Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Jun. 30, 2012
Jun. 30, 2011
Current assets:    
Cash $ 812,000 $ 240,000
Accounts receivable, net 54,000 40,000
Inventories, net 736,000 1,974,000
Inventories, prepaid   56,000
Prepaid advisory fees, current portion 1,629,000  
Other prepaid expenses and other current assets 39,000 54,000
Total current assets 3,270,000 2,364,000
Property, plant and equipment, net 135,000 105,000
Other assets:    
Prepaid advisory fees, net of current portion 1,561,000  
Total assets 4,966,000 2,469,000
Current liabilities:    
Accounts payable 293,000 9,000
Accrued expenses 342,000 87,000
Customer deposits 2,000 209,000
Customer deposits from related party 200,000 367,000
Warrant derivative liability 4,943,000  
Deferred revenue 480,000 1,802,000
Stockholder notes payable, current portion 600,000 1,030,000
Total current liabilities 6,860,000 3,504,000
Long term liabilities:    
Stockholder notes payable 250,000  
Total liabilities 7,110,000 3,504,000
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock, $.001 par value: authorized 5,000,000 shares, none issued and outstanding      
Common stock, $.001 par value: authorized 145,000,000 shares, 44,070,930 and 33,979,000 shares issued and outstanding (as adjusted), as of June 30, 2012 and June 30, 2011, respectively 44,000 34,000
Additional paid-in capital 2,140,000 874,000
Accumulated deficit (4,328,000) (1,943,000)
Total stockholders' deficit (2,144,000) (1,035,000) [1]
Total liabilities and stockholders' deficit $ 4,966,000 $ 2,469,000
[1] Shares outstanding have been adjusted to reflect the effect of the June 14, 2012 Reverse Acquisition, see Note 1.