Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Tables)

DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Mar. 31, 2015

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The Company measures and reports at fair value the liability for derivative instruments. The fair value liabilities for price adjustable warrants and embedded conversion options have been recorded as determined utilizing the BSM option pricing model. The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015:

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

Embedded conversion option liability	$	101,384	$	—	$	—	$	101,384
Fair value of liability for warrant derivative instruments	$	44,966	$	—	$	—	$	44,966
Total	$	146,350					$	146,350

Schedule of Derivative Liabilities at Fair Value [Table Text Block]

The following is a roll forward for the nine months ended March 31, 2015 of the fair value liability of price adjustable derivative instruments:

	Fair Value of
	Liability for
	Derivative
	Instruments

Balance at June 30, 2014	$	158,244
Effects of foreign currency exchange rate changes		(19,454)
Initial fair value of embedded conversion option derivative liability recorded as debt discount		87,500
Initial fair value of embedded conversion option derivative liability recorded as change in fair value of ECO		985,399
Change in fair value included in statements of operations		(1,065,339)
Balance at March 31, 2015	$	146,350

Convertible Debt [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

Convertible Debt

	Initial Valuations		March 31, 2015
Volatility	216 - 377	%	271 - 380	%
Expected remaining term	2		1.35 - 1.95
Risk-free interest rate	0.5 - 0.7	%	0.56	%
Expected dividend yield	None		None

Warrant [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

Warrants

	Initial Valuation September 30, 2013		March 31, 2015
Volatility	53	%	380	%
Expected remaining term	5		3.5
Risk-free interest rate	0.4	%	1.37	%
Expected dividend yield	None		None