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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Jun. 30, 2012
Fair Value Disclosures [Abstract]  
Schedule of fair value of financial instruments required to be measured at fair value

June 30, 2012
Level 1
Level 2
Level 3
Total
Cash equivalents
 $ 141,107 $ - $ - $ 141,107
Common stock warrant liability, warrants exercisable at $2.6058 from September 18, 2011 through September 18, 2016
 $ - $ - $ 917,440 $ 917,440
Common stock warrant liability, warrants exercisable at $5.90 through September 14, 2013
 $ - $ - $ 1,126 $ 1,126
June 30, 2011
Level 1
Level 2
Level 3
Total
Cash equivalents
 $ 83,267 $ - $ - $ 83,267
Common stock warrant liability, warrants exercisable at $2.6058 from September 18, 2011 through September 18, 2016
 $ - $ - $ 2,638,629 $ 2,638,629
Common stock warrant liability, warrants exercisable at $5.90 through September 14, 2013
 $ - $ - $ 93,624 $ 93,624
Schedule of fair value, liabilities measured on recurring basis, unobservable input reconciliation
   
June 30,
  
   
2012
    
2011
  
Beginning balance
   $ (2,732,253 )   $ -  
Issuance of common stock warrants, exercisable at $2.6058 per share
     -       (1,917,122 )
Recognize liability of warrants, exercisable at $5.90 per share; attributed to loss due to change in fair value
     -       (151,631 )
Gain/ (Loss) due to change in fair value of warrant liabilities, net
     1,813,687       (663,500 )
Ending balance
   $ (918,566 )   $ (2,732,253 )