Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2013
Jun. 30, 2012
Current assets:    
Cash $ 45,000 $ 812,000
Accounts receivable, net 11,000 54,000
Inventories, net 235,000 736,000
Inventories, prepaid 20,000 0
Prepaid advisory fees, current portion 1,667,000 1,629,000
Other prepaid expenses and other current assets 54,000 39,000
Total current assets 2,032,000 3,270,000
Property, plant and equipment, net 144,000 135,000
Other assets:    
Prepaid advisory fees, net of current portion 339,000 1,561,000
Total assets 2,515,000 4,966,000
Current liabilities:    
Accounts payable 226,000 293,000
Accrued expenses 258,000 342,000
Customer deposits 6,000 2,000
Customer deposits from related party 138,000 200,000
Warrant derivative liability 2,048,000 4,943,000
Deferred revenue 0 480,000
Notes payable to stockholder, current portion 1,250,000 600,000
Total current liabilities 3,926,000 6,860,000
Long term liabilities:    
Notes payable to stockholder, net of current portion 735,000 250,000
Total liabilities 4,661,000 7,110,000
Commitments and contingencies (Note 5)      
STOCKHOLDERS' DEFICIT    
Preferred stock, $0.001 par value: authorized 5,000,000 shares, none issued and outstanding 0 0
Common stock, $0.001 par value: authorized 145,000,000 shares, 47,255,576 and 44,070,930 shares issued and outstanding, as of March 31, 2013 and June 30, 2012, respectively 47,000 44,000
Additional paid-in capital 2,366,000 2,140,000
Accumulated deficit (4,559,000) (4,328,000)
Total stockholders' deficit (2,146,000) (2,144,000)
Total liabilities and stockholders' deficit $ 2,515,000 $ 4,966,000