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, 2011
Dec. 31, 2010
Net loss $ (1,214,517) $ (7,528,392)
Adjustments to reconcile net (loss) to net cash used in operating activities:    
Change in the fair value of derivative instrument liability (3,791,260) 4,280,619
Depreciation and amortization 160,976 187,587
Share-based compensation expense 1,323,354 1,391,956
Share-based compensation expense included in accrued expenses 70,752  
Changes in operating assets and liabilities:    
Decrease in accounts receivable 110,253  
Increase in prepaid expenses and other current assets 31,927 (669,196)
Increase (decrease) in accounts payable 1,146,086 (37,039)
Increase in accrued expenses 149,991 143,235
Net cash used in operating activities (2,012,438) (2,231,230)
Cash flows used in investing activities - additions to intangible assets (122,074) (145,580)
Cash flows from financing activities    
Net proceeds from the sale of common stock and warrants, net of expenses   7,235,644
Payment of deferred equity transaction costs (85,336)  
Net cash (used in) provided by activities (85,336) 7,235,644
Net (decrease) increase in cash (2,219,848) 4,858,834
Cash - Beginning of period 2,843,300 909,832
Cash - End of period $ 623,452 $ 5,768,666