Annual report pursuant to Section 13 and 15(d)

Income Taxes (Details 2)

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Income Taxes (Details 2)
12 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Statutory Federal income tax rate 34.00% 34.00%
State (net of Federal benefit) 6.00% 6.00%
Non-deductible expenses - change in fair value of derivative financial liability 3.00% 26.00%
Research and development tax credit 4.00% 7.00%
Non utilization of state operating loss 0.00% [1] (12.00%) [1]
Other (2.00%) (4.00%)
Change in valuation allowance (45.00%) (57.00%)
Effective income tax rate 0.00% 0.00%
[1] During the year ended June 30, 2012, the Company ceased doing business in a state and received a tax clearance. As a result, the cumulative net operating losses are not being recognized in the audited financial statements.