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PREFERRED STOCK | 3 Months Ended
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Sep. 30, 2012
Equity [Abstract] |
Preferred Stock [Text Block] | 6. PREFERRED STOCK Series E As of September 30, 2012, the Company has 100 outstanding shares of its Series E 5% Convertible Preferred Stock. 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. 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 Series E Preferred accrues cash dividends at 5% per annum and is convertible to common stock at any time. The Company accrued cash dividends payable of $1,528 and $3,833 for the three months ended September 30, 2012 and 2011, respectively. At September 30, 2012, accrued dividends payable of $12,565 is included in accrued expenses and other current liabilities. On July 18, 2012, Southridge exchanged 100 shares of Series E Preferred and accrued dividends of $5,834 into a convertible promissory note in the principal amount of $105,834 (see Note 4). Series F On September 7, 2012, the Company authorized 100 shares of Series F Convertible Preferred Stock, with a stated value of $1,000. The Series F Preferred is convertible into common stock at any time at the option of the holder. The number of shares of common stock into which one share of Series F Preferred is convertible is determined by (i) dividing $1,000 (the stated value) outstanding by the closing bid price on the trading day immediately prior to the date of the conversion notice (the “Conversion Price”), and (ii) multiplying by ten; provided that if the closing bid price on such trading day is less than $0.02 per share, then the Conversion Price shall be $0.02. Accordingly, the authorized 100 shares of Series F Preferred are currently convertible into 50,000,000 shares of common stock using a Conversion Price of $0.02. On September 10, 2012, the Company issued 90 shares of its Series F Preferred Stock for the purchase price of $90,000 to certain existing investors of the Company. The 90 shares of Series F Preferred are currently convertible into 45,000,000 shares of common stock. The Company determined that there was a beneficial conversion feature of $360,000 for the issuance of the 90 shares of Series F 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 $360,000 for the three months ended September 30, 2012. Series G On September 18, 2012, the Company authorized 1,250 shares of Series G Convertible Preferred Stock, with a stated value of $1,000. The Series G Preferred is convertible into common stock at any time at the option of the holder six months after the date of issuance. After five years from the date of issuance or upon a change of control, the Series G Preferred is automatically converted into shares of common stock. The number of shares of common stock into which one share of Series G Preferred is convertible is determined by dividing $1,000 (the stated value) outstanding by the closing bid price on the trading day immediately prior to the date of the conversion notice (the “Conversion Price”); provided that if the closing bid price on such trading day is less than $0.02 per share, then the Conversion Price shall be $0.02. Accordingly, the authorized 1,250 shares of Series G Preferred are currently convertible into 62,500,000 shares of common stock at an assumed Conversion Price of $0.02. On September 18, 2012, the Company issued 1,250 shares of Series G Preferred Stock in connection with the acquisition of Digipath. The Company also granted piggyback registration rights for the shares of common stock underlying the Series G Preferred Stock. The Company also evaluated the terms of the convertible preferred stock under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 815-15 and determined that these instruments do not require derivative accounting treatment.

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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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