Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Sep. 30, 2014
Jun. 30, 2014
Current assets    
Cash $ 4,297,892 $ 5,934,534
Inventory 301,902 289,600
Other current assets 95,877 83,425
Total current assets 4,695,671 6,307,559
Non-current assets    
Fixed assets, net 812,181 337,932
Intangibile assets, net 8,866 9,161
Deposit 750,000 750,000
Total non-current assets 1,571,047 1,097,093
Total Assets 6,266,718 7,404,652
Current liabilities:    
Accounts payable and accrued expenses 320,114 460,311
Accounts payable and accrued expenses - related party 381,806 397,055
Convertible notes payable 60,000 60,000
Deferred lease liability, current portion 15,984 0
Capital lease payable, current portion 83,182 0
Interest payable 11,579 11,079
Warrant derivative liability 20,243 35,595
Total current liabilities 892,908 964,040
Non-current liabilities:    
Deferred lease liability, less current portion 253,068 33,881
Capital lease payable, less current portion 101,695 0
Total non-current liabilities 354,763 33,881
Total Liabilities 1,247,671 997,921
Commitments and Contingencies (Note 9)      
Stockholders' equity:    
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; 18,217,793 and 18,091,792 shares issued and outstanding, September 30, 2014 and June 30, 2014 18,218 18,092
Additional paid-in capital 24,962,445 24,135,563
Accumulated deficit (19,961,616) (17,746,924)
Total stockholders' equity 5,019,047 6,406,731
Total Liabilities and Stockholders' Equity $ 6,266,718 $ 7,404,652