Annual report pursuant to section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Details)

v2.4.0.8
FAIR VALUE MEASUREMENTS (Details) (Fair Value, Measurements, Recurring [Member], USD $)
Jun. 30, 2013
Jun. 30, 2012
Financial Liabilities [Abstract]    
Convertible notes payable $ 7,831,785 [1] $ 7,155,493 [1]
Total financial liabilities 7,831,785 7,155,493
Level 1 [Member]
    
Financial Liabilities [Abstract]    
Convertible notes payable 0 [1] 0 [1]
Total financial liabilities 0 0
Level 2 [Member]
    
Financial Liabilities [Abstract]    
Convertible notes payable 7,757,621 [1] 6,985,595 [1]
Total financial liabilities $ 7,757,621 $ 6,985,595
[1] Convertible Notes Payable As fully described in Note 8, the Company's convertible notes payable are long-term debts with fixed interest rates and the conversion rates at market at the time the funds were received. In addition, most of these notes are collateralized by the Company's assets and revenues. Further, the debt holders are major shareholders and an officer. The Company estimates the fair value of the convertible notes for disclosure purposes by discounting the future cash flows using rates of debts that management believes are similar in terms and maturity. The Company's short-term convertible note payable is approximate market value.