Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Jun. 30, 2014
Jun. 30, 2013
Current assets    
Cash $ 5,934,534 $ 527
Note receivable - related party 0 163,829
Interest receivable - related party 0 3,341
Inventory 289,600 223,000
Due from related party 0 183,346
Deferred financing, net 0 146,037
Other current assets 83,425 95,469
Total current assets 6,307,559 815,549
Non-current assets    
Fixed assets, net 337,932 275,717
Intangible assets, net 9,161 12,705
Deposit 750,000 0
Total non-current assets 1,097,093 288,422
Total Assets 7,404,652 1,103,971
Current liabilities:    
Accounts payable and accrued expenses 460,311 188,346
Accounts payable and accrued expenses - related party 397,055 807,001
Convertible notes payable 60,000 3,732,500
Interest payable 11,079 380,575
Warrant derivative liability 35,595 157,761
Total current liabilities 964,040 5,266,183
Non-current liabilities:    
Deferred lease liability 33,881 0
Total non-current liabilities 33,881 0
Total Liabilities 997,921 5,266,183
Commitments and Contingencies (Note 12)      
Stockholders' equity (deficit):    
Preferred stock, $0.001 par value; 20,000,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.001 par value, 200,000,000 shares authorized; 18,091,792 and 6,666,667 shares issued and outstanding, June 30, 2014 and 2013, respectively 18,092 6,667
Additional paid-in capital 24,135,563 3,847,591
Accumulated deficit (17,746,924) (8,016,470)
Total stockholders' equity (deficit) 6,406,731 (4,162,212)
Total Liabilities and Stockholders' Equity (Deficit) $ 7,404,652 $ 1,103,971