0001144204-13-027832.txt : 20130510 0001144204-13-027832.hdr.sgml : 20130510 20130510140353 ACCESSION NUMBER: 0001144204-13-027832 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130510 DATE AS OF CHANGE: 20130510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Point.360 CENTRAL INDEX KEY: 0001398797 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ALLIED TO MOTION PICTURE PRODUCTION [7819] IRS NUMBER: 000000000 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33468 FILM NUMBER: 13832600 BUSINESS ADDRESS: STREET 1: 2777 NORTH ONATRIO STREET CITY: BURBANK STATE: CA ZIP: 91504 BUSINESS PHONE: 818-565-1400 MAIL ADDRESS: STREET 1: 2777 NORTH ONATRIO STREET CITY: BURBANK STATE: CA ZIP: 91504 FORMER COMPANY: FORMER CONFORMED NAME: New 360 DATE OF NAME CHANGE: 20070507 10-Q 1 v343615_10q.htm FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

þ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the quarterly period ended March 31, 2013

o Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the transition period from _______to_______

Commission file number 001-33468

Point.360

(Exact Name of Registrant as Specified in Its Charter)

California

(State or other jurisdiction of

incorporation or organization)

01-0893376

(I.R.S. Employer Identification No.)

2701 Media Center Drive, Los Angeles, CA

(Address of principal executive offices)

90065

(Zip Code)

(818) 565-1400

(Registrant’s Telephone Number, Including Area Code)

(Former Name, Former Address and Former Fiscal Year,

if Changed Since Last Report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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.

þ Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

þ Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o	Accelerated filer o
Non-accelerated filer o	Smaller reporting company þ

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

£ Yes þ No

As of March 31, 2013, there were 10,513,166 shares of the registrant’s common stock outstanding.

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Point.360

Consolidated Balance Sheets (Unaudited)

(in thousands)

	June 30,			March 31,
	2012			2013
Assets
Current assets:
Cash and cash equivalents	$	1,219		$	1,410
Accounts receivable, net of allowances for doubtful accounts of $330 and $352, respectively		5,916			5,565
Inventories, net		272			306
Prepaid expenses and other current assets		274			454
Prepaid income taxes		70			70
Total current assets		7,751			7,805

Property and equipment, net		17,475			16,315
Other assets, net		745			691
Total assets	$	25,971		$	24,811

Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of notes payable	$	77		$	344
Capital lease obligations		95			100
Accounts payable		1,276			1,314
Accrued wages and benefits		1,367			1,565
Other accrued expenses		279			43
Current portion of deferred gain on sale of real estate		178			178
Current portion of deferred lease incentive		209			209
Other current liabilities		9			13

Total current liabilities		3,490			3,766

Notes payable, less current portion		9,236			8,288
Deferred gain on sale of real estate, less current portion		1,382			1,248
Deferred lease incentive, less current portion		1,618			1,462
Other long term liabilities		14			3

Total long-term liabilities		12,250			11,001

Total liabilities		15,740			14,767

Commitments and contingencies (Note 4)		-			-

Shareholders’ equity:
Preferred stock – no par value; 5,000,000 shares authorized; none outstanding		-			-
Common stock – no par value; 50,000,000 shares authorized; 10,513,166 shares issued and outstanding on June 30, 2012 and March 31, 2013		21,695			21,695
Additional paid-in capital		10,419			10,577
Accumulated deficit		(21,883	)		(22,228	)
Total shareholders’ equity		10,231			10,044

Total liabilities and shareholders’ equity	$	25,971		$	24,811

See accompanying notes to condensed consolidated financial statements.

POINT.360

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended March 31,						Nine Months Ended March 31,
	2012			2013			2012			2013

Revenues	$	8,497,000		$	8,295,000		$	26,008,000		$	23,701,000
Cost of services sold		(5,657,000	)		(5,244,000	)		(16,696,000	)		(15,418,000	)

Gross profit		2,840,000			3,051,000			9,312,000			8,283,000
Selling, general and administrative expense		(3,045,000	)		(3,040,000	)		(9,209,000	)		(8,883,000	)

Operating Income (loss)		(205,000	)		11,000			103,000			(600,000	)
Interest expense		(199,000	)		(68,000	)		(637,000	)		(316,000	)
Interest income		-			-			20,000			-
Other income		77,000			207,000			347,000			571,000

Income (loss) before income taxes		(327,000	)		150,000			(167,000	)		(345,000	)
Provision for income taxes		-			-			-			-
Net income (loss)	$	(327,000	)	$	150,000		$	(167,000	)	$	(345,000	)

Income (loss) per share:
Basic:
Net income (loss)	$	(0.03	)	$	0.01		$	(0.02	)	$	(0.03	)
Weighted average number of shares		10,513,166			10,513,166			10,513,166			10,513,166
Diluted:
Net income (loss)	$	(0.03	)	$	0.01		$	(0.02	)	$	(0.03	)
Weighted average number of shares including the dilutive effect of stock options		10,513,166			10,513,166			10,513,166			10,513,166

See accompanying notes to condensed consolidated financial statements.

