0001380277-13-000008.txt : 20130219 0001380277-13-000008.hdr.sgml : 20130219 20130219170802 ACCESSION NUMBER: 0001380277-13-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130219 DATE AS OF CHANGE: 20130219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFRAX SYSTEMS, INC. CENTRAL INDEX KEY: 0001380277 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 202583185 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52488 FILM NUMBER: 13624215 BUSINESS ADDRESS: STREET 1: 3637 4TH ST N SUITE 330 CITY: ST PETERSBURG STATE: FL ZIP: 33704 BUSINESS PHONE: 727-498-8514 MAIL ADDRESS: STREET 1: 3637 4TH ST N SUITE 330 CITY: ST PETERSBURG STATE: FL ZIP: 33704 FORMER COMPANY: FORMER CONFORMED NAME: OPTICON SYSTEMS DATE OF NAME CHANGE: 20070404 FORMER COMPANY: FORMER CONFORMED NAME: OPTICON SYTEMS DATE OF NAME CHANGE: 20070302 FORMER COMPANY: FORMER CONFORMED NAME: TALARI SAM DATE OF NAME CHANGE: 20061106 10-Q 1 infrax10q123112fbfinal.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[X]	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: December 31, 2012 (Second Quarter)

[ ]	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from ________________to ________________

COMMISSION FILE NUMBER 000-52488

INFRAX SYSTEMS, INC.

(Exact name of Registrant as specified in charter)

NEVADA	20-2583185
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification Number)

3637 4th Street North, St. Petersburg, FL 33704

(Address of principal executive offices) (ZIP Code)

(727) 498-8514

(Registrant's telephone no., including area code)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [X]

As of December 31, 2012, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was $281,237 based on the closing sale price as reported on the NASDAQ OTCBB. As of February 14, 2013, there were 102,234,182 shares of common stock outstanding.

Transitional Small Business Disclosure Format (Check one):

Yes [X] No []

TABLE OF CONTENTS


PART I	FINANCIAL INFORMATION	PAGE

Item 1	Condensed Consolidated Financial Statements

	Condensed Consolidated Balance Sheets as of December 31, 2012 (unaudited) and June 30, 2012 (audited)	3

	Condensed Consolidated Statements of Operations for the Three and Six Months Ended December 31, 2012 and 2011 (unaudited)	4

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2012 and 2011 (unaudited)	5

	Condensed Consolidated Notes to Financial Statements (unaudited)	6

Item 2	Management's Discussion and Analysis or Plan of Operation	16

Item 3	Quantitative and Qualitative Disclosures About Market Risk	23

Item 4	Controls and Procedures	23

Item 4 T	Controls and Procedures	23

PART II	OTHER INFORMATION

Item 1	Legal Proceedings	24

Item 1A	Risk Factors	24

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 3	Defaults Upon Senior Securities	24

Item 4	Removed and Reserved	24

Item 5	Other Information	24

Item 6	Exhibits	24

Signatures		25

Infrax Systems, Inc.
Consolidated Balance Sheets
	December 31,			June 30,
	2012			2012
	(unaudited)			(audited)
Assets
Current assets
Cash	$	300		$	2,072
Accounts receivable		156,795			65,233
Inventory		63,076			63,076
Note receivable		50,000			50,000
Total current assets		270,171			182,324
Property & equipment, net of accumulated - net		91,535			108,608
Intangible property, net of accumulated - net		4,257,280			5,071,719
Deposits		4,500			7,000
Total Assets	$	4,623,486		$	5,369,651
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$	125,690		$	452,818
Accrued expenses		1,340,934			1,040,287
Deferred revenue		176,303			—
Notes payable		774,500			774,500
Loans and notes payable, related parties		4,631			7,403
Total current liabilities		2,422,058			2,275,008
Notes payable to shareholder		777,779			468,769
Total liabilities		3,199,837			2,743,777
Stockholders' Equity
Preferred stock, 50,000,000 authorized, $.001 par value:
Series A Convertible: 5,000,000 shares designated;
2,523,624 and 2,523,624 issued and outstanding		2,525			2,525
Series B Convertible: 10,000,000 shares designated;
1,210 and 1,210 issued and outstanding		1			1
Common stock, $.001 par value, 150,000,000 shares
authorized; 99,734,182 and 98,580,428 shares
issued and outstanding, respectively		98,580			98,580
Additional paid-in capital		13,099,847			13,099,847
Minority interest in subsidiary		(101,379	)		(16,769	)
Accumulated deficit		(11,675,925	)		(10,558,309	)
Total stockholders' equity		1,423,649			2,625,874
Total Liabilities and Stockholders' Equity	$	4,623,486		$	5,369,651
					.
The accompanying notes are an integral part of these financial statements.

Infrax Systems, Inc.

Consolidated Statements of Operations

(unaudited)

	For the Three Months Ended						For the Six Months Ended
	December 31,						December 31,
	2012			2011			2012			2011
Revenues	$	17,201		$	110,749		$	48,184		$	315,724
Direct costs					1,585						7,243
Gross Profit		17,201			109,164			48,184			308,481
Operating expenses:
Salaries and benefits		158,806			295,840			334,872			1,168,767
Consulting		—			—			—			2,590
Professional fees		12,250			38,949			15,375			62,357
General and administrative		25,593			80,959			46,737			199,931
Amortization and depreciation		415,756			415,671			831,512			831,342
Total operating expenses		612,405			831,419			1,228,495			2,264,987
Other income (expense):
Interest expenses		(10,958	)		(3,964	)		(21,915	)		(35,044	)
Sale of assets, net		—			(372	)		—			(32,842	)
Total other (expense)		(10,958	)		(4,336	)		(21,915	)		(67,886	)
Loss from operations before income taxes		(606,161	)		(726,591	)		(1,202,226	)		(2,024,193	)
Provision for income taxes		—			—			—			—
	$	(606,161	)	$	(726,591	)	$	(1,202,226	)	$	(2,024,193	)
Minority Interest		44,625			43,424			84,610			—
Net loss	$	(561,536	)	$	(683,167	)	$	(1,117,616	)	$	(2,024,193	)
Earnings (loss) per share:
Basic	$	(0.006	)	$	(0.04	)	$	(0.01	)	$	(0.12	)
Weighted average shares outstanding
Basic		98,580,428			16,811,174			98,580,428			16,864,447

Infrax Systems, Inc.
Consolidated Statements of Cash Flows
(unaudited)
	For the Six Months Ended
	December 31,
	2012			2011

Cash Flows from Operating Activities:
Net (loss) income	$	(1,117,616	)	$	(2,024,193	)
Adjustment to reconcile Net Income to net
cash provided by operations:
Depreciation and amortization		831,511			831,342
Amortization of deferred revenue		33,221
Loss on sale of assets					32,842
Issuance of stock in settlement of services					1,201,577
Minority interest		(84,610	)		21,208
Changes in assets and liabilities:
Accounts receivable		54,438			(100,123	)
Inventory					(7,626	)
Due from affiliate					(6,165	)
Related party loans		(829	)
Prepaid and other		2,500			(150,929	)
Accounts payable		(26,479	)		(60,677	)
Accrued expenses					243,925
Customer deposits and deferred revenue		(2,918	)		—
Net Cash (Used) Provided by Operating Activities		(310,782	)		3,397


Cash Flows from Financing Activities:
Proceeds from issuance of stock
Proceeds from issuance of note payable					35,915
Repayments of notes payable					(20,000	)
Proceeds from sale of assets					19,628
Related party advances		309,010			(49,337	)
Net Cash (Used) Provided by Financing Activities		309,010			(13,794	)


Net increase/decrease in Cash		(1,772	)		(10,397	)

Cash at beginning of period		2,072			25,498

Cash at end of period	$	300		$	15,101


Supplemental cash flow information:
Interest paid	$	—		$	—
Taxes paid	$	—		$	—


The accompanying notes are an integral part of these financial statements.

Infrax Systems, Inc.

Notes to Condensed Consolidated Financial Statements

As of December 31, 2012

(Unaudited)

1. History of the Company and Nature of the Business

History of the Company

Infrax Systems, Inc. (formerly OptiCon Systems, Inc.) (“the Company”, “Infrax”) was formed as a Nevada corporation on October 22, 2004. On July 29, 2005, the stockholders of the Company entered into an agreement to exchange 100% of the outstanding common stock of the Company, for common and preferred stock of FutureWorld Energy, Inc. (formerly Isys Medical, Inc.), a publicly traded company, at which time, the Company became a wholly owned subsidiary of FutureWorld Energy, Inc..

FutureWorld Energy, Inc. (“FutureWorld”), Infrax’s parent company, announced its intention to spin off Infrax (formerly OptiCon Systems, Inc.) through the payment of a stock dividend. In connection with the proposed spinoff, Infrax’s board of directors approved a stock dividend of 99,118 shares to FutureWorld, its sole shareholder. On August 31, 2007, FutureWorld paid a stock dividend to its stockholders, consisting of 100% of the outstanding common stock of the Company, at the rate of one share of Infrax’s stock for every two shares they own of FutureWorld. As of August 31, 2007, Infrax ceased being a subsidiary of FutureWorld.

Nature of Business

Since its inception, the Company had been dedicated to selling and/or licensing a fiber optic management software system under the name OptiCon Network Manager, originally developed, and acquired from Corning Cable System, Inc. through a related company, FutureTech Capital, LLC. In October 2009, the Company began developing smart grid energy related products. As of June 29, 2010, the Company acquired the assets and management of Trimax Wireless Systems, Inc. (“Trimax”), in exchange for equity and a note payable. In April 2011, the Company acquired controlling interest in Lockwood Technology Corporation (“Lockwood”), a provider of advanced asset management solutions. The Trimax and Lockwood product lines are expected to provide an operating platform and enhanced operating effectiveness to the Secure Intelligent Energy Platform.

While we continue to support the OptiCon Network Management platform, the Company has shifted its focus and energies towards the “Smart Grid” energy sector. The Company believes our secure integrated platform will hasten the deployment of all Smart Grid technology for resource constrained small and mid-sized utilities. Infrax’s advantage comes from our products ability to enable the creation of a secure platform scalable to deliver a broad set of intelligent Smart Grid initiatives across millions of endpoints for Utilities.

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated balance sheet as of December 31, 2012, the consolidated statements of operations and statements of cash flows for the respective periods presented, have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures, normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted as allowed by such rules and regulations, and the Company believes that the disclosures are adequate to make the information presented not misleading.

In the opinion of management, all adjustments necessary to present fairly the financial position at December 31, 2012, and the results of operations and changes in cash flows for all periods presented, have been made. These financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report for the year ended June 30, 2012 on Form 10-K filed with the SEC on October 19, 2012.

Certain reclassifications have been made to the Statement of Operations for disclosure purposes and comparability.

Use of Estimates

The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States of America. These principals require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates.

Principles of Consolidation

The consolidated financial statements include the accounts and operations of Infrax Systems, Inc., and its wholly owned subsidiary, Infrax Systems SA (Pty) Ltd, an inactive foreign subsidiary and Lockwood Technology Corporation (70% owned by Infrax Systems, Inc. (collectively referred to as the “Company”). Accordingly, the assets and liabilities, and expenses of this company have been included in the accompanying consolidated financial statements, and material intercompany transactions have been eliminated.

The Trimax Wireless, Inc. acquisition was effective June 29, 2010. The Company, per the agreement, acquired all the assets and liabilities of Trimax Wireless, Inc. As an asset purchase the acquired assets and liabilities are included in the accounts of Infrax Systems, Inc.

Variable Interest Entities

The Company considers the consolidation of entities to which the usual condition (ownership of a majority voting interest) of consolidation does not apply, focusing on controlling financial interests that may be achieved through arrangements that do not involve voting interest. If an enterprise holds a majority of the variable interests of an entity, it would be considered the primary beneficiary. The primary beneficiary is generally required to consolidate assets, liabilities and non-controlling interests at fair value (or at historical cost if the entity is a related party) and subsequently account for the variable interest as if it were consolidated based on a majority voting interest. The Company has evaluated all related parties, contracts, agreements and arrangements in which it may hold a variable interest. The Company has determined it is not the primary beneficiary in any of these entities, arrangements or participates in any of the activities.

Financial Instruments

The Company’s balance sheets include the following financial instruments: cash, accounts receivable, inventory, accounts payable, accrued expenses, and notes payable and notes payable to stockholder. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. The carrying values of the note payable to stockholder approximates fair value based on borrowing rates currently available to the Company for instruments with similar terms and remaining maturities.

In September 2006, the Financial Accounting Standards Board (FASB) introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities. The Company adopted the standard for those financial assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. FASB Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures” (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of Nine broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Nine levels of the fair value hierarchy are described below:

· Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities

· Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

· Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2012. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, accrued compensation and accrued expenses. The fair value of the Company’s notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value.

The Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company’s financial statements.

As of December 31 and June 30, 2012, the fair values of the Company’s financial instruments approximate their historical carrying amount.

Cash and Cash Equivalents

The majority of cash is maintained with major financial institutions in the United States. Deposits with these banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of Nine months or less to be cash equivalents.

Accounts Receivable and Credit

Accounts receivable consist of amounts due for the delivery of sales to customers. Prepayments on account are recorded as customer deferred revenue. Additionally, the Company invoices projects when signed agreement or statements of work are received. Amounts are recorded at the anticipated collectible amount and recorded as deferred revenue until such time that the work is performed. Contract revenue is recognized as the contract is completed, based on defined milestones (see policy on revenue recognition). An allowance for doubtful accounts is considered to be established for any amounts that may not be recoverable, which is based on an analysis of the Company’s customer credit worthiness, and current economic trends. Based on management’s review of accounts receivable, no allowance for doubtful accounts was considered necessary. Receivables are determined to be past due, based on payment terms of original invoices. The Company does not typically charge interest on past due receivables.

Inventories

Inventories are stated at the lower of cost or market, which approximates actual cost. Cost is determined using the first-in, first-out method. Inventory is comprised of component parts and accessories available for sale. Parts are generally purchased for projects, as minimal inventory is held to supply customers.

Property & Equipment

Property and equipment are recorded at historical cost or acquisition value. Depreciation is computed on the straight-line method over estimated useful lives of the respective assets, ranging from five to nine years. The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Based upon the Company's most recent analysis, management believes that no impairment of property and equipment exists at December 31, 2012.

Intangible Property

On June 29, 2010 the Company acquired the assets of Trimax Wireless Systems, Inc., including licenses and trademarks. The purchase price was allocated first to the identifiable assets received, allocating the remaining costs to the intellectual property. The valuation considered future cash flows of the operating intangible assets acquired. The valuation of the intellectual property was limited to the acquisition price (valuation of stock consideration and note payable), less the fair market value of identifiable assets. The shares issued in exchange for the acquired property were valued at the fair market value of the equivalent common stock as of the date of closing. The fair market value of consideration issued (stock and note payable) to the sellers was an aggregate amount of $6,511,364. The value assigned to the carrying value of the acquired intellectual property was $6,329,342. Intellectual property has an estimated useful life of 59 months (remaining life of patents).

On May, 2011 the Company completed the acquisition of controlling interest (70%) in Lockwood Technology Corporation, in exchange for stock and certain considerations (cash and warrants). The shares were issued at the fair market value at the date of the transaction ($1,650,000) and warrants were valued using an option price model ($477,900). The total purchase price, net of cash, notes receivable, and net assets acquired was $1,956,158. The Company recognized an immediate impairment in the amount of $641,008 in consideration of its analysis of future discounted cash flows and industry multiples of the acquired Company, resulting in a net intangible assets of $1,315,150. Management’s allocation of the purchase price was based on our assessment of the fair market value of the assets acquired, in accordance with Accounting Standard Codification, Topic 805. Fixed assets and other tangible assets were evaluated for market value. There were no identifiable assets that had any significant appreciation or impairment; therefore those assets have been brought over at the historical basis, net of depreciation. The analysis of the intangible values purchased were allocated to the Lockwood customer list (30% or $394,550) and the developed software and licensing technology (70% or $920,600).

Capitalized Software Development Costs

products. Capitalization of computer software costs is discontinued when the computer software product is available to be sold, leased, or otherwise marketed.

Amortization begins when the product is available for release and sold to customers. Software development costs will be amortized based on the estimated economic life of the product, anticipated to be 10 years.

Impairment of Long-Lived Assets

Periodically, the Company assesses the recoverability of the Company’s intangible assets, consisting of the Trimax acquired intellectual property, OptiCon Network Manager software and its trademark, and record an impairment loss to the extent that the carrying amounts of the assets exceed its fair value. Based upon management's most recent analysis, the Company believes that no impairment of the Company’s tangible or intangible assets exist at December 31, 2012 and June 30, 2012.

Revenue Recognition

The Company is principally in the business of providing solutions for a secure intelligent energy platform that incorporates our secure wireless technology. Contracts include multiple revenue components, comprised of our software licensing, hardware platforms, installation, training and maintenance. In accordance with ASC 605-25 Multiple-Element Arrangements, revenue from licensing the software will be recognized upon installation and acceptance of the software by customers. When a software sales arrangement includes rights to customer support, the portion of the license fee allocated to such support is recognized ratably over the term of the arrangement, normally one year. Revenue from professional services arrangements will be recognized in the month in which services are rendered over the term of the arrangement.

Revenue associated with software sales to distributors is recognized, net of discounts, when the Company has performed substantially all its obligations under the arrangement. Until such time as substantially all obligations under the arrangement are met, software sales are recognized as deferred revenue. Costs and expenses associated with deferred revenue are also deferred. When a software sales arrangements include a commitment to provide training and/or other services or materials, the Company estimates and records the expected costs of these training and/or other services and/or materials.

