SHAREHOLDERS' EQUITY

9 Months Ended

Mar. 31, 2013

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

5. SHAREHOLDERS’ EQUITY

Common Stock Issuances

Nine months ended March 31, 2013

For exercise of options:

During the nine months ended March 31, 2013, 760,000 options were exercised for cash at an exercise price of $0.49 for total gross proceeds of $372,000.

For exercise of warrants:

There were no warrants exercised during the nine months ended March 31, 2013.

Nine months ended March 31, 2012

For Cash:

On February 2, 2012, we closed the sale of 10,000,000 shares of our common stock and warrants to purchase 10,000,000 shares of our common stock in a registered direct public offering. The net proceeds to us from the offering were approximately $28,173,000. The warrants have an exercise price of $3.50 per share, become exercisable in August 2012, and expire in April 2013.

For exercise of options:

During the nine months ended March 31, 2012, 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 nine months ended March 31, 2012, we issued 340,208 shares of common stock upon the cashless exercise of warrants to purchase 430,000 shares of common stock.