Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

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Condensed Statements of Cash Flows (USD $)
 3 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows used in operating activities:    
Net (loss) income $ (2,051,427) $ 383,143
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Change in the fair value of derivative financial liability 240,883 (2,704,492)
Stock-based compensation expense 453,599 306,315
Depreciation and amortization 82,421 79,977
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (38,777) 23,737
Decrease in prepaid expenses, other receivable and other current assets 439,523 427,056
(Decrease) increase in accounts payable (426,522) 85,426
Increase in accrued expenses 9,963 170,520
Net cash used in operating activities (1,290,337) (1,228,318)
Cash flows used in investing activities – additions to intangible assets (57,693) (92,330)
Net decrease in cash (1,348,030) (1,320,648)
Cash - beginning of period 5,624,403 2,843,300
Cash - end of period $ 4,276,373 $ 1,522,652