Stock Based Compensation

The Company issues restricted stock to consultants for various services. Cost for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterparty's performance is complete. The Company recognized consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. Stock compensation for the periods presented were issued to consultants for past services provided, accordingly, all shares issued are fully vested, and there is no unrecognized compensation associated with these transactions.

Shipping Costs

The Company includes shipping costs and freight-in costs in cost of goods sold.

Advertising Costs

The costs of advertising are expensed as incurred. Advertising expenses are included in the Company’s operating expenses. Advertising expense was $0, $6,865, $3,230 and $11,657 for the three and six month periods ending December 31, 2012 and 2011, respectively

Research and Development

The Company expenses research and development costs when incurred. Indirect costs related to research and developments are allocated based on percentage usage to the research and development.

Income Taxes

The Company accounts for income taxes under the liability method. Deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purpose, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized.

Earnings (Loss) Per Share

Basic EPS is calculated by dividing the loss available to common shareholders by the weighted average number of common shares outstanding during each period. Diluted EPS is similarly calculated, except that the denominator includes common shares that may be issued subject to existing rights with dilutive potential, except when their inclusion would be anti-dilutive.

Based on an estimated current value of the Company’s stock being equal to or less than the exercise price of the warrants, none of the shares assumed issued upon conversion of the warrants, nor any of the stock assumed issued under the Company's 2004 Non statutory Stock Option Plan, are included in the computation of fully diluted loss per share, since their inclusion would be anti-dilutive. Convertible preferred shares have been included in the dilutive computation, as if they would have been converted at the end of the period.

	December 31,
	2012	2011
Earnings (Loss) per share:
Net Loss	$ (1,117,616)	$ (2,001,977)

Common shares	98,580,428	16,864,447

Earnings (loss) per share, basic	$ (0.01)	$ (0.12)

*Potentially issuable preferred shares, if converted to common, were considered but not included in the calculation of diluted earnings per share for the period ended December 31, 2012 and 2011, respectively, because their inclusion would be anti-dilutive.

Recently Issued Accounting Pronouncements

We have reviewed accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. Those standards have been addressed in the notes to the unaudited financial statement and in our Annual Report, filed on Form 10-K for the period ended June 30, 2012.

3. Going Concern

As of December 31, 2012, the Company has a working capital deficit and has incurred a loss from operations and recurring losses since its inception resulting in a significant accumulated deficit. As of December 31, 2012, the Company had negative working capital of approximately $2.0 million and approximately $0 in cash with which to satisfy any future cash requirements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company’s is attaining revenues and management expects profitability in the future; however operations have not yet attained a profit or break-even. Accordingly, the Company depends upon capital to be derived from future financing activities such as loans from its officers and directors, subsequent offerings of its common stock or debt financing in order to operate and grow the business. There can be no assurance that the Company will be successful in raising such capital. The key factors that are not within the Company's control and that may have a direct bearing on operating results include, but are not limited to, acceptance of the Company’s business plan, the ability to raise capital in the future, to continue receiving funding from its officers, directors and shareholders, the ability to expand its customer base, and the ability to hire key employees to grow the business. There may be other risks and circumstances that management may be unable to predict.

4. Accounts Receivable

Accounts receivable reflect the amounts that have billed at their anticipated collectible amount. The Company receives contract acceptances on submitted quotes. Due to the advanced planning required, contract modifications occur, therefore, management invoices contracts upon signing, however, may reserve against invoicing until final scope of project negotiations or good faith deposits are made.

5. Property and Equipment

Property and equipment consists of the following:
	December 31,	June 30,
	2012	2012
	(unaudited)	(audited)
Office and computer equipment	$ 120,636	$ 122,348
Furniture and fixtures & improvements	54,703	52,991
Computer software	5,468	5,468
	180,807	180,807
Accumulated depreciation	(89,272)	72,199
	$ 91,535	$ 108,608

For the six months ended December 31, 2012 and 2011, the total depreciation expense charged to operations totaled $8,451, and $8,451 respectively.

6. Intangible Assets

Intangible assets consists of the following:
	December 31, 2012	June 30, 2012
	(unaudited)	(audited)
Opticon fiber optic management software	$ 189,862	$ 189,862
Trademarks	1,000	1,000
TriMax intellectual property	6,329,342	6,329,342
TriMax software	180,020	180,020
Lockwood customer list	394,550	394,550
Lockwood licensing technology	920,600	920,600
	8,015,374	8,015,374
Accumulated amortization	3,758,094	2,943,655
	$ 4,257,281	$ 5,071,719

For the six months ended December 31, 2012 and 2011, the total amortization expense charged to operations totaled $831,512 and $814,440, respectively.

Opticon fiber optic management software

The Company purchased all rights, titles and interest in the Opticon fiber optic management software on July 26, 2005, from FutureTech, LLC. in exchange for common stock. The agreement became effective upon FutureTech purchasing the acquired assets from Corning Cable Systems, LLC in exchange for $100,000 in cash. The Company recorded the common stock at the transferor’s historical cost basis determined under generally accepted accounting principles.

On July 26, 2005, the Company purchased the OptiCon Network Manager software system which consisted of version R3 and R4. At the time of the purchase, the software system was out of date and had to be updated and integrated with other current business software systems, before it could be distributed to customers. The development of R3 software system was completed during the quarter ended December 31, 2006, and is available for distribution to customers. In June 2010 a transfer of 50% of the R3 license was returned to FutureTech, LLC at a carrying cost value of $22,250.

During the years ended June 30, 2012 and 2011, the Company did not allocate any direct labor costs, and indirect costs and expenses to this effort. The capitalized software costs are amortized when the software is actually sold to customers. Amortization is provided based on the number of software units sold relative to the number of expected to be sold during the software’s economic life.

TriMax intellectual property

On June 29, 2010 the Company acquired the assets of Trimax Wireless Systems, Inc., including licenses and trademarks. The purchase price was allocated first to the identifiable assets received, allocating the remaining costs to the intellectual property. The valuation considered future cash flows of the operating intangible assets acquired. The valuation of the intellectual property was limited to the acquisition price (valuation of stock consideration and note payable), less the fair market value of identifiable assets. The shares issued in exchange for the acquired property were valued at the fair market value of the equivalent common stock as of the date of closing. The acquisition carrying value assigned to the intellectual property was $6,329,342.

TriMax software

Software development costs, in the amount of $180,020, were acquired in the Trimax acquisition. The proprietary software was an identified asset of the acquisition and valued at the historical carrying value, cost. The capitalized software is available for sale and is to be amortized over a 5 year period.

Lockwood Technology Corporation

On May, 2011 the Company completed the acquisition of controlling interest in Lockwood Technology Corporation, leading RFID software and hardware solutions provider, from Daedalus Capital, LLC. Infrax Systems acquired 70% interest in exchange for stock and certain considerations, including a $50,000 note receivable (due in 180 days) from the sellers to Infrax and $112,000 in cash received by Infrax at closing. Additionally, warrants were issued for the purpose of possible future investment capital, to be received by Infrax. Shares were issued at the fair market value at the date of the transaction ($1,650,000). The agreement included warrants for the purchase of 660,000 (post reverse split) common shares at an exercise price of $5.00 (split adjusted, for a term of 3 years. The warrants are callable by Infrax at certain fair market values of the common stock. Warrants were valued at $477,900 using an option price model (assumptions used in calculation: volatility 400%; risk free rate 1.02%; dividend rate 0%). The total purchase price, net of cash, notes receivable, and net assets acquired was $1,956,158 and was allocated to intangible assets.

The Company recognized an immediate impairment in the amount of $641,008 in consideration of its analysis of future discounted cash flows and industry multiples of the acquired Company, resulting in a net intangible assets of $1,315,150. Infrax also plans to utilize their expertise in future smart grid deployment projects. Management’s allocation of the purchase price was based on our assessment of the fair market value of the assets acquired, in accordance with Accounting Standard Codification, Topic 805. Fixed assets and other tangible assets were evaluated for market value. There were no identifiable assets that had any significant appreciation or impairment; therefore those assets have been brought over at the historical basis, net of depreciation. The analysis of the intangible values purchased were allocated to the Lockwood customer list (30% or $394,550) and the developed software and licensing technology (70% or $920,600).

7. Debt Agreements

On June 29, 2010 the Company entered into an agreement with the shareholders of Trimax Wireless, Inc. (“Trimax”) for the purchase of their business assets and technology for preferred shares of the Company, the assumption of liabilities and a note payable, in the amount of $712,500. The note is interest bearing at 6% per annum until fully paid with a start period of 90 (September 29, 2010) days for the first payment. The Company shall make interest-only payments on the first day of each month from the date of this Note until the earlier of (a) receipt of Investment Funding as defined; or (b) 180 days from the date hereof ("Maturity Date") (December 29, 2010). Principal plus all accrued and unpaid interest on such principal shall be due and payable on the Maturity Date. As of the balance sheet date the Company is in default, as it has not made payments on this loan and is currently in negotiations to extend terms. There is no default interest rate.

The Company has a Master Note Agreement, as an unsecured line of credit, from Mr. Sam Talari. The Master Note is for operational capital, in the amount of $350,000 and bears interest at 5% per annum. Mr. Talari has pledged additional funding for operating capital, up to $1 million dollars, under the same terms as the original Master Note.

8. Related Parties Disclosures

Employment Agreements

The following agreements are with Shareholders, Directors and Members of the Board:

Sam Talari

Effective August 1, 2009, the Company entered into a three-year employment agreement with Sam Talari, one of the Company’s directors. The agreement was automatically renewed for an additional one-year period, and subsequently renewed by the Board for an additional one-year period through July 31, 2013. The Agreement provides for (a) a base salary of $15,000 per month, (b) a signing bonus equal to one month salary, (c) four weeks’ vacation within one year of the starting date, and (d) all group insurance plans and other benefit plans and programs made available to the Company’s management employees.

John Verghese

On October 19, 2010, as amended January 1, 2010, the Company entered into a three-year employment agreement with John Verghese as Director of Product Development, one of the Company’s directors. The Agreement provides for (a) a base salary of $6,500 per month, (b) a signing bonus of $10,000, (c) three weeks’ vacation within one year of the starting date, and (d) all group insurance plans and other benefit plans and programs made available to the Company’s management employees. Additionally Mr. Verghese has the option to purchase 360,000 shares of common stock at $.025 per share, ratably vesting at the employment anniversary date.

Terry Gardner

On April 2nd, 2012, the Company entered into a three-year employment agreement with Terry Gardner as VP of Professional Services. The Agreement provides for (a) a base salary of $10,000 per month, (b) a signing bonus of $30,000, (c) three weeks’ vacation within one year of the starting date, and (d) all group insurance plans and other benefit plans and programs made available to the Company’s management employees. Additionally Mr. Gardner has the option to purchase 300,000 shares of common stock at $.04 per share, ratably vesting at the employment anniversary date.

Malcolm F. Welch

On October 6, 2009, the Company entered into a one-year employment agreement with Malcolm F. Welch, one of the Company’s directors and Co-Chairman of the Board. The agreement is automatically extended for successive one one-year periods, unless previously terminated. The Agreement, as amended effective January 1, 2010 provides for (a) a base salary of $2,000 per month; (b) eligibility to receive 375,000 shares of the Company’s common stock based on the employee’s achievement of goals and objectives approved by the Board; (c) an option to purchase 375,000 shares of the Company common stock at $0.025 per share to be granted over a 3 years based on the achievement of goals and objectives established by the Board; (d) a bonus based on the level of funding the Company achieves through December 31, 2010 ; (e) two week vacation during first year of employment; and (f) all group insurance plans and other benefit plans and programs made available to the Company’s management employees.

Other employment agreements exist with employees.

Line of Credit, Master Agreement

On September 1, 2005, Mr. Sam Talari, one of the Company’s directors, agreed to make advances to the Company as an interim unsecured loan for operational capital up to a maximum of $350,000, evidenced by a master promissory note, with interest at the rate of 5% per annum, based on amounts advanced from time to time, payable annually. Mr. Talari has pledged additional funding for operating capital, up to $500,000, under the same terms as the original Master Note. Mr. Talari, from time to time, has converted advances and accrued interest in exchange for equity shares. Mr. Talari continued making advances to the Company on the loan, of which $777,779 and $574,957 remains outstanding at December 31, 2012 and June 2012, respectively. In addition, the Company has accrued interest on this loan in the amount of $30,235 and $30,235 at December 31, 2012 and June 2012, respectively. Mr. Talari has pledged additional funding for operating capital, up to $1 million, under the same terms as the original Master Note.

9. Stock Options and Warrants

On December 2, 2005, the Company granted two unrelated individuals Series A Warrants to purchase 660,004 shares, at an adjusted average exercise price of $ .75. All of the Warrants expire on November 11, 2011. All of the Warrants granted were non-qualified fixed price warrants.

The following table summarizes the activity related to the stock purchase warrants and options and weighted average assumptions for the period ended December 31, 2012:

			Weighted Average		Remaining
	Options	Options	Intrinsic	Exercise	Contractual
	Outstanding	Vested	Value	Price	Term
Options, June 30, 2011	600,000	600,000	$	$5.50	1.37 years
Granted	-	-
Exercised	-	-
Forfeited	-	-
Options, June 30, 2012
Granted
Exercised	-	-
Forfeited	(600,000)	(600,000)		0	0
Options, December 31, 2012	660,004	660,004

The following are the weighted average assumptions for the options granted:

Weighted Average:
Dividend rate		0.0%
Risk-free interest rate		1.02%
Expected lives (years)		5.0
Expected price volatility		400.0%
Forfeiture Rate		0.0%

10. Income Taxes

There is no current or deferred income tax expense or benefit allocated to continuing operations for the period ended December 31, 2012 and 2011. The Company has not recognized an income tax benefit for its operating losses generated through December 31, 2012 based on uncertainties concerning the Company’s ability to generate taxable income in future periods. The tax benefit is offset by a valuation allowance established against deferred tax assets arising from operating losses and other temporary differences, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not.

For income tax purposes the Company has available a net operating loss carry-forward of approximately $6,283,226 from inception to December 31, 2012, which will expire, unless used to offset future federal taxable income beginning in 2024.

11. Capital Equity

The Company has issued convertible preferred shares. Shares are convertible into the Company’s common stock, at the option of the holder, at the prescribed conversion rate. Conversions are as follows:

	Shares		Conversion
	Outstanding		Rate to Common
Preferred Series A		2,400,000		375
Preferred Series A1		8,889		88.89
Preferred Series A2		88,889		20
Preferred Series A3		25,846		20
Preferred Series B		1,210		0.30
		2,524,834

Effective August, 2011 the Company's Board of Directors affected a 1:500 reverse stock split on common shares. In September 2011 the Preferred B shares were subject to a reverse split of 1 for 1,000. Due to the event of the reverse stock split, the preferred shares conversion rate to common were adjusted All shares presented have been retroactively stated to reflect the reverse-split shares.

12. Commitments and Contingencies

Lease/Rental Agreements

Our executive office is now located in an office complex under annual five year lease, beginning June 1, 2012 at a rent of $3,575 per month. We entered into this 5-year commercial lease agreement in St. Petersburg, Florida with Kalyvas Group II, LLC. Our lease provides us with approximately 4,100 square feet of: reception area, nine offices, a lab/production area, inventory room, server room, kitchenette and one conference rooms. We believe the facilities are adequate for our operational needs. We may require additional offices in the event we obtain funding and acquire additional customers.

Rent expense for the six months ended December 31, 2012 and 2011 amounted to $10,641 and $43,867, respectively.

Foreign Currency Translation

The balance sheets of the Company's foreign subsidiaries are translated at period-end rates of exchange, and the statements of earnings are translated at the weighted-average exchange rate for the period. Gains or losses resulting from translating foreign currency financial statements are included in accumulated other comprehensive income (loss) in the consolidated statements of stockholders' equity and comprehensive income. At December 31, 2012 and 2011 no foreign currency translation was conducted due to the immaterial nature of its subsidiary’s balance sheet.

Legal Matters

From time to time the Company may be a party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a material effect on the Company’s consolidated financial position or results of operations as of December 31, 2012.

During the quarter ended June 30, 2011, Trimax Wireless filed a complaint relating to the unpaid balance of the Promissory Note executed with the acquisition of Trimax Wireless. The Company has filed a motion to dismiss such action which is set for hearing. The note is unsecured, however, if holders prevail, they may be entitled to legal cost, in addition to payments per the term of the agreement. The Company believes that it has sufficient affirmative defenses to this complaint and does not believe that it will have a material effect on the Company. Currently the company is in the process of requesting dismissal of the suit.

During quarter ended June 30, 2012, The Company filed a Federal lawsuit against Lockwood Worldwide and its owners, current and previous management in the UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF FLORIDA. We are requesting an award of compensatory damages, an award of treble damages pursuant to the provisions of RICO and other applicable federal and state statutes and an award of punitive damages in the full amount by the jury against each of the Defendants. As Plaintiff, we have suffered damages as a result thereof, an amount in excess of $4,350,000. We are asking for a total damages up to 4 times the amount of loss or close to $16M. As of the filing of this 10/Q, we have had success in freezing their operational account and all funds associated with that account. We are also in settlement talks with Sovereign bank.

13. Subsequent Events

The Company has been approached by a large electric contractor for a possible investment and or an alliance. The Company has also been approached by an Investment Fund in a possible investment in the Company. Currently we are in discussion with three separate parties on possible investment in the Company. As we are getting closer to the completion of our products and validation of our technologies, we will be approached by partners and investors. Management and the Board of Directors are aware of our position and potential of our technology and will consider any offer that increases shareholder value.

