Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows used in operating activities:    
Net loss $ (5,675,838) $ (12,142,451)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in the fair value of derivative financial liability (3,668,044) 2,473,685
Stock-based compensation expense 2,612,386 3,897,319
Stock-based compensation included in accrued expenses 70,752  
Depreciation and amortization 329,712 376,810
Impairment of intangible assets 86,602 586,330
Vendor concession - related party 100,000  
Changes in operating assets and liabilities:    
Increase in accounts receivable (7,324) (344,085)
Decrease (increase) in prepaid expenses, other receivables and other current assets 88,460 (997,183)
(Decrease) increase in accounts payable (49,841) 888,193
Increase (decrease) in accrued expenses 103,489 (76,806)
Net cash used in operating activities (6,009,646) (5,338,188)
Cash flows used in investing activities:    
Additions to intangible assets (244,213) (92,864)
Purchase of fixed asset (887) (1,224)
Net cash used in investing activities (245,100) (94,088)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants, net of expenses 9,035,849 7,235,644
Proceeds from the exercise of warrants   130,000
Net cash provided by financing activities 9,035,849 7,365,644
Net increase in cash 2,781,103 1,933,368
Cash - beginning of year 2,843,300 909,932
Cash - end of year 5,624,403 2,843,300
Supplemental disclosures of non-cash operating and financing activities:    
Issuance of 19,599 shares of common stock in accordance with anti-dilution features pursuant to the provisions from the August 2008 equity offering   20
Issuance of 19,841 shares of common stock from the cashless exercise provision in exchange for 25,000 warrants   $ 20