Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
 3 Months Ended
Sep. 30, 2013
Stockholders Equity Note [Abstract]  
Stockholders Equity Note Disclosure [Text Block]
8.     Stockholders’ Equity
 
Preferred Stock
The Company’s Board of Directors is authorized to issue, at any time, without further stockholder approval, up to 1 million shares of preferred stock. The Board of Directors has the authority to fix and determine the voting rights, rights of redemption and other rights and preferences of preferred stock. As of September 30, 2013, there were no shares of preferred stock issued and outstanding.
 
Common Stock
As of September 30, 2013, the Company was authorized to issue up to 100 million shares of common stock, of which approximately 56.7 million shares were issued and outstanding. As of September 30, 2013, the Company had reserved up to 10 million shares of common stock for incentive compensation (stock options and restricted stock) and approximately 20.4 million shares of common stock for the exercise of warrants.
 
Warrants
The Company has historically financed its operations through the sale of common stock and warrants, sold together as units. The following table summarizes all warrant activity for the three months ended September 30, 2013:
 
 
 
Warrants
 
Weighted-
average
Exercise
Price
 
Outstanding as of June 30, 2013
 
 
25,395,940
 
$
1.23
 
Expired – August 2008 Warrants
 
 
(4,987,279)
 
$
1.75
 
Outstanding as of September 30, 2013
 
 
20,408,661
 
$
1.10
(1)
 
 
 
 
 
 
 
 
Exercisable as of September 30, 2013
 
 
20,408,661
 
$
1.10
(1)
               
(1)   See Note 14 - Subsequent Events for additional information.