XML 69 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended 12 Months Ended
Mar. 31, 2013
Jun. 30, 2012
Organization and Basis of Presentation [Abstract]    
Schedule of Stock Option Grants, Estimated using Assumptions

The fair values of stock option grants for the period from July 1, 2012 to March 31, 2013 were estimated using the following assumptions:


     

Risk free interest rate

 

0.53% - 1.99%

Expected term (in years)

 

2.5 - 10.0

Dividend yield

 

--

Volatility of common stock

 

89.67% - 93.11%

Estimated annual forfeitures

 

--


The fair value of stock option grants for the fiscal year ended June 30, 2012 and 2011 were estimated using the following weighted- average assumptions:


       

 

2012

 

2011

Risk free interest rate

0.23% - 2.35%

 

1.39% - 2.24%

Expected term in years

1.5 - 6.5

 

4.0 - 6.5

Dividend yield

-

 

-

Volatility of common stock

87.55% - 91.39%

 

87.24% - 96.46%

Estimated annual forfeitures

-

 

-


Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Summary of Stock Option Activity Under Stock Option and Incentive Plans  

Warrants Issued as Settlements

 

 

 

 

 

 

 

 

 

 

  

Number of

Warrants

    

Weighted

Average

Exercise

Price

    

Remaining

Contractual

Life

  

Balance at June 30, 2010

 

 

474,508

 

 

$

1.05

 

 

 

2.92

 

Granted

 

 

-

 

 

$

-

 

 

 

-

 

Exercised

 

 

-

 

 

$

-

 

 

 

-

 

Forfeited

 

 

-

 

 

$

-

 

 

 

-

 

Expired

 

 

-

 

 

$

-

 

 

 

-

 

Outstanding at June 30, 2011

 

 

474,508

 

 

$

1.05

 

 

 

1.92

 

Exercisable at June 30, 2011

 

 

474,058

 

 

$

1.05

 

 

 

1.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of warrants granted during the year ended June 30, 2011

 

 

 

 

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2011

 

 

474,058

 

 

$

1.05

 

 

 

1.92

 

Granted

 

 

-

 

 

$

-

 

 

 

-

 

Exercised

 

 

(130,000

)

 

$

0.50

 

 

 

-

 

Forfeited

 

 

-

 

 

$

-

 

 

 

-

 

Expired

 

 

-

 

 

$

-

 

 

 

-

 

Outstanding at June 30, 2012

 

 

344,058

 

 

$

1.05

 

 

 

0.92

 

Exercisable at June 30, 2012

 

 

344,058

 

 

$

1.05

 

 

 

0.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of warrants extended during the year ended June 30, 2012

 

 

 

 

 

 

N/A

 

 

 

 

 


Employee Options and Stock Appreciation Rights [Member]
    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Summary of Stock Option Activity Under Stock Option and Incentive Plans  

Employee Options

 

 

 

 

 

 

 

 

 

 

 

 

  

 

Number of

Options

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Life

 

 

Aggregate

Intrinsic

Value

 

Balance at June 30, 2010

 

 

1,649,007

 

 

$

0.88

 

 

 

6.40

 

 

 

 

Granted

 

 

3,290,500

 

 

$

1.22

 

 

 

10.00

 

 

 

 

Exercised

 

 

 

 

 

$

-

 

 

 

-

 

 

 

 

Forfeited

 

 

(500,000

)

 

$

1.00

 

 

 

-

 

 

 

 

Expired

 

 

-

 

 

$

-

 

 

 

-

 

 

 

 

Outstanding at June 30, 2011

 

 

4,439,507

 

 

$

1.12

 

 

 

5.39

 

 

$

2,787,063

 

Exercisable at June 30, 2011

 

 

1,952,919

 

 

$

0.99

 

 

 

4.51

 

 

$

1,487,668

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of options granted during the year ended June 30, 2011

 

 

 

 

 

$

0.82

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2011

 

 

4,439,507

 

 

$

1.12

 

 

 

5.39

 

 

 

 

 

Granted

 

 

675,000

 

 

$

0.75

 

 

 

10.00

 

 

 

 

 

Exercised

 

