PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Sep. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets [Table Text Block]

The Company’s prepaid expenses and other current assets are as follows:

	September 30,		June 30,
	2016		2016
Consultant fees (1)	$	520,205	$	845,420
Advance to employees		105,520		105,137
Other		59,918		55,056
Total		685,643		1,005,613
Less current portion		562,723		826,631
Total noncurrent portion	$	122,920	$	178,982

(1): The Company entered into management consulting and advisory services agreements with two consultants on June 6, 2014, pursuant to which the consultants should assist the Company in, among other things, financial and tax due diligence, business evaluation and integration, and development of pro forma financial statements. In return for their services, as approved by the Company’s Board of Directors, a total of 600,000 shares of the Company’s common stock were issued to these two consultants. Their service agreements are for the period from July 1, 2014 to December 31, 2016.