SUBSEQUENT EVENTS	6 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	As disclosed under Note 1 above, On February 4, 2015, the holders of the Company’s Series B Preferred, consisting of the Chief Executive Officer, his spouse, and a director (the “Holders”), entered into the Restructuring Agreement pursuant to which the Holders consented to the Series B Restructuring involving an amendment to the Certificate of Designation of the Relative Rights, Powers and Preference of the Series B Preferred, resulting in the following: (i) the rate at which the Series B Preferred accrues dividends was decreased from 15% per annum (which interest rate increases to 18% on July 1, 2015) to 7% per annum if paid by the Company in cash, or 9% if paid by the Company in PIK Shares (as defined below); (ii) the Company may elect to pay accrued dividends on outstanding shares of Series B Preferred in either cash or by the issuance of PIK Shares; (iii) the conversion feature of the Series B Preferred has been eliminated; and (iv) in order to ensure there are sufficient shares of Series B Preferred available for issuance as PIK Shares, increase the number of shares of the Company's preferred stock designated as Series B Preferred from 600,000 to 900,000 shares. In consideration for the Series B Restructuring, the Company issued to the Holders: (y) an aggregate total of 214,197 additional shares of Series B Preferred to the Holders, which shares have a stated value equal to the amount that, but for the Series B Restructuring, would have been paid to the Holders as dividends over the next five years; and (z) five-year warrants to purchase an aggregate total of 1,029,818 shares of common stock for $4.00 per share, an amount and per share purchase price equal to what the Holders would otherwise be entitled to receive upon conversion of their shares of Series B Preferred. Also subsequent to December 31, 2014, the Company accepted subscription agreements from certain accredited investors, including certain members of the Company's Board of Directors, to purchase an aggregate total of 94,932 shares of the Company's common stock for $9.48 per share, and five year warrants to purchase an aggregate total of 23,737 shares of Common Stock for $10.00 per share, resulting in gross proceeds of approximately $900,000. We have evaluated subsequent events through the date of this filing in accordance with the Subsequent Events Topic of the FASB ASC 855, and have determined that, other than the events described above, no additional subsequent events are reasonably likely to impact the financial statements.

SUBSEQUENT EVENTS

6 Months Ended

Dec. 31, 2014

As disclosed under Note 1 above, On February 4, 2015, the holders of the Company’s Series B Preferred, consisting of the Chief Executive Officer, his spouse, and a director (the “Holders”), entered into the Restructuring Agreement pursuant to which the Holders consented to the Series B Restructuring involving an amendment to the Certificate of Designation of the Relative Rights, Powers and Preference of the Series B Preferred, resulting in the following: (i) the rate at which the Series B Preferred accrues dividends was decreased from 15% per annum (which interest rate increases to 18% on July 1, 2015) to 7% per annum if paid by the Company in cash, or 9% if paid by the Company in PIK Shares (as defined below); (ii) the Company may elect to pay accrued dividends on outstanding shares of Series B Preferred in either cash or by the issuance of PIK Shares; (iii) the conversion feature of the Series B Preferred has been eliminated; and (iv) in order to ensure there are sufficient shares of Series B Preferred available for issuance as PIK Shares, increase the number of shares of the Company's preferred stock designated as Series B Preferred from 600,000 to 900,000 shares. In consideration for the Series B Restructuring, the Company issued to the Holders: (y) an aggregate total of 214,197 additional shares of Series B Preferred to the Holders, which shares have a stated value equal to the amount that, but for the Series B Restructuring, would have been paid to the Holders as dividends over the next five years; and (z) five-year warrants to purchase an aggregate total of 1,029,818 shares of common stock for $4.00 per share, an amount and per share purchase price equal to what the Holders would otherwise be entitled to receive upon conversion of their shares of Series B Preferred.

Also subsequent to December 31, 2014, the Company accepted subscription agreements from certain accredited investors, including certain members of the Company's Board of Directors, to purchase an aggregate total of 94,932 shares of the Company's common stock for $9.48 per share, and five year warrants to purchase an aggregate total of 23,737 shares of Common Stock for $10.00 per share, resulting in gross proceeds of approximately $900,000.

We have evaluated subsequent events through the date of this filing in accordance with the Subsequent Events Topic of the FASB ASC 855, and have determined that, other than the events described above, no additional subsequent events are reasonably likely to impact the financial statements.