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10. WARRANTS

6 Months Ended

Dec. 31, 2013

At December 31, 2013, the following warrants to purchase the Company’s common stock were outstanding and exercisable:

81,579 warrants exercisable at $0.95 per share and which expire in September 2016 issued as placement agent’s compensation in connection with the sale of $3 million of preferred stock on September 27, 2013 as described in Note 11.

3,157,895 warrants exercisable at $0.95 per share and which expire in September 2016 issued in connection with Securities Purchase Agreements entered into with certain investors providing for the sale of a total of $3 million of preferred stock on September 27, 2013 described in Note 11.

15,000 warrants exercisable at $2.10 per share which expire in July 2015 issued as partial payment for services.

579,061 warrants exercisable at $2.375 per share and which expire in June 2017 issued in connection with the Underwriting Agreement entered into with MDB Capital Group, LLC as part of underwriting compensation which provided for the sale of $12 million of common stock on June 19, 2012 as described in Note 11 .

511,604 warrants exercisable at $2.65 per share and which expire in May 2017 issued in connection with Securities Purchase Agreements entered into with certain investors providing for the sale of a total of $2,465,000 of Zero Coupon Convertible Subordinated Notes on May 1, 2012 as described in Note 8.

12,100 warrants exercisable at $5.00 per share which expire March 2015 through July 2015 issued as partial payment for services.

8,000 warrants in January 2011 exercisable at $2.80 per share and which expire in January 2014 issued to an equipment supplier. The fair value of the warrants was $11,834 and was included in the cost of the equipment.

224,375 warrants exercisable at $5.20 per share and which expire in September 2015 issued to certain purchasers of Company shares in March 2010.

71,667 warrants exercisable at $6.65 per share and which expire in August 2015 issued to certain purchasers of Company shares in August 2009.

The table below summarizes warrant balances:

	Number of Warrants		Weighted Average Exercise Price Per Share
Balance at July 1, 2012		1,400,506		3.15
Warrants granted		21,300		2.95
Warrants expired		-		-
Warrants exercised		-		-
Balance at June 30, 2013		1,421,806	$	3.15
Warrants granted		3,239,474		0.95
Warrants expired		-		-
Warrants exercised		-		-
Balance at December 31, 2013		4,661,280	$	1.62