | |
Range of Exercise Price | |
$ | 0.19 | | |
$ | 0.11 | | |
$ | 0.18 | |
Number of Options | |
| 25,000,000 | | |
| 27,200,000 | | |
| 250,000 | |
Weighted Average Remaining Contractual Life (years) | |
| 4.17 | | |
| 4.42 | | |
| 4.72 | |
Weighted Average Stock Price | |
$ | 0.19 | | |
$ | 0.11 | | |
$ | 0.18 | |
Number of Options Exercisable | |
| 25,000,000 | | |
| 27,200,000 | | |
| 250,000 | |
Weighted Average Contractual Life (years) | |
| 5 | | |
| 5 | | |
| 5 | |
Weighted Average Exercise Price | |
$ | 0.19 | | |
$ | 0.11 | | |
$ | 0.18 | |
|
Warrant activity |
| | |
Warrants | | |
Weighted Average Price | | |
Weighted Average Fair
Value | |
Outstanding, April 30, 2015 | | |
| 72,969,908 | | |
$ | 0.17 | | |
$ | 0.08 | |
Issued | | |
| | | |
| | | |
| | |
Exercised | | |
| | | |
| | | |
| | |
Outstanding, July 31, 2015 | | |
| 72,969,908 | | |
| 0.17 | | |
| 0.08 | |
Exercisable, July 31, 2015 | | |
| 72,969,908 | | |
$ | 0.17 | | |
$ | 0.08 | |
| | | |
| | | |
| | | |
| | |
|
Schedule of warrants outstanding by exercise range |
Range
of Exercise Prices | |
Number
of Warrant Shares Exercisable at 07/31/2015 | | |
Weighted
Average Remaining Contractual Life | | |
Exercisable
Weighted Average Exercise Price | |
$0.075, $0.11, $0.12, $0.18 and $0.25 | |
| 72,969,908 | | |
| 2.61 | | |
$ | 0.17 | |
| |
| | | |
| | | |
| | |
Five Year Term
- $0.08 | |
| 1,056,000 | | |
| 2.20 | | |
| | |
Five Year Term - $0.12 | |
| 18,347,508 | | |
| 2.50 | | |
| | |
Five Year Term - $0.18 | |
| 19,811,200 | | |
| 2.42 | | |
| | |
Five Year Term - $0.25 | |
| 18,755,200 | | |
| 2.43 | | |
| | |
Five Year Term - $0.11 | |
| 10,000,000 | | |
| 4.65 | | |
| | |
Nine Month Term - $0.11 | |
| 5,000,000 | | |
| 0.42 | | |
| | |
| |
| 72,969,908 | | |
| | | |
| | |
|
X |
- DefinitionTabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901
+ Details
Name: |
us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the changes in other outstanding share-based compensation awards other than stock options or nonvested awards.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ScheduleOfOtherShareBasedCompensationActivityTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 28 -Article 5
+ Details
Name: |
us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717
+ Details
Name: |
us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
1A. RESTATEMENT OF PREVIOUSLY REPORTED INFORMATION (Details - Balance Sheet) - USD ($)
|
Jul. 31, 2015 |
Apr. 30, 2015 |
Prepaid expenses and other current assets |
$ 945,462
|
$ 1,468,281
|
Total current assets |
3,855,663
|
4,168,018
|
Total assets |
8,985,137
|
9,297,492
|
Total current liabilities |
1,156,441
|
1,520,366
|
Total liabilities |
1,156,441
|
1,520,366
|
Additional paid in capital |
87,895,688
|
86,330,224
|
Accumulated deficit |
(80,142,874)
|
(78,627,833)
|
Total stockholders' equity |
7,828,696
|
7,777,126
|
Total liabilities and stockholders' equity |
8,985,137
|
$ 9,297,492
|
Scenario, Previously Reported [Member] |
|
|
Prepaid expenses and other current assets |
103,011
|
|
Total current assets |
3,013,212
|
|
Total assets |
8,142,686
|
|
Derivative liability |
29,746
|
|
Total current liabilities |
1,186,186
|
|
Total liabilities |
1,186,186
|
|
Additional paid in capital |
86,981,418
|
|
Accumulated deficit |
(80,100,800)
|
|
Total stockholders' equity |
6,956,500
|
|
Total liabilities and stockholders' equity |
8,142,686
|
|
Scenario, Adjustment [Member] |
|
|
Prepaid expenses and other current assets |
842,451
|
|
Total current assets |
842,451
|
|
Total assets |
842,451
|
|
Derivative liability |
(29,746)
|
|
Total current liabilities |
(29,746)
|
|
Total liabilities |
(29,746)
|
|
Additional paid in capital |
914,270
|
|
Accumulated deficit |
(42,074)
|
|
Total stockholders' equity |
872,196
|
|
Total liabilities and stockholders' equity |
$ 842,451
|
|
X |
- DefinitionExcess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.30(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5
+ Details
Name: |
us-gaap_AdditionalPaidInCapital |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.18) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.9) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6801-107765
