DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Details 1) - USD ($) |
Jun. 30, 2015 |
Jun. 30, 2014 |
Jun. 30, 2013 |
|---|---|---|---|
| Derivative [Line Items] | |||
| Embedded conversion option liability | $ 780,281 | ||
| Fair value of liability for warrant derivative instruments | 269,648 | $ 158,244 | |
| Total | 1,049,929 | 158,244 | $ 0 |
| Fair Value, Inputs, Level 1 [Member] | |||
| Derivative [Line Items] | |||
| Embedded conversion option liability | 0 | ||
| Fair value of liability for warrant derivative instruments | 0 | 0 | |
| Total | 0 | ||
| Fair Value, Inputs, Level 2 [Member] | |||
| Derivative [Line Items] | |||
| Embedded conversion option liability | 0 | ||
| Fair value of liability for warrant derivative instruments | 0 | 0 | |
| Total | 0 | ||
| Fair Value, Inputs, Level 3 [Member] | |||
| Derivative [Line Items] | |||
| Embedded conversion option liability | 780,281 | ||
| Fair value of liability for warrant derivative instruments | 269,648 | $ 158,244 | |
| Total | $ 1,049,929 |
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- Definition Fair value, before 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. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Fair 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. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Line 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. No definition available.
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- Definition Fair value as of the balance sheet date of the embedded derivative or group of embedded derivatives classified as a liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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