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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2016

Summary of Significant Accounting Policies [Abstract]

Schedule of fair value, financial liabilities measured on recurring basis

Quoted Prices

In Active

Significant

Total

Markets for

Other

Significant

Carrying

Identical

Observable

Unobservable

Value as of

Assets

Inputs

Inputs

June 30,

Description

(Level 1)

(Level 2)

(Level 3)

2016

Derivative liabilities - warrant instruments

$

-

$

-

$

892,503

$

892,503

Description		Quoted Prices  In Active  Markets  for Identical Assets  (Level 1)				Significant  Other  Observable Inputs  (Level 2)				Significant Unobservable Inputs  (Level 3)				Total Carrying Value as of June 30,  2015
Derivative liabilities - warrant instruments		$	-			$	-			$	14,001,369			$	14,001,369

Summary of fair value of the company level three financial liabilities

		Significant Unobservable Inputs (Level 3)
		Year Ended June 30, 2016				Year Ended June 30, 2015
Beginning balance		$	14,001,369			$	25,586,933
Change in fair value of derivative liabilities included in net loss for the years ended June 30, 2016 and June 30, 2015			(13,108,866	)			3,710,277
Value of converted warrant instruments transferred to additional paid-in-capital			-				(15,295,841	)
Ending balance		$	892,503			$	14,001,369

Summary of anti-dilutive securities

		Year Ended June 30, 2016				Year Ended June 30, 2015
Class A convertible preferred stock			-				71,672
Common stock warrants			4,224,573				5,362,183
Restricted stock awards			49,625				94,000
Common stock options			642,204				777,630
Total			4,916,402				6,305,485

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- References

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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=66048111&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=66048111&loc=d3e19207-110258

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Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

+ 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=66048111&loc=d3e19190-110258

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