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
+ Details
Name: |
us-gaap_AssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Current Liabilities -URI http://asc.fasb.org/extlink&oid=6509677
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41228-113958
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41271-113958
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13495-108611
+ Details
Name: |
us-gaap_DerivativeLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.32) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 25 -Article 7
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.21) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_LiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 8 -Article 5
+ Details
Name: |
us-gaap_PrepaidExpenseAndOtherAssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe cumulative amount of the reporting entity's undistributed earnings or deficit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31(a)(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_StatementScenarioAxis=us-gaap_ScenarioPreviouslyReportedMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementScenarioAxis=us-gaap_ScenarioAdjustmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
1A. RESTATEMENT OF PREVIOUSLY REPORTED INFORMATION (Details - Statement of Operations/Comprehensive loss) - USD ($)
|
3 Months Ended |
Jul. 31, 2015 |
Jul. 31, 2014 |
Consolidated Statement of Operations |
|
|
Total revenue |
$ 0
|
$ 0
|
Cost of revenue |
0
|
0
|
Gross margin |
0
|
0
|
Research and development costs |
155,678
|
0
|
Compensation expense |
447,570
|
253,418
|
Director fee |
18,000
|
0
|
Legal and professional |
125,075
|
260,864
|
General and administrative |
767,988
|
838,378
|
Loss from operations |
(1,514,311)
|
(1,583,160)
|
Other expenses |
(95)
|
988
|
Interest expense, net |
(632)
|
(2,652)
|
Total other income (expense), net |
(727)
|
(1,664)
|
Net loss |
$ (1,515,038)
|
$ (1,584,824)
|
Basic and diluted loss per share |
$ 0.00
|
$ (0.00)
|
Consolidated Statement of Comprehensive Loss |
|
|
Net loss |
$ (1,515,038)
|
$ (1,584,824)
|
Foreign currency translation adjustment |
(1,621)
|
0
|
Comprehensive loss |
(1,516,659)
|
$ (1,584,824)
|
Scenario, Previously Reported [Member] |
|
|
Consolidated Statement of Operations |
|
|
Total revenue |
0
|
|
Cost of revenue |
0
|
|
Gross margin |
0
|
|
Research and development costs |
155,678
|
|
Compensation expense |
447,570
|
|
Director fee |
18,000
|
|
Legal and professional |
125,075
|
|
General and administrative |
261,417
|
|
Loss from operations |
(1,007,740)
|
|
Unrealized loss on change in derivative |
462,303
|
|
Other expenses |
(95)
|
|
Interest expense, net |
(632)
|
|
Total other income (expense), net |
461,576
|
|
Net loss |
$ (546,164)
|
|
Basic and diluted loss per share |
$ 0.00
|
|
Consolidated Statement of Comprehensive Loss |
|
|
Net loss |
$ (546,164)
|
|
Foreign currency translation adjustment |
(1,621)
|
|
Comprehensive loss |
(547,785)
|
|
Scenario, Adjustment [Member] |
|
|
Consolidated Statement of Operations |
|
|
Total revenue |
0
|
|
Cost of revenue |
0
|
|
Gross margin |
0
|
|
Research and development costs |
0
|
|
Compensation expense |
0
|
|
Director fee |
0
|
|
Legal and professional |
0
|
|
General and administrative |
506,571
|
|
Loss from operations |
(506,571)
|
|
Unrealized loss on change in derivative |
(462,303)
|
|
Other expenses |
0
|
|
Interest expense, net |
0
|
|
Total other income (expense), net |
(462,303)
|
|
Net loss |
$ (968,874)
|
|
Basic and diluted loss per share |
$ 0.00
|
|
Consolidated Statement of Comprehensive Loss |
|
|
Net loss |
$ (968,874)
|
|
Foreign currency translation adjustment |
0
|
|
Comprehensive loss |
$ (968,874)
|
|
X |
- DefinitionConsolidated Statement of Comprehensive Loss
+ References
+ Details
Name: |
pmcb_ConsolidatedStatementOfComprehensiveLossAbstract |
Namespace Prefix: |
pmcb_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionConsolidated Statement of Operations
+ References
+ Details
Name: |
pmcb_ConsolidatedStatementOfOperationsAbstract |
