Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

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Condensed Statements of Cash Flows (USD $)
 9 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net loss $ (4,313,255) $ (10,559,718)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in the fair value of derivative instrument liability (2,872,832) 4,424,932
Depreciation and amortization 243,263 283,703
Share-based compensation expense 1,935,300 2,746,207
Share-based compensation expense included in accrued expenses 70,752  
Changes in operating assets and liabilities:    
Increase in accounts receivable (27,670) (175,995)
Decrease (increase) in prepaid expenses and other current assets 530,845 (101,075)
Decrease in accounts payable (712,958) (905,573)
Increase in accrued expenses 177,080 47,886
Net cash used in operating activities (4,969,475) (4,239,633)
Cash flows from investing activities:    
Additions to intangible assets (184,690) (199,801)
Purchase of fixed assets (887)  
Net cash used in investing activities (185,577) (199,801)
Cash flows from financing activities:    
Net proceeds from the sale of common stock and warrants, net of expenses 9,035,848 7,235,644
Exercise of warrants   130,000
Net cash provided by financing activities 9,035,848 7,365,644
Net increase in cash 3,880,796 2,926,210
Cash - Beginning of period 2,843,300 909,832
Cash - End of period 6,724,096 3,836,142
Issuance of common stock pursuant to the anti-dilution provisions of the August 2008 financing   $ 20