Financials

v2.4.0.8
BALANCE SHEETS (USD $)
Jun. 30, 2013
Jun. 30, 2012
Current assets:    
Cash and cash equivalents $ 49,677 $ 80,502
Accounts receivable 249,583 105,123
Total current assets 299,260 185,625
Property and equipment, net 3,182 1,084
Other assets:    
Prepaid expenses 37,943 8,472
Intangible asset, net 382,858 416,669
Total other assets 420,801 425,141
Total assets 723,243 611,850
Current liabilities:    
Accounts payable 501,924 714,110
Unearned revenue - current 121,375 100,957
Accrued expenses 61,356 188,275
Current maturity of note payable - related party 77,931 102,025
Current maturity of convertible note payable -related party 1,327,078 1,242,834
Current maturity of convertible note payable -related party 6,249,816 5,913,737
Current maturity of note payable 254,891 254,986
Total current liabilities 8,594,371 8,516,924
License payable 0 160,000
Unearned Revenue - long-term 1,188,749 0
Total liabilities 9,783,120 8,676,924
Commitments and contingencies      
Stockholders' deficit:    
Common stock, $0.0001 par value; 100,000,000 authorized shares; 37,346,154 shares issued and outstanding at June 30, 2013 and June 30, 2012, respectively 3,735 3,735
Additional paid-in capital 15,609,340 15,448,353
Outstanding stock options 3,688,992 4,131,709
Accumulated deficit (28,361,944) (27,648,871)
Total stockholders' deficit (9,059,877) (8,065,074)
Total liabilities and stockholders' deficit $ 723,243 $ 611,850
v2.4.0.8
STATEMENTS OF OPERATIONS (USD $)
 12 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Revenues    
Royalty and license fees $ 560,495 $ 450,654
Product sales 330,998 425,842
Research and development service 37,000 121,000
Total revenues 928,493 997,496
Expenses:    
Cost of sales 24,983 26,714
Research and development 519,836 847,350
General and administrative expenses 467,203 998,393
Licensing and patent expenses 255,522 299,163
Depreciation and amortization 37,024 64,198
Total operating expenses 1,304,568 2,235,818
Operating loss (376,075) (1,238,322)
Other income (expense):    
Interest income 7,648 1,375
Interest expense (446,186) (449,956)
Impairment loss (58,460) 0
Extinguishment of 'License Payable' 160,000 0
Total other expense (336,998) (448,581)
Loss before provision for income taxes (713,073) (1,686,903)
Provision for income taxes 0 0
Net loss $ (713,073) $ (1,686,903)
Net loss per share - basic and diluted (in dollars per share) $ (0.02) $ (0.05)
Weighted average common shares outstanding - basic and diluted (in shares) 37,346,154 37,346,154
v2.4.0.8
STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net loss $ (713,073) $ (1,686,903)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 37,024 64,198
Impairment loss on patent 58,460 0
Stock-based compensation 0 45,901
Forfeited stock-based compensation (281,730) 0
Allowance for doubtful accounts 0 200,000
Gain on extinguishment of license payable (160,000) 0
(Increase) decrease in:    
Accounts receivable (144,460) 197
Prepaid expenses (29,471) (442)
Increase (decrease) in:    
Accounts payable (212,186) 98,718
Accrued interest 426,133 429,900
Unearned revenue 1,209,166 0
Accrued expenses (126,915) 73,694
Net cash provided by (used in) operating activities 62,948 (774,737)
Cash flows from investing activities:    
Property and equipment (3,212) (2,315)
Intangible assets (60,560) (101,813)
Net cash used in investing activities (63,772) (104,128)
Cash flows from financing activities:    
Proceeds from stock issuance 0 28,000
Payment on notes payable - officer (30,000) (18,000)
Net cash (used in) provided by financing activities (30,000) 10,000
Net decrease in cash and cash equivalents (30,824) (868,865)
Cash and cash equivalents at beginning of year 80,502 949,367
Cash and cash equivalents at end of year 49,677 80,502
Cash paid for:    
Interest 20,053 20,054
Income taxes 0 0
Total 20,053 20,054
Non-cash disclosures of investing and financing activities:    
Stock-based compensation 0 45,901
Expired stock-based compensation $ (160,987) $ 0