 

-

 

 

$

-

 

 

 

-

 

 

 

 

 

Forfeited

 

 

-

 

 

$

-

 

 

 

7.47

 

 

 

 

 

Expired

 

 

(525,000

)

 

$

1.00

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2012

 

 

4,589,507

 

 

$

1.04

 

 

 

5.95

 

 

$

339,417

 

Exercisable at June 30, 2012

 

 

2,808,088

 

 

$

1.05

 

 

 

5.03

 

 

$

181,750

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of options granted during the year ended June 30, 2012

 

 

 

 

 

$

0.56

 

 

 

 

 

 

 

 

 


Options Issued to Directors [Member]
    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Summary of Stock Option Activity Under Stock Option and Incentive Plans  

Options Issued to Directors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Options

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Life

 

 

Aggregate

Intrinsic

Value

 

Balance at June 30, 2010

 

 

370,000

 

 

$

1.28

 

 

 

7.41

 

 

 

 

Granted

 

 

420,000

 

 

$

1.22

 

 

 

10.00

 

 

 

 

Exercised

 

 

-

 

 

$

-

 

 

 

-

 

 

 

 

Forfeited

 

 

-

 

 

$

-

 

 

 

-

 

 

 

 

Expired

 

 

-

 

 

$

-

 

 

 

-

 

 

 

 

Outstanding at June 30, 2011

 

 

790,000

 

 

$

1.25

 

 

 

7.98

 

 

$

407,850

 

Exercisable at June 30, 2011

 

 

491,666

 

 

$

1.22

 

 

 

7.08

 

 

$

272,900

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of options granted during the year ended June 30, 2011

 

 

 

 

 

$

0.84

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2011

 

 

790,000

 

 

$

1.25

 

 

 

7.98

 

 

 

 

 

Granted

 

 

280,000

 

 

$

1.60

 

 

 

10.00

 

 

 

 

 

Exercised

 

 

(35,000

)

 

$

0.95

 

 

 

-

 

 

 

 

 

Forfeited

 

 

(142,500

)

 

$

1.46

 

 

 

-

 

 

 

 

 

Expired

 

 

(35,000

)

 

$

0.95

 

 

 

-

 

 

 

 

 

Outstanding at June 30, 2012

 

 

857,500

 

 

$

1.36

 

 

 

7.96

 

 

$

24,820

 

Exercisable at June 30, 2012

 

 

724,666

 

 

$

1.39

 

 

 

7.83

 

 

$

14,612

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of options granted during the year ended June 30, 2012

 

 

 

 

 

$

1.27

 

 

 

 

 

 

 

 

 


Non-Employee, Non-Director Options [Member]
    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Summary of Stock Option Activity Under Stock Option and Incentive Plans  

Non-Employee, Non-Director Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Options

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Life

 

 

Aggregate

Intrinsic

Value

 

Balance at June 30, 2010

 

 

155,000

 

 

$

1.00

 

 

 

4.53

 

 

 

 

Granted

 

 

485,000

 

 

$

1.22

 

 

 

5.00

 

 

 

 

Exercised

 

 

(100,000

)

 

$

1.22

 

 

 

-

 

 

 

 

Forfeited

 

 

-

 

 

$

-

 

 

 

-

 

 

 

 

Expired

 

 

-

 

 

$

-

 

 

 

-

 

 

 

 

Outstanding at June 30, 2011

 

 

540,000

 

 

$

1.16

 

 

 

3.14

 

 

$

319,750

 

Exercisable at June 30, 2011

 

 

540,000

 

 

$

1.16

 

 

 

3.14

 

 

$

319,750

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of options granted during the year ended June 30, 2011

 

 

 

 

 

$

0.79

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2011

 

 

540,000

 

 

$

1.16

 

 

 

3.14

 

 

 

 

 

Granted

 

 

-

 

 

$

-

 

 

 

-

 

 

 

 

 

Exercised

 

 

-

 

 

$

-

 

 

 

-

 

 

 

 

 

Forfeited

 

 

-

 

 

$

-

 

 

 

-

 

 

 

 

 

Expired

 

 

-

 

 

$

-

 

 

