FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

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

($ in thousands)
March 31, 2016 (unaudited)	Level 1		Level 2		Level 3		Total
Common stock warrant liability, 3.4 million warrants exercisable at $2.6058 from September 18, 2011 through September 18, 2016	$	-	$	-	$	5,964	$	5,964

June 30, 2015	Level 1		Level 2		Level 3		Total
Common stock warrant liability, 3.9 million warrants exercisable at $2.6058 from September 18, 2011 through September 18, 2016	$	-	$	-	$	978	$	978

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

	Three months ended
($ in thousands)	March 31,
	2016			2015
Beginning balance	$	(1,865	)	$	(140	)
Increase due to change in fair value of warrant liabilities		(4,805	)		(1,101	)
Reduction due to warrant exercises		706			-
Ending balance	$	(5,964	)	$	(1,241	)

	Nine months ended
($ in thousands)	March 31,
	2016			2015
Beginning balance	$	(978	)	$	(585	)
Increase due to change in fair value of warrant liabilities		(5,692	)		(656	)
Reduction due to warrant exercises		706			-
Ending balance	$	(5,964	)	$	(1,241	)