Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2013
Jun. 30, 2012
Current assets:    
Cash $ 20,000 $ 812,000
Accounts receivable, net 13,000 54,000
Inventories, net 160,000 736,000
Prepaid advisory fees, current portion 1,616,000 1,629,000
Other current assets 35,000 39,000
Total current assets 1,844,000 3,270,000
Property, plant and equipment, net 132,000 135,000
Other assets:    
Prepaid advisory fees, net of current portion 0 1,561,000
Total assets 1,976,000 4,966,000
Current liabilities:    
Accounts payable 370,000 293,000
Accrued expenses 211,000 323,000
Accrued interest 135,000 19,000
Customer deposits 5,000 2,000
Customer deposits from related party 138,000 200,000
Warrant derivative liability 143,000 4,943,000
Deferred revenue 0 480,000
Notes payable to stockholder, current portion 1,250,000 600,000
Total current liabilities 2,252,000 6,860,000
Long term liabilities:    
Notes payable to stockholder, net of current portion 1,218,000 250,000
Total liabilities 3,470,000 7,110,000
Commitments and contingencies (Note 6)      
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, 47,355,576 and 44,070,930 shares issued and outstanding as of June 30, 2013 and June 30, 2012, respectively 47,000 44,000
Additional paid-in capital 2,436,000 2,140,000
Accumulated deficit (3,977,000) (4,328,000)
Total stockholders' deficit (1,494,000) (2,144,000)
Total liabilities and stockholders' deficit $ 1,976,000 $ 4,966,000