POINT.360

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended March 31, (in thousands)
	2012			2013

Cash flows from operating activities:
Net income (loss)	$	(167	)	$	(345	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on sale of fixed assets		7			-
Depreciation and amortization		2,260			1,854
Amortization of deferred gain on real estate		(134	)		(134	)
Amortization of deferred lease credit		(103	)		(156	)
Provision for (recovery of) doubtful accounts		(31	)		22
Stock compensation expense		252			158
Amortization of non-compete agreement		4			-
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		(808	)		329
(Increase) decrease in inventories		172			(34	)
(Increase) in prepaid expenses and other current assets		(527	)		(180	)
Decrease in prepaid income taxes		2			-
Decrease in other assets		3			54
Increase in deferred lease incentive		1,964			-
Increase in accounts payable		171			38
Increase in accrued wages and benefits		462			198
(Decrease) in other accrued expenses and other liabilities		(84	)		(243	)
Net cash provided by operating activities		3,443			1,561

Cash flows from investing activities:
Capital expenditures		(3,175	)		(386	)
Net cash (used in) investing activities		(3,175	)		(386	)

Cash flows from financing activities:
Proceeds from line of credit, net		94			-
Borrowings of notes payable		-			8,602
Repayment of notes payable		(510	)		(9,456	)
Repayment of capital lease obligations		(165	)		(130	)
Net cash (used in) financing activities		(581	)		(984	)
Net increase (decrease) in cash and cash equivalents		(313	)		191
Cash and cash equivalents at beginning of period		355			1,219
Cash and cash equivalents at end of period	$	42		$	1,410

Selected cash payments and non-cash activities were as follows (in thousands):

	Nine Months Ended
	March 31,
	2012		2013
Cash payments for income taxes (net of refunds)	$	2	$	-
Cash payments for interest	$	594	$	363
Assets acquired through capital lease	$	-	$	308

See accompanying notes to condensed consolidated financial statements.

Point.360

Notes to Condensed Consolidated Financial Statements (unaudited)

March 31, 2013

Note 1 – THE COMPANY

The Company provides high definition and standard definition digital mastering, data conversion, video and film asset management and sophisticated computer graphics services to owners, producers and distributors of entertainment and advertising content. The Company provides the services necessary to edit, master, reformat, convert, archive and ultimately distribute its clients’ film and video content, including television programming feature films and movie trailers. The Company’s interconnected facilities provide service coverage to all major U.S. media centers. Clients include major motion picture studios and independent producers. The Company also rents and sells DVDs directly to consumers through its Movie>Q retail stores.

The Company operates in two business segments from three post production and three Movie>Q locations. Each post production location is electronically tied to the others and serves the same customer base. Depending on the location size, the production equipment consists of tape duplication, feature movie and commercial ad editing, encoding, standards conversion, and other machinery. Each location employs personnel with the skills required to efficiently run the equipment and handle customer requirements. While all locations are not exactly the same, an order received at one location may be fulfilled at one or more “sister” facilities to use resources in the most efficient manner.

Typically, a feature film or television show or related material will be submitted to a facility by a motion picture studio, independent producer, advertising agency, or corporation for processing and distribution. A common sales force markets the Company’s capability for all facilities. Once an order is received, the local customer service representative determines the most cost-effective way to perform the services considering geographical logistics and facility capabilities.

In fiscal 2010, the Company purchased assets and intellectual property for a research and development project to address the viability of the DVD rental business being abandoned by the closure of Movie Gallery/Hollywood Video and Blockbuster stores. The DVD rental market consists principally of online services (Netflix), vending machines (Redbox) and other video stores.

As of March 31, 2013, the Company had opened three Movie>Q stores in Southern California employing an automated inventory management (“AIM”) system in a 1,200-1,600 square foot facility. Two additional stores employing a smaller inventory management system are under construction and expected to be opened in the fourth fiscal quarter. By saving space and personnel costs which caused the big box stores to be uncompetitive with lower priced online and vending machine rental alternatives, Movie>Q can offer up to 10,000 unit selections to a customer at competitive rental rates. Movie>Q provides online reservations, an in-store destination experience, first run movie titles and a large unit selection (as opposed to 400-700 for a Redbox vending machine).

Based on the success of the five stores, the Company may seek to expand the number of Movie>Q stores while further streamlining the design and production of the AIM system. Movie>Q provides the Company with a content distribution capability complimentary to the Company’s post production business.

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts and transactions of the Company, including those of the Company’s subsidiaries. The statements have been prepared in accordance with accounting principles generally accepted in the United States of America and by the Securities and Exchange Commission’s rules and regulations for reporting interim financial statements and footnotes. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements. Operating results for the three and nine month periods ended March 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2013. These financial statements should be read in conjunction with the financial statements and related notes contained in the Company’s Form 10-K for the period ended June 30, 2012.

Pro Forma Earnings (Loss) Per Share

A reconciliation of the denominator of the basic earnings per share (“EPS”) computation to the denominator of the diluted EPS computation is as follows (in thousands):

	Three Months Ended March 31,		Three Months Ended March 31,		Nine Months Ended March 31,		Nine Months Ended March 31,
	2012		2013		2012		2013
Pro forma weighted average of number of shares
Weighted average number of common shares outstanding used in computation of basic EPS		10,513		10,513		10,513		10,513
Dilutive effect of outstanding stock options		-		-		-		-
Weighted average number of common and potential Common shares outstanding used in computation of Diluted EPS		10,513		10,513		10,513		10,513
Effect of dilutive options excluded in the computation of diluted EPS due to net loss		-		-		-		-

The weighted average number of common shares outstanding were the same amount for both basic and diluted income per share in the three month period ended March 31, 2012 and 2013 and the nine-month periods ended March 31, 2012 and 2013. The effect of potentially dilutive securities for those periods were excluded from the computation of diluted earnings per share because their effect would be anti-dilutive (i.e., including such securities would result in a higher earnings per share, or lower loss per share, respectively). There were 1,540,094 and 984,025 potentially dilutive shares at March 31, 2012 and 2013, respectively.

