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, 2012
Jun. 30, 2011
Net revenue $ 5,930,000 [1] $ 984,000 [1]
Cost of revenue 4,769,000 846,000
Gross profit 1,161,000 138,000
Operating expenses:    
Selling and administrative expenses 2,368,000 1,027,000
Research and development 590,000 382,000
Total operating expense 2,958,000 1,409,000
Operating loss (1,797,000) (1,271,000)
Other income (expense):    
Loss on change in fair value of derivative liabilities (526,000)  
Interest expense, net (62,000) (42,000)
Net loss from operations $ (2,385,000) $ (1,313,000)
Net loss per share - basic and diluted $ (0.06) $ (0.04)
Weighted average number of common shares outstanding - basic and diluted 36,904,769 33,979,095
[1] Includes sales to related parties of $ 1,135,000 and $ 149,000 in 2012 and 2011 respectively