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, 2015
Jun. 30, 2014
Net revenue $ 715,000 $ 358,000
Cost of revenue 774,000 323,000
Gross (loss) profit (59,000) 35,000
Operating expenses:    
Selling and administrative expenses 2,108,000 1,659,000
Amortization of prepaid advisory fees 17,000 1,561,000
Research and development 655,000 536,000
Total operating expense 2,780,000 3,756,000
Operating loss (2,839,000) (3,721,000)
Other income (expense):    
Change in fair value of warrant derivative liability 548,000 (330,000)
Interest expense, net (114,000) (169,000)
Other expenses (10,000) (79,000)
Net loss $ (2,415,000) $ (4,299,000)
Net loss per common share - basic and diluted $ (0.02) $ (0.06)
Weighted average number of common shares outstanding - basic and diluted 97,527,682 73,327,069