Quarterly report pursuant to Section 13 or 15(d)

10. DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Tables)

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10. DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Dec. 31, 2013
Derivative Financial Instruments And Fair Value Measurements Tables  
Assumptions for Warrants
   

September 30,

2013

 

December 31,

2013

 
Volatility     53 %   53 %
Expected Term     2.25     2.0  
Risk Free Interest Rate     0.4 %   0.38 %
Expected dividend yield   none   none  
Fair value on recurring basis
          Quoted Prices     Significant        
    Balance at     in Active     Other     Significant  
    December 31,     Markets for     Observable     Unobservable  
    2013     Identical Assets     Inputs     Inputs  
          (Level 1)     (Level 2)     (Level 3)  
                         
Fair value of liability for warrant derivative instruments   $ 163,559     $     $     $ 163,559  
Fair value liability of price adjustable warrant derivative
    Fair Value of  
    Liability for  
    Warrant  
    Derivative  
    Instruments  
       
Balance at June 30, 2013   $ 0  
Initial fair value recording of warrant derivative liability as debt discount     144,241  
Effects of foreign currency exchange rate changes     (12,316)  
Initial fair value of warrant derivative liability included in statements of operations     259,251  
Change in fair value included in statements of operations     (227,617)  
Balance at December 31, 2013   $ 163,559