Annual report pursuant to section 13 and 15(d)

INCOME TAXES (Details)

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INCOME TAXES (Details) (USD $)
12 Months Ended
Jun. 30, 2013
Jun. 30, 2012
INCOME TAXES [Abstract]    
Start-up costs capitalized for tax purposes $ 357,989  
Amortization period of capitalized start-up costs (in months) 60 months  
Federal income tax rate (in hundredths) 34.00%  
State income tax rate (in hundredths) 5.50%  
(Provision) Benefit for Income Tax [Abstract]    
Current 0 0
Deferred 0 0
(Provision) benefit for income taxes 0 0
Deferred tax asset (liability):    
Depreciation and amortization (50,538) 7,985
Stock based compensation 2,980,409 3,134,667
Net operating loss carry forward 6,037,629 5,709,372
Interest accrual 500,288 339,934
Research tax credit 7,203 7,203
Less: valuation allowance (9,474,991) (9,199,161)
Deferred tax asset 0 0
Income Tax Reconciliation [Abstract]    
Federal Income tax at statutory rate (242,445) (573,547)
State tax, net of federal benefit (25,775) (52,636)
Other (7,609) 33,349
Valuation allowance 275,829 592,834
(Provision) benefit for income taxes 0 0
Net operating loss carryforward $ 16,000,000  
Expiration year of net operating loss carryforward 2017