DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Tables)
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6 Months Ended |
12 Months Ended |
Dec. 31, 2015 |
Jun. 30, 2015 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] |
Warrants
| | December 31, 2015 | | Volatility | | | 296 | % | Expected remaining term | | | 2.75 | | Risk-free interest rate | | | 1.31 | % | Expected dividend yield | | | none | |
Convertible Debt
| | Initial Valuations (on new derivative instruments entered into during the three months ended December 31, 2015) | | December 31, 2015 | | Volatility | | | 296 | % | | 296 | % | Expected Remaining Term | | | 1.00 | | | 0.26 - 1.19 | | Risk Free Interest Rate | | | 0.7 | % | | 0.6 | % | Expected dividend yield | | | none | | | none | |
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Warrants
| | Initial | | | | | | | | Valuation | | | | | | | | September 30, | | | | | | | | 2013 | | June 30, 2014 | | June 30, 2015 | | Volatility | | 53 | % | 134 | % | 408 | % | Expected remaining term | | 5 | | 4.25 | | 3.25 | | Risk-free interest rate | | 0.4 | % | 0.47 | % | 1.63 | % | Expected dividend yield | | None | | None | | None | |
Convertible Debt
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| Initial Valuations |
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| June 30, 2015 |
| Volatility
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| 216 - 377 | %
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| 408 | %
| Expected remaining term
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| 0.83 2.00 |
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| 0.82 1.70 |
| Risk-free interest rate
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| 0.5 0.7 | %
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| 0.64 | %
| Expected dividend yield
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| None |
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| None |
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015: | | Balance at | | Quoted Prices | | Significant | | | | | | | December | | in Active | | Other | | Significant | | | | 31, | | Markets for | | Observable | | Unobservable | | | | 2015 | | Identical Assets | | Inputs | | Inputs | | | | | | | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | | | | | | | Embedded conversion option liabilities | | $ | 2,511,405 | | $ | | | $ | | | $ | 2,511,405 | | Fair value of liability for warrant derivative instruments | | $ | 82,086 | | $ | | | $ | | | $ | 82,086 | | Total | | $ | 2,593,491 | | $ | | | $ | | | $ | 2,593,491 | |
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The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and 2014:
| | Balance at | | Quoted Prices | | Significant | | | | | | June | | in Active | | Other | | Significant | | | | 30, | | Markets for | | Observable | | Unobservable | | | | 2015 | | Identical Assets | | Inputs | | Inputs | | | | | | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | | | Embedded conversion option liabilities | | $ | 780,281 | | $ | | | $ | | | $ | 780,281 | | Fair value of liability for warrant derivative instruments | | $ | 269,648 | | $ | | | $ | | | $ | 269,648 | | Total | | $ | 1,049,929 | | $ | | | $ | | | $ | 1,049,929 | |
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2014:
| | Balance at | | Quoted Prices | | Significant | | | | | | June | | in Active | | Other | | Significant | | | | 30, | | Markets for | | Observable | | Unobservable | | | | 2014 | | Identical Assets | | Inputs | | Inputs | | | | | | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | | | Fair value of liability for warrant derivative instruments | | $ | 158,244 | | $ | | | $ | | | $ | 158,244 | |
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Schedule of Derivative Liabilities at Fair Value [Table Text Block] |
The following is a roll forward for the six months ended December 31, 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 | | | (14,253) | | Initial fair value of embedded conversion option derivative liability recorded as debt discount | | | 1,005,925 | | Initial fair value of embedded conversion option derivative liability recorded as change in fair value of ECO | | | 1,369,261 | | Change in fair value included in statements of operations | | | (817,371) | | Balance at December 31, 2015 | | $ | 2,593,491 | |
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The following is a roll forward for the years ended June 30, 2015 and 2014 of the fair value liability of price adjustable derivative instruments: | | Fair Value of | | | | Liability for | | | | Derivative | | | | Instruments | | | | | | Balance at June 30, 2013 | | $ | - | | Effects of foreign currency exchange rate changes | | | (2,519) | | Initial fair value of embedded conversion option derivative liability recorded as debt discount | | | 144,241 | | Change in fair value included in statements of operations | | | 16,522 | | Balance at June 30, 2014 | | | 158,244 | | Effects of foreign currency exchange rate changes | | | (42,796) | | Initial fair value of embedded conversion option derivative liability recorded as debt discount | | | 392,500 | | Initial fair value of embedded conversion option derivative liability recorded as change in fair value of ECO | | | 1,082,567 | | Change in fair value included in statements of operations | | | (540,586) | | Balance at June 30, 2015 | | $ | 1,049,929 | |
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