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Derivative Liabilities (Tables) | 12 Months Ended
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Jun. 30, 2016
Derivative Liabilities [Abstract] |
Summary of assumptions used in valuation model of derivatives liabilities |
|  | June 30, |  |  | June 30, |
|  | 2016 |  |  | 2015 |
Common stock issuable upon exercise of warrants |  |  | 2,574,570 |  |  |  | 2,574,570 |
Market value of common stock on measurement date (1) |  | $ | 2.28 |  |  | $ | 10.15 |
Exercise price |  | $ | 7.50 and $11.25 |  |  | $ | 7.50 and $11.25 |
Risk free interest rate (2) |  |  | 0.71 | % |  |  | 1.6 | %
Expected life in years |  |  | 2.95 |  |  |  | 3.90 |
Expected volatility (3) |  |  | 75 | % |  |  | 70 | %
Expected dividend yields (4) |  |  | None |  |  |  | None |
(1) | Quoted market value of the common stock, reflects a one-for-five reverse stock split.
(2) | The risk-free interest rate was determined by management using the applicable Treasury Bill interest rate as of the measurement date, when applicable.
(3) | The historical trading volatility was determined by calculating the volatility of the Company’s peer group.
(4) | The Company does not expect to pay a dividend in the foreseeable future.
Schedule of assumptions used in valuation model of derivatives warrants |
|  | Year Ended June 30, 2015 |
Common stock issuable upon exercise of warrants |  |  | 2,033,915 |
Market value of common stock on measurement date |  | $ | 15.00 |
Exercise price |  | $ | 7.50 |
Risk free interest rate |  |  | 0.02 | %
Expected life in years |  |  | 0.0 |
Expected volatility |  |  | 71.2 | %
Expected dividend yields |  |  | None |
Schedule of fair value of derivative liabilities |
|  | Balance at June 30, |  |  | Initial valuation of derivative liabilities upon issuance of new warrants during the |  |  | Decrease in fair value of derivative |  |  | Fair value of derivatives reclassified to additional |  |  | Balance at June 30, |
|  | 2015 |  |  | period |  |  | liabilities |  |  | paid-in-capital |  |  | 2016 |
Series B warrants issued in connection with May and June 2014 offering |  | $ | 8,770,700 |  |  | $ | - |  |  | $ | (8,266,218 | ) |  | $ | - |  |  | $ | 504,482 |
Placement Agent warrants issued in connection with May and June 2014 offering |  |  | 5,230,669 |  |  |  | - |  |  |  | (4,842,648 | ) |  |  | - |  |  |  | 388,021 |
Total |  | $ | 14,001,369 |  |  | $ | - |  |  | $ | (13,108,866 | ) |  | $ | - |  |  | $ | 892,503 |
|  | Balance at June 30, |  |  | Initial valuation of derivative liabilities upon issuance of new warrants during the |  |  | Increase (decrease) in fair value of derivative |  |  | Fair value of derivatives reclassified to additional |  |  | Balance at June 30, |
|  | 2014 |  |  | period |  |  | liabilities |  |  | paid-in-capital |  |  | 2015 |
Series A warrants issued in May and June 2014 offering |  | $ | 10,040,822 |  |  | $ | - |  |  | $ | 5,255,019 |  |  | $ | (15,295,841 | ) |  | $ | - |
Series B warrants issued in connection with May and June 2014 offering |  |  | 9,894,930 |  |  |  | - |  |  |  | (1,124,230 | ) |  |  | - |  |  |  | 8,770,700 |
Placement Agent warrants issued in connection with May and June 2014 offering |  |  | 5,651,181 |  |  |  | - |  |  |  | (420,512 | ) |  |  | - |  |  |  | 5,230,669 |
Total |  | $ | 25,586,933 |  |  | $ | - |  |  | $ | 3,710,277 |  |  | $ | (15,295,841 | ) |  | $ | 14,001,369 |

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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
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