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Related Party Transactions (Tables) | 9 Months Ended
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Mar. 31, 2023
Related Party Transactions |
Summary of related party | ​
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Related Parties |  | Relationship
Dr. Anil R. Diwan |  | Chairman, President, CEO, significant stockholder and Director
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TheraCour Pharma, Inc. (“TheraCour”) | ​ | An entity owned and controlled by Dr. Anil R. Diwan
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Karveer Meditech, Pvt., Ltd | ​ | An entity of which Dr. Anil R. Diwan is a passive investor, and Board member without operating control.
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​ | ​ | For the three months ended | ​ | For the nine months ended
​ |  | March 31, |  | March 31, |  | March 31, |  | March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Property and Equipment |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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During the reporting period, TheraCour acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company | ​ | $ | — | ​ | $ | 39,324 | ​ | $ | 29,369 | ​ | $ | 120,041
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​ | ​ | As of
​ | ​ | March 31, | ​ | June 30,
​ |  | 2023 |  | 2022
Account Payable – Related Party | ​ | ​ | ​ | ​ | ​ | ​
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Pursuant to an Exclusive License Agreement with TheraCour, the Company was granted exclusive licenses for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour. In consideration for obtaining these exclusive licenses, the Company agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of certain direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) the Company will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on the Company’s behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour and; (4) to pay an advance payment equal to twice the amount of the previous months invoice to be applied as a prepayment towards expenses. Accounts payable due TheraCour at March 31, 2023 and June 30, 2022 were $708,881 and $679,397, respectively, which were each offset by a two month advance of $465,000. | ​ | $ | 243,881 | ​ | $ | 214,397
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​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | March 31, | ​ | March 31, | ​ | March 31, | ​ | March 31,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Research and Development Costs Related Party | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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Development fees and other costs charged by to TheraCour pursuant to the license agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at March 31, 2023 and June 30, 2022 | ​ | $ | 622,016 | ​ | $ | 587,239 | ​ | $ | 1,867,974 | ​ | $ | 1,754,143
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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, 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. + References No definition available. + Details
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