Fair Value Measurements

The Company follows a framework for consistently measuring fair value under generally accepted accounting principles, and the disclosures of fair value measurements. The framework provides a fair value hierarchy to classify the source of the information.

The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value and include the following:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Cash, the only Level 1 input applicable to the Company (there are no Level 2 or 3 inputs), is stated on the Condensed Consolidated Balance Sheets at fair value.

As of March 31, 2013 the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and interest payable approximates fair value due to the short-term nature of such instruments. The carrying value of other long-term liabilities approximates fair value as the related interest rates approximate rates currently available to the Company.

Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2010-06, “Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements.” This guidance amends the disclosure requirements related to recurring and nonrecurring fair value measurements and requires new disclosures on the transfers of assets and liabilities between Level 1 (quoted prices in active market for identical assets or liabilities) and Level 2 (significant other observable inputs) of the fair value measurement hierarchy, including the reasons and the timing of the transfers. Additionally, the guidance requires a roll forward of activities on purchases, sales, issuance and settlements of the assets and liabilities measured using significant unobservable inputs (Level 3 fair value measurements). The guidance became effective for the reporting period beginning July 1, 2010, except for the disclosure on the roll forward activities for Level 3 fair value measurements, which became effective for the reporting period beginning July 1, 2011. Other than requiring additional disclosures, adoption of this new guidance does not have a material impact on our financial statements.

In May 2011, the FASB issued updated accounting guidance related to fair value measurements and disclosures that result in common fair value measurements and disclosures between U.S. GAAP and International Financial Reporting Standards. This guidance includes amendments that clarify the application of existing fair value measurement requirements, in addition to other amendments that change principles or requirements for measuring fair value and for disclosing information about fair value measurements. The adoption of this guidance has not had any impact on the Company’s consolidated financial statements.

NOTE 2 - LONG TERM DEBT AND NOTES PAYABLE

In July 2008, the Company entered into a Promissory Note with a bank (the “note”) in order to purchase land and a building that had been occupied by the Company since 1998 (the total purchase price was approximately $8.1 million). Pursuant to the note, the Company borrowed $6,000,000. The mortgage was paid off in September 2012 and replaced by a new mortgage (see below). The Company received a $332,000 discount in connection with the payoff and wrote off approximately $90,000 of deferred financing costs related to the note, both of which were recorded as other income (expense) in the quarter ended September 30, 2012.

In June 2009, the Company entered into a $3,562,500 Purchase Money Promissory Note secured by a Deed of Trust for the purchase of land and a building. The note was repaid in September 2012 and replaced by a new mortgage (see below).

In November 2010, the Company converted approximately $1 million of accounts payable into a note secured by a lien of all the Company’s assets, which security interest was subordinated to the Company’s then-existing credit agreement and other term and mortgage debt. The remaining amount due under the note was paid in October 2011, at a 12.5% discount.

In January 2011, the Company entered into a credit agreement which provided $1 million of credit. In March 2011, the credit limit was increased to $3 million. In August 2012, the credit agreement was replaced as discussed below.

In August and September of 2012, the Company entered into revolving credit, equipment financing and two mortgage agreements with a bank as follows:

Revolving Credit Facility. The revolving credit facility provides up to $5 million of credit based on 80% of eligible accounts receivable, as defined. The agreement provides for interest at the lower of (i) Libor plus 2.75% (2.95% as of March 31, 2013) or (ii) the bank’s alternative base rate plus 1.75% (5.00% as of March 31, 2013), plus 0.25% per annum assessed on the unused portion of the credit commitment. The maturity date is August 15, 2014 and is renewable for an additional year on each anniversary date upon mutual agreement of the parties.

Equipment Financing Facility. The equipment financing facility provides up to $1.25 million of financing for the cost of new and already-owned or leased equipment. The agreement provides for interest at the bank’s cost of funds plus 3% (4.00% as of March 31, 2013). The maturity date for each “schedule” of equipment is up to four years from the borrowing date. Amounts may be borrowed under the facility until August 14, 2013.

Hollywood Way and Vine Street Mortgages. In September 2012, the Company entered into two real estate term loan agreements with respect to its Hollywood Way and Vine Street locations for $5.5 million and $3.1 million, respectively. The loans provide for interest at Libor plus 3% (3.20% as of March 31, 2013). Repayment is based on monthly payments with a 25-year amortization, with all principal due in 10 years. The real estate loans are secured by trust deeds on the properties.

General Terms. All amounts due under the revolving credit, equipment financing and term loan facilities are secured by all personal property and real estate of the Company. While amounts are outstanding under the credit arrangements, the Company will be subject to financial covenants as follows:

Minimum tangible net worth (TNW) of $8.5 million (the Company’s actual TNW was $10.0 million as of March 31, 2013).

Minimum quarterly EBITDA (as defined) of $750,000, provided that EBITDA may be a minimum of $500,000 in any one quarter within four consecutive quarters (the Company’s EBITDA was $0.9 million for the quarter ended March 31, 2013).

Minimum quarterly fixed charge ratio (as defined) of 1.25 (the Company’s fixed charge ratio was 3.12 for the quarter ended March 31, 2013).

All obligations to the bank are cross collateralized and there are cross-default provisions among the bank and all other Company debt obligations. The agreements contain certain other terms and conditions common with such arrangements.

