XML 35 R24.htm IDEA: XBRL DOCUMENT v3.6.0.2
Commitments and Contingencies (Details Textual) - USD ($)
9 Months Ended
May 06, 2016
Dec. 29, 2015
Jun. 30, 2016
Sep. 30, 2015
Commitments and Contingencies (Textual)        
Amount received from BriVision     $ 6,500,000 $ 22,517
Collaborative Arrangement [Member]        
Commitments and Contingencies (Textual)        
Description of payment settlement schedule    
 upfront payment shall upon the signing of this Collaborative Agreement: 3.5% of total payment. After receiving upfront payment from BriVision, BioLite has to deliver all data to BriVision in one week.
   
 ● upon the first IND submission, BriVision shall pay, but no later than December 15, 2016: 6.5% of total payment. After receiving second payment from BriVision, BioLite has to deliver IND package to BriVision in one week.
   
 at the completion of first phase II clinical trial, BriVision shall pay, but no later than September 15, 2017: 15% of total payment. After receiving third payment from BriVision, BioLite has to deliver phase II clinical study report to BriVision in three months.
 upon the phase III IND submission, BriVision shall pay, but no later than December 15, 2018: 20% of total payment. After receiving forth payment from BriVision, BioLite has to deliver IND package to BriVision in one week.
   
 at the completion of phase III, BriVision shall pay, but no later than September 15, 2019:25% of total payment. After receiving fifth payment from BriVision, BioLite has to deliver phase III clinical study report to BriVision in three months.
   
 upon the NDA submission, BriVision shall pay, but no later than December 15, 2020, BriVision shall pay: 30% of total payment. After receiving sixth payment from BriVision, BioLite has to deliver NDA package to BriVision in one week.
 
Amount received from BriVision   $ 100,000,000    
Upfront payments     $ 3,500,000  
Percentage of payments under collaborative agreement     3.50%  
Milestone payments to BioLite in cash $ 2,600,000      
Common stock newly issued, value $ 900,000      
Common stock newly issued, shares 562,500      
Share price $ 1.60      
Licensing rights   $ 3,500,000 $ 10,000,000  
Accounts payable     $ 3,500,000  
Licensing rights, term     10 years  
Collaborative Arrangement One [Member]        
Commitments and Contingencies (Textual)        
Upfront payments     $ 6,500,000  
Percentage of payments under collaborative agreement     6.50%  
Accounts payable     $ 6,500,000