Annual report pursuant to section 13 and 15(d)

STOCK OPTIONS AND WARRANTS (Tables)

STOCK OPTIONS AND WARRANTS (Tables)

12 Months Ended

Jun. 30, 2013

STOCK OPTIONS AND WARRANTS [Abstract]

A summary of options for the years ended June 30, 2013 and 2012 is shown below:

	June 30 2013					June 30 2012
	Number of Shares			Weighted-Average Exercise Price		Number of Shares			Weighted-Average Exercise Price
Outstanding at beginning of year		4,083,970		$	0.58		4,794,270		$	0.57
Granted		-			-		-			-
Exercised		-			-		-			-
Forfeited		(911,153	)		-		-			-
Expired		(503,080	)		-		(710,300	)		0.82
Outstanding at end of year		2,669,737		$	0.60		4,083,970		$	0.58
Exercisable at end of year		-					4,083,970
Available for issuance at end of year		-					-

Summary of warrants granted, exercised, canceled and outstanding

Note: Some options expired and some options were forfeited during the year ended June 30, 2013. The following is a summary of warrants granted, exercised, canceled and outstanding involving the grants in the periods ended June 30, 2013 and 2012.

	June 30 2013					June 30 2012

	Number of Shares			Weighted-Average Exercise Price		Number of Shares			Weighted-Average Exercise Price

Outstanding at beginning of year		947,994		$	0.48		974,920		$	0.47
Granted		-			-		10,714			0.02
Exercised		-			-		-			-
Expired		(13,410	)		0.67		(37,640	)		0.96
Outstanding at end of year		934,584		$	0.36		947,994		$	0.48
Exercisable at end of year		934,584					947,994

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details