Derivative Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2017

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2017:

			Quoted Prices		Significant
			in Active		Other		Significant
	Balance at		Markets for		Observable		Unobservable
	June 30, 2017		Identical Assets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)
Embedded conversion option liabilities	$	877,403	$	—	$	—	$	877,403
Fair value of liability for warrant derivative instruments	$	3,769	$	—	$	—	$	3,769
Total	$	881,172	$	—	$	—	$	881,172

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2016:

			Quoted Prices		Significant
			in Active		Other		Significant
	Balance at		Markets for		Observable		Unobservable
	June 30, 2016		Identical Assets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)

Embedded conversion option liabilities	$	994,343	$	—	$	—	$	994,343
Fair value of liability for warrant derivative instruments	$	55,839	$	—	$	—	$	55,839
Total	$	1,050,182	$	—	$	—	$	1,050,182

The following is a roll forward for the years ended June 30, 2017 and 2016 of the fair value liability of price adjustable derivative instruments:

		Fair Value of
		Liability for
		Derivative
		Instruments
Balance at June 30, 2015	$	1,049,929
Effects of foreign currency exchange rate changes		(281,068)
Initial fair value of embedded conversion option derivative liability recorded as debt discount		(2,462,355		)
Initial fair value of embedded conversion option derivative liability recorded as change in fair value of ECO		3,410,653
Change in fair value included in statements of operations		(666,977		)
Balance at June 30, 2016			1,050,182
Effects of foreign currency exchange rate changes			1,143
Initial fair value of embedded conversion option derivative liability recorded as debt discount			650,000
Initial fair value of embedded conversion option derivative liability recorded as change in fair value of embedded conversion option			214,758
Change in fair value included in statements of operations			(1,034,911	)
Balance at June 30, 2017		$	881,172

Warrants

Convertible Debt