Amounts Borrowed. As of March 31, 2013, the Company had no outstanding borrowings under the revolving credit facility and $0.3 million borrowed under the equipment financing facility.

In connection with the termination of the prior credit agreement, the Company paid a $30,000 break-up fee, which was reflected in other income/expense in the nine months ended March 31, 2013.

NOTE 3- PROPERTY AND EQUIPMENT

In March 2006, the Company entered into a sale and leaseback transaction with respect to its Media Center real estate. The real estate was sold for approximately $14.0 million resulting in a $1.3 million after tax gain. In accordance with the Accounting Standards Codification (ASC) 840-40, the gain will be amortized over the initial 15-year lease term as reduced rent. Net proceeds at the closing of the sale were used to pay off the mortgage and other outstanding debt. A $250,000 security deposit related to the lease has been recorded as a deposit in “other assets, net” in the Condensed Consolidated Balance Sheets as of June 30, 2012 and March 31, 2013.

The lease is treated as an operating lease for financial reporting purposes. After the initial lease term, the Company has four five-year options to extend the lease. Minimum annual rent payments for the initial five years of the lease were $1,111,000, increasing annually thereafter based on the Consumer Price Index change from year to year.

In June 2011, the Company entered into a lease amendment with respect to the Company’s Media Center facility. The amendment provided that the landlord would reimburse the Company up to $2 million for the leasehold improvements to be made by the Company to the premises. The leasehold improvements would be recorded as a fixed asset and amortized over the remaining term of the lease (until March 2021). Pursuant to the lease amendment, the Company’s monthly lease costs increased by approximately $14,000 on July 1, 2011, and by an additional $13,000 to approximately $27,000 on April 1, 2012. The Company incurred $2.1 million of costs for construction, of which $2.0 million was reimbursed by the landlord. A deferred lease incentive has been recorded for the total amount reimbursed by the landlord in accordance with ASC 840-20. The lease incentive is being amortized over the remaining lease term as an offset to rent.

The Company vacated one of its Burbank facilities on the February 28, 2012 expiration of the related lease and moved to the Media Center space, which reduced monthly operating expenses by approximately $100,000. Total annual savings beginning in April 2012 are approximately $1.2 million.

Property and equipment consist of the following as of March 31, 2013:

Land	$	3,985,000
Buildings		9,287,000
Machinery and equipment		37,886,000
Leasehold improvements		9,082,000
Computer equipment		7,893,000
Equipment under capital lease		856,000
Office equipment, CIP		619,000
Subtotal		69,608,000
Less accumulated depreciation and amortization		(53,293,000	)
Property and equipment, net	$	16,315,000

NOTE 4- COMMITMENTS AND CONTINGENCIES

From time to time, the Company may become a party to legal actions and complaints arising in the ordinary course of business, although it is not currently involved in any such legal proceedings.

NOTE 5- INCOME TAXES

The Company reviewed its Accounting Standards Codification (“ASC”) 740-10 documentation for the periods through March 31, 2013 to ascertain if any changes should be made with respect to tax positions previously taken. In addition, the Company reviewed its income tax reporting through March 31, 2013. Based on Company’s review of its tax positions as of March 31, 2013, no new uncertain tax positions have been identified; nor has new information become available that would change management’s judgment with respect to tax positions previously taken.

As of March 31, 2013, the Company had no net deferred tax assets. No tax benefit was recorded during the three or nine month periods ended March 31, 2013 because future realizability of such benefit was not considered to be more likely than not.

The ASC prescribes a recognition and measurement of a tax position taken or expected to be taken in a tax return and provides guidance on derecognition of tax benefits, classification on the balance sheet, interest and penalties, accounting in interim periods, disclosure, and transition.

The Company files income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal state or local income tax examinations by tax authorities for years before 2008.

NOTE 6- STOCK OPTION PLAN, STOCK-BASED COMPENSATION

In May 2007, the Board of Directors approved the 2007 Equity Incentive Plan (the “2007 Plan”). The 2007 Plan provides for the award of options to purchase up to 2,000,000 shares of common stock, appreciation rights and restricted stock awards.

In November 2010, the shareholders approved the 2010 Incentive Plan (the “2010 Plan”). The 2010 Plan provides for the award of options to purchase up to 4,000,000 shares of common stock, appreciation rights and restricted stock and performance awards.

Under the 2007 and 2010 Plans, the stock option price per share for options granted is determined by the Board of Directors and is based on the market price of the Company’s common stock on the date of grant, and each option is exercisable within the period and in the increments as determined by the Board, except that no option can be exercised later than ten years from the grant date. The stock options generally vest in one to five years.

The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. We also estimate the fair value of the award that is ultimately expected to vest to be recognized as expense over the requisite service periods in our Condensed Consolidated Statements of Operations.

We estimate the fair value of share-based payment awards to employees and directors on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Condensed Consolidated Statements of Operations. Stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations for the three and nine month periods ended March 31, 2013 included compensation expense for the share-based payment awards based on the grant date fair value. For stock-based awards issued to employees and directors, stock-based compensation is attributed to expense using the straight-line single option method. As stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations for the periods reported in this Form 10-Q is based on awards expected to vest, forfeitures are also estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For the period being reported in this Form 10-Q, expected forfeitures are immaterial. The Company will re-assess the impact of forfeitures if actual forfeitures increase in future quarters. Stock-based compensation expense related to employee or director stock options recognized for the three and nine month periods ended March 31, 2012 and 2013 was as follows:

Three months ended March 31, 2012	$	65,000
Three months ended March 31, 2013		56,000
Nine months ended March 31, 2012		252,000
Nine months ended March 31, 2013		158,000

The Company’s determination of fair value of share-based payment awards to employees and directors on the date of grant uses the Black-Scholes model, which is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, the expected stock price volatility over the expected term of the awards, and actual and projected employee stock options exercise behaviors. The Company estimates expected volatility using historical data. The expected term is estimated using the “safe harbor” provisions provided by the SEC.

