DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Tables)
|
9 Months Ended |
12 Months Ended |
Mar. 31, 2016 |
Jun. 30, 2015 |
| 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 March 31, 2016: | | | Balance at | | Quoted Prices | | Significant | | | | | | | March | | in Active | | Other | | Significant | | | | | 31, | | Markets for | | Observable | | Unobservable | | | | | 2016 | | Identical Assets | | Inputs | | Inputs | | | | | | | | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | | | | | | | | | Embedded conversion option liabilities | | $ | 3,659,506 | | $ | — | | $ | — | | $ | 3,659,506 | | | Fair value of liability for warrant derivative instruments | | $ | 80,630 | | $ | — | | $ | — | | $ | 80,630 | | | Total | | $ | 3,740,136 | | $ | — | | $ | — | | $ | 3,740,136 | |
|
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 | |
|
| Schedule of Derivative Liabilities at Fair Value [Table Text Block] |
The following is a roll forward for the nine months ended March 31, 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 | | | (10,490) | | | Initial fair value of embedded conversion option derivative liability recorded as debt discount | | | 2,205,925 | | | Initial fair value of embedded conversion option derivative liability recorded as change in fair value of ECO | | | 2,211,529 | | | Change in fair value included in statements of operations | | | (1,716,757) | | | Balance at March 31, 2016 | | $ | 3,740,136 |
|
|
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 | |
|
| Warrant [Member] | Convertible Debt [Member] |
|
|
| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] |
Warrants | | | March 31, 2016 | | | Volatility | | | 217 | % | | Expected remaining term | | | 2.50 | | | 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 March
31, 2016) | | | March 31,
2016 | | | Volatility | | | 217 | % | | | 217 | % | | Expected Remaining Term | | | 0.70 | | | | 0.58 | | | Risk Free Interest Rate | | | 0.7 | % | | | 0.6 | % | | Expected dividend yield | | | none | | | | none | | |
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
|
|
| Initial Valuations |
|
| June 30, 2015 |
| | Volatility
|
| 216 - 377 | %
|
| 408 | %
| | Expected remaining term
|
| 0.83 – 2.00 |
|
| 0.82 – 1.70 |
| | Risk-free interest rate
|
| 0.5 – 0.7 | %
|
| 0.64 | %
| | Expected dividend yield
|
| None |
|
| None |
|
|