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PREFERRED STOCK | 12 Months Ended
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Jun. 30, 2012
Equity [Abstract] |
Preferred Stock [Text Block] | 8. PREFERRED STOCK Bridge Financing On January 11, 2011, the Company entered into a Securities Purchase Agreement with Southridge Partners II, LP (“Southridge”) to issue 300 shares of its Series E 5% Convertible Preferred Stock, with a stated value of $1,000 per share, for a purchase price of $300,000. The shares of Series E 5% Convertible Preferred Stock were issued in three tranches over a 90-day period beginning on the closing of the reverse acquisition. Upon any liquidation or dissolution of the Company, the holders of the Series E 5% Convertible Preferred Stock are entitled to receive the stated value of $1,000 per share plus all accrued unpaid dividends per share. The number of shares of common stock into which each share of Series E Preferred is convertible is determined by dividing $1,000 (the stated value) by $0.044416985 per share. The 300 shares of Series E Preferred issued to Southridge convert into 6,754,173 shares of common stock. Prior to the closing of the reverse acquisition, Southridge Partners, LP and its affiliates were the holders of a majority of the Company’s shares of common stock. The Series E Preferred accrues cash dividends at 5% per annum and is convertible to common stock at any time. On March 4, 2011, Southridge purchased $150,000 of Series E Preferred, on April 18, 2011, Southridge purchased $75,000 of Series E Preferred, and on June 2, 2011, Southridge purchased $75,000 of Series E Preferred for cash. The Company determined that there was a beneficial conversion feature of $37,709 for the issuance of the 300 shares of Series E Preferred Stock. The beneficial conversion feature was calculated based on the effective conversion price per share compared to the fair value per share of common stock on the commitment date. This resulted in a deemed dividend in the amount of $37,709 for the year ended June 30, 2011. The Company also accrued cash dividends payable of $3,511 for the year ended June 30, 2011. The Company accrued cash dividends payable of $13,360 for the year ended June 30, 2012. At June 30, 2012, accrued dividends payable of $16,871 is included in accrued expenses and other current liabilities. On February 15, 2012, Southridge converted 100 shares of Series E Preferred into 2,251,390 shares of common stock.

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References No definition available. + Details
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