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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Jun. 30, 2013
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Following is a summary as of the reporting date of the fair values and applicable level within the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis: At June 30, 2013:
|  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |
|  | (Level 1) |  | (Level 2) |  | (Level 3) |
Description: |  |  |  |  |  |  |  |  |  |
Warrant derivative liabilities |  | $ | - |  | $ | - |  | $ | 143,000 |
At June 30, 2012:
|  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |
|  | (Level 1) |  | (Level 2) |  | (Level 3) |
Description: |  |  |  |  |  |  |  |  |  |
Warrant derivative liabilities |  | $ | - |  | $ | - |  | $ | 4,943,000 |
The table below sets forth a summary of changes in the fair value of our Level 3 financial instruments for the twelve months ended June 30, 2013:
|  | Balance at June 30, 2012 |  | Estimated fair value of new derivative liabilities |  | Change in estimated fair value recognized in results of operations |  | Balance at June 30, 2013 |
Warrant derivative liabilities |  | $ | 4,943,000 |  | $ | 931,000 |  | $ | (5,731,000) |  | $ | 143,000 |
Summary of valuation techniques used to measure the fair value of financial instruments | The following table represents the Plan’s level 3 financial instruments at June 30, 2013, the valuation techniques used to measure the fair value of those financial instruments, and the significant unobservable inputs and the ranges of values for those inputs:
Instrument |  | Fair Value |  | Principal Valuation Technique |  | Significant Unobservable Inputs |  | Range of Significant Input Values |
Warrant derivative liabilities |  | $ | 143,000 |  | Monte Carlo simulation |  | Volatility |  | 100% |
|  |  |  |  |  |  | Risk free rates |  | 1.02% - 1.16% |
|  |  |  |  |  |  | Probability of subsequent financing |  | 100% |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=25499696&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=25499696&loc=d3e19207-110258 + Details
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