Annual report pursuant to Section 13 and 15(d)

WARRANT DERIVATIVE LIABILITY (Tables)

v2.4.0.8
WARRANT DERIVATIVE LIABILITY (Tables)
12 Months Ended
Jun. 30, 2013
Derivative Liabilities [Abstract]  
Fair Value Measurements, Nonrecurring
Warrants were determined to have a fair value per share and aggregate value as of June 30, 2013 and in aggregate value as of June 30, 2012 as follows:
 
 
 
Issued Warrants
 
Fair Value Per
Share $ as of
June 30, 2013
 
Total Fair Value in
Aggregate $ as of
June 30, 2013
 
Total Fair Value in
Aggregate $ as of
June 30, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 2012 Warrants
 
 
562,551
 
$
0.05
 
$
27,000
 
$
1,158,000
 
July 2012 Warrants
 
 
338,013
 
$
0.05
 
$
17,000
 
$
—
 
August 2012 Warrants
 
 
120,719
 
$
0.05
 
$
6,000
 
$
—
 
October 2012 Warrants
 
 
48,287
 
$
0.05
 
$
3,000
 
$
—
 
Advisory Agreement
     Warrants
 
 
1,837,777
 
$
0.05
 
$
90,000
 
$
3,785,000
 
Total
 
 
2,907,347
 
 
 
 
$
143,000
 
$
4,943,000
 
Fair Value, Concentration of Risk
Significant assumptions used to estimate the fair value of the warrants classified as derivative liabilities at June 30, 2013 are summarized below:
 
Risk-free interest rate
 
 
1.16 – 1.02
%
Expected life (average)
 
 
3.96 – 4.34 years
 
Stock price (based on prices on valuation date)
 
$
0.10
 
Exercise price
 
$
0.41
 
Expected volatility
 
 
100
%