We have started preparing the S1 for the spin-off of the Lockwood Technology. We have consulted with our auditors, our accountants and our SEC counsel for process support. Although we expected to file the S1 before the end of the year, due to financial process delays and valuation, we intend to file the S1 as soon as all the necessary steps are completed. We believe with Lockwood’s current pipeline, the Company should flourish as a separate public company. Depending on the market condition, we expect to price the IPO from $0.20 to $1 per share. We are in the process of utilizing a possible underwrites for this offering.

On January 17th 2013, Mr Don Ballou, Lockwoods VP of Operations & Engineering, exchanged $50k of sign-on bonus into

2.5M shares of restricted common stock of Infrax Systems. Company also issued 1,153,754 restricted common for services.

Item 2.

Management’s Discussion and Analysis or Plan of Operation

The information contained in Item 2 contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results may materially differ from those projected in the forward-looking statements as a result of certain risks and uncertainties set forth in this report. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual results will not be different from expectations expressed in this report.

We desire to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. This filing contains a number of forward-looking statements which reflect management’s current views and expectations with respect to our business, strategies, products, future results and events, and financial performance. All statements made in this filing other than statements of historical fact, including statements addressing operating performance, events, or developments which management expects or anticipates will or may occur in the future, including statements related to distributor channels, volume growth, revenues, profitability, new products, adequacy of funds from operations, statements expressing general optimism about future operating results, and non-historical information, are forward looking statements. In particular, the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” variations of such words, and similar expressions identify forward-looking statements, but are not the exclusive means of identifying such statements, and their absence does not mean that the statement is not forward-looking. These forward-looking statements are subject to certain risks and uncertainties, including those discussed below. Our actual results, performance or achievements could differ materially from historical results as well as those expressed in, anticipated, or implied by these forward-looking statements. We do not undertake any obligation to revise these forward-looking statements to reflect any future events or circumstances.

Readers should not place undue reliance on these forward-looking statements, which are based on management’s current expectations and projections about future events, are not guarantees of future performance, are subject to risks, uncertainties and assumptions (including those described below), and apply only as of the date of this filing. Our actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, the risks to be discussed in our Annual Report on form 10-K and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

The following discussions should be read in conjunction with our financial statements and the notes thereto presented in “Item 1 – Financial Statements” and our audited financial statements and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our report on Form 10-K for the fiscal year ended June 30, 2011. The information set forth in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” includes forward-looking statements that involve risks and uncertainties. Many factors could cause actual results to differ materially from those contained in the forward-looking statements.

Our Business

INFRAX is a pioneer designer, developer, systems integrator and manufacturer of turnkey secure solutions for the utility industry. We are a provider of unique secure, cost-efficient solutions that provide everything required to bring the utility’s technological platform into the 21st. century. Our SIEP™ platform provides: 1) Network Transport and Management (secure 2 way communications), 2) Secure Smart Devices (Smart Meters), and 3) Asset management, Grid Optimization and Security, all in an integrated state-of-the-art Smart Grid solution that truly provides our customers with end to end grid management capability.

We believe our Secure Integrated Platform will facilitate and hasten the deployment of Smart Grid technology among resource constrained small and mid-sized utilities. INFRAX’ advantage comes from our advanced patented technologies, which provide a highly secure, reliable platform that allows two-way communication with our Secure Intelligent Endpoint Devices for Advanced Metering Infrastructure and Substations applications.

Based on our review of the Smart Grid related products against which the Secure Intelligent Energy Platform now competes, we believe that none of them provide the required encryption and threat detection capabilities required to secure the energy grid.

The Utility industry’s aggressive deployment of Advanced Metering Infrastructure (AMI) and data management devices has led to the accelerated reliance on fiber optic communications to many of the key substations. However, the existing utility networks cannot provide the security, reliability and connectivity to extend the reach to the consumer locations.

Today’s evolution of Smart Grid design and implementations actually began several years prior to the current initiatives. The same applies to the products designed by most of the major players including Itron, Silver Spring and GridPoint. Although the

current security initiatives and elected officials have good intentions, they have missed the window of opportunity to truly integrate security from the beginning by several years. Similar to the credit card industry, banking, health care, and most other industries that conduct business online, the next electrical infrastructure will need to feature security as an add-on that is applied after the Smart Grid is implemented.

Recently discovered vulnerabilities in smart meters have been identified that could allow an attacker to obtain complete control of the meters. Specifically, an attacker could exploit these vulnerabilities to turn off electricity to hundreds of thousands of homes. Thus, an attacker could execute a wide-scale Denial of Service (“DoS”) attack against homes and businesses.

The Advantage of Our Technology

By entering the market without the burden of legacy products and technology, Infrax is able to focus on future technologies and will be poised to provide advanced solutions for companies that are yet to deploy AMI and harden previously installed networks and devices.

While the current use of RF technology is inherently less reliable, Infrax is focused on using highly encrypted data over secure tunnels using a variety of communications medium including WiFi, Cellular or other public communication media. Infrax's secure smart grid platform incorporates a communications transport known as GridMesh™, and a device and data security management tool known as GRiM. Secure management of the "last mile" backhaul is necessary for utilities to implement Smart Grid applications such as AMI, and substation and distribution automation.

We believe that our Secure Intelligent Energy Platform will give us a competitive advantage in the emerging and evolving Smart Grid environment. By utilizing our solution, Utilities can secure their networks and prolong the lifecycle of previously deployed components by eliminating the security concerns that would necessitate replacement.

INFRAX Strategy

We intend to generate revenues from the design, sales, installation, and support of the hardware, software and technology, associated with our integrated solution, Infrax Secure Intelligent Energy Platform (SIEP) ™. Additionally, revenues may be generated from licensing our Security, GRiM and, Infrax Networks wireless communications and future products.

Our Product Portfolio

(a) SNIC

Over the last several quarters, Infrax has been developing the company’s flagship product - Secure Network Interface Card (SNIC) for electric meters. While the initial focus will be to develop the card for one of the largest meter manufactures in the world, the final objective is to have a universal card that can be used in any meter in the world. The wireless part of the first prototype has been completed and successfully tested. With the development and improvements continuing, we will have a complete working prototype by the end of this summer. Although details of the card cannot be disclosed for obvious reasons, our emphasis has been to address the security of the data to and from a meter as well as to provide a robust communication platform that can be used not only for meter data but also in Distribution Automation projects such as capacitor bank and volt/var controllers. The Company believes that the SNIC along with newly created Professional Services division will hasten the deployment of all Smart Grid technology for resource constrained small and mid-sized utilities.

(b) SPIDer – Secure Perimeter Intrusion Detection

Building on our expertise in network and physical security platforms, the company has introduced the first active and secure intrusion detection network. The SPIDer Network initial offering is directed to the electrical energy company concerns with copper and material theft and its related impact to safety and homeland security. Infrax Systems is committed to change the present paradigm in the electric utility industry as to how physical and data security processes are deployed to protect electrical substations, remote critical infrastructure facilities, communications networks, advanced distributed controls and intelligent meter networks. Copper theft and its potential threat to safety and homeland security has been estimated by the Department of Energy and other sources as approaching a Billion dollar cost annually in the US alone. Attacks on critical infrastructure such as electric and water resources can cause wide scale economic devastation which would greatly amplify these costs. Most of these assets have little to no security or intrusion detection and what little exists is forensic in nature as it helps to identify what happens but does not detect the threat at the moment it occurs. Infrax Systems’ vision is based on a trusted network of intelligent devices which detect intrusion at any level and quickly determines friend or foe thus taking action when necessary to secure critical infrastructure and intelligent property.

Infrax Systems has recently started a marketing campaign for the SPIDer product line. Currently we have demonstrated the basic SPIDer system to three utilities and are scheduled for another two demonstrations. Five additional utilities have expressed interest in the product. Most are for the image based level although one has shown initial interest in the first level coaxial based system. One customer utility has requested a proposal for a complete network linking 12 facilities. Initial projections indicate a strong market and revenue. Revenues are expected to grow logarithmically as utilities finish their pilot stages and budget for next year.

(c) Professional Services

Infrax Systems has introduced a new division which provides engineering and professional services to its energy customers. This division is charged with packaging Infrax Systems products into engineered solutions that are marketed to their customers. Professional services provides engineering, construction and project managements services to the smaller utilities such as local municipalities, Rural Electric Cooperatives and Investor Owned Utilities who may not have the manpower or expertise to accomplish their goals. By leveraging our over 100 years of combined experience in the electric utility and telecommunications industries, Infrax Systems is well placed in an industry which is becoming the newest high tech phenomenon. The Smart Grid vision relies on vast networks of intelligent devices which sources in the Data and Enterprise Network industry indicate will surpass by several orders of magnitude of any know data network of today. Even a relatively small utility will have upwards of a million devices operating on thousands of individual domains. These networks not only will control instant and real time power flow but will also be the cash register for the Utility industry. Security, scalability and authenticity as well as day to day maintainability are the utmost concerns in providing an intelligent power grid that is safe and secure. Infrax Systems will be a leader in designing, building and securing these networks and solutions.

Initial marketing campaigns have been targeting the municipalities and Electrical Cooperatives. Currently we have responded to one major RFP for Capacitor Bank networks and Smart Grid infrastructure worth in excess of 1.5 million dollars. We are also working on a pilot project for our AMI product with the availability of the SNIC, with a major utility. If the pilot project is accepted and successful, we may be asked to provide AMI to all their customers. The revenue from such project, for only one utility, will be overwhelmingly substantial. We are also in the process of negotiations for a contract to provide customer engineer expertise for a fiber optic construction project and we have installed several radios for one of our initial customers. We have started to communicate with few utilities in Florida to become qualified bidders for the coming projects. We will continue this process with utilities all along the east coast of USA.

(d) Lockwood Technology

The past few months have been eventful for Lockwood Technology. The new development team has made substantial progress in their efforts to map out the new features and improvements to our core software platform “Asset Tracker”. The new features, operational improvements, and added functionality has been released as an incremental upgrade as version v11.6.

Our development road map plan is to give the entire platform a structural overhaul and graphical refresh by porting all of the features and functions into a “Browser-Based” user GUI that can be more easily deployed, managed, and updated. This would allow Lockwood’s platform to be deployed in a “Cloud-Based” architecture. This upgrade will better position Lockwood’s solutions to be sold into the targeted vertical markets. This will also allow us to better manage different licensing options and increase revenues.

Lockwood has also created a new sales and marketing strategy that will reduce the sales cycle timing and increase the profit margin on all deals. This plan is based on a channel strategy that leverages the efforts of numerous established VAR’s and integrators that each has their own substantial pipeline of deal within the targeted vertical markets. The plan also incorporates the creation of “Pre-Configured” versions of the platform that are tailored to the specific vertical markets we target. We call these “Vertical Market Applications”. These Vertical Market Applications make the systems easier to sell than those of a custom integration based solution. This approach also reduces the man-hours involved in these implementations by pre-configuring the platform with industry specific best practice routines. There is still a significant amount of flexibility within the application to maintain our competitive advantage of the other “Fixed” platforms.

The initial vertical markets we have identified based on our market research are:

• Healthcare

• Education

• Hospitality

• Retail

• Government

This new channel based strategy is beginning to take shape. We have identified the 400-500 individual integrators to partner with, each with their own sales pipelines within the vertical markets listed above. We are working with the RFID and Barcode hardware manufacturers to promote our software as the catalyst that makes their hardware more valuable as part of a total solution. We have

developed a web-based sales training system that will enable these VAR’s to incorporate our software solutions with the RFID hardware products they sell to solve the problems their customer are experiencing. This approach will no doubt make Lockwood’s value proposition obvious to the customers while increasing our profit margins as well as those of our integrator partners.

On the short-term revenue front, we have had success in maintaining our existing customer base. We are experiencing a 99% take rate on our annual software maintenance renewals. This will provide a consistent and predictable stream of recurring revenue. We are also working with our existing customers to learn more about how they operate and are providing them with the ongoing support to maintain this success. We are also identifying the customers that are using older versions of the platform and encouraging them to upgrade to the current revision level. The upgrade process is facilitated by our customer’s compliancy policies requiring them to meet certain network security standards that can only be achieved by implementing the newer versions of our software.

We also have a significant sales pipeline of proposals that include not only software sales, but also complete solutions that incorporate hardware, software and professional services as well. This pipeline is made up of deals with our existing channel partners such as Lockheed Martin’s IS&GS Group, the US Army, and numerous other municipal, state, and federal government projects and RFP’s. We are also working on significant deals with our international partners within the same vertical markets in the Middle East and Europe.

Lockwood Technology has been chosen under a prime bidder to bid on a large state contract for Enterprise Asset Management System (EAMS) for the Government of an East African country. The total bid is under $20M USD and consists of three lots. We have bid for all three lots and may or may not win all three or in parts. The project if won will be started in late 2012. Lockwood Technology has also been chosen under the same prime bidder to bid on another large state contract for Enterprise Asset Management System (EAMS) for another Government of an East African country. The total bid is unknown at this time. The project if won will be started in 2013.

Our Market

INFRAX market opportunity exists in one of the largest industries in the world. Globally, according to the International Energy Agency (IEA), this industry is expected to spend close to $10 trillion dollars by 2030 to upgrade electrical infrastructure. Technology innovations in power delivery have been fermenting for years, but only now is the confluence of physical need and social expectations creating an environment in which real and sustained monetary commitments are being made to create a “Smart Grid” built on information-based devices, digital communication and advanced analytics. Networking giant Cisco has estimated that the market for smart grid communications will grow into a $20 billion-a-year opportunity as the infrastructure is built out over the next five years. Researchers at Specialists in Business Information (SBI) forecast the market will grow to $17 billion-per-year by 2014 from today’s $6 billion. Globally, SBI expects the market for smart grid technologies to grow to about $171 by 2014 up from approximately $70 billion in 2009.

Furthering our development towards becoming a leader in the emerging smart-grid industry, on April 8, 2011 we acquired a 70% controlling interest in Lockwood Technology Corporation, to supply RFID and asset tracking, among other technology value to our product lines.

management expects or anticipates will or may occur in the future, including statements related to distributor channels, volume growth, revenues, profitability, new products, adequacy of funds from operations, statements expressing general optimism about future operating results, and non-historical information, are forward looking statements. In particular, the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” variations of such words, and similar expressions identify forward-looking statements, but are not the exclusive means of identifying such statements, and their absence does not mean that the statement is not forward-looking. These forward-looking statements are subject to certain risks and uncertainties, including those discussed below. Our actual results, performance or achievements could differ materially from historical results as well as those expressed in, anticipated, or implied by these forward-looking statements. We do not undertake any obligation to revise these forward-looking statements to reflect any future events or circumstances.

Nature of Our Business

While we continue to maintain the OptiCon Network Management platform, the Company has shifted its focus and energies towards the “Smart Grid” energy sector. The Company believes our secure integrated platform will hasten the deployment of all Smart Grid technology for resource constrained small and mid-sized utilities. Infrax’s advantage comes from our products ability to enable the creation of a secure platform scalable to deliver a broad set of intelligent Smart Grid initiatives across millions of endpoints for Utilities.

According to a report issued to Congress by the Office of Electricity Delivery and Energy Reliability, as required by Section 1309 of Title XIII of the Energy Independence and Security Act of 2007, the security of any future Smart Grid is dependent on successfully addressing the cyber security issues associated with the nation’s current power grid.

The complexity of the grid implies that vulnerabilities exist that have not yet been identified. It is particularly difficult to estimate risk from cyber-attack because of the size, complexity, and dynamic nature of the power grid and the unpredictability of potential attackers.

Infrax creates a unified solution path to securely manage Advanced Metering Infrastructure (AMI) and other Smart Grid optimization applications such as substation and distribution automation. Our product portfolio provides Network Transport and Management, Secure Intelligent Devices, Threat Detection, and Grid Optimization, all integral components of a state-of-the-art Smart Grid solution.

Through our wireless broadband business unit, Infrax Networks, we provide outdoor mesh-relay based wireless broadband networks used by customers as the metro-scale IP foundation upon which to run one or many applications that help build greener, safer, smarter communities. Our products have been deployed globally to help connect the unconnected. In addition, our networks are used by electric utilities to build large scale, reliable, and secure networks that deliver the high bandwidth and low latency required for deploying smart grids.

Name Changes

None.

Changes in Management

None

Sales Activity

The Company’s backlog of proposal activity substantially increased in the quarter. Interest in our core products and development projects continues to increase. We are in discussions with several large, nationwide distribution channels to add our products to their portfolios and are in contract discussions with a national sales channel to sell preconfigured versions of select Lockwood and Infrax products. Lockwood has close to $10M in sales activity in the pipeline so far for the year 2013. Infrax will be starting a pilot project at the end of its third quarter possibility with a local utility. We are currently working on other proposed pilot projects in other countries such as India for 35M customers. We cannot be guaranteed that we get our proposal accepted for these pilot projects but feel very confident on our technology and its need by the major utilities.

Critical Accounting Policies

Our significant accounting policies are more fully described in Note 2 to the financial statements. However, certain accounting policies are particularly important to the portrayal of our financial position and results of operations and require the application of significant judgment by our management; as a result they are subject to an inherent degree of uncertainty. In applying these policies, our management uses its judgment to determine the appropriate assumptions to be used in the determination of certain estimates. Those estimates are based on knowledge of our industry, historical operations, terms of existing contracts, our observance of trends in the industry and information available from other outside sources, as appropriate.

