STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Mar. 31, 2016

Statement of Stockholders' Equity [Abstract]

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]

The following table sets forth changes in compensation-related restricted stock awards during nine months ended March 31, 2016:

					Grant Date
	Number of		Fair Value of		Fair Value
	Shares		Shares		Per share
Outstanding (unvested) at June 30, 2015		1,708,000	$	1,797,992
Granted		1,000,000		1,660,000	$	1.66
Forfeited		-		-
Vested		(1,716,000)		(2,899,390)
Outstanding (unvested) at March 31, 2016		992,000	$	558,602