NOTE 6 - STOCK OPTIONS AND WARRANTS (Tables)

6 Months Ended

Dec. 31, 2012

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

We estimated the fair value of the stock options at the grant date based on the following weighted average assumptions:

Risk free interest rate	0.41	%	to	0.75	%
Expected life	3.0		to	5.0	years
Expected volatility	72.93	%	to	84.38	%
Dividend yield	0.00	%

Schedule of Stock Options Roll Forward [Table Text Block]

A summary of the status of our outstanding stock options as of December 31, 2012 and June 30, 2012 and changes during the periods then ended is presented below:

	December 31,  2012					June 30,  2012
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding beginning of period		2,579,000		$	0.45		675,000		$	1.26
Granted		300,000			0.26		2,554,000			0.18
Expired/Cancelled		(650,000	)		0.83		(350,000	)		0.31
Exercised		-			0.00		(300,000	)		0.17
Outstanding end of period		2,229,000			0.31		2,579,000			0.45
Exercisable		775,000		$	0.43		1,025,000		$	0.76

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table summarizes the range of outstanding and exercisable options as of December 31, 2012:

		Outstanding						Exercisable
Range of Exercise Prices		Number Outstanding at December 31, 2012		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number Exercisable at December 31, 2012		Weighted Average Remaining Contractual Life
$	0.17		650,000		1.50	$	0.17		650,000		1.50
$	0.17		500,000		2.50	$	0.17		-		-
$	0.17		500,000		3.50	$	0.17		-		-
$	0.29		154,000		2.50	$	0.29		-		-
$	0.50		300,000		0.52	$	0.50		-		-
$	1.79		125,000		0.36	$	1.79		125,000		0.36
			2,229,000						775,000