Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Jun. 30, 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 calculations of weighted average common shares outstanding for the years ended June 30, 2012 and 2011:

 

 

 

 

 

 

 

 

 

 

Years Ended June 30,

 

 

 

 

 

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

5,510,000

 

 

4,350,000

 

Warrants

 

 

20,940,796

 

 

7,948,607

 

 

 

 

 

Total

 

 

26,450,796

 

 

12,298,607

 

 

 

 

 

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] The following table sets forth the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis, by input level, in the balance sheets at June 30, 2012 and 2011:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 June 30, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial liability - related to a warrant with anti-dilution provisions

 

$

—

 

$

519,725

 

$

—

 

$

519,725

 

 

 

 

 

 

 

At June 30, 2011:

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial liability - related to a warrant with anti-dilution provisions

 

$

—

 

$

4,187,769

 

$

—

 

$

4,187,769

 

 

 

 

 

 

 

Fair Value, Liabilities Measured on Recurring Basis, Observable Input Reconciliation [Table Text Block] The following table sets forth the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis, by input level, in the balance sheets at June 30, 2012 and 2011:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

 

 

 

 

Balance, July 1

 

$

4,187,769

 

$

1,714,084

 

Change in fair value of derivative financial liability

 

 

(3,668,044

)

 

2,473,685

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30

 

$

519,725

 

$

4,187,769