EQUITY

12 Months Ended

Jun. 30, 2012

Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

EQUITY

Sale of Common Stock

In March 2012, the Company sold an aggregate of 3,640,000 shares of its common stock at $2.00 per share for gross proceeds of approximately $7.3 million and net proceeds of approximately $6.6 million.

In March 2011, in a private placement transaction, the Company sold an aggregate of 8,653,045 shares of its common stock along with warrants to purchase up to 3,807,331 shares of common stock for a total issuance price of approximately $15.3 million and net proceeds of approximately $13.8 million. The purchase price for one share of common stock and a warrant to purchase 0.44 shares of common stock was $1.765.

In November 2010, the Company sold an aggregate of 3,376,000 shares of its common stock to certain institutional investors at $1.25 per share for gross proceeds of approximately $4.2 million and net proceeds of approximately $4.0 million.  

Warrants

In connection with the Company's March 2011 private placement, the Company issued warrants to purchase up to 3,807,331 shares of common stock. Each warrant has an exercise price of $1.71 per share of common stock. The warrants are immediately exercisable and have a five year term. In connection with the offering and as partial compensation for the placement agent's services, the Company issued to the placement agent a warrant initially exercisable to purchase up to 259,591 shares of common stock at an exercise price of $1.71 per share; with other terms also substantially the same as the warrants issued to the purchasers. During fiscal 2012, the Company issued 12,464 shares of common stock upon exercise of certain of these outstanding warrants.

In connection with the Company's February 2010 private placement, the Company issued warrants to purchase up to 6,373,266 shares of common stock with an exercise price of $2.583 per share. In connection with this transaction, the Company issued a warrant to purchase up to 180,865 shares of common stock at an exercise price of $2.952 per share to the placement agent. The warrants are immediately exercisable, have a five year term, and provide for weighted-average anti-dilution protection in the event that the Company issues additional securities at a price less than the then-effective exercise price of the warrants. As part of the November 2010 sale of common stock, the number of shares of common stock issuable upon exercise of the warrants issued in February 2010 was adjusted from 6,373,266 shares to 7,307,186 shares, and the per share strike price of such warrants was proportionately decreased from $2.583 to $2.253, each as a result of the weighted-average anti-dilution provisions in the warrants. As part of the March 2011 sale of common stock, the number of shares of common stock issuable upon exercise of the warrants issued in February 2010 was further adjusted from 7,307,186 shares to 8,368,135 shares, and the per share strike price of such warrants was proportionately decreased from $2.253 to $1.967, each as a result of the weighted-average anti-dilution provisions in the warrants. During fiscal 2012, the Company issued 70,203 shares of common stock upon exercise of certain of these outstanding warrants.

In connection with the Company's November 2009 public offering, the Company issued a warrant for the purchase of 103,500 shares of the Company's common stock at $2.625 per share to the underwriter of the offering. The warrant may be exercised at any time beginning on October 25, 2010 and ending on October 30, 2014. As of June 30, 2012, the warrant had not been exercised.