Quarterly report pursuant to Section 13 or 15(d)

BUSINESS (Tables)

v2.4.0.6
BUSINESS (Tables)
 6 Months Ended
Dec. 31, 2012
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] The following table summarizes the number of common shares excluded from the calculation of weighted average common shares outstanding for the three and six months ended December 31, 2012 and 2011 since they were anti-dilutive:
    Three months ended December 31,   Six months ended December 31,  
    2012     2011   2012     2011  
Stock options     6,660,000       5,350,000     6,660,000       5,350,000  
Warrants     21,040,796       7,948,607     21,040,796       7,948,607  
                               
Total     27,700,796       13,298,607     27,700,796       13,298,607  
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] The following table sets forth the Company’s liabilities measured at fair value on a recurring basis, by input level, in the balance sheets at December 31, 2012 and June 30, 2012.
    Fair value measurement at reporting date using  
    Quoted Prices
In Active
Market for
Identical Assets
(Level 1) 		    Significant
Other
Observable
Inputs
(Level 2) 		    Significant
Unobservable
Inputs
(Level 3) 		    Total  
At December 31, 2012:                                
Liabilities:                                
Recurring                                
                                 
Derivative financial liability - related to a warrant with anti-dilution provisions   $ —     $ 125,500     $ —     $ 125,500  
                                 
At June 30, 2012:                                
Liabilities:                                
Recurring                                
                                 
Derivative financial liability - related to a warrant with anti-dilution provisions   $ —     $ 519,725     $ —     $ 519,725  
Fair Value, Liabilities Measured on Recurring Basis, Observable Input Reconciliation [Table Text Block] The reconciliation of the derivative financial liability measured at fair value on a recurring basis using observable inputs (Level 2) is as follows:
    2012     2011  
Balance, June 30,   $ 519,725     $ 4,187,769  
Change in fair value of derivative financial liability     (394,225 )     (3,791,260 )
                 
Balance, December 31,   $ 125,500     $ 396,509  
Schedule Of Estimated Fair Value Of Derivative Instruments [Table Text Block] The assumptions made in calculating the fair value of these derivative instruments as of December 31, 2012, June 30, 2012 and December 31, 2011 were as follows:
    December 31,
2012 		    June 30,
2012 		    December 31,
2011 		 
Common stock price   $ 0.62     $ 0.76     $ 0.83  
Risk-free interest rate     0.2 %     0.2 %     0.2 %
Dividend yield     None       None       None  
Volatility     98.9 %     100.0 %     96.5 %
Remaining contractual term (in years)     0.7       1.2       1.7