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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Dec. 31, 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:
|  | Quoted Prices in |  |  |  |  |
|  | Active Markets |  |  |  | Significant |
|  | for Identical |  | Significant Other |  | Unobservable |
At December 31, 2013: |  | Assets |  | Observable Inputs |  | Inputs |
|  | (Level 1) |  | (Level 2) |  | (Level 3) |
Description: |  |  |  |  |  |  |  |  |  |
Warrant derivative liabilities |  | $ | - |  | $ | - |  | $ | 60,000 |
|  | Quoted Prices in |  |  |  |  |  |  |
|  | Active Markets |  |  |  |  | Significant |
|  | for Identical |  | Significant Other |  | Unobservable |
At June 30, 2013: |  | Assets |  | Observable Inputs |  | Inputs |
|  | (Level 1) |  | (Level 2) |  | (Level 3) |
Description: |  |  |  |  |  |  |  |  |  |
Warrant derivative liabilities |  | $ | - |  | $ | - |  | $ | 143,000 |
Summary of valuation techniques used to measure the fair value of financial instruments | The table below sets forth a summary of changes in the fair value of our (Level 3) financial instruments for the six months ended December 31, 2013:
|  |  |  |  | Estimated fair |  | Change in estimated |  |  |  |
|  | Balance at |  | value of new |  | fair value |  | Balance at |
|  | June 30, |  | derivative |  | recognized in results |  | December 31, |
|  | 2013 |  | liabilities |  | of operations |  | 2013 |
Warrant derivative liabilities |  | $ | 143,000 |  | $ | - |  | $ | (83,000) |  | $ | 60,000 |

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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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