Our critical accounting policies include:

Principals of Consolidation -The consolidated financial statements include the accounts and operations of the Infrax Systems, Inc., and its wholly owned subsidiary Infrax Systems SA (Pty) Ltd. (collectively referred to as the “Company”). Accordingly, the assets and liabilities, and expenses of this company have been included in the accompanying consolidated financial statements, and intercompany transactions have been eliminated.

Revenue Recognition - The Company is principally in the business of providing solutions for a secure intelligent energy platform that incorporates our secure wireless technology. Contracts include multiple revenue components, comprised of our software licensing, hardware platforms, installation, training and maintenance. In accordance with ASC 605-25 Multiple-Element Arrangements, revenue from licensing the software will be recognized upon installation and acceptance of the software by customers. When a software sales arrangement includes rights to customer support, the portion of the license fee allocated to such support is recognized ratably over the term of the arrangement, normally one year. Revenue from professional services arrangements will be recognized in the month in which services are rendered over the term of the arrangement.

Long-Lived Assets - We depreciate property and equipment and amortize intangible assets, including software development costs over the respective assets’ estimated useful life and periodically review the remaining useful lives of our assets to ascertain that our estimate is still valid. If we determine a useful life has materially changed, we either change the useful life or write the asset down or if we determine the asset has exhausted its useful life, we write the asset off completely.

Capitalized Software Development Costs - We capitalize software development costs incurred subsequent to the establishment of technological feasibility and amortize them over the estimated lives of the related products. We discontinue capitalization of software when the software product is available to be sold, leased, or otherwise marketed. Amortization of software costs begins when the developed product is available for sale to our customers. We amortize our software development costs over the estimated economic life and estimated number of units of the product to be sold.

Stock Based Compensation - We recognize stock-based compensation expense net of an estimated forfeiture rate and therefore only recognize compensation cost for those shares expected to vest over the service period of the award. Calculating stock-based compensation expense requires the input of subjective assumptions, including the expected term of the option grant, stock price volatility, and the pre-vesting option forfeiture rate. We estimate the expected life of options granted based on historical exercise patterns. We estimate stock price volatility based on historical implied volatility in our stock. In addition, we are required to estimate the expected volatility rate and only recognize expense for those shares expected to vest. We estimate the forfeiture rate based on historical experience of our stock-based awards that are granted, exercised or cancelled.

Recent Accounting Pronouncement

Off-Balance Sheet Arrangements:

We do not participate in transactions that generate relationships with unconsolidated entities or financial partnerships, such as special purpose entities or variable interest entities, which have been established for the purpose of facilitating off-balance sheet arrangements or other limited purposes.

Subsequent Events:

We have started preparing the S1 for the spin-off of the Lockwood Technology. We have consulted with our auditors, our accountants and our SEC counsel for process support. Although we expected to file the S1 before the end of the year, due to financial process delays and valuation, we intend to file the S1 as soon as all the necessary steps are completed. We believe with Lockwood’s current pipeline, the Company should flourish as a separate public company. Depending on the market condition, we expect to price the IPO between $0.20 to $1 per share. We are in the process of utilizing a possible underwrites for this offering.

RESULTS OF OPERATIONS

For the Six Months ended December 31, 2012 and 2011:

During the six Months period ended December 31, 2012, we had sales from the delivery of equipment and services in the amount of $48,184 compared to $315,724 for the comparable six month period ended December 31, 2011. The Company has increased its marketing efforts with Lockwood and retired product lines that were not profitable.

Our expenses decreased by approximately $1,036,661 from $1,433,645 to $396,984 for the Six Month period ended December 31, 2012 and 2011, respectively. Expenses decreased due to the reduction in costs incurred with our acquisition of Lockwood, particularly salaries and consulting expenses. We also incurred $831,512 of depreciation and amortization costs, compared to $831,342, primarily the result of our acquisitions.

For the six Months ended December 31, 2012, we incurred a net loss of $1,117,616 compared to a loss of $2,001,977 for the six Months ended December 31, 2011, reflecting primarily the additional employees and infrastructure as we advance our operations from an R&D company to a service provider.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2012, we had approximately $300 in cash with which to satisfy our cash requirements for the next twelve months, along with approximately $330,000 remaining on the line of credit from Mr. Talari to pay normal operating expenses, while we attempt to secure other sources of financing.

Since the inception of our Master Note Agreement, Mr. Talari has continued to advance funds to us as needed. Mr. Talari remains committed to continue funding the Company and has regularly converted amounts outstanding and accrued interest, under the note agreement, to our common stock, in order to have money available. At December 31, 2012, we owe Mr. Talari $777,779 on the master promissory note plus accrued interest. Mr. Talari has pledged funding for operating capital, up to $1,000,000, under the same terms as the original Master Note.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

We are a Smaller Reporting Company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Item 4.

Controls and Procedures

Not Applicable

Item 4T.

Controls and Procedures

Disclosure controls and procedures: As of December 31, 2012, we carried out an evaluation of the effectiveness of our disclosure controls and procedures, with the participation of our principal executive and principal financial officers. Disclosure controls and procedures are defined in Exchange Act Rule 15d–15(e) as “controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.” Based on our evaluation, our President/Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2012, such disclosure controls and procedures were not effective.

Changes in internal control over financial reporting: Based upon an evaluation by our management of our internal control over financial reporting, with the participation of our principal executive and principal financial officers, there were no changes made in our internal control over financial reporting during the quarter ended December 31, 2012 that have materially affected or are reasonably likely to materially affect this control.

Limitations on the Effectiveness of Internal Control: Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material errors. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations on all internal control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, and/or by management override of the control. The design of any system of internal control is also based in part upon certain assumptions about risks and the likelihood of future events, and there is no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of ---changes in circumstances and the degree of compliance with the policies and procedures may deteriorate. Because of the inherent limitations in a cost-effective internal control system, financial reporting misstatements due to error or fraud may occur and not be detected on a timely basis.

PART II - OTHER INFORMATION

Item 1

Legal Proceedings.

During the fourth quarter of our year ended June 30, 2011, Trimax Wireless filed a complaint relating to the unpaid balance of the Promissory Note executed with the acquisition of Trimax Wireless. The Company has filed a counter suit and motion to dismiss such action which is set for hearing. The note is unsecured, however, if holders prevail, they may be entitled to legal cost, in addition to

payments per the term of the agreement. The Company believes that it has sufficient affirmative defenses to this complaint and does not believe that it will have a material effect on the Company.

We have filed a Federal lawsuit against Lockwood Worldwide and its owners, current and previous management in the UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF FLORIDA. We are requesting an award of compensatory damages, an award of treble damages pursuant to the provisions of RICO and other applicable federal and state statutes and an award of punitive damages in the full amount by the jury against each of the Defendants. As Plaintiff, we have suffered damages as a result thereof, an amount in excess of $4,350,000.00. We are asking for a total damages up to 4 times the amount of loss or close to $16M. As of the filing of this Q, We have had success in freezing their operational account and all funds associated with that account.

Item 1A

Risk Factors.

There have been no material changes to the risk factors previously disclosed in our first quarter Report on Form 10-Q for the quarter ended September 31, 2012 filed on November 14, 2012 with the Securities and Exchange Commission.

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3

Defaults Upon Senior Securities.

Not applicable.

Item 4

Removed and Reserved.

Not applicable

Item 5

Other Information.

On December 17, 2012, the audit firm of Drake & Klein CPAs changed its name to DKM Certified Public Accountants. The change was reported to the PCAOB as a change of name. This is not a change of auditors for the Company.

Item 6

Exhibits


31.A	Principal Executive Officer's Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.B	Principal Financial & Accounting Officer's Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.A	Principal Executive Officer’s Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.B	Principal Financial & Accounting Officer’s Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant cause this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Infrax Systems, Inc.
	(Registrant)

Date: 02/19/2013	By: /s/ Sam Talari
	Sam Talari

	Principal Executive Officer

Date: 02/19/2013	By: /s/ Sam Talari
	Sam Talari
	Principal Financial & Accounting Officer

EX-31.1 2 exhibit31_1.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATION

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULES 13A-14 AND 15D-14

OF THE SECURITIES EXCHANGE ACT OF 1934

I, Sam Talari, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Infrax Systems, Inc. for the first quarter ended December 31, 2012;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: February 19, 2013

/s/ Sam Talari

Sam Talari, Principal Executive Officer

EX-31.2 3 exhibit31_2.htm CERTIFICATION

EXHIBIT 31.2

CERTIFICATION

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULES 13A-14 AND 15D-14

OF THE SECURITIES EXCHANGE ACT OF 1934

I, Sam Talari, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Infrax Systems, Inc., for the first quarter ended December 31, 2012;

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: February 19, 2013

/s/ Sam Talari

Sam Talari, Acting Principal Financial Officer and

Acting Principal Accounting Officer and Director

EX-32.1 4 exhibit32_1.htm CERTIFICATION PURSUANT TO

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Infrax Systems, Inc. (the "Company") on Form 10-Q for the first quarter ended December 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Sam Talari, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2001, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 19, 2013

/s/ Sam Talari

Sam Talari,

Principal Executive Officer

EX-32.2 5 exhibit32_2.htm CERTIFICATION PURSUANT TO

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Infrax Systems, Inc. (the "Company") on Form 10-Q for the first quarter ended December 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Sam Talari, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2001, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 19, 2013

/s/ Sam Talari

Sam Talari, Principal Financial Officer and

Principal Accounting Officer and Director

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1. 	History of the Company and Nature of the Business   History of the Company   Infrax Systems, Inc. (formerly OptiCon Systems, Inc.) (“the Company”, “Infrax”) was formed as a Nevada corporation on October 22, 2004.  On July 29, 2005, the stockholders of the Company entered into an agreement to exchange 100% of the outstanding common stock of the Company, for common and preferred stock of FutureWorld Energy, Inc. (formerly Isys Medical, Inc.), a publicly traded company, at which time, the Company became a wholly owned subsidiary of FutureWorld Energy, Inc..   FutureWorld Energy, Inc. (“FutureWorld”), Infrax’s parent company, announced its intention to spin off Infrax (formerly OptiCon Systems, Inc.) through the payment of a stock dividend.  In connection with the proposed spinoff, Infrax’s board of directors approved a stock dividend of 99,118 shares to FutureWorld, its sole shareholder.  On August 31, 2007, FutureWorld paid a stock dividend to its stockholders, consisting of 100% of the outstanding common stock of the Company, at the rate of one share of Infrax’s stock for every two shares they own of FutureWorld.  As of August 31, 2007, Infrax ceased being a subsidiary of FutureWorld.   Nature of Business   Since its inception, the Company had been dedicated to selling and/or licensing a fiber optic management software system under the name OptiCon Network Manager, originally developed, and acquired from Corning Cable System, Inc. through a related company, FutureTech Capital, LLC. In October 2009, the Company began developing smart grid energy related products. As of June 29, 2010, the Company acquired the assets and management of Trimax Wireless Systems, Inc. (“Trimax”), in exchange for equity and a note payable. In April 2011, the Company acquired controlling interest in Lockwood Technology Corporation (“Lockwood”), a provider of advanced asset management solutions. The Trimax and Lockwood product lines are expected to provide an operating platform and enhanced operating effectiveness to the Secure Intelligent Energy Platform.   While we continue to support the OptiCon Network Management platform, the Company has shifted its focus and energies towards the “Smart Grid” energy sector. The Company believes our secure integrated platform will hasten the deployment of all Smart Grid technology for resource constrained small and mid-sized utilities.  Infrax’s advantage comes from our products ability to enable the creation of a secure platform scalable to deliver a broad set of intelligent Smart Grid initiatives across millions of endpoints for Utilities.

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2.  	Summary of Significant Accounting Policies   Basis of Presentation   The consolidated balance sheet as of December 31, 2012, the consolidated statements of operations and statements of cash flows for the respective periods presented, have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures, normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted as allowed by such rules and regulations, and the Company believes that the disclosures are adequate to make the information presented not misleading.   In the opinion of management, all adjustments necessary to present fairly the financial position at December 31, 2012, and the results of operations and changes in cash flows for all periods presented, have been made. These financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report for the year ended June 30, 2012 on Form 10-K filed with the SEC on October 19, 2012.   Certain reclassifications have been made to the Statement of Operations for disclosure purposes and comparability.   Use of Estimates   The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States of America. These principals require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates.       Principles of Consolidation   The consolidated financial statements include the accounts and operations of Infrax Systems, Inc., and its wholly owned subsidiary, Infrax Systems SA (Pty) Ltd, an inactive foreign subsidiary and Lockwood Technology Corporation (70% owned by Infrax Systems, Inc. (collectively referred to as the “Company”).  Accordingly, the assets and liabilities, and expenses of this company have been included in the accompanying consolidated financial statements, and material intercompany transactions have been eliminated.   The Trimax Wireless, Inc. acquisition was effective June 29, 2010. The Company, per the agreement, acquired all the assets and liabilities of Trimax Wireless, Inc. As an asset purchase the acquired assets and liabilities are included in the accounts of Infrax Systems, Inc.   Variable Interest Entities   The Company considers the consolidation of entities to which the usual condition (ownership of a majority voting interest) of consolidation does not apply, focusing on controlling financial interests that may be achieved through arrangements that do not involve voting interest.  If an enterprise holds a majority of the variable interests of an entity, it would be considered the primary beneficiary. The primary beneficiary is generally required to consolidate assets, liabilities and non-controlling interests at fair value (or at historical cost if the entity is a related party) and subsequently account for the variable interest as if it were consolidated based on a majority voting interest.  The Company has evaluated all related parties, contracts, agreements and arrangements in which it may hold a variable interest. The Company has determined it is not the primary beneficiary in any of these entities, arrangements or participates in any of the activities.   Financial Instruments   The Company’s balance sheets include the following financial instruments: cash, accounts receivable, inventory, accounts payable, accrued expenses, and notes payable and notes payable to stockholder. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. The carrying values of the note payable to stockholder  approximates fair value based on borrowing rates currently available to the Company for instruments with similar terms and remaining maturities.   In September 2006, the Financial Accounting Standards Board (FASB) introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities. The Company adopted the standard for those financial assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. FASB Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures” (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of Nine broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Nine levels of the fair value hierarchy are described below:   ·         Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities ·        Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. ·        Level 3 - Inputs that are both significant to the fair value measurement and unobservable.   Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2012. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, accrued compensation and accrued expenses. The fair value of the Company’s notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value.   The Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company’s financial statements.     As of December 31 and June 30, 2012, the fair values of the Company’s financial instruments approximate their historical carrying amount. Cash and Cash Equivalents   The majority of cash is maintained with major financial institutions in the United States.  Deposits with these banks may exceed the amount of insurance provided on such deposits.  Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk.  The Company considers all highly liquid investments purchased with an original maturity of Nine months or less to be cash equivalents.   Accounts Receivable and Credit   Accounts receivable consist of amounts due for the delivery of sales to customers.   Prepayments on account are recorded as customer deferred revenue. Additionally, the Company invoices projects when signed agreement or statements of work are received. Amounts are recorded at the anticipated collectible amount and recorded as deferred revenue until such time that the work is performed. Contract revenue is recognized as the contract is completed, based on defined milestones (see policy on revenue recognition). An allowance for doubtful accounts is considered to be established for any amounts that may not be recoverable, which is based on an analysis of the Company’s customer credit worthiness, and current economic trends.  Based on management’s review of accounts receivable, no allowance for doubtful accounts was considered necessary.   Receivables are determined to be past due, based on payment terms of original invoices.  The Company does not typically charge interest on past due receivables.   Inventories   Inventories are stated at the lower of cost or market, which approximates actual cost. Cost is determined using the first-in, first-out method.  Inventory is comprised of component parts and accessories available for sale. Parts are generally purchased for projects, as minimal inventory is held to supply customers.      Property & Equipment   Property and equipment are recorded at historical cost or acquisition value. Depreciation is computed on the straight-line method over estimated useful lives of the respective assets, ranging from five to nine years. The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Based upon the Company's most recent analysis, management believes that no impairment of property and equipment exists at December 31, 2012.   Intangible Property   On June 29, 2010 the Company acquired the assets of Trimax Wireless Systems, Inc., including licenses and trademarks. The purchase price was allocated first to the identifiable assets received, allocating the remaining costs to the intellectual property. The valuation considered future cash flows of the operating intangible assets acquired. The valuation of the intellectual property was limited to the acquisition price (valuation of stock consideration and note payable), less the fair market value of identifiable assets. The shares issued in exchange for the acquired property were valued at the fair market value of the equivalent common stock as of the date of closing. The fair market value of consideration issued (stock and note payable) to the sellers was an aggregate amount of $6,511,364. The value assigned to the carrying value of the acquired intellectual property was $6,329,342. Intellectual property has an estimated useful life of 59 months (remaining life of patents).   On May, 2011 the Company completed the acquisition of controlling interest (70%) in Lockwood Technology Corporation, in exchange for stock and certain considerations (cash and warrants). The shares were issued at the fair market value at the date of the transaction ($1,650,000) and warrants were valued using an option price model ($477,900). The total purchase price, net of cash, notes receivable, and net assets acquired was $1,956,158. The Company recognized an immediate impairment in the amount of $641,008 in consideration of its analysis of future discounted cash flows and industry multiples of the acquired Company, resulting in a net intangible assets of $1,315,150. Management’s allocation of the purchase price was based on our assessment of the fair market value of the assets acquired, in accordance with Accounting Standard Codification, Topic 805. Fixed assets and other tangible assets were evaluated for market value. There were no identifiable assets that had any significant appreciation or impairment; therefore those assets have been brought over at the historical basis, net of depreciation. The analysis of the intangible values purchased were allocated to the Lockwood customer list (30% or $394,550) and the developed software and licensing technology (70% or $920,600).   Capitalized Software Development Costs   The Company capitalizes software development costs, under which certain software development costs incurred subsequent to the establishment of technological feasibility have been capitalized and are being amortized over the estimated lives of the related   products. Capitalization of computer software costs is discontinued when the computer software product is available to be sold, leased, or otherwise marketed. Amortization begins when the product is available for release and sold to customers. Software development costs will be amortized based on the estimated economic life of the product, anticipated to be 10 years.     Impairment of Long-Lived Assets   Periodically, the Company assesses the recoverability of the Company’s intangible assets, consisting of the Trimax acquired intellectual property, OptiCon Network Manager software and its trademark, and record an impairment loss to the extent that the carrying amounts of the assets exceed its fair value.  Based upon management's most recent analysis, the Company believes that no impairment of the Company’s tangible or intangible assets exist at December 31, 2012 and June 30, 2012.   Revenue Recognition   The Company is principally in the business of providing solutions for a secure intelligent energy platform that incorporates our secure wireless technology. Contracts include multiple revenue components, comprised of our software licensing, hardware platforms, installation, training and maintenance.  In accordance with ASC 605-25 Multiple-Element Arrangements, revenue from licensing the software will be recognized upon installation and acceptance of the software by customers.  When a software sales arrangement includes rights to customer support, the portion of the license fee allocated to such support is recognized ratably over the term of the arrangement, normally one year.  Revenue from professional services arrangements will be recognized in the month in which services are rendered over the term of the arrangement.  Revenue associated with software sales to distributors is recognized, net of discounts, when the Company has performed substantially all its obligations under the arrangement.  Until such time as substantially all obligations under the arrangement are met, software sales are recognized as deferred revenue.  Costs and expenses associated with deferred revenue are also deferred.  When a software sales arrangements include a commitment to provide training and/or other services or materials, the Company estimates and records the expected costs of these training and/or other services and/or materials.   Stock Based Compensation   The Company issues restricted stock to consultants for various services.  Cost for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.  The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterparty's performance is complete.  The Company recognized consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. Stock compensation for the periods presented were issued to consultants for past services provided, accordingly, all shares issued are fully vested, and there is no unrecognized compensation associated with these transactions.     Shipping Costs   The Company includes shipping costs and freight-in costs in cost of goods sold.     Advertising Costs   The costs of advertising are expensed as incurred. Advertising expenses are included in the Company’s operating expenses. Advertising expense was $0, $6,865, $3,230 and $11,657 for the three and six month periods ending December 31, 2012 and 2011, respectively   Research and Development   The Company expenses research and development costs when incurred.  Indirect costs related to research and developments are allocated based on percentage usage to the research and development.     Income Taxes   The Company accounts for income taxes under the liability method. Deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purpose, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized.     Earnings (Loss) Per Share   Basic EPS is calculated by dividing the loss available to common shareholders by the weighted average number of common shares outstanding during each period.  Diluted EPS is similarly calculated, except that the denominator includes common shares that may be issued subject to existing rights with dilutive potential, except when their inclusion would be anti-dilutive.   Based on an estimated current value of the Company’s stock being equal to or less than the exercise price of the warrants, none of the shares assumed issued upon conversion of the warrants, nor any of the stock assumed issued under the Company's 2004 Non statutory Stock Option Plan, are included in the computation of fully diluted loss per share, since their inclusion would be anti-dilutive. Convertible preferred shares have been included in the dilutive computation, as if they would have been converted at the end of the period. <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 21%; border-bottom: windowtext 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2012</td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 21%; border-bottom: windowtext 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif">Earnings (Loss) per share:</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif">Net Loss</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> $         (1,117,616)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> $            (2,001,977)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif">Common shares</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">            98,580,428</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">           16,864,447</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif">Earnings (loss) per share, basic</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> $                  (0.01)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> $                  (0.12)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>   *Potentially issuable preferred shares, if converted to common, were considered but not included in the calculation of diluted earnings per share for the period ended December 31, 2012 and 2011, respectively, because their inclusion would be anti-dilutive.   Recently Issued Accounting Pronouncements   We have reviewed accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term.  The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.  Those standards have been addressed in the notes to the unaudited financial statement and in our Annual Report, filed on Form 10-K for the period ended June 30, 2012.

