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)

3 Months Ended

Sep. 30, 2014

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

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2014:

			Quoted Prices		Significant
	Balance at		in Active		Other		Significant
	September 30,		Markets for		Observable		Unobservable
	2014		Identical Assets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)

Embedded conversion option liability	$	23,622	$	—	$	—	$	23,622
Fair value of liability for warrant derivative instruments	$	42,293	$	—	$	—	$	42,293
Total	$	65,915					$	65,915

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following is a roll forward for the three months ended September 30, 2014 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		(5,293)
Initial fair value of embedded conversion option recorded as debt discount		27,500
Initial fair value of embedded conversion option recorded as change in fair value of ECO		23,935
Change in fair value included in statements of operations		(138,471)
Balance at September 30, 2014	$	65,915

Convertible Debt [Member]

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

Convertible Debt

	Initial Valuation August 6, 2014		September 30, 2014
Volatility	216	%	216	%
Expected Remaining Term	2		1.85
Risk Free Interest Rate	0.5	%	0.6	%
Expected dividend yield	none		none

Warrant [Member]

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

Warrants

	Initial Valuation September 30, 2013			September 30, 2014
Volatility		53	%		216	%
Expected Remaining Term		5			4
Risk Free Interest Rate		0.4	%		0.38	%
Expected dividend yield		none			none

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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