SHAREHOLDERS' EQUITY

6 Months Ended

Dec. 31, 2012

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

4. SHAREHOLDERS’ EQUITY

Common Stock Issuances

Six months ended December 31, 2012

For exercise of options:

During the six months ended December 31, 2012, 730,000 options were exercised for cash at an exercise price of $0.49 for total gross proceeds of $358,000.

For exercise of warrants:

There were no warrants exercised during the six months ended December 31, 2012.

Six months ended December 31, 2011

For exercise of options:

During the six months ended December 31, 2011, 683,333 options were exercised for cash at exercise prices ranging from $0.31 to $2.00 for total gross proceeds of $608,000.

For exercise of warrants:

During the six months ended December 31, 2011, we issued 340,208 shares of common stock upon the cashless exercise of warrants to purchase 430,000 shares of common stock.