During each of the three and nine month periods ended March 31, 2012 and 2013, the Company granted awards of stock options as follows:

	2007 Plan				2010 Plan
	Options		Exercise		Options		Exercise
	Granted		Price per Share		Granted		Price per Share
Three months ended March 31, 2012		-	$	-		247,000	$	0.95
Three months ended March 31, 2013		833,100	$	0.81		-	$	-
Nine months ended March 31, 2012		30,000	$	1.07		247,000	$	0.95
Nine months ended March 31, 2013		863,100	$	0.81		-	$	-

The following table summarizes the status of the 2007 and 2010 Plans as of March 31, 2013:

	2007 Plan		2010 Plan		Total
Options originally available		2,000,000		4,000,000		6,000,000
Stock options outstanding		1,875,000		538,100		2,413,525
Options available for grant		112,575		3,461,900		3,574,475

Transactions involving stock options are summarized as follows:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value
Balance at June 30, 2012		2,493,125		$	1.32	$	0.64
Granted		-		$	-	$	-
Exercised		-		$	-	$	-
Cancelled		(1,600	)	$	1.10	$	0.49

Balance at September 30, 2012		2,491,525		$	1.32	$	0.64
Granted		30,000		$	0.80	$	0.57
Exercised		-			-		-
Cancelled		(2,725	)	$	1.12	$	0.47

Balance at December 31, 2012		2,518,800		$	1.31	$	0.64
Granted		833,100		$	0.81	$	0.58
Exercised		-			-		-
Cancelled		(938,375	)	$	1.79	$	0.85

Balance at March 31, 2013		2,413,525		$	1.09	$	0.53

As of March 31, 2013, the total compensation costs related to non-vested awards yet to be expensed was approximately $0.7 million to be amortized over the next four years.

The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of March 31, 2013 were as follows:

	Number of Shares		Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)		Intrinsic Value ($)

Employees – Outstanding		2,248,525	$	0.94		3.38		-
Employees – Expected to Vest		2,043,673	$	0.94		3.38		-
Employees – Exercisable		826,525	$	1.37		2.08		-

Non-Employees-Outstanding		165,000	$	1.10		2.62		-
Non-Employees- Expected to Vest		165,000	$	1.10		2.62		-
Non-Employees-Exercisable		157,500	$	1.10		2.63		-

The aggregate intrinsic value in the table above is the sum of the amounts by which the quoted market price of our common stock exceeded the exercise price of the options at March 31, 2013, for those options for which the quoted market price was in excess of the exercise price.

Additional information with respect to outstanding options as of March 31, 2013 is as follows:

Options Outstanding					Options Exercisable
Options Exercise Price Range		Number of Shares		Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Number of Shares		Weighted Average Remaining Contractual Life
$	1.37		30,000	0.62 years	$	1.37		30,000	0.62 years
$	1.29		303,100	1.87 years	$	1.29		227,325	1.87 years
$	1.27		15,000	2.45 years	$	1.27		7,500	2.45 years
$	1.20		246,925	0.87 years	$	1.20		246,925	0.87 years
$	1.15		30,000	2.64 years	$	1.15		30,000	2.64 years
$	1.07		30,000	3.67 years	$	1.07		30,000	3.67 years
$	1.05		30,000	1.64 years	$	1.05		30,000	1.64 years
$	0.95		246,700	3.96 years	$	0.95		61,675	3.96 years
$	0.86		543,700	2.86 years	$	0.86		271,850	2.86 years
$	0.81		833,100	4.86 years	$	0.81		-	4.86 years
$	0.80		30,000	4.61 years	$	0.80		30,000	4.61 years
$	0.75		75,000	3.12 years	$	0.75		18,750	3.12 years

In addition to the above 2007 Plan, the Company issued 10,000 shares of restricted stock during fiscal year ended June 30, 2010 with a weighted average fair value of $0.58 per share.

We use the detailed method provided in ASC 718 for calculating the beginning balance of the additional paid-in capital pool (APIC pool) related to the tax effects of employee stock-based compensation, and to determine the subsequent impact on the APIC pool and the Condensed Consolidated Statements of Cash Flows of the tax effects of employee stock-based compensation awards that are outstanding upon adoption of ASC 718.

NOTE 7- STOCK RIGHTS PLAN

In July 2007, the Company implemented a stock rights program. Pursuant to the program, stockholders of record on August 7, 2007, received a dividend of one right to purchase for $10 one one-hundredth of a share of a newly created Series A Junior Participating Preferred Stock. The rights are attached to the Company’s Common Stock and will also become attached to shares issued subsequent to August 7, 2007. The rights will not be traded separately and will not become exercisable until the occurrence of a triggering event, defined as an accumulation by a single person or group of 20% or more of the Company’s Common Stock. The rights will expire on August 6, 2017 and are redeemable at $0.0001 per right.

After a triggering event, the rights will detach from the Common Stock. If the Company is then merged into, or is acquired by, another corporation, the Company has the opportunity to either (i) redeem the rights or (ii) permit the rights holder to receive in the merger stock of the Company or the acquiring company equal to two times the exercise price of the right (i.e., $20). In the latter instance, the rights attached to the acquirer’s stock become null and void. The effect of the rights program is to make a potential acquisition of the Company more expensive for the acquirer if, in the opinion of the Company’s Board of Directors, the offer is inadequate.