Basis of Presentation   The consolidated balance sheet as of December 31, 2012, the consolidated statements of operations and statements of cash flows for the respective periods presented, have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures, normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted as allowed by such rules and regulations, and the Company believes that the disclosures are adequate to make the information presented not misleading.   In the opinion of management, all adjustments necessary to present fairly the financial position at December 31, 2012, and the results of operations and changes in cash flows for all periods presented, have been made. These financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report for the year ended June 30, 2012 on Form 10-K filed with the SEC on October 19, 2012.   Certain reclassifications have been made to the Statement of Operations for disclosure purposes and comparability

Use of Estimates   The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States of America. These principals require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates.

Principles of Consolidation   The consolidated financial statements include the accounts and operations of Infrax Systems, Inc., and its wholly owned subsidiary, Infrax Systems SA (Pty) Ltd, an inactive foreign subsidiary and Lockwood Technology Corporation (70% owned by Infrax Systems, Inc. (collectively referred to as the “Company”).  Accordingly, the assets and liabilities, and expenses of this company have been included in the accompanying consolidated financial statements, and material intercompany transactions have been eliminated.   The Trimax Wireless, Inc. acquisition was effective June 29, 2010. The Company, per the agreement, acquired all the assets and liabilities of Trimax Wireless, Inc. As an asset purchase the acquired assets and liabilities are included in the accounts of Infrax Systems, Inc.

Variable Interest Entities   The Company considers the consolidation of entities to which the usual condition (ownership of a majority voting interest) of consolidation does not apply, focusing on controlling financial interests that may be achieved through arrangements that do not involve voting interest.  If an enterprise holds a majority of the variable interests of an entity, it would be considered the primary beneficiary.  The primary beneficiary is generally required to consolidate assets, liabilities and non-controlling interests at fair value (or at historical cost if the entity is a related party) and subsequently account for the variable interest as if it were consolidated based on a majority voting interest.    The Company has evaluated all related parties, contracts, agreements and arrangements in which it may hold a variable interest. The Company has determined it is not the primary beneficiary in any of these entities, arrangements or participates in any of the activities.

Financial Instruments   The Company’s balance sheets include the following financial instruments: cash, accounts receivable, inventory, accounts payable, accrued expenses, and notes payable and notes payable to stockholder. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. The carrying values of the note payable to stockholder  approximates fair value based on borrowing rates currently available to the Company for instruments with similar terms and remaining maturities.   In September 2006, the Financial Accounting Standards Board (FASB) introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities. The Company adopted the standard for those financial assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. FASB Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures” (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of Nine broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Nine levels of the fair value hierarchy are described below:   ·        Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities ·        Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. ·        Level 3 - Inputs that are both significant to the fair value measurement and unobservable.   Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2012. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, accrued compensation and accrued expenses. The fair value of the Company’s notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value.   The Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company’s financial statements.   As of December 31 and June 30, 2012, the fair values of the Company’s financial instruments approximate their historical carrying amount.

Cash and Cash Equivalents   The majority of cash is maintained with major financial institutions in the United States.  Deposits with these banks may exceed the amount of insurance provided on such deposits.  Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk.  The Company considers all highly liquid investments purchased with an original maturity of Nine months or less to be cash equivalents.

Accounts Receivable and Credit   Accounts receivable consist of amounts due for the delivery of sales to customers.   Prepayments on account are recorded as customer deferred revenue. Additionally, the Company invoices projects when signed agreement or statements of work are received. Amounts are recorded at the anticipated collectible amount and recorded as deferred revenue until such time that the work is performed. Contract revenue is recognized as the contract is completed, based on defined milestones (see policy on revenue recognition). An allowance for doubtful accounts is considered to be established for any amounts that may not be recoverable, which is based on an analysis of the Company’s customer credit worthiness, and current economic trends.  Based on management’s review of accounts receivable, no allowance for doubtful accounts was considered necessary.   Receivables are determined to be past due, based on payment terms of original invoices.  The Company does not typically charge interest on past due receivables.

Inventories   Inventories are stated at the lower of cost or market, which approximates actual cost. Cost is determined using the first-in, first-out method.  Inventory is comprised of component parts and accessories available for sale. Parts are generally purchased for projects, as minimal inventory is held to supply customers.

Property & Equipment   Property and equipment are recorded at historical cost or acquisition value. Depreciation is computed on the straight-line method over estimated useful lives of the respective assets, ranging from five to nine years. The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Based upon the Company's most recent analysis, management believes that no impairment of property and equipment exists at December 31, 2012

Intangible Property   On June 29, 2010 the Company acquired the assets of Trimax Wireless Systems, Inc., including licenses and trademarks. The purchase price was allocated first to the identifiable assets received, allocating the remaining costs to the intellectual property. The valuation considered future cash flows of the operating intangible assets acquired. The valuation of the intellectual property was limited to the acquisition price (valuation of stock consideration and note payable), less the fair market value of identifiable assets. The shares issued in exchange for the acquired property were valued at the fair market value of the equivalent common stock as of the date of closing. The fair market value of consideration issued (stock and note payable) to the sellers was an aggregate amount of $6,511,364. The value assigned to the carrying value of the acquired intellectual property was $6,329,342. Intellectual property has an estimated useful life of 59 months (remaining life of patents).   On May, 2011 the Company completed the acquisition of controlling interest (70%) in Lockwood Technology Corporation, in exchange for stock and certain considerations (cash and warrants). The shares were issued at the fair market value at the date of the transaction ($1,650,000) and warrants were valued using an option price model ($477,900). The total purchase price, net of cash, notes receivable, and net assets acquired was $1,956,158. The Company recognized an immediate impairment in the amount of $641,008 in consideration of its analysis of future discounted cash flows and industry multiples of the acquired Company, resulting in a net intangible assets of $1,315,150. Management’s allocation of the purchase price was based on our assessment of the fair market value of the assets acquired, in accordance with Accounting Standard Codification, Topic 805. Fixed assets and other tangible assets were evaluated for market value. There were no identifiable assets that had any significant appreciation or impairment; therefore those assets have been brought over at the historical basis, net of depreciation. The analysis of the intangible values purchased were allocated to the Lockwood customer list (30% or $394,550) and the developed software and licensing technology (70% or $920,600).

Capitalized Software Development Costs   The Company capitalizes software development costs, under which certain software development costs incurred subsequent to the establishment of technological feasibility have been capitalized and are being amortized over the estimated lives of the related products. Capitalization of computer software costs is discontinued when the computer software product is available to be sold, leased, or otherwise marketed. Amortization begins when the product is available for release and sold to customers. Software development costs will be amortized based on the estimated economic life of the product, anticipated to be 10 years.

Impairment of Long-Lived Assets   Periodically, the Company assesses the recoverability of the Company’s intangible assets, consisting of the Trimax acquired intellectual property, OptiCon Network Manager software and its trademark, and record an impairment loss to the extent that the carrying amounts of the assets exceed its fair value.  Based upon management's most recent analysis, the Company believes that no impairment of the Company’s tangible or intangible assets exist at December 31, 2012 and June 30, 2012.

Revenue Recognition   The Company is principally in the business of providing solutions for a secure intelligent energy platform that incorporates our secure wireless technology. Contracts include multiple revenue components, comprised of our software licensing, hardware platforms, installation, training and maintenance.  In accordance with ASC 605-25 Multiple-Element Arrangements, revenue from licensing the software will be recognized upon installation and acceptance of the software by customers.  When a software sales arrangement includes rights to customer support, the portion of the license fee allocated to such support is recognized ratably over the term of the arrangement, normally one year.  Revenue from professional services arrangements will be recognized in the month in which services are rendered over the term of the arrangement.  Revenue associated with software sales to distributors is recognized, net of discounts, when the Company has performed substantially all its obligations under the arrangement.  Until such time as substantially all obligations under the arrangement are met, software sales are recognized as deferred revenue.  Costs and expenses associated with deferred revenue are also deferred.  When a software sales arrangements include a commitment to provide training and/or other services or materials, the Company estimates and records the expected costs of these training and/or other services and/or materials.

Stock Based Compensation   The Company issues restricted stock to consultants for various services.  Cost for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.  The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterparty's performance is complete.   The Company recognized consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services.  Stock compensation for the periods presented were issued to consultants for past services provided, accordingly, all shares issued are fully vested, and there is no unrecognized compensation associated with these transactions.

Shipping Costs   The Company includes shipping costs and freight-in costs in cost of goods sold.

Advertising Costs   The costs of advertising are expensed as incurred. Advertising expenses are included in the Company’s operating expenses. Advertising expense was $0, $6,865, $3,230 and $11,657 for the three and six month periods ending December 31, 2012 and 2011, respectively

Research and Development   The Company expenses research and development costs when incurred.  Indirect costs related to research and developments are allocated based on percentage usage to the research and development.

Income Taxes   The Company accounts for income taxes under the liability method. Deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purpose, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized.

Earnings (Loss) Per Share   Basic EPS is calculated by dividing the loss available to common shareholders by the weighted average number of common shares outstanding during each period.  Diluted EPS is similarly calculated, except that the denominator includes common shares that may be issued subject to existing rights with dilutive potential, except when their inclusion would be anti-dilutive.   Based on an estimated current value of the Company’s stock being equal to or less than the exercise price of the warrants, none of the shares assumed issued upon conversion of the warrants, nor any of the stock assumed issued under the Company's 2004 Non statutory Stock Option Plan, are included in the computation of fully diluted loss per share, since their inclusion would be anti-dilutive. Convertible preferred shares have been included in the dilutive computation, as if they would have been converted at the end of the period. <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 21%; border-bottom: windowtext 1pt solid; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2012</td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 21%; border-bottom: windowtext 1pt solid; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Earnings (Loss) per share:</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Net Loss</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt"> $         (1,117,616)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt"> $            (2,001,977)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Common shares</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt">            98,580,428</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt">           16,864,447</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Earnings (loss) per share, basic</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt"> $                  (0.01)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt"> $                  (0.12)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>   *Potentially issuable preferred shares, if converted to common, were considered but not included in the calculation of diluted earnings per share for the period ended December 31, 2012 and 2011, respectively, because their inclusion would be anti-dilutive.

Recently Issued Accounting Pronouncements   We have reviewed accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term.  The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.  Those standards have been addressed in the notes to the unaudited financial statement and in our Annual Report, filed on Form 10-K for the period ended June 30, 2012.

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 12pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 21%; border-bottom: windowtext 1pt solid; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2012</td> <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 21%; border-bottom: windowtext 1pt solid; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Earnings (Loss) per share:</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Net Loss</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt"> $         (1,117,616)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt"> $            (2,001,977)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Common shares</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt">            98,580,428</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt">           16,864,447</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Earnings (loss) per share, basic</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt"> $                  (0.01)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font-size: 9pt; padding-right: 5.4pt; padding-left: 5.4pt"> $                  (0.12)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table>

0.70

0.50

P0Y9M

6511364

4257281

5071719

6329342

1315150

P0Y59M

-1650000

-477900

1956158

641008

1315150

100000

.3 394550 .7 920600

3230

6865

11657

-1117616 -2001977 -.01 -0.12 3.  	Going Concern   As of December 31, 2012, the Company has a working capital deficit and has incurred a loss from operations and recurring losses since its inception resulting in a significant accumulated deficit. As of December 31, 2012, the Company had negative working capital of approximately $2.0 million and approximately $0 in cash with which to satisfy any future cash requirements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company’s is attaining revenues and management expects profitability in the future; however operations have not yet attained a profit or break-even. Accordingly, the Company depends upon capital to be derived from future financing activities such as loans from its officers and directors, subsequent offerings of its common stock or debt financing in order to operate and grow the business. There can be no assurance that the Company will be successful in raising such capital. The key factors that are not within the Company's control and that may have a direct bearing on operating results include, but are not limited to, acceptance of the Company’s business plan, the ability to raise capital in the future, to continue receiving funding from its officers, directors and shareholders, the ability to expand its customer base, and the ability to hire key employees to grow the business. There may be other risks and circumstances that management may be unable to predict.

2000000

4.  	Accounts Receivable   Accounts receivable reflect the amounts that have billed at their anticipated collectible amount. The Company receives contract acceptances on submitted quotes. Due to the advanced planning required, contract modifications occur, therefore, management invoices contracts upon signing, however, may reserve against invoicing until final scope of project negotiations or good faith deposits are made.