Namespace Prefix: |
pmcb_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831223
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e557-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_CostOfRevenue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
+ Details
Name: |
us-gaap_EarningsPerShareBasicAndDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.4) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_GeneralAndAdministrativeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1,2) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_GrossProfit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.9) -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
+ Details
Name: |
us-gaap_InterestExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionNoninterest expense related to directors' fees which are fees paid by an Entity to its directors. Directors' fees may be paid in addition to salary and other benefits.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.14) -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
+ Details
Name: |
us-gaap_NoninterestExpenseDirectorsFees |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
+ References
+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount before tax, after reclassification adjustments of gain (loss) on foreign currency translation adjustments, on foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569643-111683
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_OtherNonoperatingIncome |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_OtherNonoperatingIncomeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionA fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07.2(a),(b),(c),(d)) -URI http://asc.fasb.org/extlink&oid=6488393&loc=d3e606610-122999
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 225 -Section 45 -Paragraph 3 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=6488370&loc=d3e13550-115849
+ Details
Name: |
us-gaap_ProfessionalFees |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 730 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 985 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6501960&loc=d3e128462-111756
+ Details
Name: |
us-gaap_ResearchAndDevelopmentExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_UnrealizedGainLossOnDerivatives |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementScenarioAxis=us-gaap_ScenarioPreviouslyReportedMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementScenarioAxis=us-gaap_ScenarioAdjustmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
1A. RESTATEMENT OF PREVIOUSLY REPORTED INFORMATION (Details - Statement of Cash Flows) - USD ($)
|
3 Months Ended |
Jul. 31, 2015 |
Jul. 31, 2014 |
Operating activities |
|
|
Net loss |
$ (1,515,038)
|
$ (1,584,824)
|
Stock issued for services |
166,608
|
297,500
|
Stock issued for compensation |
147,360
|
86,100
|
Stock based compensation - options |
145,269
|
0
|
Stock based compensation - warrants |
339,963
|
0
|
Decrease in prepaid expenses and current assets |
16,246
|
397,973
|
Increase in accounts payable |
(83,582)
|
16,326
|
Decrease in accrued expenses |
19,657
|
111
|
Increase in license agreement obligation |
(300,000)
|
0
|
Net cash used in operating activities |
(1,063,517)
|
(786,814)
|
Investing activities |
|
|
Net cash from investing activities |
0
|
0
|
Financing activities |
|
|
Proceeds from sale of common stock |
1,273,822
|
86,000
|
Net cash provided by financing activities |
1,273,822
|
67,283
|
Effect of currency rate exchange on cash |
159
|
0
|
Net decrease in cash |
210,464
|
(719,531)
|
Cash at beginning of the period |
2,699,737
|
3,616,470
|
Cash at end of the period |
2,910,201
|
$ 2,896,939
|
Scenario, Previously Reported [Member] |
|
|
Operating activities |
|
|
Net loss |
(546,164)
|
|
Stock issued for services |
0
|
|
Stock issued for compensation |
147,360
|
|
Stock based compensation - options |
145,269
|
|
Stock based compensation - warrants |
0
|
|
Gain on derivative liability |
(462,303)
|
|
Decrease in prepaid expenses and current assets |
16,246
|
|
Increase in accounts payable |
