STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Jun. 30, 2015

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:

					Grant Date
	Number of		Fair Value of		Fair Value
	Shares		Shares		Per share
Outstanding (unvested) at June 30, 2012		721,151	$	1,637,133
Granted		1,750,000		5,132,500	$	2.93
Forfeited		0		0
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		0		0
Vested		(1,688,500)		(8,054,189)
Outstanding (unvested) at June 30, 2014		1,714,000		3,104,759
Granted		1,750,000		3,675,000	$	2.10
Forfeited		0		0
Vested		(1,756,000)		(4,981,767)
Outstanding (unvested) at June 30, 2015		1,708,000	$	1,797,992