REVISION OF PRIOR YEAR FINANCIAL STATEMENTS (Tables)

9 Months Ended

Mar. 31, 2013

Revision For Prior Year Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

Set out below are the line items within the condensed consolidated statement of operations for the three and nine month ended March 31, 2013 have been affected by the revisions. The revisions had no impact on the Company’s cash flows from operating, investing or financing activities.

	For the three months ended March 31, 2012
	Previously reported			Adjustments		Revised
Consolidated Statement of Operations
Changes in fair value of warrant liabilities	$	-		$	56,502	$	56,502
Total Other Incomes/(Expenses)		(2,951,572	)		56,502		(2,895,070	)
Income Before Taxes		1,772,184			56,502		1,828,686
Net Income	$	1,218,669		$	56,502	$	1,275,171
Comprehensive Income	$	2,662,916		$	56,502	$	2,719,418
Basic Earnings per Share	$	0.03		$	-	$	0.03
Diluted Earnings per Share	$	0.03		$	-	$	0.03

	For the nine month ended March 31, 2012
	Previously reported			Adjustments		Revised
Consolidated Statement of Operations
Changes in fair value of warrant liabilities	$	-		$	288,968	$	288,968
Total Other Incomes/(Expenses)		(7,279,390	)		288,968		(6,990,422	)
Income Before Taxes		8,926,130			288,968		9,215,098
Net Income	$	8,772,944		$	288,968	$	9,061,912
Comprehensive Income	$	14,079,638		$	288,968	$	14,368,606
Basic Earnings per Share	$	0.22		$	-	$	0.22
Diluted Earnings per Share	$	0.22		$	-	$	0.22