No triggering events occurred in the three and nine months ended March 31, 2013.

NOTE 8- SHAREHOLDER’S EQUITY

The following table analyzes the components of shareholders’ equity from June 30, 2012 to March 31, 2013 (in thousands):

	Common Stock		Paid-in Capital		Accumulated (Deficit)			Shareholders’ Equity
Balance, June 30, 2012	$	21,695	$	10,419	$	(21,883	)	$	10,231
Stock-based compensation expense		-		42		-			42
Net loss		-		-		(105	)		(105	)
Balance, September 30, 2012		21,695		10,461		(21,988	)		10,168
Stock-based compensation expense				60					60
Net loss		-		-		(390	)		(390	)
Balance, December 31, 2012		21,695		10,521		(22,378	)		9,838
Stock-based compensation expense		-		56		-			56
Net income		-		-		150			150
Balance, March 31, 2013	$	21,695	$	10,577	$	(22,228	)	$	10,044

NOTE 9- STOCK REPURCHASE PLAN

In February 2008, the Company’s Board of Directors authorized a stock repurchase program. Under the stock repurchase program, the Company may purchase outstanding shares of its common stock on the open market at such times and prices determined in the sole discretion of management. No shares were acquired pursuant to the repurchase program during the nine months ended March 31, 2013.

NOTE 10- SEGMENT INFORMATION:

In its operation of the business, management reviews certain financial information, including segmented internal profit and loss statements prepared on a basis consistent with U.S. generally accepted accounting principles. Our two segments are Point.360 and Movie>Q. The two segments discussed in this analysis are presented in the way we internally managed and monitored performance for the three and nine month periods ended March 31, 2012 and 2013. Allocations for internal resources were made for the periods. The Movie>Q segment tracks certain assets separately, and all others are recorded in the Point.360 segment for internal reporting presentations. Cash was not segregated between the two segments but retained in the Point.360 segment.

The types of services provided by each segment are summarized below:

Point.360 – The Point.360 segment provides high definition and standard definition digital mastering, data conversion, video and film asset management and sophisticated computer graphics services to owners, producers and distributors of entertainment and advertising content. Point.360 provides the services necessary to edit, master, reformat, convert, archive and ultimately distribute its clients’ film and video content, including television programming feature films and movie trailers. The segment’s interconnected facilities provide service coverage to all major U.S. media centers. Clients include major motion picture studios and independent producers.

Movie>Q – The Movie>Q segment rents and sells DVDs directly to consumers though its retail stores. The stores employ an automated inventory management (“AIM”) system in a 1,200-1,600 square foot facility. By saving space and personnel costs which caused the big box stores to be uncompetitive with lower priced online and vending machine rental alternatives, Movie>Q can offer up to 10,000 unit selections to a customer at competitive rental rates. Movie>Q provides online reservations, an in-store destination experience, first run movie and game titles and a large unit selection.

Segment revenues, operating loss and total assets were as follows (in thousands):

Revenue	Three Months Ended March 31,				Nine Months Ended March 31,
	2012		2013		2012		2013
Point.360	$	8,358	$	8,171	$	25,586	$	23,334
Movie>Q		139		124		422		367
Consolidated revenue	$	8,497	$	8,295	$	26,008	$	23,701

Operating income (loss)	Three Months Ended March 31,						Nine Months Ended March 31,
	2012			2013			2012			2013
Point.360	$	(39	)	$	211		$	606		$	(16	)
Movie>Q		(166	)		(200	)		(503	)		(584	)
Operating income (loss)	$	(205	)	$	11		$	103		$	(600	)

	June 30,		March 31,
Total Assets	2012		2013
Point.360	$	24,536	$	23,675
Movie>Q		1,435		1,136
Consolidated assets	$	25,971	$	24,811

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Except for the historical information contained herein, certain statements in this quarterly report are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, which involve certain risks and uncertainties, which could cause actual results to differ materially from those discussed herein, including but not limited to competition, customer and industry concentration, depending on technological developments, risks related to expansion, dependence on key personnel, fluctuating results and seasonality and control by management. See the relevant portions of the Company's documents filed with the Securities and Exchange Commission, including the Risk Factors section of the Company’s most recent annual report on Form 10-K, and Risk Factors in Item 1A of Part II of this Form 10-Q, for a further discussion of these and other risks and uncertainties applicable to the Company's business.

Overview

Point.360 provides video and film asset management services to owners, producers and distributors of entertainment content. We provide the services necessary to edit, master, reformat and archive our clients’ film and video content, including television programming, feature films and movie trailers using electronic and physical means. Clients include major motion picture studios and independent producers. The Company also rents and sells DVDs directly to consumers through its Movie>Q retail stores.

We operate in a highly competitive environment in which customers desire a broad range of services at a reasonable price. There are many competitors offering some or all of the services provided by us. Additionally, some of our customers are large studios, which also have in-house capabilities that may influence the amount of work outsourced to companies like Point.360. We attract and retain customers by maintaining a high service level at reasonable prices.

The market for our services is primarily dependent on our customers’ desire and ability to monetize their entertainment content. The major studios derive revenues from re-releases and/or syndication of motion pictures and television content. While the size of this market is not quantifiable, we believe studios will continue to repurpose library content to augment uncertain revenues from new releases. The current uncertain economic environment has negatively impacted the ability and willingness of independent producers to create new content.

