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9. STOCK PURCHASE OPTIONS AND WARRANTS (Tables)

12 Months Ended

Jun. 30, 2013

Notes to Financial Statements

Schedule of Estimated Fair Value of Stock Warrants and Options

		2013				2012
Expected volatility			111-207	%			57-120	%
Expected dividends			0	%			0	%
Expected term		2-10 Years				0-5 Years
Risk-free interest rate			0.41 – 2.52	%			0.04-1.40%	%

Schedule of Warrants

Date Issued		Number of Warrants				Weighted Average Exercise Price				Weighted Average Grant Date Fair Value				Expiration Date (yrs)				Value if Exercised
Balance June 30, 2012			6,529,331			$	2.84			$	3.55				1.95			$	4,835,028
Granted			1,395,732				0.33				0.19				4.17				458,185
Exercised			-				-				-				-				-
Cancelled/Expired			(395,000	)			(0.82	)			-				-				(522,500	)
Outstanding as of June 30, 2013			7,530,063			$	0.67			$	2.45				4.17			$	4,770,713

The following table summarizes the changes in options outstanding issued to employees of the Company during the fiscal year ended June 30, 2012.

Date Issued		Number of Warrants				Weighted Average Exercise Price				Weighted Average Grant Date Fair Value				Expiration Date (yrs)				Value if Exercised
Balance June 30, 2011			5,756,380			$	0.86			$	3.95				2.95			$	4,175,564
Granted			1,611,201				0.45				0.41				4.00				659,463
Exercised			-				-				-				-				-
Cancelled/Expired			(838,250	)			-				-				-				-
Outstanding as of June 30, 2012			6,529,331			$	2.84			$	3.55				1.95			$	4,835,028

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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