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Derivative Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2013

Derivative Financial Instruments Tables

Derivative financial instruments

The change in fair value of the June 2012 Warrants is recorded in the statement of operations and comprehensive income and is estimated using the Lattice option-pricing model using the following assumptions:

		Pre-modification				Post-modification
Inputs into Lattice model for warrants:			3/25/2013				3/25/2013				3/31/2013
Equivalent Volatility			84.73	%			84.73	%			84.68	%
Equivalent Interest Rate			0.30	%			0.30	%			0.30	%
Estimated stock price		$	0.6914			$	0.6914			$	0.6470
Floor		$	1.1500			$	1.1500			$	1.1500
Greater of estimated stock price or floor		$	1.1500			$	1.1500			$	1.1500
Probability price < Strike			85.43	%			84.68	%			85.74	%
FV of put		$	1.0603			$	1.0075			$	1.0123
Probability of Fundamental Transaction occuring			5	%			5	%			5	%

Schedule of Level 3 inputs measured on a recurring basis

The following table summarizes the activity of Level 3 inputs measured on a recurring basis for the nine months ended March 31, 2013:

			Warrant Liability
Fair value, June 30, 2012		$	1,087,296
Change in fair value of warrant liability			(488,102	)
Fair value, March 31, 2013		$	599,194

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Tabular disclosure of quantitative information about the inputs used in the fair value measurement of financial instruments classified in shareholders' equity. This disclosure may include, but is not limited to, the fair value of the financial instrument classified in shareholders' equity, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258



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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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