Quarterly report pursuant to sections 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v2.4.0.6
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Mar. 31, 2013
FAIR VALUE MEASUREMENTS [Abstract]  
Fair value of assets and liabilities measured on a recurring basis
The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2013:
 
                 
   
Carrying Value
   
Level 1
 
Level 2
Level 3
                 
Financial Assets
               
Cash equivalents (1)
  $ 176,914       176,914      
Total financial assets
  $ 176,914       176,914      
                     
   
Carrying Value
   
Level 1
 
Level 2
Level 3
Financial Liabilities
                   
Convertible notes payable (2)
  $ 7,732,226            
7,325,279
Total financial liabilities
  $ 7,732,226            
7,325,279