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CONTINGENT VALUE RIGHTS PAYABLE | 12 Months Ended
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Jun. 30, 2012
Contingent Value Rights [Abstract] |
Contingent Value Rights Disclosure [Text Block] | 6. CONTINGENT VALUE RIGHTS PAYABLE On January 13, 2011, the Company entered into a Contingent Value Rights Agreement (the “CVR Agreement”) pursuant to which common stockholders of record as of January 25, 2011 received one contingent value right (a “CVR”) for each share of Company common stock held by them. Each CVR entitled the holder thereof to its pro rata portion of a payment to be received by the Company pursuant to a Settlement Agreement and Mutual Release with EOIR Holdings LLC and EOIR Technologies, Inc. (the “Settlement Agreement”), less certain expenses (subject to adjustments for future events) that will be deducted from such payment. The contingent value rights payable was acquired by AccelPath in the reverse acquisition. During the three months ended September 30, 2011, the Company adjusted the contingent value rights payable which resulted in an additional goodwill impairment loss of $48,158. At March 31, 2012, management increased the contingent value rights payable by $147,595, decreased accrued income taxes by $113,106 and decreased accounts payable by $34,489 to reflect the amounts to be paid out of the Settlement Agreement. The payment under the Settlement Agreement was received by the Company on April 24, 2012 and the CVR payment of $3,390,000, or approximately $0.103739 per CVR, was made on May 8, 2012.

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- Definition Disclosure related with the type of right given to shareholders of an acquired company (or a company facing major restructuring) that ensures they receive additional benefit if a specified event occurs. A contingent value right is similar to an option because it often has an expiration date that relates to the time the contingent event must occur. + References No definition available. + Details
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