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Derivative Financial Instruments (Warrant Liability) (Tables)

12 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value inputs of derivative financial instruments

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

Inputs into Lattice model for warrants:			6//30/2015
Equivalent volatility			81.02	%
Equivalent interest rate			0.59	%
Floor		$	1.1500
Greater of estimated stock price or floor		$	1.1500
Probability price < strike price			59.90	%
Fair value of call		$	0.9970
Probability of fundamental transaction occuring			5	%

Schedule of Level 3 inputs measured on a recurring basis

The following table summarizes the activity of Level 3 financial instruments measured on a recurring basis for the year ended June 30, 2015:

			6//30/2015
			Warrant Liability
Fair value, June 30, 2014		$	731,431
Exercise of common stock warrants			—
Change in fair value of warrant liability			464,039
Fair value, June 30, 2015		$	1,195,470

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- References

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- Definition

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



-Subparagraph (bbb)



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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- 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.

+ References

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



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 3



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258



Reference 2: 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=36462937&loc=d3e19207-110258

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