Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

v2.4.0.6
Condensed Balance Sheets (USD $)
Dec. 31, 2011
Jun. 30, 2011
Current assets:    
Cash $ 623,452 $ 2,843,300
Accounts receivable 233,832 344,085
Prepaid expenses 797,034 763,583
Other current assets 283,833 349,210
Total current assets 1,938,151 4,300,178
Fixed assets, net 6,294 8,412
Intangible assets, net 2,990,455 3,027,239
Other assets 85,336  
Total assets 5,020,236 7,335,829
Current liabilities:    
Accounts payable 4,041,446 2,895,359
Accrued expenses 276,802 56,059
Derivative instrument liability 396,509 4,187,769
Total liabilities 4,714,757 7,139,187
Commitments and contingencies      
Stockholders’ equity:    
Preferred stock, $0.001 par value, 1,000,000 shares authorized, no shares outstanding      
Common stock, $0.001 par value, 100,000,000 shares authorized, 32,382,095 issued and outstanding as of December 31, 2011 and June 30, 2011, respectively 32,382 32,382
Additional paid-in capital 27,149,557 25,826,203
Accumulated deficit (26,876,460) (25,661,943)
Total stockholders’ equity 305,479 196,642
Total liabilities and stockholders’ equity $ 5,020,236 $ 7,335,829