DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Dec. 31, 2015

Warrants

Convertible Debt

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015:

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

Embedded conversion option liabilities	$	2,511,405	$	—	$	—	$	2,511,405
Fair value of liability for warrant derivative instruments	$	82,086	$	—	$	—	$	82,086
Total	$	2,593,491	$	—	$	—	$	2,593,491

The following is a roll forward for the six months ended December 31, 2015 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		(14,253)
Initial fair value of embedded conversion option derivative liability recorded as debt discount		1,005,925
Initial fair value of embedded conversion option derivative liability recorded as change in fair value of ECO		1,369,261
Change in fair value included in statements of operations		(817,371)
Balance at December 31, 2015	$	2,593,491