The demand for entertainment content should continue to expand through web-based applications. We believe long and short form content will be sought by users of personal computers, hand-held devices and home entertainment technology. Additionally, changing formats from standard definition, to high definition, to Blu-Ray and perhaps to 3D will continue to give us the opportunity to provide new services with respect to library content. We also believe that a potentially large consumer market exists for the rental of DVDs, which market is being abandoned by “big box” DVD rental stores.

To meet these needs, we must be prepared to invest in technology and equipment, and attract the talent needed to serve our client needs. Labor, facility and depreciation expenses constituted approximately 82% of our revenues in the nine months ended March 31, 2013. Our goals include maximizing facility and labor usage, and maintaining sufficient cash flow for capital expenditures and acquisitions of complementary businesses to enhance our service offerings.

We have an opportunity to expand our business by establishing closer relationships with our customers through excellent service at a competitive price and adding to our service offering. Our success is also dependent on attracting and maintaining employees capable of maintaining such relationships. Also, growth can be achieved by acquiring similar businesses (for example, the acquisitions of IVC in July 2004, Eden FX in March 2007 and others) that can increase revenues by adding new customers, or expanding current services to existing customers. Additionally, we are looking to capitalize on the Movie>Q retail opportunity.

Our business generally involves the immediate servicing needs of our customers. Most orders are fulfilled within several days, with occasional larger orders spanning weeks or months. At any particular time, we have little firm backlog.

We believe that our interconnected facilities provide the ability to better service customers than single-location competitors. We will look to expand both our service offering and geographical presence through acquisition of other businesses or opening additional facilities.

Three Months Ended March 31, 2012 Compared to Three Months Ended March 31, 2013

Revenues. Revenues were $8.3 million for the three months ended March 31, 2013, compared to $8.5 million for the three months ended March 31, 2012. Revenues declined due to lower orders for distribution of older programming and the timing of orders received with respect to seasonal television programming. Our major television customer is tending to spread current new season debuts throughout the year in reaction to audience acceptance. That customer reduced its outsourced requirement for domestic and foreign distribution of non-current programming by $0.6 million when compared to the prior year period, which orders vary from period to period. Increased sales were experienced in our computer graphic effects business. We continue to have excellent relations with our major customers.

Cost of Services. Costs of services consist principally of wages and benefits, facility costs and depreciation of physical assets. During the three months ended March 31, 2013, total costs of services declined $0.5 million, and were 63% of sales compared to 67% in the prior year. The majority of the decrease was associated with depreciation, facility and material costs. Material costs declined due to the reorganization of functions associated with the shift from physical to file based processes. This also contributed to lower delivery costs. Beginning in the fourth quarter of fiscal 2012, facility costs decreased by approximately $0.2 million per quarter due to the move of one of our Burbank locations to our Media Center facility, which savings is expected to continue. In the current period, outsourced servicing costs increased $0.1 million to complete specific customer tasks, which costs are not expected to continue in future quarters.

Gross Profit. In the three months ended March 31, 2013, gross margin was 37% of sales, compared to 33% for the same period last year. The increase in gross profit percentage is due to the factors cited above. From time to time, we will increase or decrease staff capabilities to satisfy potential customer service demand. We expect gross margins to fluctuate in the future as the sales mix changes.

Selling, General and Administrative Expense. SG&A expense was $3.0 million (37% of sales) in the three months ended March 31, 2013 as compared to $3.0 million (36% of sales) in the same period last year.

Operating Income (Loss). Operating income was $11,000 in the fiscal 2013 period compared to a $0.2 million loss in the same period last year.

Interest Expense. Net interest expense was $0.1 million in the fiscal 2013 period compared to $0.2 million in the prior year. We expect interest expense to decline during the remainder of fiscal 2013 due to a refinancing of our revolving debt and term loans during the quarter ended September 30, 2012 at lower interest rates. Interest expense for our two term loan mortgages declined by approximately $0.1 million in the quarter ended March 31, 2013 when compared to the prior year period.

Other Income. Other income in both periods includes sublease income. The current quarter also includes $0.1 million of income associated with the change in accounting estimate for a customer rebate program.

Net Income (Loss). Net income was $0.2 million in the fiscal 2013 period, compared to a $0.3 million loss in the 2012 period.

Nine Months Ended March 31, 2012 Compared to Nine Months Ended March 31, 2013

Revenues. Revenues were $23.7 million for the nine months ended March 31, 2013, compared to $26.0 million for the nine months ended March 31, 2012. Revenues declined due to lower orders for distribution of older programming and the timing of orders received with respect to seasonal television programming. Our major television customer is tending to spread current new season debuts throughout the year in reaction to audience acceptance. That customer reduced its outsourced requirement for domestic and foreign distribution of non-current programming by approximately $3.0 million when compared to the prior year period, which orders vary from period to period. Sales to two other major studio customers increased $1.5 million for the current period. We continue to have excellent relations with our major customers.

Cost of Services. Costs of services consist principally of wages and benefits, facility costs and depreciation of physical assets. During the nine months ended March 31, 2013, total costs of services declined $1.3 million, and were 65% of sales compared to 64% in the prior year. The majority of the decrease was associated with depreciation, facility and material costs. Material costs declined due to the reorganization of functions associated with the shift from physical to file based processes. This also contributed to lower delivery costs. Beginning in the fourth quarter of fiscal 2012, facility costs decreased by approximately $0.3 million per quarter due to the move of one of our Burbank locations to our Media Center facility, which savings is expected to continue. In the current period, outsourced servicing costs increased $0.3 million to complete specific customer tasks, which costs are not expected to continue in the future.

