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STOCKHOLDERS' EQUITY (Tables)
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12 Months Ended |
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Jun. 30, 2012
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| Schedule Of Stock Based Compensation Expense [Table Text Block] |
Stock-based compensation expense for options and warrants was
recorded as follows:
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For The Years Ended June 30,
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2012
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2011
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Research and development
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$
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191,424
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$
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255,789
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General and administrative
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2,491,714
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3,641,530
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Totals
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$
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2,683,138
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$
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3,897,319
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| Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
A summary of the changes in options outstanding during the
years ended June 30, 2012 and 2011 is as follows:
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Number of
Shares
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Weighted
Average
Exercise
Price
Per Share
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Weighted
Average
Remaining
Contractual
Term (Years)
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Aggregate
Intrinsic
Value
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Outstanding at June 30, 2010
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2,210,000
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$
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0.58
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9.1
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$
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1,770,000
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Granted
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2,140,000
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$
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2.44
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Outstanding and expected to vest at June
30, 2011
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4,350,000
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$
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1.49
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8.7
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6,112,000
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Granted
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1,160,000
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$
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1.80
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Outstanding and expected to vest at June
30, 2012
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5,510,000
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$
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1.56
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8.1
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493,800
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Options exercisable at June 30,
2012
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2,594,665
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$
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1.37
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7.6
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361,800
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| Schedule Of Fair Value Assumptions And Methodology [Table Text Block] |
Weighted average fair value of options granted on the date of
grant using the Black-Scholes option-pricing model with the
following assumptions:
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For the Years Ended June 30,
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2012
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2011
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Minimum
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Maximum
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Minimum
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Maximum
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Risk free interest rate
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0.2%
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2.2%
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1.2%
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2.1%
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Dividend yield
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0%
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0%
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Expected volatility
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94.8%
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101.0%
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96.8%
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133.0%
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Expected term (in years)
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9
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10
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5.5
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10
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| Schedule Of Warrants Activity [Table Text Block] |
A summary of the changes in warrants outstanding during the
years ended June 30, 2012 and 2011 is as follows:
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Number of
Shares
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Weighted
Average
Exercise
Price
Per Share
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Outstanding at June 30, 2010
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3,085,811
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$
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2.91
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Granted
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5,257,796
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$
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1.99
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(1)
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Exercised
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(95,000
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$
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1.54
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Cancelled
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(300,000
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$
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1.38
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Outstanding at June 30, 2011
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7,948,607
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$
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2.37
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Granted
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12,992,189
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$
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0.80
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(2)
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Outstanding at June 30, 2012
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20,940,796
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$
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1.39
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Exercisable at June 30, 2012
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20,920,796
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$
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1.39
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| Schedule Of Fair value of Warrants Assumptions And Methodology [Table Text block] |
The fair value of each warrant was estimated using the
Black-Scholes option pricing model using the following
assumptions:
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For the Years Ended June 30,
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2012
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2011
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Minimum
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Maximum
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Minimum
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Maximum
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Risk free interest rate
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0.3%
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0.4%
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0.3%
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2.0%
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Dividend yield
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0%
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0%
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Expected volatility
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94.8%
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97.3%
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96.8%
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133%
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Expected term (in years)
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2
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4
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2
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5
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