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DERIVATIVE LIABILITIES (Tables)
 3 Months Ended
Sep. 30, 2016
Derivative Liabilities [Line Items]  
Schedule of Derivative Liabilities at Fair Value [Table Text Block]
Activity for derivative warrant instruments during the three months ended September 30, 2015 was as follows:
 
 
 
 
 
 
Decrease in
 
 
 
 
 
 
Balance at
 
fair value of
 
Balance at
 
 
 
June 30,
 
derivative
 
September 30,
 
 
 
2015
 
liabilities
 
2015
 
Second 2010 Unit Offering warrants
 
$
-
 
$
15,147
 
$
15,147
 
Third 2010 Unit Offering warrants
 
 
-
 
 
27,464
 
 
27,464
 
Lender warrants
 
 
3,799
 
 
6,420
 
 
10,219
 
Warrants for advisory services and arranger warrants
 
 
241
 
 
349
 
 
590
 
 
 
$
4,040
 
$
49,380
 
$
53,420
 
Warrant [Member]  
Derivative Liabilities [Line Items]  
Schedule Of Fair Value Assumptions Used In Derivative Warrant Instruments Valuation [Table Text Block]
The following is a summary of the assumptions used in the modified lattice valuation model as of September 30, 2015:
 
 
 
Valuation as of
September 30,
 
 
 
2015
 
Common stock issuable upon exercise of warrants
 
 
20,658,822
 
Market value of common stock on measurement date (1)
 
$
0.028
 
Adjusted exercise price
 
$
0.04-$0.24
 
Risk free interest rate (2)
 
 
0.08%-0.33
%
Warrant lives in years
 
 
0.1-0.6
 
Expected volatility (3)
 
 
197
%
Expected dividend yields (4)
 
 
None
 
Assumed stock offerings per year over next two years (5)
 
 
1
 
Probability of stock offering in any year over next two years (6)
 
 
100
%
Range of percentage of existing shares offered (7)
 
 
14
%
Offering price range (8)
 
$
0.03 - $0.04
 
  
(1)
The market value of common stock is the stock price at the close of trading on the date of issuance or at period-end, as applicable.
 
(2)
The risk-free interest rate was determined by management using the 0.5 or 1 - year Treasury Bill as of the respective offering or measurement date.
 
(3)
The historical trading volatility was determined by the Company’s trading history.
 
(4)
Management determined the dividend yield to be -0-% based upon its expectation that it will not pay dividends for the foreseeable future.
 
(5)
Management estimates the Company will have at least one stock offering in the next two years.
 
(6)
Management estimates that the probability of a stock offering is 100% during the next two years.
 
(7)
Management estimates that the range of percentages of existing shares offered in each stock offering will be 14% of the shares outstanding.
 
(8)
Represents the estimated offering price range in future offerings as determined by management.