EQUITY

12 Months Ended

Jun. 30, 2013

Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

EQUITY

Sale of Common Stock

In February 2013, in a private placement transaction, the Company sold an aggregate of 1,020,409 shares of its common stock at $0.98 per share for gross proceeds of $1.0 million and net proceeds of approximately $0.9 million.

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.

Issuance of Common Stock for Payment of Interest

In June 2013, the Company issued an aggregate of 348,490 shares of common stock at $1.15 per share to the holders of its outstanding convertible notes as payment of interest on such notes.

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 2013 and 2012, the Company issued zero and 12,464 shares of common stock, respectively, 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. Reflective of previous anti-dilution adjustments, the number of outstanding warrants to purchase shares of common stock associated with the February 2010 private placement at June 30, 2012 was 8,368,135 shares with a per share strike price of $1.967. As part of the February 2013 sale of common stock, and the payment of convertible notes interest in shares of common stock, the number of shares of common stock was adjusted from 8,368,135 shares to 9,295,459 shares, net of shares previously issued, and the per share strike price of such warrants was proportionately decreased from $1.967 to $1.756, each as a result of the weighted-average anti-dilution provisions in the warrants. During fiscal 2013 and 2012, the Company issued zero and 70,203 shares of common stock, respectively, 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, 2013, the warrant had not been exercised.