Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2014
Jun. 30, 2013
Current assets:    
Cash $ 116,000 $ 20,000
Accounts receivable, net 140,000 13,000
Inventories, net 85,000 160,000
Prepaid advisory fees, current portion 0 1,616,000
Other current assets 18,000 35,000
Total current assets 359,000 1,844,000
Other assets 25,000 0
Property, plant and equipment, net 78,000 132,000
Total assets 462,000 1,976,000
Current liabilities:    
Accounts payable 320,000 370,000
Accrued expenses 147,000 163,000
Accrued interest 0 135,000
Accrued payroll 72,000 48,000
Customer deposits 0 5,000
Customer deposits from related party 136,000 138,000
Warrant derivative liability 571,000 143,000
Notes payable to stockholder, current portion 0 1,250,000
Total current liabilities 1,246,000 2,252,000
Long term liabilities:    
Notes payable to stockholder, net of current portion 0 1,218,000
Total liabilities 1,246,000 3,470,000
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, 93,274,113 and 47,355,576 shares issued and outstanding as of June 30, 2014 and June 30, 2013, respectively 93,000 47,000
Additional paid-in capital 7,399,000 2,436,000
Accumulated deficit (8,276,000) (3,977,000)
Total stockholders’ deficit (784,000) (1,494,000)
Total liabilities and stockholders' deficit $ 462,000 $ 1,976,000