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Prepaid Expenses and Other Current Assets

12 Months Ended

Jun. 30, 2016

Prepaid Expenses and Other Current Assets [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE 3 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses consisted of the following (rounded to nearest $00):

	June 30, 2016		June 30, 2015
Rent	$	-	$	450,700
Research and development		17,600		565,100
Insurance		346,100		337,100
Biotechnology tax credit receivable		231,900		82,000
Legal		171,100		-
Other		31,400		63,000
Total	$	798,100	$	1,497,900

New York City allows investors and owners of merging technology companies focused on biotechnology to claim a tax credit against the General Corporation Tax and Unincorporated Business Tax for amounts paid or incurred for certain facilities, operations, and employee training in New York City. During the years ended June 30, 2016 and 2015, the Company obtained certificates of biotechnology tax credit from New York City of approximately $149,000 and $82,000, respectively. The Company expects to receive a cash refund of $82,000 and $149,000 in September 2016 and March 2017, respectively.