Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

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Condensed Statements of Cash Flows (USD $)
 6 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Cash flows used in operating activities:    
Net loss $ (3,122,581) $ (1,214,517)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in the fair value of derivative financial liability (394,225) (3,791,260)
Stock-based compensation expense 670,399 1,323,354
Stock-based compensation expense included in accrued expenses   70,752
Depreciation and amortization 166,180 160,976
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (38,777) 110,253
Decrease in other current assets 138,248 31,927
(Decrease) increase in accounts payable (134,199) 1,146,086
Increase in accrued expenses 21,181 149,991
Net cash used in operating activities (2,693,774) (2,012,438)
Cash flows used in investing activities:    
Additions to intangible assets (108,661) (122,074)
Purchase of fixed assets (3,004)  
Net cash used in investing activities (111,665) (122,074)
Cash flows used in financing activities – payment of deferred financing fees   (85,336)
Net decrease in cash (2,805,439) (2,219,848)
Cash - beginning of period 5,624,403 2,843,300
Cash - end of period $ 2,818,964 $ 623,452