FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Schedule of fair value of financial instruments required to be measured at fair value

June 30, 2015	Level 1		Level 2		Level 3		Total
Common stock warrant liability, warrants exercisable at $2.6058 from September 18, 2011 through September 18, 2016	$	-	$	-	$	978,353	$	978,353
June 30, 2014	Level 1		Level 2		Level 3		Total
Common stock warrant liability, warrants exercisable at $2.6058 from September 18, 2011 through September 18, 2016	$	-	$	-	$	585,209	$	585,209

Schedule of changes in fair value of the company's level 3 financial instruments

	June 30,
	2015			2014
Beginning balance	$	(585,209	)	$	(650,638	)
Gain (loss) due to change in fair value of warrant liabilities, net		(393,144	)		65,429
Ending balance	$	(978,353	)	$	(585,209	)