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Loss From Extinguishment Of Debt
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12 Months Ended |
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Jun. 30, 2013
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| Extinguishment of Debt Disclosures [Abstract] | |
| LOSS FROM EXTINGUISHMENT OF DEBT | NOTE 8. LOSS FROM EXTINGUISHMENT OF DEBT On June 20, 2013, the Company effected the conversion of the principal and accrued interest of the Convertible Notes and April Convertible Notes of $3,540,273 in accordance with the provisions of the respective notes. As a result of such conversion, the Company issued 50,575,333 shares. At the same time, the Company effected the conversion of the underlying warrants and broker warrants related to the notes for exercise prices of $0.01 (for such warrants with an exercise price of $0.25) and $0.015 (for such warrants with an exercise price of $0.50). In accordance with FASB 470.20.40.20, the Company has recognized a loss equal to the fair value of all securities and other consideration transferred in the transaction in excess of the fair value of consideration issuable in accordance with the original conversion terms. The Company has recognized a non-cash expense of $2,098,819, which is recorded under Loss from Extinguishment of Debt in the accompanying statement of operations for the year ended June 30, 2013. The Company did not have any expenses related to the Loss from Conversion of Debt for the period ended June 30, 2012. |