Stock Options and Warrants

12 Months Ended

Jun. 30, 2014

Equity [Abstract]

Note 12 - Stock Options and Warrants

Options

On February 7, 2014, the Company’s Board of Directors voted to terminate the 2007 Stock Option Plan and adopted the 2014 Equity Incentive Plan (the “2014 Plan”), which provides for the issuance of incentive awards of up to 6,150,564 post 1 for 100 Reverse Split shares of the Company’s Common Stock to officers, key employees, consultants and directors. The options’ exercise price will be no less than the closing price of the Company’s shares on the day of issuance. When incentive stock options are granted to an employee who, at the time the incentive stock option is granted, owns stock representing more than 10% of the voting power of all classes of stock of the Company, the per share exercise price will be no less than 110% of the closing price of the Company’s shares on the day of issuance.

The Company has 6,150,564 options available for grant under the 2014 Plan. As of June 30, 2014 there were no stock options outstanding.

Warrants

In connection with the February and March 2014 Offerings, the Company issued an aggregate of 590,300 warrants (post 1 for 100 Reverse Split) as commissions (see Note 8).

The following table presents the warrant activity during the period from February 7, 2014 through June 30, 2014 presented on a post 1 for 100 Reverse Split basis:

	Common Shares Covered by Warrants		Weighted Average Exercise Price		Weighted Average Remaining Term (Years)	Aggregate Intrinsic Value
Outstanding at February 7, 2014	1,482,852		$	1.088	1.863
Granted	590,300			0.500
Expired	(77,553	)		1.600
Outstanding at June 30, 2014	1,995,599		$	0.894	1.879	$	1,907,927
Exercisable at June 30, 2014	1,995,599		$	0.894	1.879	$	1,907,927