Fair Value Measurement (Tables)

6 Months Ended

Dec. 31, 2016

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

At December 31, 2016 and June 30, 2016 the estimated fair values of the liabilities measured on a recurring basis are as follows:

	Fair Value Measurements at
	December 31, 2016:
	(Level 1)		(Level 2)		(Level 3)

Derivative liability – Series B debentures	$	-		-	$	28,284
Derivative liability – Series C debentures		-		-		104,957
Derivative liability – warrants		-		-		2,189,582
Total derivatives	$	-	$	-	$	2,322,823

	Fair Value Measurements at
	June 30, 2016:
	(Level 1)		(Level 2)		(Level 3)

Derivative liability – Series B debentures	$	-		-	$	203,030
Derivative liability – Series C debentures		-		-		343,673
Derivative liability – warrants		-		-		3,197,182
Total derivatives	$	-	$	-	$	3,743,885

Schedule Of Projected Annual Volatility [Table Text Block]

The projected annual volatility for the valuation dates are:

1 Year
12/31/16	79	%
6/30/16	83	%

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following tables present the activity for liabilities measured at estimated fair value using unobservable inputs for the three months ended December 31, 2016:

	Fair Value Measurement
	Using Significant
	Unobservable Inputs
	Derivative		Derivative		Derivative
	liability –		liability –		liability –
	Series B		Series C		warrant

Beginning balance at July 1, 2016	$	203,030	$	343,673	$	3,197,182
Additions during the year		-		-		-
Change in fair value		(174,746)		(238,716)		(1,007,600)
Transfer in and/or out of Level 3		-		-		-
Balance at December 31, 2016	$	28,284	$	104,957	$	2,189,582