Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Sep. 30, 2012
Jun. 30, 2012
Current assets:    
Cash $ 457,000 $ 812,000
Accounts receivable, net 42,000 54,000
Inventories, net 797,000 736,000
Inventories, prepaid 6,000 0
Prepaid advisory fees, current portion 1,629,000 1,629,000
Other prepaid expenses and other current assets 41,000 39,000
Total current assets 2,972,000 3,270,000
Property, plant and equipment, net 152,000 135,000
Other assets:    
Prepaid advisory fees, net of current portion 1,154,000 1,561,000
Total assets 4,278,000 4,966,000
Current liabilities:    
Accounts payable 172,000 293,000
Accrued expenses 248,000 342,000
Customer deposits 0 2,000
Customer deposits from related party 180,000 200,000
Warrant derivative liability 4,411,000 4,943,000
Deferred revenue 478,000 480,000
Notes payable to stockholder, current portion 600,000 600,000
Total current liabilities 6,089,000 6,860,000
Long term liabilities:    
Notes payable to stockholder, net of current portion 250,000 250,000
Total liabilities 6,339,000 7,110,000
Commitments and contingencies (Note 5)      
STOCKHOLDERS' DEFICIT    
Preferred stock, $.001 par value: authorized 5,000,000 shares, none issued and outstanding 0 0
Common stock, $.001 par value: authorized 145,000,000 shares, 46,364,587 and 44,070,930 shares issued and outstanding, as of September 30, 2012 and June 30, 2012, respectively 46,000 44,000
Additional paid-in capital 2,230,000 2,140,000
Accumulated deficit (4,337,000) (4,328,000)
Total stockholders' deficit (2,061,000) (2,144,000)
Total liabilities and stockholders' deficit $ 4,278,000 $ 4,966,000