(83,582)
|
|
Decrease in accrued expenses |
19,657
|
|
Increase in license agreement obligation |
(300,000)
|
|
Net cash used in operating activities |
(1,063,517)
|
|
Investing activities |
|
|
Net cash from investing activities |
0
|
|
Financing activities |
|
|
Proceeds from sale of common stock |
1,273,822
|
|
Net cash provided by financing activities |
1,273,822
|
|
Effect of currency rate exchange on cash |
159
|
|
Net decrease in cash |
210,464
|
|
Cash at beginning of the period |
2,699,737
|
|
Cash at end of the period |
2,910,201
|
|
Scenario, Adjustment [Member] |
|
|
Operating activities |
|
|
Net loss |
(968,874)
|
|
Stock issued for services |
166,608
|
|
Stock based compensation - warrants |
339,963
|
|
Gain on derivative liability |
$ 462,303
|
|
X |
- DefinitionStock based compensation - options
+ References
+ Details
Name: |
pmcb_ShareBasedCompensationOptions |
Namespace Prefix: |
pmcb_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionStock based compensation - warrants
+ References
+ Details
Name: |
pmcb_StockBasedCompensationWarrants |
Namespace Prefix: |
pmcb_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_Cash |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of increase (decrease) in cash. Cash is the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Includes effect from exchange rate changes.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 230 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906
+ Details
Name: |
us-gaap_CashPeriodIncreaseDecrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe effect of exchange rate changes on cash balances in continuing operations held in foreign currencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 230 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906
+ Details
Name: |
us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccruedLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in other obligations due by the reporting entity that are payable within one year (or one business cycle), not otherwise defined in the taxonomy.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherAccountsPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInPrepaidExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionFair value of share-based compensation granted to nonemployees as payment for services rendered or acknowledged claims.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from the additional capital contribution to the entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
+ Details
Name: |
us-gaap_ProceedsFromIssuanceOfCommonStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_ShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_UnrealizedGainLossOnDerivatives |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementScenarioAxis=us-gaap_ScenarioPreviouslyReportedMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementScenarioAxis=us-gaap_ScenarioAdjustmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionAmount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824106&loc=d3e2420-110228
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_AssetImpairmentCharges |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of cash as of the balance sheet date that is not insured by the Federal Deposit Insurance Corporation.
+ References
+ Details
Name: |
us-gaap_CashUninsuredAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (a)(1) -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571
+ Details
Name: |
us-gaap_EquityMethodInvestmentOwnershipPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=pmcb_SGAustriaMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionThe aggregate expected value at the end of their useful life of a major finite-lived intangible asset class acquired during the period either individually or as part of a group of assets (in either an asset acquisition or business combination). A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a)(2) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275
+ Details
Name: |
us-gaap_AcquiredFiniteLivedIntangibleAssetResidualValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments.
