Derivative Liabilities (Tables)

9 Months Ended

Mar. 31, 2014

Notes to Financial Statements

Fair value assumptions

	Range
Common stock issuable upon exercise of warrants		1,482,852
Exercise price		$0.90 - $1.60
Market price of the Company’s common stock		$2.40
Risk free interest rate		0.44% - 0.69%
Dividend yield		0%
Volatility		357.70% - 381.34%
Expected term	1.73 - 2.96 years

Fair Value Hierarchy

	Fair Value Measurement at March 31, 2014
		Level 1		Level 2		Level 3
Liabilities:
Warrant derivative liabilities	$	—	$	—	$	3,530,995
Total	$	—	$	—	$	3,530,995

	Fair Value Measurement at June 30, 2013
		Level 1		Level 2		Level 3
Liabilities:
None	$	—	$	—	$	—
Total	$	—	$	—	$	—

Changes in fair value of derivative liabilities

Balance, February 7, 2014	$	1,150,455
Change in fair value of derivative liabilities		2,380,540
Balance, March 31, 2014	$	3,530,995