DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Sep. 30, 2015

Warrants

Convertible Debt

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2015:

	Balance at		Quoted Prices		Significant
	September		in Active		Other		Significant
	30,		Markets for		Observable		Unobservable
	2015		Identical Assets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)

Embedded conversion option liabilities	$	350,063	$	—	$	—	$	350,063
Fair value of liability for warrant derivative instruments	$	86,662	$	—	$	—	$	86,662
Total	$	436,725	$	—	$	—	$	436,725

The following is a roll forward for the three months ended September 30, 2015 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		(17,351)
Initial fair value of embedded conversion option derivative liability recorded as debt discount		200,000
Initial fair value of embedded conversion option derivative liability recorded as change in fair value of ECO		4,610
Change in fair value included in statements of operations		(800,463)
Balance at September 30, 2015	$	436,725