+ References
+ Details
Name: |
us-gaap_ContractualObligation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
5. COMMON STOCK TRANSACTIONS (Details Narrative) - USD ($)
|
3 Months Ended |
Jul. 31, 2015 |
Jul. 31, 2014 |
Stock based compensation expense |
$ 147,360
|
$ 86,100
|
Stock issued new, shares |
9,900,000
|
|
Stock issued new, value |
$ 1,300,000
|
|
Common Stock [Member] | Officers |
|
|
Common stock vested |
900,000
|
|
Stock based compensation expense |
$ 110,610
|
|
Common Stock [Member] | Employee |
|
|
Common stock vested |
300,000
|
|
Stock based compensation expense |
$ 36,870
|
|
X |
- DefinitionThe aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_ShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2)(iii)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of new stock issued during the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30 -Article 5
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesNewIssues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEquity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodValueNewIssues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionThe estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2)(iii) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2)(ii) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe risk-free interest rate assumption that is used in valuing an option on its own shares.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2)(iv) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionExpected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 14.D.2) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2)(i) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section D -Subsection 2
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
X |
- DefinitionShare-based Compensation Arrangements by Share-based Payment Award, Options, Vested in Period, Weighted Average Exercise Price
+ References
+ Details
Name: |
pmcb_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsVestedInPeriodWeightedAverageExercisePrice |
Namespace Prefix: |
pmcb_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(3) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNet number of share options (or share units) granted during the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of options outstanding, including both vested and non-vested options.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i)-(ii) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
+ References
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated.
+ References
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average per share amount at which grantees can acquire shares of common stock by exercise of options.
+ References
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of options vested.
+ References
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_AwardTypeAxis=pmcb_UnvestedStockOptionsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
6. STOCK OPTIONS AND WARRANTS (Details - Options information)
|
12 Months Ended |
Apr. 30, 2015
$ / shares
shares
|
$0.19 |
|
Number of Options | shares |
25,000,000
|
Weighted Average Remaining Contractual LIfe (years) |
4 years 2 months 1 day
|
Weighted Average Stock Price | $ / shares |
$ 0.19
|
Numer of Options Exercisable | shares |
25,000,000
|
Weighted Average Contractual Life (years) |
5 years
|
Weighted Average Exercise Price | $ / shares |
$ 0.19
|
$0.11 |
|
Number of Options | shares |
27,200,000
|
Weighted Average Remaining Contractual LIfe (years) |
4 years 5 months 1 day
|
Weighted Average Stock Price | $ / shares |
$ .11
|
Numer of Options Exercisable | shares |
27,200,000
|
Weighted Average Contractual Life (years) |
5 years
|
Weighted Average Exercise Price | $ / shares |
$ .11
|
$0.18 |
|
Number of Options | shares |
250,000
|
Weighted Average Remaining Contractual LIfe (years) |
4 years 8 months 19 days
|
Weighted Average Stock Price | $ / shares |
$ 0.18
|
Numer of Options Exercisable | shares |
250,000
|
Weighted Average Contractual Life (years) |
5 years
|
Weighted Average Exercise Price | $ / shares |
$ 0.18
|
X |
- DefinitionThe number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iii) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of options outstanding, including both vested and non-vested options.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i)-(ii) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionPrice of a single share of a number of saleable stocks of a company.
