Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2015
Jun. 30, 2014
Current assets:    
Cash $ 53,000 $ 116,000
Accounts receivable 69,000 140,000
Inventories 181,000 85,000
Other current assets 56,000 18,000
Total current assets 359,000 359,000
Other assets 25,000 25,000
Property, plant and equipment, net 66,000 78,000
Total assets 450,000 462,000
Current liabilities:    
Accounts payable 453,000 320,000
Accrued expenses 322,000 219,000
Customer deposits from related party 136,000 136,000
Warrant derivative liability 23,000 571,000
Line of credit - related party 1,600,000 0
Total current liabilities 2,534,000 1,246,000
Long term liabilities:    
Line of credit, net of discount 110,000 0
Total liabilities $ 2,644,000 $ 1,246,000
Commitments and contingencies (Note 7)
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 300,000,000 and 145,000,000 shares as of June 30, 2015 and June 30, 2014, respectively, 99,464,000 and 93,274,000 shares issued and outstanding as of June 30, 2015 and June 30, 2014, respectively 99,000 93,000
Additional paid-in capital 8,398,000 7,399,000
Accumulated deficit (10,691,000) (8,276,000)
Total stockholders’ deficit (2,194,000) (784,000)
Total liabilities and stockholders’ deficit $ 450,000 $ 462,000