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SUBSEQUENT EVENTS
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6 Months Ended |
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Dec. 31, 2011
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| Subsequent Events [Abstract] | |
| Subsequent Events [Text Block] | 17. SUBSEQUENT EVENTS The registration statement for the Equity Purchase Agreement (see Note 9) was declared effective on February 9, 2012. On February 10, 2012, the Company borrowed $40,000 from Southridge Partners II LP under a promissory note which matures on August 31, 2012. The note bears interest at 8% per annum and includes a redemption premium of $6,000 due on the maturity date. On February 10, 2012, the Company entered into a loan agreement with an unaffiliated investor where the Company borrowed $50,000. The convertible promissory note bears interest at 5% per annum and matures on August 10, 2012. The Company has the option to pay the interest with its common stock at the closing bid price immediately prior to the due date and the investor has the option to convert the promissory note into shares of common stock at the closing bid price immediately prior to the conversion date. The Company also issued the investor a five-year warrant to purchase 500,000 shares of common stock at an exercise price of $0.01 per share. The warrant also includes a cashless net exercise provision. The Company granted piggyback registration rights for the shares of common stock underlying the warrant and the shares of common stock issuable pursuant to the note. There were no other subsequent events that required recognition or disclosure in the financial statements. |