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Derivative Liabilities (Tables)
 12 Months Ended
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