QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Jun. 30, 2014

QUARTERLY RESULTS (UNAUDITED)

QUARTERLY RESULTS (UNAUDITED)

10.QUARTERLY RESULTS (UNAUDITED)

Shown below are selected unaudited quarter data for the years ended June 30, 2014 and 2013 (in thousands, except per share data):

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2014:
Depreciation	$	110		$	111		$	97		$	82
General, administrative and other operating	4,368			8,262			8,095			6,732
Gain on legal settlement	—			—			—			(10,734		)
Gain (Loss) from operations	(4,478		)	(8,373		)	(8,192		)	3,920
Net income (loss)	(4,454		)	(8,353		)	(8,235		)	3,925
Basic and diluted income (loss) per common share:	$	(0.21	)	$	(0.40	)	$	(0.39	)	$	0.19

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2013:
Depreciation	$	183		$	176		$	152		$	119
General, administrative and other operating	5,570			4,890			2,650			4,364
Full-Cost ceiling test write-down	441			—			—			—
Loss from operations	(6,194		)	(5,066		)	(2,802		)	(4,483		)
Net loss	(6,190		)	(5,064		)	(2,798		)	(4,409		)
Basic and diluted loss per common share:	$	(0.30	)	$	(0.24	)	$	(0.13	)	$	(0.21	)

The sum of the individual quarterly net loss per share amounts may not agree with year-to-date net loss per share as each quarterly computation is based on the weighted average number of common shares outstanding during that period. In addition, certain potentially dilutive securities were not included in any of the quarterly computations of diluted net loss per share because to do so would have been antidilutive.