WARRANTS (Tables)

9 Months Ended

Mar. 31, 2013

Warrants and Rights Note Disclosure [Abstract]

Schedule Of Warrants Activity [Table Text Block]

The fair values of the Warrants at the issuance date and the end of each reporting period were calculated using Black-Scholes pricing model and based on the following assumptions (after revision as disclosed in Note 3):

	March 10, 2010			March 31, 2012			June 30, 2012			March 31, 2013
	Issuance date			Period end date			Year end date			Period end date
Warrants indexed to common stock		685,000			685,000			685,000			685,000
Trading market price	$	2.99		$	1.06		$	0.92		$	1.59
Exercise price	$	3.76		$	3.76		$	3.76		$	3.76
Estimated Term (Year)		5.00			2.94			2.67			1.94
Expected volatility		90.00	%		69.80	%		62.64	%		73.67	%
Risk-free rate		2.39	%		0.51	%		0.72	%		0.25	%
Dividend yield rates		0.00	%		0.00	%		0.00	%		0.00	%
Fair value of warrants	$	1,368,428		$	110,604		$	47,404		$	179,357

Changes In Estimated Fair Value [Table Text Block]

The following table summarizes the changes in estimated fair value for the nine month ended March 31, 2013 and 2012:

	Estimated Fair Value
Balance as of June 30, 2011	$	399,572
Changes in fair value		(352,168	)
Balance as of June 30, 2012	$	47,404
		Estimated Fair Value
Balance as of June 30, 2012	$	47,404
Changes in fair value		131,953
Balance as of March 31, 2013	$	179,357