5.  	Property and Equipment     <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; margin: 0">Property and equipment consists of the following:</td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 9pt"> </td> <td colspan="3" style="font-size: 9pt; text-align: center">December 31,</td><td style="font-size: 9pt"> </td> <td colspan="3" style="font-size: 9pt; text-align: center">June 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 9pt"> </td> <td colspan="3" style="font-size: 9pt; text-align: center">2012</td><td style="font-size: 9pt"> </td> <td colspan="3" style="font-size: 9pt; text-align: center">2012</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">(unaudited)</td><td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">(audited)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; padding-left: 5.4pt"> Office and computer equipment</td><td style="width: 8%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 20%; font-size: 10pt; text-align: right">120,636</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 8%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 20%; font-size: 10pt; text-align: right">122,348</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 5.4pt"> Furniture and fixtures</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">54,703</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">52,991</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"> Computer software</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,468</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,468</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">180,807</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">180,807</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"> Accumulated depreciation</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(89,272)</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">72,199</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">91,535</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">108,608</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>   For the three months ended September 30, 2012 and 2011, the total depreciation expense charged to operations totaled $8,451, and $8,451 respectively.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; margin: 0">Property and equipment consists of the following:</td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 9pt"> </td> <td colspan="3" style="font-size: 9pt; text-align: center">September 30,</td><td style="font-size: 9pt"> </td> <td colspan="3" style="font-size: 9pt; text-align: center">June 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 9pt"> </td> <td colspan="3" style="font-size: 9pt; text-align: center">2012</td><td style="font-size: 9pt"> </td> <td colspan="3" style="font-size: 9pt; text-align: center">2012</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">(unaudited)</td><td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">(audited)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; padding-left: 5.4pt"> Office and computer equipment</td><td style="width: 8%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 20%; font-size: 10pt; text-align: right">78,959</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 8%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 20%; font-size: 10pt; text-align: right">122,348</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 5.4pt"> Furniture and fixtures</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">52,991</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">52,991</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"> Computer software</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,468</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,468</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">137,418</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">180,807</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"> Accumulated depreciation</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">78,082</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">72,199</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">59,336</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">108,608</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>

8451

137418

180807

78959

122348

52991

5468

78082

72199

91535

108608

6. 	Intangible Assets   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; margin: 0">Intangible assets consists of the following:</td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td> </td> <td colspan="3" style="text-align: center">December 31,  2012</td><td> </td> <td colspan="3" style="text-align: center">June 30, 2012</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">(unaudited)</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">(audited)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 0.65pt"> Opticon fiber optic management software</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">189,862</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">189,862</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.65pt"> Trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.65pt"> TriMax  intellectual property</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,329,342</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,329,342</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.65pt"> TriMax software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180,020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180,020</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.65pt"> Lockwood customer list</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">394,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">394,550</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.65pt"> Lockwood licensing technology</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">920,600</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">920,600</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 12pt; padding-left: 0.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,015,374</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,015,374</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.65pt"> Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,758,094</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,943,655</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 12pt; padding-bottom: 2.5pt; padding-left: 0.65pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,257,281</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,071,719</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   For the six months ended December 31, 2012 and 2011, the total amortization expense charged to operations totaled $831,512 and $814,440, respectively.   Opticon fiber optic management software   The Company purchased all rights, titles and interest in the Opticon fiber optic management software on July 26, 2005, from FutureTech, LLC. in exchange for common stock. The agreement became effective upon FutureTech purchasing the acquired assets from Corning Cable Systems, LLC in exchange for $100,000 in cash. The Company recorded the common stock at the transferor’s historical cost basis determined under generally accepted accounting principles.   On July 26, 2005, the Company purchased the OptiCon Network Manager software system which consisted of version R3 and R4.  At the time of the purchase, the software system was out of date and had to be updated and integrated with other current business software systems, before it could be distributed to customers.  The development of R3 software system was completed during the quarter ended December 31, 2006, and is available for distribution to customers. In June 2010 a transfer of 50% of the R3 license was returned to FutureTech, LLC at a carrying cost value of $22,250. During the years ended June 30, 2012 and 2011, the Company did not allocate any direct labor costs, and indirect costs and expenses to this effort.  The capitalized software costs are amortized when the software is actually sold to customers. Amortization is provided based on the number of software units sold relative to the number of expected to be sold during the software’s economic life.     TriMax intellectual property   On June 29, 2010 the Company acquired the assets of Trimax Wireless Systems, Inc., including licenses and trademarks. The purchase price was allocated first to the identifiable assets received, allocating the remaining costs to the intellectual property. The valuation considered future cash flows of the operating intangible assets acquired. The valuation of the intellectual property was limited to the acquisition price (valuation of stock consideration and note payable), less the fair market value of identifiable assets. The shares issued in exchange for the acquired property were valued at the fair market value of the equivalent common stock as of the date of closing. The acquisition carrying value assigned to the intellectual property was $6,329,342.   TriMax software   Software development costs, in the amount of $180,020, were acquired in the Trimax acquisition. The proprietary software was an identified asset of the acquisition and valued at the historical carrying value, cost. The capitalized software is available for sale and is to be amortized over a 5 year period.   Lockwood Technology Corporation   On May, 2011 the Company completed the acquisition of controlling interest in Lockwood Technology Corporation, leading RFID software and hardware solutions provider, from Daedalus Capital, LLC. Infrax Systems acquired 70% interest in exchange for stock and certain considerations, including a $50,000 note receivable (due in 180 days) from the sellers to Infrax and $112,000 in cash received by Infrax at closing. Additionally, warrants were issued for the purpose of possible future investment capital, to be received by Infrax. Shares were issued at the fair market value at the date of the transaction ($1,650,000). The agreement included warrants for the purchase of 660,000 (post reverse split) common shares at an exercise price of $5.00 (split adjusted, for a term of 3 years. The warrants are callable by Infrax at certain fair market values of the common stock. Warrants were valued at $477,900 using an option price model (assumptions used in calculation: volatility 400%; risk free rate 1.02%; dividend rate 0%). The total purchase price, net of cash, notes receivable, and net assets acquired was $1,956,158 and was allocated to intangible assets.   The Company recognized an immediate impairment in the amount of $641,008 in consideration of its analysis of future discounted cash flows and industry multiples of the acquired Company, resulting in a net intangible assets of $1,315,150. Infrax also plans to utilize their expertise in future smart grid deployment projects. Management’s allocation of the purchase price was based on our assessment of the fair market value of the assets acquired, in accordance with Accounting Standard Codification, Topic 805. Fixed assets and other tangible assets were evaluated for market value. There were no identifiable assets that had any significant appreciation or impairment; therefore those assets have been brought over at the historical basis, net of depreciation. The analysis of the intangible values purchased were allocated to the Lockwood customer list (30% or $394,550) and the developed software and licensing technology (70% or $920,600).

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; margin: 0">Intangible assets consists of the following:</td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td> </td> <td colspan="3" style="text-align: center">September 30,  2012</td><td> </td> <td colspan="3" style="text-align: center">June 30, 2012</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">(unaudited)</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">(audited)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 0.65pt"> Opticon fiber optic management software</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">189,862</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">189,862</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.65pt"> Trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.65pt"> TriMax  intellectual property</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,329,342</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,329,342</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.65pt"> TriMax software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180,020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180,020</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.65pt"> Lockwood customer list</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">394,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">394,550</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.65pt"> Lockwood licensing technology</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">920,600</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">920,600</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 12pt; padding-left: 0.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,015,374</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,015,374</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.65pt"> Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,758,094</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,943,655</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 12pt; padding-bottom: 2.5pt; padding-left: 0.65pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,257,281</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,071,719</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left; vertical-align: top">For the year ended June 30, 2012:</td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 1%; text-align: left"> </td><td style="width: 43%; text-align: left; vertical-align: top; text-indent: 10pt">2013</td><td style="width: 1%; text-align: left"> </td><td style="width: 33%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">1,647,863</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left; vertical-align: top; text-indent: 10pt">2014</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,647,863</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left; vertical-align: top; text-indent: 10pt">2015</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,647,863</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left; vertical-align: top; text-indent: 10pt">2016</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">128,130</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td><td style="text-align: left; vertical-align: top; text-indent: 10pt">thereafter</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: top"> </td><td style="text-align: left; vertical-align: top"> </td><td style="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,071,719</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

22250

180020

P5Y 50000 P180D P90D

600000

660000

5.00

0.75

477900

400

1.02 0. 112000

8015374

189862

1000

6329342

180020

394550

920600

3758094

2943655

1647863

128130

7.   	Debt Agreements   On June 29, 2010 the Company entered into an agreement with the shareholders of Trimax Wireless, Inc. (“Trimax”) for the purchase of their business assets and technology for preferred shares of the Company, the assumption of liabilities and a note payable, in the amount of $712,500. The note is interest bearing at 6% per annum until fully paid with a start period of 90 (September 29, 2010) days for the first payment. The Company shall make interest-only payments on the first day of each month from the date of this Note until the earlier of (a) receipt of Investment Funding as defined; or (b) 180 days from the date hereof ("Maturity Date") (December 29, 2010). Principal plus all accrued and unpaid interest on such principal shall be due and payable on the Maturity Date. As of the balance sheet date the Company is in default, as it has not made payments on this loan and is currently in negotiations to extend terms. There is no default interest rate.   The Company has a Master Note Agreement, as an unsecured line of credit, from Mr. Sam Talari. The Master Note is for operational capital, in the amount of $350,000 and bears interest at 5% per annum. Mr. Talari has pledged additional funding for operating capital, up to $1 million dollars, under the same terms as the original Master Note. .

712500

0.06

350000

0.05

1000000

8. 	Related Parties Disclosures   Employment Agreements   The following agreements are with Shareholders, Directors and Members of the Board: Sam Talari Effective August 1, 2009, the Company entered into a three-year employment agreement with Sam Talari, one of the Company’s directors. The agreement was automatically renewed for an additional one-year period, and subsequently renewed by the Board for an additional one-year period through July 31, 2013. The Agreement provides for (a) a base salary of $15,000 per month, (b) a signing bonus equal to one month salary, (c) four weeks’ vacation within one year of the starting date, and (d) all group insurance plans and other benefit plans and programs made available to the Company’s management employees. John Verghese On October 19, 2010, as amended January 1, 2010, the Company entered into a three-year employment agreement with John Verghese as Director of Product Development, one of the Company’s directors. The Agreement provides for (a) a base salary of $6,500 per month, (b) a signing bonus of $10,000, (c) three weeks’ vacation within one year of the starting date, and (d) all group insurance plans and other benefit plans and programs made available to the Company’s management employees. Additionally Mr. Verghese has the option to purchase 360,000 shares of common stock at $.025 per share, ratably vesting at the employment anniversary date. Terry Gardner On April 2nd, 2012, the Company entered into a three-year employment agreement with Terry Gardner as VP of Professional Services. The Agreement provides for (a) a base salary of $10,000 per month, (b) a signing bonus of $30,000, (c) three weeks’ vacation within one year of the starting date, and (d) all group insurance plans and other benefit plans and programs made available to the Company’s management employees. Additionally Mr. Gardner has the option to purchase 300,000 shares of common stock at $.04 per share, ratably vesting at the employment anniversary date. Malcolm F. Welch On October 6, 2009, the Company entered into a one-year employment agreement with Malcolm F. Welch, one of the Company’s directors and Co-Chairman of the Board. The agreement is automatically extended for successive one one-year periods, unless previously terminated. The Agreement, as amended effective January 1, 2010 provides for (a) a base salary of $2,000 per month; (b) eligibility to receive 375,000 shares of the Company’s common stock based on the employee’s achievement of goals and objectives approved by the Board; (c) an option to purchase 375,000 shares of the Company common stock at $0.025 per share to be granted over a 3 years based on the achievement of goals and objectives established by the Board; (d) a bonus based on the level of funding the Company achieves through December 31, 2010 ; (e) two week vacation during first year of employment; and (f) all group insurance plans and other benefit plans and programs made available to the Company’s management employees.    Other employment agreements exist with employees.   Line of Credit, Master Agreement   On September 1, 2005, Mr. Sam Talari, one of the Company’s directors, agreed to make advances to the Company as an interim unsecured loan for operational capital up to a maximum of $350,000, evidenced by a master promissory note, with interest at the rate of 5% per annum, based on amounts advanced from time to time, payable annually. Mr. Talari has pledged additional funding for operating capital, up to $500,000, under the same terms as the original Master Note. Mr. Talari, from time to time, has converted advances and accrued interest in exchange for equity shares. Mr. Talari continued making advances to the Company on the loan, of which $777,779 and $574,957 remains outstanding at December 31, 2012 and June 2012, respectively. In addition, the Company has accrued interest on this loan in the amount of $30,235 and $30,235 at December 31, 2012 and June 2012, respectively. Mr. Talari has pledged additional funding for operating capital, up to $1 million, under the same terms as the original Master Note.

15000

6500

10000

2000

15000 10000 30000 P20D P15D P15D P10D

360000

300000

375000

.025

.04

0.025

375000

777779

574957

30235

99337

9.   	Stock Options and Warrants   On December 2, 2005, the Company granted two unrelated individuals Series A Warrants to purchase 660,004 shares, at an adjusted average exercise price of $ .75.  All of the Warrants expire on November 11, 2011.  All of the Warrants granted were non-qualified fixed price warrants.   The following table summarizes the activity related to the stock purchase warrants and options and weighted average assumptions for the period ended December 31, 2012:     <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center">Weighted Average</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center">Remaining</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center">Options</td><td> </td> <td colspan="3" style="text-align: center">Options</td><td> </td> <td colspan="3" style="text-align: center">Intrinsic</td><td> </td> <td colspan="3" style="text-align: center">Exercise</td><td> </td> <td colspan="3" style="text-align: center">Contractual</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Outstanding</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Vested</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Price</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Term</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; padding-left: 5.4pt"> Options, June 30, 2011</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">600,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">600,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">$</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1.37 years</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt">   Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt">   Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">   Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> Options, June 30, 2012</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt">   Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt">   Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">   Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(600,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(600,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: right; vertical-align: middle">0</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: right; vertical-align: middle">0</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt"> Options, December 31, 2012</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">660,004</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">660,004</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>     The following are the weighted average assumptions for the options granted:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-left: 5.4pt">Weighted Average:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: left; padding-left: 5.4pt">   Dividend rate</td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">0.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">   Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.02</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">   Expected lives (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.0</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt">   Expected price volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">400.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">   Forfeiture Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> </table>

10.	Income Taxes   There is no current or deferred income tax expense or benefit allocated to continuing operations for the period ended December 31, 2012 and 2011. The Company has not recognized an income tax benefit for its operating losses generated through December 31, 2012 based on uncertainties concerning the Company’s ability to generate taxable income in future periods.  The tax benefit is offset by a valuation allowance established against deferred tax assets arising from operating losses and other temporary differences, the realization of which could not be considered more likely than not.  In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not.   For income tax purposes the Company has available a net operating loss carry-forward of approximately $6,283,226 from inception to December 31, 2012, which will expire, unless used to offset future federal taxable income beginning in 2024.

11.	Capital Equity     The Company has issued convertible preferred shares. Shares are convertible into the Company’s common stock, at the option of the holder, at the prescribed conversion rate. Conversions are as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"></td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Shares Outstanding</td><td> </td> <td colspan="3" style="font-weight: bold; text-align: center">Conversion Rate to Common</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; text-align: left; text-indent: 10pt">Preferred Series A</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">2,400,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">375</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 10pt">Preferred Series A1</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,889</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88.89</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 10pt">Preferred Series A2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,889</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 10pt">Preferred Series A3</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,846</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt">Preferred Series B</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,210</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">0.30</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,524,834</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: left"></td><td style="text-align: left"> </td></tr> </table>     Effective August, 2011 the Company's Board of Directors affected a 1:500 reverse stock split on common shares. In September 2011 the Preferred B shares were subject to a reverse split of 1 for 1,000. Due to the event of the reverse stock split, the preferred shares conversion rate to common were adjusted All shares presented have been retroactively stated to reflect the reverse-split shares.

12.	 Commitments and Contingencies   Lease/Rental Agreements   Our executive office is now located in an office complex under annual five year lease, beginning June 1, 2012 at a rent of $3,575 per month. We entered into this 5-year commercial lease agreement in St. Petersburg, Florida with Kalyvas Group II, LLC. Our lease provides us with approximately 4,100 square feet of: reception area, nine offices, a lab/production area, inventory room, server room, kitchenette and one conference rooms. We believe the facilities are adequate for our operational needs. We may require additional offices in the event we obtain funding and acquire additional customers.   Rent expense for the six months ended December 31, 2012 and 2011 amounted to $10,641 and $43,867, respectively.     Foreign Currency Translation   The balance sheets of the Company's foreign subsidiaries are translated at period-end rates of exchange, and the statements of earnings are translated at the weighted-average exchange rate for the period. Gains or losses resulting from translating foreign currency financial statements are included in accumulated other comprehensive income (loss) in the consolidated statements of stockholders' equity and comprehensive income. At December 31, 2012 and 2011 no foreign currency translation was conducted due to the immaterial nature of its subsidiary’s balance sheet.   Legal Matters  From time to time the Company may be a party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a material effect on the Company’s consolidated financial position or results of operations as of December 31, 2012. During the quarter ended June 30, 2011, Trimax Wireless filed a complaint relating to the unpaid balance of the Promissory Note executed with the acquisition of Trimax Wireless. The Company has filed a motion to dismiss such action which is set for hearing. The note is unsecured, however, if holders prevail, they may be entitled to legal cost, in addition to payments per the term of the agreement. The Company believes that it has sufficient affirmative defenses to this complaint and does not believe that it will have a material effect on the Company. Currently the company is in the process of requesting dismissal of the suit. During quarter ended June 30, 2012, The Company filed a Federal lawsuit against Lockwood Worldwide and its owners, current and previous management in the UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF FLORIDA. We are requesting an award of compensatory damages, an award of treble damages pursuant to the provisions of RICO and other applicable federal and state statutes and an award of punitive damages in the full amount by the jury against each of the Defendants. As Plaintiff, we have suffered damages as a result thereof, an amount in excess of $4,350,000. We are asking for a total damages up to 4 times the amount of loss or close to $16M. As of the filing of this 10/Q, we have had success in freezing their operational account and all funds associated with that account. We are also in settlement talks with Sovereign bank.

