Shareholders' Equity

3 Months Ended

Sep. 30, 2011

Shareholders' Equity

8. Shareholders’ Equity

On July 12, 2011, the holder of the Series C warrants issued in the November 2010 offering exercised Series C warrants for 50,000 shares of common stock with an exercise price of $0.81 and a total of $40,244.

On August 1, 2011 as part of a consulting agreement, the Company issued warrants to purchase 15,000 shares of common stock in exchange for shareholder relations consulting services.  The warrants were issued to the following individuals in the amounts indicated:  warrants to purchase 7,000 shares of common stock to Laurie Roop, warrants to purchase 7,000 shares of common stock to Elwayne Hafen and warrants to purchase 1,000 shares of common stock to John Lefebvre with an exercise price equal to $1.10.  These warrants were later cancelled as of October 14, 2011 when this consulting agreement was terminated.