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)
9 Months Ended
Mar. 31, 2014
Derivative Financial Instruments And Fair Value Measurements Tables  
Assumptions of warrants
   

September 30,

2013

   

March 31,

2014

 
Volatility     53     53 %
Expected Term     2.25       1.75  
Risk Free Interest Rate     0.4     0.44 %
Expected dividend yield   none     none  
Fair value on recurruing basis
          Quoted Prices     Significant      
    Balance at     in Active     Other     Significant
    March 31,     Markets for     Observable     Unobservable
    2014     Identical Assets     Inputs     Inputs
            (Level 1)     (Level 2)     (Level 3)
                               
Fair value of liability for warrant derivative instruments     $ 111,343       $ —       $ —       $ 111,343
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     (5,882)  
Change in fair value included in statements of operations     (27,016)  
Balance at March 31, 2014   $ 111,343