13.	 Subsequent Events     The Company is currently in merger or acquisition negotiations with entities which management believes to be key components of the Smart Grid solutions we envision. Management believes that acquisitions will be a catalyst for advancing the Company’s existing technology to attain greater market share. We are currently in valuation negotiations with the targeted companies; acquisitions will be primarily share exchanges. Additionally, we are seeking capital financing for the purposes of furthering our plan of operations. These negotiations have not advanced, at this point, to an issuance of a letter of intent; however management believes this ongoing strategy will best serve existing shareholders. We have held discussions with one major NASDAQ traded company in a possible acquisition in parts by Infrax Systems. These negotiations have not advanced, at this point, beyond a letter of intent; however management believes this ongoing strategy will best serve existing shareholders if it comes to fruition. The Company has been approached by a large electric contractor for a possible investment and or an alliance. The Company has also been approached by an Investment Fund in a possible investment in the Company. Currently we are in discussion with three separate parties on possible investment in the Company. As we are getting closer to the completion of our products and validation of our technologies, we will be approached by partners and investors. Management and the Board of Directors are aware of our position and potential of our technology and will consider any offer that increases shareholder value. Mr., Talari, our acting CEO, has decided to convert of 200,000 shares of his Preferred Series A for 75,000,000 shares of Common stock. The decision was based on vulnerability of the Company due to its current market capitalization and the risk of hostile takeover. Mr. Talari’s position falls under rule 144 and insider trading rule. As an insider and a control person he has substantial restriction on sale of his position. Mr. Peter Messineo has resigned as our CFO starting October 30, 2012. His departure is not due to any disagreement with the Company on any matter related to the Company’s operations. Our acting COO, Mr., Glaser will replace Mr. Messineo as our CFO with his departure. Infrax Systems was invited by its partner Itron, as a sponsor, to showcase its highly anticipated, world only, 2.4GHZ Secured Network Interface Card (SNIC) built based on its Secure Intelligent Energy Platform. Infrax showcased the relevance of security in today's world of Smart Grid and how its ever growing product lines will build a solid barrier against insidious intrusions through its initial product; "SNIC". ITRON UTILITY WEEK 2012, hosted by one of the largest Meter manufacturers in the world, is a premier international event with thousands of participates from utilities from all over the world. The show was on October 21st in San Antonio TX. This show was pivotal to our success and growth showcasing our technology. We also showcased our GRiM product which includes; network management, server management, application management, intrusion detection and (big) data analysis (whitepaper only). We gathered impressive interest from the utilities visiting the Itron show and we believe we have become a viable alternative to larger and more well-known competitors based on our impressive and cost effective technology. We were approached by few utilities interested in starting a dialogue for a possible pilot projects for their combined 35M+ customers. We have also been approached by another major meter manufacturer for a possible agreement to develop SNIC for their meters globally. We believe as we continue completion of our products, we will be approached by utility vendors globally for joint development and sales of our products. We have started preparing the S1 for the spin-off of the Lockwood Technology. We have consulted with our auditors, our accountants and our SEC counsel for process support. We expect to file the S1 before the end of the year. We believe with Lockwood’s current pipeline, the Company should flourish as a separate public company.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center">Weighted Average</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center">Remaining</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center">Options</td><td> </td> <td colspan="3" style="text-align: center">Options</td><td> </td> <td colspan="3" style="text-align: center">Intrinsic</td><td> </td> <td colspan="3" style="text-align: center">Exercise</td><td> </td> <td colspan="3" style="text-align: center">Contractual</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Outstanding</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Vested</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Price</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Term</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; padding-left: 5.4pt"> Options, June 30, 2011</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">600,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">600,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">$</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1.37 years</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt">   Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt">   Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">   Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> Options, June 30, 2012</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt">   Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt">   Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">   Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(600,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(600,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: right; vertical-align: middle">0</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: right; vertical-align: middle">0</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt"> Options, September 30, 2012</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">660,004</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">660,004</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-left: 5.4pt">Weighted Average:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: left; padding-left: 5.4pt">   Dividend rate</td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">0.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">   Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.02</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">   Expected lives (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.0</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt">   Expected price volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">400.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">   Forfeiture Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"></td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Shares Outstanding</td><td> </td> <td colspan="3" style="font-weight: bold; text-align: center">Conversion Rate to Common</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; text-align: left; text-indent: 10pt">Preferred Series A</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">2,400,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">375</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 10pt">Preferred Series A1</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,889</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88.89</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 10pt">Preferred Series A2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,889</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 10pt">Preferred Series A3</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,846</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt">Preferred Series B</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,210</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">0.30</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,524,834</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: left"></td><td style="text-align: left"> </td></tr> </table>

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0.001

600000

P1Y35D

-600000

0.000

0.0102

P5Y

4.000

0.000 P5Y 3575

407220

5.5

10641

43867

As Plaintiff, we have suffered damages as a result thereof, an amount in excess of $4,350,000.00. We are asking for a total damages up to 4 times the amount of loss or close to $16M

102234182

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50000000

10000000

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21915

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21915

35044

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2264987

415756

415671

831512

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25593

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46737

199931

12250

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17201

109164

48184

308481

1585

7243

17201

110749

48184

315724

33221

-829

19628

Effective August, 2011 the Company's Board of Directors affected a 1:500 reverse stock split on common shares. In September 2011 the Preferred B shares were subject to a reverse split of 1 for 1,000. All shares have been retroactively stated to reflect the reverse-split shares.

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10. Income Taxes (Details Narrative) (USD $)	3 Months Ended
10. Income Taxes (Details Narrative) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Deferred income tax expense	$ 0	$ 0
Operating loss income tax benefit	0	0
Operating loss carry-forwards	$ 6,283,226

- Definition

The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.

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6. Intangible Assets (Details Narrative) (USD $)	3 Months Ended
6. Intangible Assets (Details Narrative) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Jun. 30, 2012	Jun. 30, 2011	Sep. 29, 2010	Dec. 02, 2005	Jul. 26, 2005 Opticon	Dec. 31, 2006 R3	Jun. 29, 2010 Trimax Wireless	Sep. 30, 2012 Lockwood Technologies	May 31, 2011 Lockwood Technologies
Amortization expense charged to operations	$ 407,220	$ 407,220
Intangible asset purchase price							100,000				1,315,150
Infrax Systems acquired percentage								50.00%		70.00%	70.00%
Carrying value of R3 ownership transfered								22,250
Intangible assets	4,257,281		5,071,719						6,329,342		1,315,150
Software development cost in acquisition									180,020
Capitalized software amortization period									5 years
Note receivable acquired											50,000
Note receivable due					90 days						180 days
Cash acquired in acquisition											112,000
Market value of shares issued at transaction											(1,650,000)
Warrants issued for the purchase of shares				600,000							660,000
Exercise price of warrants issued						0.75					5.00
Value of warrants issued											477,900
Volatility											40000.00%
Risk Free Rate											102.00%
Dividend Rate											0.00%
Total purchase price											1,956,158
Impairment											$ 641,008

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1. History of the Company and Nature of the Business (Details Narrative)	Dec. 31, 2012	Dec. 31, 2011	Aug. 31, 2007	Jul. 29, 2005
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common Stock exchanged for stock of FutureWorld Energy				100.00%
Stock dividend to FutureWorld	98,580,428	16,864,447	99,118
Dividend to stockholders of FutureWorld, percentage of outstanding stock			100.00%

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12. Commitments and Contingencies (Details Narrative) (USD $)	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 01, 2012
Commitments and Contingencies Disclosure [Abstract]
Office Complex Lease Term			5 years
Office Complex Monthly Rent			$ 3,575
Rent Expense	$ 10,641	$ 43,867
Gain Contingency	As Plaintiff, we have suffered damages as a result thereof, an amount in excess of $4,350,000.00. We are asking for a total damages up to 4 times the amount of loss or close to $16M

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9. Stock Options and Warrants - Stock purchase warrants and options (Details) (USD $)	3 Months Ended	12 Months Ended
	Dec. 31, 2012	Jun. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options Outstanding, Beginning		600,000
Options Vested, Beginning		600,000
Options Vested, Weighted Average Intrinsic Value
Options Vested, Weighted Average Exercise Price		$ 5.5
Options Outstanding, Remaining Contractual Term		1 year 35 days
Options Outstanding, Granted
Options Outstanding, Exercised
Options Outstanding, Forfeited	(600,000)
Options Vested, Forfeited	(600,000)

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4. Accounts Receivable

3 Months Ended

Dec. 31, 2012

Receivables [Abstract]

4. Accounts Receivable

4. Accounts Receivable

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5. Property and Equipment - Property and equipment (Details) (USD $)	Dec. 31, 2012	Jun. 30, 2012	Sep. 30, 2012 Office and Computer Equipment	Jun. 30, 2012 Office and Computer Equipment	Sep. 30, 2012 Furniture and Fixtures	Jun. 30, 2012 Furniture and Fixtures	Sep. 30, 2012 Software	Jun. 30, 2012 Software
Property and Equipment, Gross	$ 137,418	$ 180,807	$ 78,959	$ 122,348	$ 52,991	$ 52,991	$ 5,468	$ 5,468
Accumulated depreciation	78,082	72,199
Property and Equipment, Net	$ 91,535	$ 108,608

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The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

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Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

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Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

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3. Going Concern (Details Narrative) (USD $)	Dec. 31, 2012
Notes to Financial Statements
Working Capital	$ 2,000,000
Cash on hand	$ 0

- Definition

The amount of total capital as defined in the regulations.

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5. Property and Equipment (Details Narrative) (USD $)	6 Months Ended
5. Property and Equipment (Details Narrative) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 8,451	$ 8,451

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6. Intangible Assets - Intangible Assets (Details) (USD $)	Dec. 31, 2012	Jun. 30, 2012	Sep. 30, 2012 Opticon fiber optic management software	Jun. 30, 2012 Opticon fiber optic management software	Sep. 30, 2012 Trademarks	Jun. 30, 2012 Trademarks	Sep. 30, 2012 Trimax Intellectual Property	Jun. 30, 2012 Trimax Intellectual Property	Sep. 30, 2012 Trimax Software	Jun. 30, 2012 Trimax Software	Sep. 30, 2012 Lockwood Customer List	Jun. 30, 2012 Lockwood Customer List	Sep. 30, 2012 Lockwood Licensing technology	Jun. 30, 2012 Lockwood Licensing technology
Intangible Assets	$ 8,015,374	$ 8,015,374	$ 189,862	$ 189,862	$ 1,000	$ 1,000	$ 6,329,342	$ 6,329,342	$ 180,020	$ 180,020	$ 394,550	$ 394,550	$ 920,600	$ 920,600
Accumulated amortization	3,758,094	2,943,655
Intangible Assets Net	$ 4,257,281	$ 5,071,719

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3. Going Concern

3 Months Ended

Dec. 31, 2012

Notes to Financial Statements

3. Going Concern

3. Going Concern

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6. Intangible Assets - Future Amortization of Intangible Property (Details) (USD $)	Dec. 31, 2012	Jun. 30, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
2013		$ 1,647,863
2014		1,647,863
2015		1,647,863
2016		128,130
Thereafter
Intangible Assets Net	$ 4,257,281	$ 5,071,719

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11. Capital Equity - Share conversions (Details)						3 Months Ended
11. Capital Equity - Share conversions (Details)	Dec. 31, 2012 Series A Convertible Preferred Stock	Jun. 30, 2012 Series A Convertible Preferred Stock	Dec. 31, 2012 Series B Convertible Preferred Stock	Jun. 30, 2012 Series B Convertible Preferred Stock	Sep. 30, 2012 Conversion Rate To Common Stock	Sep. 30, 2012 Conversion Rate To Common Stock Series A Convertible Preferred Stock	Sep. 30, 2012 Conversion Rate To Common Stock Series A1 Convertible Preferred Stock	Sep. 30, 2012 Conversion Rate To Common Stock Series A2 Convertible Preferred Stock	Sep. 30, 2012 Conversion Rate To Common Stock Series A3 Convertible Preferred Stock	Sep. 30, 2012 Conversion Rate To Common Stock Series B Convertible Preferred Stock
Shares Outstanding	1,210	1,210	2,523,624	2,523,624	2,524,834	2,400,000	8,889	88,889	25,846	1,210
Conversion Rate to Common						375	88.89	20	20	0.30

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Consolidated Balance Sheets (USD $)

Dec. 31, 2012

Jun. 30, 2012

Current assets

Cash

$ 300

^[1]

$ 2,072

Accounts receivable

156,795

65,233

Inventory

63,076

Note receivable

50,000

51,943

Total current assets

270,171

182,324

Property & equipment, net of accumulated - net

91,535

108,608

Intangible property, net of accumulated - net

4,257,280

5,071,719

Deposits

4,500

7,000

Total Assets

4,623,486

5,369,651

Current liabilities

Accounts payable

125,690

452,818

Accrued expenses

1,340,934

1,040,287

Deferred revenue

176,303

Notes payable

774,500

Loans and notes payable, related parties

4,631

7,403

Total current liabilities

2,422,058

2,275,008

Notes payable to shareholder

777,779

468,769

Total liabilities

3,199,837

2,743,777

Stockholders' Equity

Common stock, $.001 par value, 150,000,000 shares authorized; 98,580,428 and 98,580,428 shares issued and outstanding, respectively

98,580

Additional paid-in capital

13,099,847

Minority interest in subsidiary

(101,379)

(16,769)

Accumulated deficit

(11,675,925)

(10,558,309)

Total stockholders' equity

1,423,649

2,625,874

Total Liabilities and Stockholders' Equity

4,623,486

5,369,651

Series A Convertible Preferred Stock

Stockholders' Equity

Preferred stock, 50,000,000 authorized, $.001 par value: Series A Convertible: 5,000,000 shares designated;2,523,624 and 2,523,624 issued and outstandingSeries B Convertible: 10,000,000 shares designated; 1,210 and 1,210 issued and outstanding

2,525

Series B Convertible Preferred Stock

Stockholders' Equity

$ 1

[1]	Effective August, 2011 the Company's Board of Directors affected a 1:500 reverse stock split on common shares. In September 2011 the Preferred B shares were subject to a reverse split of 1 for 1,000. All shares have been retroactively stated to reflect the reverse-split shares.

XML 29 R6.htm IDEA: XBRL DOCUMENT

1. History of the Company and Nature of the Business

3 Months Ended

Dec. 31, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1. History of the Company and Nature of the Business

1. History of the Company and Nature of the Business

History of the Company

Nature of Business

XML 30 R35.htm IDEA: XBRL DOCUMENT

8. Related Parties Disclosures (Details Narrative) (USD $)			12 Months Ended	36 Months Ended		12 Months Ended
	Dec. 31, 2012 RelatedParties	Jun. 30, 2012	Jul. 31, 2013 Sam Telari	Oct. 19, 2013 John Verghese	Apr. 02, 2015 Terry Gardner	Oct. 06, 2011 Malcolm F. Welch
Base Salary per month			$ 15,000	$ 6,500	$ 10,000	$ 2,000
Signing bonus			15,000	10,000	30,000
Vacation Time			20 days	15 days	15 days	10 days
Option to purchase shares of company stock				360,000	300,000	375,000
Stock option purchase price per share				$ 0.025	$ 0.04	$ 0.025
Stock to be received based on goal achievement						375,000
Outstanding balance on line of credit	777,779	574,957
Interest on loan	30,235	30,235
Aggregate due to related parties	$ 99,337
Number of related parties due	9

XML 31 R22.htm IDEA: XBRL DOCUMENT

6. Intangible Assets (Tables)

3 Months Ended

Dec. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consists of the following:
	September 30, 2012		June 30, 2012
	(unaudited)		(audited)
Opticon fiber optic management software	$	189,862	$	189,862
Trademarks		1,000		1,000
TriMax intellectual property		6,329,342		6,329,342
TriMax software		180,020		180,020
Lockwood customer list		394,550		394,550
Lockwood licensing technology		920,600		920,600
		8,015,374		8,015,374
Accumulated amortization		3,758,094		2,943,655
	$	4,257,281	$	5,071,719

Future Amortization of Intangible Property

For the year ended June 30, 2012:
2013	$	1,647,863
2014		1,647,863
2015		1,647,863
2016		128,130

thereafter		—
	$	5,071,719

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9. Stock Options and Warrants (Details Narrative)	3 Months Ended
9. Stock Options and Warrants (Details Narrative)	Dec. 31, 2012 Individuals	Dec. 02, 2005
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of individuals	2
Series A Warrants	660,004
Adjusted average exercise price		0.75

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11. Capital Equity (Tables)

3 Months Ended

Dec. 31, 2012

Equity [Abstract]

Share conversions

	Shares Outstanding		Conversion Rate to Common
Preferred Series A		2,400,000		375
Preferred Series A1		8,889		88.89
Preferred Series A2		88,889		20
Preferred Series A3		25,846		20
Preferred Series B		1,210		0.30
		2,524,834

- Definition

Tabular disclosure of information related to converting stock into another financial instrument(s) in a noncash (or part noncash) transaction.

+ References+ Details

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2. Summary of Significant Accounting Policies

3 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

2. Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Certain reclassifications have been made to the Statement of Operations for disclosure purposes and comparability.

Use of Estimates

Principles of Consolidation

Variable Interest Entities

Financial Instruments

· Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities

· Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

As of December 31 and June 30, 2012, the fair values of the Company’s financial instruments approximate their historical carrying amount.

Cash and Cash Equivalents

Accounts Receivable and Credit

Inventories

Property & Equipment

Intangible Property

Capitalized Software Development Costs

products. Capitalization of computer software costs is discontinued when the computer software product is available to be sold, leased, or otherwise marketed.

