Annual report pursuant to section 13 and 15(d)

STATEMENTS OF OPERATIONS

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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