Subsequent Events

3 Months Ended

Sep. 30, 2011

Subsequent Events

10. Subsequent Events

On October 13, 2011, the Company entered into an Underwriting Agreement with WestPark Capital, Inc., as managing underwriter, for a best efforts underwritten registered offering of 2,500,000 shares of the Company's common stock, par value $0.001 per share, at an offering price to the public of $0.92 per share. With every five shares of Common Stock purchased, the purchaser received a warrant to purchase one share of Common Stock at an exercise price of $1.058 with a five year term. Under the terms of the Underwriting Agreement, the Company has also granted the underwriters a 45-day option to sell up to an additional 1,027,173 shares of Common Stock (with warrants to purchase up to an additional 205,435 shares of common stock) to cover over-allotments, if any, at the offering price. The over-allotment option has not been exercised and no warrants have been exercised.  The net proceeds to the Company from the sale of the initial 2.5 million shares of Common Stock were approximately $2,089,000, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company.