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Derivative Financial Instruments (Warrant Liability) (Tables)

9 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value inputs of derivative financial instruments

The change in fair value of the June 2012 Warrants is recorded in the statement of operations and comprehensive income and is estimated using the Lattice option-pricing model using the following assumptions:

Inputs into Lattice model for warrants:			3/31/2015
Equivalent volatility			60.06	%
Equivalent interest rate			0.63	%
Floor		$	1.1500
Greater of estimated stock price or floor		$	1.1500
Probability price < strike price			74.20	%
Fair value of call		$	0.2970
Probability of fundamental transaction occuring			5	%

Schedule of Level 3 inputs measured on a recurring basis

The following table summarizes the activity of Level 3 inputs measured on a recurring basis for the nine months ended March 31, 2015:

	Warrant Liability
Fair value, June 30, 2014		$	731,431
Exercise of common stock warrants			—
Change in fair value of warrant liability			(375,308	)
Fair value, March 31, 2015		$	356,123

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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