Impairment of Long-Lived Assets

Revenue Recognition

Stock Based Compensation

Shipping Costs

The Company includes shipping costs and freight-in costs in cost of goods sold.

Advertising Costs

Research and Development

The Company expenses research and development costs when incurred. Indirect costs related to research and developments are allocated based on percentage usage to the research and development.

Income Taxes

Earnings (Loss) Per Share

	December 31,
	2012	2011
Earnings (Loss) per share:
Net Loss	$ (1,117,616)	$ (2,001,977)

Common shares	98,580,428	16,864,447

Earnings (loss) per share, basic	$ (0.01)	$ (0.12)

Recently Issued Accounting Pronouncements

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

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Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2012	Jun. 30, 2012
Preferred Stock, shares authorized (in Shares)	50,000,000	50,000,000
Preferred Stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in Shares)	150,000,000	150,000,000
Common stock, shares issued (in Shares)	98,580,428	98,580,428
Common stock, shares outstanding (in Shares)	98,580,428	98,580,428
Series A Convertible Preferred Stock
Preferred Stock, shares authorized (in Shares)	10,000,000	10,000,000
Preferred stock, shares issued (in Shares)	1,210	1,210
Preferred stock, shares outstanding (in Shares)	1,210	1,210
Series B Convertible Preferred Stock
Preferred Stock, shares authorized (in Shares)	5,000,000	5,000,000
Preferred stock, shares issued (in Shares)	2,523,624	2,523,624
Preferred stock, shares outstanding (in Shares)	2,523,624	2,523,624

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References+ Details

- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References+ Details

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12. Commitments and Contingencies

3 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

12. Commitments and Contingencies

12. Commitments and Contingencies

Lease/Rental Agreements

Rent expense for the six months ended December 31, 2012 and 2011 amounted to $10,641 and $43,867, respectively.

Foreign Currency Translation

Legal Matters

- Definition

The entire disclosure for commitments and contingencies.

+ References

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Document and Entity Information	3 Months Ended
Document and Entity Information	Dec. 31, 2012	Feb. 14, 2013
Document And Entity Information
Entity Registrant Name	INFRAX SYSTEMS, INC.
Entity Central Index Key	0001380277
Document Type	10-Q
Document Period End Date	Dec. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		102,234,182
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2012

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13. Subsequent Events

3 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

13. Subsequent Events

13. Subsequent Events

The Company is currently in merger or acquisition negotiations with entities which management believes to be key components of the Smart Grid solutions we envision. Management believes that acquisitions will be a catalyst for advancing the Company’s existing technology to attain greater market share. We are currently in valuation negotiations with the targeted companies; acquisitions will be primarily share exchanges. Additionally, we are seeking capital financing for the purposes of furthering our plan of operations. These negotiations have not advanced, at this point, to an issuance of a letter of intent; however management believes this ongoing strategy will best serve existing shareholders.

We have held discussions with one major NASDAQ traded company in a possible acquisition in parts by Infrax Systems. These negotiations have not advanced, at this point, beyond a letter of intent; however management believes this ongoing strategy will best serve existing shareholders if it comes to fruition.

Mr., Talari, our acting CEO, has decided to convert of 200,000 shares of his Preferred Series A for 75,000,000 shares of Common stock. The decision was based on vulnerability of the Company due to its current market capitalization and the risk of hostile takeover. Mr. Talari’s position falls under rule 144 and insider trading rule. As an insider and a control person he has substantial restriction on sale of his position.

Mr. Peter Messineo has resigned as our CFO starting October 30, 2012. His departure is not due to any disagreement with the Company on any matter related to the Company’s operations. Our acting COO, Mr., Glaser will replace Mr. Messineo as our CFO with his departure.

Infrax Systems was invited by its partner Itron, as a sponsor, to showcase its highly anticipated, world only, 2.4GHZ Secured Network Interface Card (SNIC) built based on its Secure Intelligent Energy Platform. Infrax showcased the relevance of security in today's world of Smart Grid and how its ever growing product lines will build a solid barrier against insidious intrusions through its initial product; "SNIC". ITRON UTILITY WEEK 2012, hosted by one of the largest Meter manufacturers in the world, is a premier international event with thousands of participates from utilities from all over the world. The show was on October 21st in San Antonio TX. This show was pivotal to our success and growth showcasing our technology. We also showcased our GRiM product which includes; network management, server management, application management, intrusion detection and (big) data analysis (whitepaper only). We gathered impressive interest from the utilities visiting the Itron show and we believe we have become a viable alternative to larger and more well-known competitors based on our impressive and cost effective technology. We were approached by few utilities interested in starting a dialogue for a possible pilot projects for their combined 35M+ customers. We have also been approached by another major meter manufacturer for a possible agreement to develop SNIC for their meters globally. We believe as we continue completion of our products, we will be approached by utility vendors globally for joint development and sales of our products.

We have started preparing the S1 for the spin-off of the Lockwood Technology. We have consulted with our auditors, our accountants and our SEC counsel for process support. We expect to file the S1 before the end of the year. We believe with Lockwood’s current pipeline, the Company should flourish as a separate public company.

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Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011
Income Statement [Abstract]
Revenues	$ 17,201	$ 110,749	$ 48,184	$ 315,724
Direct costs		1,585		7,243
Gross Profit	17,201	109,164	48,184	308,481
Operating expenses:
Salaries and benefits	158,806	295,840	334,872	1,168,767
Consulting				2,590
Professional fees	12,250	38,949	15,375	62,357
General and administrative	25,593	80,959	46,737	199,931
Amortization and depreciation	415,756	415,671	831,512	831,342
Total operating expenses	612,405	831,419	1,228,495	2,264,987
Other income (expense):
Interest expenses	(10,958)	(3,964)	(21,915)	(35,044)
Sale of assets, net		(372)		(32,842)
Total other (expense)	(10,958)	(4,336)	(21,915)	(67,886)
Loss from operations before income taxes	(606,161)	(726,591)	(1,202,226)	(2,024,193)
Provision for income taxes
Total Loss from operations	(606,161)	(726,591)	(1,202,226)	(2,024,193)
Minority Interest	44,625	43,424	84,610
Net loss	$ (561,536)	$ (683,167)	$ (1,117,616)	$ (2,024,193)
Earnings (loss) per share:
Basic	$ (0.006)	$ (0.04)	$ (0.01)	$ (0.12)
Weighted average shares outstanding
Basic	98,580,428	16,811,174	98,580,428	16,864,447

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7. Debt Agreements

3 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

7. Debt Agreements

7. Debt Agreements

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

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6. Intangible Assets

3 Months Ended

Dec. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

6. Intangible Assets

6. Intangible Assets

Intangible assets consists of the following:
	December 31, 2012		June 30, 2012
	(unaudited)		(audited)
Opticon fiber optic management software	$	189,862	$	189,862
Trademarks		1,000		1,000
TriMax intellectual property		6,329,342		6,329,342
TriMax software		180,020		180,020
Lockwood customer list		394,550		394,550
Lockwood licensing technology		920,600		920,600
		8,015,374		8,015,374
Accumulated amortization		3,758,094		2,943,655
	$	4,257,281	$	5,071,719

For the six months ended December 31, 2012 and 2011, the total amortization expense charged to operations totaled $831,512 and $814,440, respectively.

Opticon fiber optic management software

TriMax intellectual property

On June 29, 2010 the Company acquired the assets of Trimax Wireless Systems, Inc., including licenses and trademarks. The purchase price was allocated first to the identifiable assets received, allocating the remaining costs to the intellectual property. The valuation considered future cash flows of the operating intangible assets acquired. The valuation of the intellectual property was limited to the acquisition price (valuation of stock consideration and note payable), less the fair market value of identifiable assets. The shares issued in exchange for the acquired property were valued at the fair market value of the equivalent common stock as of the date of closing. The acquisition carrying value assigned to the intellectual property was $6,329,342.

TriMax software

Lockwood Technology Corporation

- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References+ Details

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9. Stock Options and Warrants (Tables)

3 Months Ended

Dec. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock purchase warrants and options

							Weighted Average				Remaining
	Options			Options			Intrinsic		Exercise		Contractual
	Outstanding			Vested			Value		Price		Term
Options, June 30, 2011		600,000			600,000			$	$	5.50		1.37 years
Granted		—			—
Exercised		—			—
Forfeited		—			—
Options, June 30, 2012
Granted
Exercised		—			—
Forfeited		(600,000	)		(600,000	)				0		0
Options, September 30, 2012		660,004			660,004

Weighted average assumptions for the options granted

Weighted Average:
Dividend rate	0.0	%
Risk-free interest rate	1.02	%
Expected lives (years)	5.0
Expected price volatility	400.0	%
Forfeiture Rate	0.0	%

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2. Summary of Significant Accounting Policies (Policies)

3 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Certain reclassifications have been made to the Statement of Operations for disclosure purposes and comparability

Use of Estimates

Use of Estimates

Principles of Consolidation

Principles of Consolidation

Variable Interest Entities

Variable Interest Entities

Financial Instruments

Financial Instruments

· Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities

· Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

As of December 31 and June 30, 2012, the fair values of the Company’s financial instruments approximate their historical carrying amount.

Cash and Cash Equivalents

Cash and Cash Equivalents

Accounts Receivable and Credit

Accounts Receivable and Credit

Inventories

Inventories

Property & Equipment

Property & Equipment

Intangible Property

Intangible Property

Capitalized Software Development Costs

Capitalized Software Development Costs

The Company capitalizes software development costs, under which certain software development costs incurred subsequent to the establishment of technological feasibility have been capitalized and are being amortized over the estimated lives of the related products. Capitalization of computer software costs is discontinued when the computer software product is available to be sold, leased, or otherwise marketed.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Revenue Recognition

Revenue Recognition

Stock Based Compensation

Stock Based Compensation

Shipping Costs

Shipping Costs

The Company includes shipping costs and freight-in costs in cost of goods sold.

Advertising Costs

Advertising Costs

Research and Development

Research and Development

The Company expenses research and development costs when incurred. Indirect costs related to research and developments are allocated based on percentage usage to the research and development.

Income Taxes

Income Taxes

Earnings (Loss) Per Share

Earnings (Loss) Per Share

	December 31,
	2012	2011
Earnings (Loss) per share:
Net Loss	$ (1,117,616)	$ (2,001,977)

Common shares	98,580,428	16,864,447

Earnings (loss) per share, basic	$ (0.01)	$ (0.12)

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

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10. Income Taxes

3 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

10. Income Taxes

10. Income Taxes

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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8. Related Parties Disclosures

3 Months Ended

Dec. 31, 2012

8. Related Parties Disclosures

8. Related Parties Disclosures

Employment Agreements

The following agreements are with Shareholders, Directors and Members of the Board:

Sam Talari

John Verghese

Terry Gardner

Malcolm F. Welch

Other employment agreements exist with employees.

Line of Credit, Master Agreement

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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9. Stock Options and Warrants

3 Months Ended

Dec. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

9. Stock Options and Warrants

9. Stock Options and Warrants

The following table summarizes the activity related to the stock purchase warrants and options and weighted average assumptions for the period ended December 31, 2012:

							Weighted Average				Remaining
	Options			Options			Intrinsic		Exercise		Contractual
	Outstanding			Vested			Value		Price		Term
Options, June 30, 2011		600,000			600,000			$	$	5.50		1.37 years
Granted		—			—
Exercised		—			—
Forfeited		—			—
Options, June 30, 2012
Granted
Exercised		—			—
Forfeited		(600,000	)		(600,000	)				0		0
Options, December 31, 2012		660,004			660,004

The following are the weighted average assumptions for the options granted:

Weighted Average:
Dividend rate	0.0	%
Risk-free interest rate	1.02	%
Expected lives (years)	5.0
Expected price volatility	400.0	%
Forfeiture Rate	0.0	%

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

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11. Capital Equity

3 Months Ended

Dec. 31, 2012

Equity [Abstract]

11. Capital Equity

11. Capital Equity

	Shares Outstanding		Conversion Rate to Common
Preferred Series A		2,400,000		375
Preferred Series A1		8,889		88.89
Preferred Series A2		88,889		20
Preferred Series A3		25,846		20
Preferred Series B		1,210		0.30
		2,524,834

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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7. Debt Agreements (Details Narrative) (USD $)	Sep. 29, 2010	Jun. 29, 2010	Sep. 30, 2012 Sam Telari Line of Credit
Business acquisition note payable acquired		$ 712,500
Liabilities acquired interest rate		6.00%
Note due	90 days
Line of credit			350,000
Line of credit interest rate per annum			5.00%
Line of credit for operating capital			$ 1,000,000

- Definition

Fair Value of the liabilities incurred by the acquirer to former owners of the acquiree, including the fair value of any contingent consideration. If liabilities transferred as consideration remain within the combined entity after the business combination (for example, because the assets or liabilities were transferred to the acquiree rather than to its former owners), and the acquirer therefore retains control of them; in that situation, the acquirer measures those liabilities at their carrying amounts immediately before the acquisition date.

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-Number 141R

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-Subparagraph f(3)

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-Subparagraph d

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

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5. Property and Equipment (Tables)

3 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

Property and equipment

Property and equipment consists of the following:
	September 30,		June 30,
	2012		2012
	(unaudited)		(audited)
Office and computer equipment	$	78,959	$	122,348
Furniture and fixtures		52,991		52,991
Computer software		5,468		5,468
		137,418		180,807
Accumulated depreciation		78,082		72,199
	$	59,336	$	108,608

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

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2. Summary of Significant Accounting Policies - Earnings per share table (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Aug. 31, 2007
Earnings (Loss) per share:
Net Loss	$ (1,117,616)	$ (2,001,977)
Common shares	98,580,428	16,864,447	99,118
Earnings (loss) per share, basic	$ (0.01)	$ (0.12)

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11. Capital Equity (Details Narrative)	3 Months Ended
11. Capital Equity (Details Narrative)	Sep. 30, 2012
Common Stock
Reverse stock split ratio	0.002
Preferred B Shares
Reverse stock split ratio	0.001

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Consolidated Statements of Cash Flows (USD $)

6 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Cash Flows from Operating Activities:

Net (loss) income

$ (1,117,616)

$ (2,024,193)

Depreciation and amortization

831,511

831,342

Amortization of deferred revenue

33,221

Loss on sale of assets

32,842

Issuance of stock in settlement of services

1,201,577

Minority interest

(84,610)

21,208

Changes in assets and liabilities:

Accounts receivable

54,438

(100,123)

(7,626)

(6,165)

(829)

2,500

(150,929)

Accounts payable

(26,479)

(60,677)

Accrued expenses

243,925

Customer deposits and deferred revenue

(2,918)

Net Cash (Used) Provided by Operating Activities

(310,782)

3,397

Cash Flows from Financing Activities:

Proceeds from issuance of note payable

35,915

Repayments of notes payable

(20,000)

Proceeds from sale of assets

19,628

Related party advances

309,010

(49,337)

Net Cash (Used) Provided by Financing Activities

309,010

(13,794)

Net increase/decrease in Cash

(1,772)

(10,397)

Cash at beginning of period

2,072

25,498

Cash at end of period

300

^[1]

15,101

Supplemental cash flow information:

Interest paid

Taxes paid

[1]	Effective August, 2011 the Company's Board of Directors affected a 1:500 reverse stock split on common shares. In September 2011 the Preferred B shares were subject to a reverse split of 1 for 1,000. All shares have been retroactively stated to reflect the reverse-split shares.

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5. Property and Equipment

3 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

5. Property and Equipment

5. Property and Equipment

Property and equipment consists of the following:
	December 31,		June 30,
	2012		2012
	(unaudited)		(audited)
Office and computer equipment	$	120,636	$	122,348
Furniture and fixtures		54,703		52,991
Computer software		5,468		5,468
		180,807		180,807
Accumulated depreciation		(89,272)		72,199
	$	91,535	$	108,608

For the three months ended September 30, 2012 and 2011, the total depreciation expense charged to operations totaled $8,451, and $8,451 respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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2. Summary of Significant Accounting Policies (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Jun. 30, 2012	Sep. 30, 2012 Lockwood Technologies	May 31, 2011 Lockwood Technologies	Jun. 29, 2010 Trimax Wireless
Percentage of company owned by Infrax						70.00%	70.00%
Liquid investments duration to be considered cash equivalents	0 years 9 months
Fair market value of consideration issued								$ 6,511,364
Value assigned to carrying value of aquired intellectual property	4,257,281		4,257,281		5,071,719		1,315,150	6,329,342
Intellectual property estimated useful life								0 years 59 months
Value of shares issued to acquire interest							(1,650,000)
Warrants value, using option price model							(477,900)
Total purchase price of acquisition							1,956,158
Business acquisition, impairment							641,008
Intangible assets allocation of the purchase price							1,315,150
Customer list, percentage of intangible assets							30.00%
Customer list, value							394,550
Developed software and licensing technology, percentage of intangible assets							70.00%
Developed software and licensing technology, value							920,600
Advertising expense	$ 0	$ 3,230	$ 6,865	$ 11,657

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9. Stock Options and Warrants - Weighted average assumptions for the options granted (Details)	3 Months Ended
	Dec. 31, 2012
Weighted Average:
Dividend rate	0.00%
Risk-free interest rate	1.02%
Expected lives (years)	5 years
Expected price volatility	400.00%
Forfeiture Rate	0.00%

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2. Summary of Significant Accounting Policies (Tables)

3 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Earnings per share table

	December 31,
	2012	2011
Earnings (Loss) per share:
Net Loss	$ (1,117,616)	$ (2,001,977)

Common shares	98,580,428	16,864,447

Earnings (loss) per share, basic	$ (0.01)	$ (0.12)