 

-

 

 

 

 

 

Outstanding at June 30, 2012

 

 

540,000

 

 

$

1.16

 

 

 

2.14

 

 

$

-

 

Exercisable at June 30, 2012

 

 

540,000

 

 

$

1.16

 

 

 

2.14

 

 

$

-

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of options granted during the year ended June 30, 2012

 

 

 

 

 

 

N/A

 

 

 

 

 

 

 

 

 


Warrants to Purchase Common Stock [Member]
    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Summary of Stock Option Activity Under Stock Option and Incentive Plans  

Warrants to Purchase Common Stock


                         

Warrants Issued as Settlements

 

 

 

 

 

 

 

 

 

  

 

Number of

Warrants

 

 

Weighted

Average

Exercise

Price

 

 

Remaining

Contractual

Life

 

Balance at June 30, 2010

 

 

474,508

 

 

$

1.05

 

 

 

2.92

 

Granted

 

 

-

 

 

$

-

 

 

 

-

 

Exercised

 

 

-

 

 

$

-

 

 

 

-

 

Forfeited

 

 

-

 

 

$

-

 

 

 

-

 

Expired

 

 

-

 

 

$

-

 

 

 

-

 

Outstanding at June 30, 2011

 

 

474,508

 

 

$

1.05

 

 

 

1.92

 

Exercisable at June 30, 2011

 

 

474,058

 

 

$

1.05

 

 

 

1.92

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of warrants granted during the year ended June 30, 2011

 

 

 

 

 

 

N/A

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2011

 

 

474,058

 

 

$

1.05

 

 

 

1.92

 

Granted

 

 

-

 

 

$

-

 

 

 

-

 

Exercised

 

 

(130,000

)

 

$

0.50

 

 

 

-

 

Forfeited

 

 

-

 

 

$

-

 

 

 

-

 

Expired

 

 

-

 

 

$

-

 

 

 

-

 

Outstanding at June 30, 2012

 

 

344,058

 

 

$

1.05

 

 

 

0.92

 

Exercisable at June 30, 2012

 

 

344,058

 

 

$

1.05

 

 

 

0.92

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of warrants extended during the year ended June 30, 2012

 

 

 

 

 

 

N/A

 

 

 

 

 


Warrants Issued for Cash or Services [Member]
    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Summary of Stock Option Activity Under Stock Option and Incentive Plans  

Warrants issued for cash

 

 

 

 

 

 

 

 

 

  

 

Number of

Warrants

 

 

Weighted

Average

Exercise

Price

 

 

Remaining

Contractual

Life

 

Balance at June 30, 2010

 

 

2,733,303

 

 

$

1.56

 

 

 

2.37

 

Granted

 

 

2,341,200

 

 

$

1.31

 

 

 

5.0

 

Exercised

 

 

(423,303

)

 

$

1.25

 

 

 

-

 

Forfeited

 

 

-

 

 

$

-

 

 

 

-

 

Expired

 

 

-

 

 

$

-

 

 

 

-

 

Outstanding at June 30, 2011

 

 

4,651,200

 

 

$

1.46

 

 

 

2.68

 

Exercisable at June 30, 2011

 

 

4,651,200

 

 

$

1.46

 

 

 

2.68

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of warrants granted during the year ended June 30, 2011

 

 

 

 

 

 

N/A

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2011

 

 

4,651,200

 

 

$

1.46

 

 

 

2.68

 

Granted

 

 

-

 

 

$

-

 

 

 

-

 

Exercised

 

 

(85,000

)

 

$

0.50

 

 

 

-

 

Exercise rescission

 

 

45,000

 

 

$

1.25

 

 

 

-

 

Forfeited

 

 

-

 

 

$

-

 

 

 

-

 

Expired

 

 

(150,000

)

 

$

1.50

 

 

 

-

 

Outstanding at June 30, 2012

 

 

4,461,200

 

 

$

1.46

 

 

 

2.46

 

Exercisable at June 30, 2012

 

 

4,461,200

 

 

$

1.46

 

 

 

2.46

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of warrants granted during the year ended June 30, 2012

 

 

 

 

 

 

N/A