Quarterly report pursuant to Section 13 or 15(d)

BUSINESS (Tables)

v2.4.0.6
BUSINESS (Tables)
 3 Months Ended
Sep. 30, 2012
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] The following table summarizes basic and diluted earnings per share computations for the three months ended September 30, 2012 and 2011:

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

 

 

 

 

2012

 

2011

 

 

 

 

 

Net (loss) income for basic and diluted earnings per share calculation

 

$

(2,051,427

)

$

383,143

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic earnings per share calculation

 

 

47,767,095

 

 

32,382,095

 

Dilutive effect of options and warrants

 

 

0

 

 

2,288,838

 

 

 

 

 

Weighted average shares for diluted earnings per share calculation

 

 

47,767,095

 

 

34,670,933

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net (loss) income per share

 

$

(0.04

)

$

0.01

 

 

 

 

 

Dilutive effect of options and warrants per share calculation

 

$

N/A

 

$

0.00

 

 

 

 

 

Diluted net (loss) income per share

 

$

(0.04

)

$

0.01

 

 

 

 

 

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] The following table sets forth the Company’s liabilities measured at fair value on a recurring basis, by input level, in the balance sheets at September 30, 2012 and June 30, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value measurement at reporting date using

 

 

 

 

 

 

Quoted prices
In Active
Market for
Identical assets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Total

 

 

 

 

 

 

 

At September 30, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial liability - related to a warrant with anti-dilution provisions

 

$

—

 

$

760,608

 

$

—

 

$

760,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial liability - related to a warrant with anti-dilution provisions

 

$

—

 

$

519,725

 

$

—

 

$

519,725

 

 

 

 

 

 

 

Fair Value, Liabilities Measured on Recurring Basis, Observable Input Reconciliation [Table Text Block] The reconciliation of the derivative financial liability measured at fair value on a recurring basis using observable inputs (Level 2) is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

 

 

 

 

Balance, June 30,

 

$

519,725

 

$

4,187,769

 

Change in fair value of derivative financial liability

 

 

240,883

 

 

(2,704,492

)

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30,

 

$

760,608

 

$

1,483,277

 

 

 

 

 

Schedule Of Estimated Fair Value Of Derivative Instruments [Table Text Block] The assumptions made in calculating the fair value of these derivative instruments as of September 30, 2012, June 30, 2012 and September 30, 2011 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

 

June 30, 2012

 

September 30, 2011

 

 

 

 

 

 

Common stock price

 

$

1.03

 

$

0.76

 

$

1.60

 

Risk-free interest rate

 

 

0.2

%

 

0.2

%

 

0.2

%

Dividend yield

 

 

None

 

 

None

 

 

None

 

Volatility

 

 

101.0

%

 

100.0

%

 

94.8

%

Remaining contractual term (in years)

 

 

0.9

 

 

1.2

 

 

1.9