Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Dec. 31, 2012
Jun. 30, 2012
Current assets:    
Cash $ 41,000 $ 812,000
Accounts receivable, net 14,000 54,000
Inventories, net 346,000 736,000
Inventories, prepaid 10,000 0
Prepaid advisory fees, current portion 1,798,000 1,629,000
Other prepaid expenses and other current assets 39,000 39,000
Total current assets 2,248,000 3,270,000
Property, plant and equipment, net 151,000 135,000
Other assets:    
Prepaid advisory fees, net of current portion 746,000 1,561,000
Total assets 3,145,000 4,966,000
Current liabilities:    
Accounts payable 187,000 293,000
Accrued expenses 358,000 342,000
Customer deposits 14,000 2,000
Customer deposits from related party 169,000 200,000
Warrant derivative liability 2,302,000 4,943,000
Deferred revenue 0 480,000
Notes payable to stockholder, current portion 1,000,000 600,000
Total current liabilities 4,030,000 6,860,000
Long term liabilities:    
Notes payable to stockholder, net of current portion 300,000 250,000
Total liabilities 4,330,000 7,110,000
Commitments and contingencies (Note 5)      
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, 46,706,024 and 44,070,930 shares issued and outstanding, as of December 31, 2012 and June 30, 2012, respectively 47,000 44,000
Additional paid-in capital 2,230,000 2,140,000
Accumulated deficit (3,462,000) (4,328,000)
Total stockholders' deficit (1,185,000) (2,144,000)
Total liabilities and stockholders' deficit $ 3,145,000 $ 4,966,000