|
STOCKHOLDERS' EQUITY (Tables)
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6 Months Ended |
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Dec. 31, 2012
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| Schedule Of Stock Based Compensation Expense [Table Text Block] |
Stock-based compensation expense (credit) for options and
warrants was recorded as follows
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Three Months Ended
December 31,
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Six Months Ended
December 31,
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2012
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|
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2011
|
|
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2012
|
|
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2011
|
|
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Research and development
|
|
$
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(28,239
|
)
|
|
$
|
38,457
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|
|
$
|
103,213
|
|
|
$
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23,188
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|
General and administrative
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|
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245,039
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|
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1,017,357
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|
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567,186
|
|
|
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1,370,918
|
|
|
Totals
|
|
$
|
216,800
|
|
|
$
|
1,055,814
|
|
|
$
|
670,399
|
|
|
$
|
1,394,106
|
|
|
| Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
A summary of the changes in options outstanding during the six
months ended December 31, 2012 is as follows:
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|
|
Number of
Shares
|
|
|
Weighted
Average
Exercise
Price
Per Share
|
|
|
Weighted
Average
Remaining
Contractual
Term (Years)
|
|
|
Aggregate
Intrinsic
Value
|
|
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Outstanding at June 30, 2012
|
|
|
5,510,000
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|
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$
|
1.56
|
|
|
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8.1
|
|
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$
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493,800
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|
|
Granted
|
|
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1,230,000
|
|
|
$
|
1.05
|
|
|
|
|
|
|
|
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Forfeited
|
|
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(80,000
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)
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$
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1.55
|
|
|
|
|
|
|
|
|
|
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Outstanding at December 31, 2012
|
|
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6,660,000
|
|
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$
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1.46
|
|
|
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7.9
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|
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$
|
316,600
|
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Expected to vest at December 31, 2012
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6,633,340
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$
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1.46
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|
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7.9
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|
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$
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316,600
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|
Options exercisable at December 31, 2012
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|
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3,803,992
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$
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1.60
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|
|
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7.4
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|
|
$
|
274,600
|
|
|
| Schedule Of Fair Value Assumptions And Methodology [Table Text Block] |
The weighted average fair value of options granted during the
three and six months ended December 31, 2012 was $0.64 per
share and $0.92 per share, respectively, on the date of grant
using the Black-Scholes option-pricing model with the following
assumptions:
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Three Months Ended
December 31,
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|
Six Months Ended
December 31,
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|
|
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2012
|
|
2011
|
|
2012
|
|
2011
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Risk free interest rate
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1.6%
|
to
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1.8%
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1.1%
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to
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2.2%
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1.3
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to
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1.8%
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1.1%
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to
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2.2%
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Dividend yield
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None
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to
|
None
|
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None
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to
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None
|
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None
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to
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None
|
|
None
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to
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None
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Volatility
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99.2%
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to
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99.7%
|
|
94.8%
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to
|
96.8%
|
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99.2%
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to
|
100.7%
|
|
94.8%
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to
|
96.8%
|
|
Expected term (in years)
|
|
9
|
to
|
9
|
|
5.5
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to
|
9.0
|
|
9
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to
|
9
|
|
5.5
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to
|
9.0
|
|
| Schedule Of Warrants Activity [Table Text Block] |
A summary of the changes in warrants outstanding during the six
months ended December 31, 2012 is as follows:
|
|
|
Number of
Shares
|
|
|
Weighted
Average
Exercise
Price
Per Share
|
|
|
Outstanding at June 30, 2012
|
|
|
20,940,796
|
|
|
$
|
1.39
|
|
|
Granted
|
|
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100,000
|
|
|
$
|
1.00
|
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Outstanding at December 31, 2012
|
|
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21,040,796
|
|
|
$
|
1.39
|
|
|
|
|
|
|
|
|
|
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Exercisable at December 31, 2012
|
|
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21,040,796
|
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$
|
1.39
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