Derivative Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2017

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2017:

			Quoted Prices		Significant
			in Active		Other		Significant
	Balance at		Markets for		Observable		Unobservable
	March 31, 2017		Identical Assets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)
Embedded conversion option liabilities	$	1,081,387	$	—	$	—	$	1,081,387
Fair value of liability for warrant derivative instruments	$	16,200	$	—	$	—	$	16,200
Total	$	1,097,587	$	—	$	—	$	1,097,587

The following is a roll forward for the nine months ended March 31, 2017 of the fair value liability of price adjustable derivative instruments:

	Fair Value of
	Liability for
	Derivative
	Instruments
Balance at June 30, 2016	$	1,050,182
Effects of foreign currency exchange rate changes		1,343
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		(818,696	)
Balance at March 31, 2017	$	1,097,587

Warrants

	March 31, 2017
Volatility		137.6	%
Expected remaining term (in years)		1.5
Risk-free interest rate		1.27	%
Expected dividend yield		None

Convertible Debt

	Initial Valuations (on new derivative instruments entered into during the nine months ended March 31, 2017)			March 31, 2017
Volatility		219.33	%		117.47% – 144.2	%
Expected Remaining Term (in years)		2.00			.45 - 1.88
Risk Free Interest Rate		1.22	%		1.03% - 1.27	%
Expected dividend yield		None			None