Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

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Condensed Balance Sheets (USD $)
Dec. 31, 2012
Jun. 30, 2012
Current assets:    
Cash $ 2,818,964 $ 5,624,403
Accounts receivable 390,186 351,409
Prepaid expenses 732,961 684,435
Other 53,124 239,898
Total current assets 3,995,235 6,900,145
Fixed assets, net 4,473 2,497
Intangible assets, net 2,805,449 2,861,940
Total assets 6,805,157 9,764,582
Current liabilities:    
Accounts payable 2,711,319 2,845,518
Accrued expenses 251,481 230,300
Derivative financial liability 125,500 519,725
Total liabilities 3,088,300 3,595,543
Commitments and contingencies      
Stockholders’ equity:    
Preferred stock, no par value, 1,000,000 shares authorized, no shares outstanding      
Common stock, $0.001 par value, 100,000,000 shares authorized, 47,767,095 shares issued and outstanding as of December 31, 2012 and June 30, 2012 47,767 47,767
Additional paid-in capital 38,129,452 37,459,053
Accumulated deficit (34,460,362) (31,337,781)
Total stockholders’ equity 3,716,857 6,169,039
Total liabilities and stockholders’ equity $ 6,805,157 $ 9,764,582