Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
12 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Net revenue $ 358,000 [1] $ 772,000 [1]
Cost of revenue 323,000 756,000
Gross profit 35,000 16,000
Operating expenses:    
Selling and administrative expenses 1,659,000 2,659,000
Amortization of prepaid advisory fees 1,561,000 1,629,000
Research and development 536,000 992,000
Total operating expense 3,756,000 5,280,000
Operating loss (3,721,000) (5,264,000)
Other income (expense):    
Change in fair value of warrant derivative liability (330,000) 5,731,000
Interest expense, net (169,000) (116,000)
Other expenses (79,000) 0
Net (loss) income $ (4,299,000) $ 351,000
Net (loss) income per common share - basic $ (0.06) $ 0.01
Net (loss) income per common share - diluted $ (0.06) $ 0.01
Weighted average number of common shares outstanding - basic 73,327,069 46,592,334
Weighted average number of common shares outstanding - diluted 73,327,069 50,553,184
[1] Includes sales to related parties of $3,000 and $61,000 in 2014 and 2013 respectively