Derivative Financial Instruments (Warrant Liability) (Tables)

3 Months Ended

Sep. 30, 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 comprehensive income (loss) and is estimated using the Lattice option-pricing model using the following assumptions:

Inputs into Lattice model for warrants:		9/30/2015
Equivalent volatility		72.26	%
Equivalent interest rate		0.56	%
Floor	$	1.1500
Greater of estimated stock price or floor	$	1.1500
Probability price < strike price		62.90	%
Fair value of call	$	0.6900
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 three months ended September 30, 2015:

		9/30/2015
		Warrant Liability
Fair value, beginning balance	$	1,195,470
Exercise of common stock warrants		—
Change in fair value of warrant liability		(368,114	)
Fair value, ending balance	$	827,356