+ References
+ Details
Name: |
us-gaap_SharePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average remaining contractual term of exercisable stock options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=pmcb_Price1Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=pmcb_Price2Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=pmcb_Price3Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
6. STOCK OPTIONS AND WARRANTS (Details - Warrant activity) - Warrants
|
3 Months Ended |
Jul. 31, 2015
$ / shares
shares
|
Warrants outstanding, beginning balance | shares |
72,969,908
|
Warrants issued | shares |
|
Warrants exercised | shares |
|
Warrants outstanding, ending balance | shares |
72,969,908
|
Warrants exercisable | shares |
72,969,908
|
Weighted average exercise price warrants outstanding, beginning balance |
$ .17
|
Weighted average exercise price warrants outstanding, ending balance |
.17
|
Weighted average exercise price warrants exercisable |
0.17
|
Weighted average fair value per share warrants outstanding, beginning balance |
.08
|
Weighted average fair value per share warrants outstanding, ending balance |
.08
|
Weighted average fair value per share warrants exercisble |
$ .08
|
X |
- DefinitionWeighted average exercise price warrants exercisable
+ References
+ Details
Name: |
pmcb_WeightedAverageExercisePriceWarrantsExercisable |
Namespace Prefix: |
pmcb_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average fair value per share warrants exercisble
+ References
+ Details
Name: |
pmcb_WeightedAverageFairValuePerShareWarrantsExercisble |
Namespace Prefix: |
pmcb_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average fair value per share warrants outstanding
+ References
+ Details
Name: |
pmcb_WeightedAverageFairValuePerShareWarrantsOutstanding |
Namespace Prefix: |
pmcb_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(i)(4)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(i)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of warrants or rights outstanding.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2)(iii)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of non-option equity instruments exercised by participants.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_DerivativeInstrumentRiskAxis=us-gaap_WarrantMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
6. STOCK OPTIONS AND WARRANTS (Details - Warrant information)
|
3 Months Ended |
Jul. 31, 2015
$ / shares
shares
|
$0.075, $0.11, $0.12, $0.18 and $0.25 |
|
Number of Warrants exercisable |
72,969,908
|
Weighted average remaining contractual term |
2 years 7 months 10 days
|
Weighted average exercise price exercisable | $ / shares |
$ 0.17
|
Five Year Term $0.08 |
|
Number of Warrants exercisable |
1,056,000
|
Weighted average remaining contractual term |
2 years 2 months 12 days
|
Five Year Term $0.12 |
|
Number of Warrants exercisable |
18,347,508
|
Weighted average remaining contractual term |
2 years 6 months
|
Five Year Term $0.18 |
|
Number of Warrants exercisable |
19,811,200
|
Weighted average remaining contractual term |
2 years 5 months 1 day
|
Five Year Term $0.25 |
|
Number of Warrants exercisable |
18,755,200
|
Weighted average remaining contractual term |
2 years 5 months 5 days
|
Five Year Term $0.11 |
|
Number of Warrants exercisable |
10,000,000
|
Weighted average remaining contractual term |
4 years 7 months 24 days
|
Nine Year Term $0.11 |
|
Number of Warrants exercisable |
5,000,000
|
Weighted average remaining contractual term |
5 months 1 day
|
X |
- DefinitionWeighted average exercise price warrants exercisable
+ References
+ Details
Name: |
pmcb_WeightedAverageExercisePriceWarrantsExercisable |
Namespace Prefix: |
pmcb_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(i)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average remaining contractual term for equity-based awards excluding options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=pmcb_Warrant1Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=pmcb_Warrant2Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=pmcb_Warrant3Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=pmcb_Warrant4Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=pmcb_Warrant5Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=pmcb_Warrant6Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis=pmcb_Warrant7Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionWeighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionUnrecognized cost of unvested options awarded to employees as compensation.
+ References
+ Details
Name: |
us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of difference between fair value of the underlying shares reserved for issuance and exercise price of fully vested and expected to vest options that are exercisable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_AwardTypeAxis=pmcb_UnvestedStockOptionsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_AwardTypeAxis=us-gaap_StockOptionMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionThe percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (a)(1) -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571
+ Details
Name: |
us-gaap_EquityMethodInvestmentOwnershipPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe aggregate costs incurred in the production of goods for sale.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2(a)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_ManufacturingCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of other research and development expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 730 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373
+ Details
Name: |
us-gaap_OtherResearchAndDevelopmentExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
+ Details
Name: |
us-gaap_PaymentsToAcquireIntangibleAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=pmcb_SGAustriaMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717
+ Details
Name: |
us-gaap_OperatingLeasesFutureMinimumPaymentsDue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the remainder of the fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
+ Details
Name: |
us-gaap_OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.3.1.900
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ References
+ Details
Name: |
us-gaap_LeaseAndRentalExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.3.1.900
X |
- DefinitionAmount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Unrecognized Tax Benefit -URI http://asc.fasb.org/extlink&oid=6527854
+ Details
Name: |
us-gaap_UnrecognizedTaxBenefits |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|