|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
9 Months Ended |
12 Months Ended |
|
Mar. 31, 2013
|
Mar. 31, 2012
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Cash flows from operating activities |
|
|
|
|
| Net loss |
$ (4,061,186) |
$ (4,044,466) |
$ (7,130,059) |
$ (6,026,641) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
| Depreciation |
38,004 |
38,444 |
51,301 |
15,269 |
| Bad debt expense |
|
|
2,739 |
13,865 |
| Amortization of debt discounts |
349,548 |
19,957 |
|
254,852 |
| Amortization of beneficial conversion feature related to convertible notes |
|
|
193,044 |
|
| Amortization of original issue discounts related to convertible notes |
|
|
6,924 |
|
| Amortization of prepaid expense |
|
|
|
46,303 |
| Common stock issued as settlement |
|
300,000 |
300,000 |
|
| Amortization of stock based prepaid consulting |
|
42,500 |
42,500 |
213,937 |
| Vesting of restricted stock units |
90,000 |
|
|
|
| Stock option employee compensation expense |
1,234,945 |
1,002,060 |
1,371,519 |
921,639 |
| Stock options issued for non-employee services |
|
|
|
(322,850) |
| Loss on extinguishment of debt |
21,311 |
|
|
267,390 |
| Cost of repricing warrants to induce exercise |
70,491 |
17,753 |
17,753 |
|
| Loss on disposal of assets |
9,822 |
|
|
|
| Loss on stock issued for interest |
4,205 |
|
|
|
| Common stock issued for services |
|
|
|
168,500 |
| Warrants issued to induce warrant exercise |
|
|
|
62,414 |
| Reversal of litigation accrual |
(941,000) |
|
|
|
| Payment by insurance company of prior period accrued litigation expense |
(200,000) |
|
|
|
| Changes in assets and liabilities: |
|
|
|
|
| Accounts receivable |
5,831 |
69,069 |
45,925 |
(93,042) |
| Inventories |
(123,213) |
(154,137) |
(152,684) |
(195,160) |
| Prepaid expenses and other current assets |
(44,290) |
(28,944) |
27,930 |
|
| Deposits and other assets |
11,255 |
|
|
27,198 |
| Accounts payable |
202,978 |
(127,758) |
(36,490) |
244,651 |
| Related party payable |
|
|
|
|
| Accrued expenses |
67,001 |
(83,989) |
1,625,067 |
119,762 |
| Net cash used in operating activities |
(3,075,253) |
(2,891,623) |
(3,634,531) |
(3,636,213) |
| Cash flows from Investing Activities |
|
|
|
|
| Proceeds from sale of asset |
15,000 |
|
|
|
| Purchases of equipment |
(27,973) |
(28,949) |
(30,258) |
(205,077) |
| Net cash (used in) investing activities |
(12,973) |
(28,949) |
(30,258) |
(205,077) |
| Cash flows from Financing Activities |
|
|
|
|
| Proceeds from sale of stock through private placements |
1,258,000 |
566,700 |
1,181,700 |
3,272,766 |
| Proceeds from sale of stock under stock purchase agreement |
810,003 |
|
|
1,429,320 |
| Proceeds from exercise of warrants |
910,000 |
107,500 |
65,000 |
379,129 |
| Proceeds from exercise of stock options |
|
33,335 |
75,835 |
122,000 |
| Payment on related party notes |
(84,219) |
|
105,000 |
|
| Proceeds from convertible notes with third parties |
175,000 |
105,000 |
325,000 |
|
| Proceeds from convertible notes with related parties |
500,000 |
325,000 |
89,380 |
|
| Proceeds from related party advances |
|
89,380 |
(5,000) |
|
| Payments on insurance finance contract |
(34,752) |
(33,013) |
(44,908) |
(30,745) |
| Net cash provided by financing activities |
3,534,032 |
1,193,902 |
1,792,007 |
5,172,470 |
| Net increase in cash and cash equivalents |
445,806 |
(1,726,670) |
(1,872,782) |
1,331,180 |
| Cash and cash equivalents - beginning |
84,194 |
1,956,976 |
1,956,976 |
|
| Cash and cash equivalents - ending |
530,000 |
230,306 |
84,194 |
1,956,976 |
| Supplemental Disclosure of Cash Flow Information: |
|
|
|
|
| Cash paid for interest |
836 |
1,601 |
2,843 |
43,548 |
| Cash paid for income taxes |
|
|
|
|
| Supplementary Disclosure of Non-cash Investing and Financing Activities: |
|
|
|
|
| Financing of prepaid insurance contracts |
47,471 |
43,931 |
43,931 |
32,837 |
| Line of credit and accrued interest exchanged for convertible debt |
|
|
|
1,536,810 |
| Accrued interest financed with convertible note |
|
|
74,874 |
|
| Beneficial conversion feature of convertible notes |
195,770 |
84,562 |
347,398 |
|
| Prepaid option and stock-based consulting |
|
|
|
65,500 |
| Conversion of notes for common stock |
459,067 |
|
|
1,000,000 |
| Note issued for accrual interest |
|
74,874 |
|
|
| Common stock issued for interest |
$ 73,579 |
|
|
|