Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v2.4.0.6
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Mar. 31, 2013
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Following is a summary as of the reporting date of the fair values and applicable level within the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:

 

At March 31, 2013:

    Quoted Prices in
Active Markets
for Identical
Assets 		    Significant Other
Observable Inputs 		    Significant 
Unobservable
Inputs 		 
    (Level 1)     (Level 2)     (Level 3)  
Description                        
                         
Warrant derivative liabilities   $ -     $ -     $ 2,048,000  

 

At June 30, 2012:

    Quoted Prices in
Active Markets
for Identical
Assets 		    Significant Other
Observable Inputs 		    Significant 
Unobservable
Inputs 		 
    (Level 1)     (Level 2)     (Level 3)  
Description                        
                         
Warrant derivative liabilities   $ -     $ -     $ 4,943,000  

 

The table below sets forth a summary of changes in the fair value of our Level 3 financial instruments for the six months ended March 31, 2013:

 

    Balance at
June 30,
2012 		   

Estimated fair

value of new
derivative
liabilities

     Change in estimated
fair value 
recognized in results
of operations 		    Balance at
March 31, 
2013 		 
                                 
Warrant derivative liabilities   $ 4,943,000     $ 931,000     $ (3,826,000 )   $ 2,048,000