SUBSEQUENT EVENTS	9 Months Ended
Mar. 31, 2012
Notes to Financial Statements
SUBSEQUENT EVENTS	NOTE 17 — SUBSEQUENT EVENTS On May 1, 2012, the Company entered into Securities Purchase Agreements with certain investors providing for the sale of a total of $2,465,000 of Zero Coupon Convertible Subordinated Notes (the “Notes”). The Notes, which will mature on August 31, 2012, were issued to investors with a principal amount equal to the investor’s subscription amount times 110% and will not bear interest except following default. The Notes are convertible into shares of common stock of the Company at an exercise price equal to $0.53, which was the closing price of the common stock on May 1, 2012 (the “Conversion Price”). In connection with the Notes, the Company entered into a security agreement with the lenders providing for a security interest in all of the assets of the Company and certain subsidiaries of the Company. In connection with the purchase of Notes, each investor received a five-year warrant to purchase a number of shares of Common Stock equal to 55% times such investor’s investment in the Notes divided by the Conversion Price at an exercise price equal to the Conversion Price. Certain directors and officers of the Company invested $330,000 in the Notes. The proceeds to the Company were approximately $2,210,000. The Company expects to incur financing costs of approximately $250,000 in connection with the issuance of the Notes.

SUBSEQUENT EVENTS

9 Months Ended

Mar. 31, 2012

NOTE 17 — SUBSEQUENT EVENTS

On May 1, 2012, the Company entered into Securities Purchase Agreements with certain investors providing for the sale of a total of $2,465,000 of Zero Coupon Convertible Subordinated Notes (the “Notes”). The Notes, which will mature on August 31, 2012, were issued to investors with a principal amount equal to the investor’s subscription amount times 110% and will not bear interest except following default. The Notes are convertible into shares of common stock of the Company at an exercise price equal to $0.53, which was the closing price of the common stock on May 1, 2012 (the “Conversion Price”). In connection with the Notes, the Company entered into a security agreement with the lenders providing for a security interest in all of the assets of the Company and certain subsidiaries of the Company. In connection with the purchase of Notes, each investor received a five-year warrant to purchase a number of shares of Common Stock equal to 55% times such investor’s investment in the Notes divided by the Conversion Price at an exercise price equal to the Conversion Price. Certain directors and officers of the Company invested $330,000 in the Notes. The proceeds to the Company were approximately $2,210,000. The Company expects to incur financing costs of approximately $250,000 in connection with the issuance of the Notes.