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WARRANT DERIVATIVE LIABILITY | 9 Months Ended
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Mar. 31, 2015
Derivative Liabilities [Abstract] |
WARRANT DERIVATIVE LIABILITY | NOTE 7 – Warrant Derivative Liability At March 31, 2015 there were 2,907,347 outstanding warrants classified as derivative liabilities due to exercise price re-set provisions included in the underlying warrant agreements. Warrants classified as derivative liabilities are recorded at their estimated fair values at the issuance date and are revalued at each subsequent reporting date. These warrants were determined to have an estimated fair value per share and aggregate value as of March 31, 2015 and an aggregate value as of June 30, 2014 as follows:
|  | Issued Warrants |  | Estimated Fair Value Per Share $ as of March 31, 2015 |  | Estimated Total Fair Value in Aggregate $ as of March 31, 2015 |  | Estimated Total Fair Value in Aggregate $ as of June 30, 2014 |
June 2012 Warrants |  |  | 562,551 |  | $ |  |  | 0.03 |  | $ |  |  | 14,000 |  | $ |  |  | 110,000 |
July 2012 Warrants |  |  | 338,013 |  |  |  |  | 0.03 |  |  |  |  | 9,000 |  |  |  |  | 67,000 |
August 2012 Warrants |  |  | 120,719 |  |  |  |  | 0.03 |  |  |  |  | 3,000 |  |  |  |  | 24,000 |
October 2012 Warrants |  |  | 48,287 |  |  |  |  | 0.03 |  |  |  |  | 1,000 |  |  |  |  | 10,000 |
Advisory Agreement Warrants |  |  | 1,837,777 |  |  |  |  | 0.03 |  |  |  |  | 46,000 |  |  |  |  | 360,000 |
Total |  |  | 2,907,347 |  |  |  |  |  |  | $ |  |  | 73,000 |  | $ |  |  | 571,000 |
The change in aggregate estimated fair value of the warrants classified as derivative liabilities during the three and nine months ended March 31, 2015 totaling $60,000 and $498,000, respectively and are recorded on the accompanying condensed consolidated statement operations as other income.

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