DERIVATIVE FINANCIAL INSTRUMENTS and FAIR VALUE MEASUREMENTS (Tables)
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12 Months Ended |
Jun. 30, 2016 |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2016: | | | Balance at | | Quoted Prices | | Significant | | | | | | | | June | | in Active | | Other | | Significant | | | | | 30, | | Markets for | | Observable | | Unobservable | | | | | 2016 | | Identical Assets | | Inputs | | Inputs | | | | | | | | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | | | | | | | | | Embedded conversion option liabilities | | $ | 994,343 | | $ | — | | $ | — | | $ | 994,343 | | | Fair value of liability for warrant derivative instruments | | $ | 55,839 | | $ | — | | $ | — | | $ | 55,839 | | | Total | | $ | 1,050,182 | | $ | — | | $ | — | | $ | 1,050,182 | | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2015: | | | Balance at | | Quoted Prices | | Significant | | | | | | | | June | | in Active | | Other | | Significant | | | | | 30, | | Markets for | | Observable | | Unobservable | | | | | 2015 | | Identical Assets | | Inputs | | Inputs | | | | | | | | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | | | | | | | | | Embedded conversion option liabilities | | $ | 780,281 | | $ | — | | $ | — | | $ | 780,281 | | | Fair value of liability for warrant derivative instruments | | $ | 269,648 | | $ | — | | $ | — | | $ | 269,648 | | | Total | | $ | 1,049,929 | | $ | — | | $ | — | | $ | 1,049,929 | |
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| Schedule of Derivative Liabilities at Fair Value [Table Text Block] |
The following is a roll forward for the years ended June 30, 2016 and 2015 of the fair value liability of price adjustable derivative instruments: | | | Fair Value of | | | | | Liability for | | | | | Derivative | | | | | Instruments | | | | | | | | Balance at June 30, 2014 | | $ | 158,244 | | | Effects of foreign currency exchange rate changes | | | (42,796) | | | Initial fair value of embedded conversion option derivative liability recorded as debt discount | | | 392,500 | | | Initial fair value of embedded conversion option derivative liability recorded as change in fair value of ECO | | | 1,082,567 | | | Change in fair value included in statements of operations | | | (540,586) | | | Balance at June 30, 2015 | | | 1,049,929 | | | Effects of foreign currency exchange rate changes | | | (281,068) | | | Initial fair value of embedded conversion option derivative liability recorded as debt discount | | | (2,462,355) | | | Initial fair value of embedded conversion option derivative liability recorded as change in fair value of ECO | | | 3,410,653 | | | Change in fair value included in statements of operations | | | (666,977) | | | Balance at June 30, 2016 | | $ | 1,050,182 | |
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| Warrant [Member] | Convertible Debt [Member] |
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| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] |
Warrants | | | Initial
Valuation | | | | | | | | | | | September 30,
2013 | | June 30, 2015 | | June 30, 2016 | | | Volatility | | | 53 | % | | 408 | % | | 399 | % | | Expected remaining term | | | 5 | | | 3.25 | | | 2.25 | | | Risk-free interest rate | | | 0.4 | % | | 1.63 | % | | 1.01 | % | | Expected dividend yield | | | None | | | None | | | None | | Convertible Debt | | | Initial
Valuations | | June 30, 2015 | | June 30, 2016 | | | Volatility | | | 216 - 408 | % | | 408 | % | | 175 | % | | Expected remaining term | | | 0.83 – 2.00 | | | 0.82 – 1.70 | | | 0.33 | | | Risk-free interest rate | | | 0.5 – 0.7 | % | | 0.64 | % | | 0.45 | % | | Expected dividend yield | | | None | | | None | | | None | | |