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STOCKHOLDERS’ EQUITY (Tables)
 12 Months Ended
Jun. 30, 2014
Statement of Stockholders' Equity [Abstract]  
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
The table below summarized the restricted shares of common stock issued under the 2009 Plan:
 
 
 
 
 
 
Fair Value
 
Grant Date
 
 
 
Number of
 
of
 
Fair Value
 
 
 
Shares
 
Shares
 
Per share
 
Outstanding (unvested) at June 30, 2011
 
 
281,302
 
$
1,491,969
 
 
 
 
Granted
 
 
1,000,000
 
 
3,370,000
 
$
3.37
 
Forfeited
 
 
-
 
 
-
 
 
 
 
Vested
 
 
(560,151)
 
 
(3,224,836)
 
 
 
 
Outstanding (unvested) at June 30, 2012
 
 
721,151
 
 
1,637,133
 
 
 
 
Granted
 
 
1,750,000
 
 
5,132,500
 
$
2.93
 
Forfeited
 
 
-
 
 
-
 
 
 
 
Vested
 
 
(818,651)
 
 
(3,100,685)
 
 
 
 
Outstanding (unvested) at June 30, 2013
 
 
1,652,500
 
 
3,668,948
 
 
 
 
Granted
 
 
1,750,000
 
 
7,490,000
 
$
4.28
 
Forfeited
 
 
-
 
 
-
 
 
 
 
Vested
 
 
(1,688,500)
 
 
(8,054,189)
 
 
 
 
Outstanding (unvested) at June 30, 2014
 
 
1,714,000
 
$
3,104,759