Gross Profit. In the nine months ended March 31, 2013, gross margin was 35% of sales, compared to 36% for the same period last year. The decrease in gross profit percentage is due to the factors cited above. From time to time, we will increase or decrease staff capabilities to satisfy potential customer service demand. We expect gross margins to fluctuate in the future as the sales mix changes.

Selling, General and Administrative Expense. SG&A expense was $8.9 million (37% of sales) in the nine months ended March 31, 2013 as compared to $9.2 million (35% of sales) in the same period last year. The decrease in SG&A costs was due primarily to lower facility costs in the current period when compared to last year’s period.

Operating Income (Loss). Operating loss was $0.6 million in the fiscal 2013 period, compared to income of $0.1 million in the same period last year.

Interest Expense. Net interest expense was $0.3 million in the current period compared to $0.6 million in the prior year’s period. We expect interest expense to decline during the remainder of fiscal 2013 due to a refinancing of our revolving debt and term loans during the quarter ended September 30, 2012 at lower interest rates. Interest expense for our two term loan mortgages declined by approximately $0.2 million in the nine months ended March 31, 2013 when compared to the prior year period.

Other Income. Other income in both periods includes sublease income. In the fiscal 2013 nine month period, other income also included a $0.3 million discount on debt repayment, the write off of $0.1 million deferred financing and other costs associated with the termination of a line of credit and one mortgage loan, and $0.1 million of income associated with the change in accounting estimate for a customer rebate program.

Net Income (Loss). The net loss was $0.3 million in the fiscal 2013 period, compared to $0.2 million in the 2012 period.

LIQUIDITY AND CAPITAL RESOURCES

This discussion should be read in conjunction with the notes to the financial statements and the corresponding information more fully described elsewhere in this Form 10-Q.

In November 2010, the Company converted approximately $1 million of accounts payable into a note secured by a lien of all the Company’s assets, which security interest was subordinated to that of the $3 million credit agreement and other term and mortgage debt. The remaining amount due under the note was paid in October 2011, at a 12.5% discount.

In August and September of 2012, the Company entered into revolving credit, equipment financing and two mortgage agreements with a bank as follows:

In connection with the new financing of the Hollywood Way mortgage, the Company received $126,000 (the difference between the new $5,526,000 loan and the $5,400,000 payoff amount of the old loan). The Company used cash of $491,000 (the difference between $3,566,000 payoff of the old loan and $3,075,000 provided by the new loan) in the Vine refinancing. The cash used for both transactions was $365,000, net of transaction costs. We expect annual interest savings on the two new mortgages to be approximately $360,000 based on the new mortgage interest rate as of March 31, 2013 as compared to the rates for the prior mortgages.

Minimum tangible net worth (TNW) of $8.5 million (the Company’s actual TNW was $10.0 million as of March 31, 2013).

Minimum quarterly fixed charge ratio (as defined) of 1.25 (the Company’s fixed charge ratio was 3.12 for the quarter ended March 31, 2013).

Amounts Borrowed. As of March 31, 2013, the Company had no outstanding borrowings under the revolving credit facility and $0.3 million borrowed under the equipment financing facility.

In connection with the termination of the prior credit agreement, the Company paid a $30,000 break-up fee, which was reflected in other income/expense in the nine months ended March 31, 2013.

Monthly and annual principal and interest payments due under the capital leases and mortgages are approximately $61,000 and $0.7 million, respectively, assuming no change in interest rates.

The following table summarizes the March 31, 2013 amounts outstanding under our line of credit, capital lease obligations and mortgage loans:

Line of credit	$	-
Current portion of, capital leases and mortgages		444,000
Long-term portion of notes payable, capital leases and mortgages		8,288,000
Total	$	8,732,000

The Company’s cash balance increased from $1,219,000 on July 1, 2012 to $1,410,000 on March 31, 2013, due to the following:

Balance July 1, 2012	$	1,219,000
Decrease in accounts receivable		329,000
Decrease in accrued expenses & other liabilities		(243,000	)
Capital expenditures for property and equipment		(694,000
Changes in other assets and liabilities		799,000
Balance March 31, 2013	$	1,410,000

Cash generated by operating activities is directly dependent upon sales levels and gross margins achieved. We generally receive payments from customers in 60-120 days after services are performed. The larger payroll and facilities components of our cost structure must be paid currently. Payment terms of other liabilities vary by vendor and type. Fluctuations in sales levels will generally affect cash flow negatively or positively in early periods of growth or contraction, respectively, because of operating cash receipt/payment timing. Other investing and financing cash flows also affect cash availability.

In fiscal 2012 and 2013, the underlying drivers of operating cash flows (sales, receivable collections, the timing of vendor payments, facility costs and employment levels) have been consistent. Sales outstanding in accounts receivable have increased from approximately 64 days to 68 days within the last 12 months. We do not expect days sales outstanding to materially fluctuate in the future.

The Company purchased the Vine Property in June 2009. The building is currently being used for storage. Building renovations will cost about $1.0-$1.5 million depending on the expected use of the space. One alternative will be to move our entire West Los Angeles operation to Vine by the May 2014 expiration of the West Los Angles lease if we decide not to exercise our option to extend the lease.

In June 2011, the Company entered into a lease amendment with respect to the Company’s Media Center facility. The amendment provided that the landlord would reimburse the Company for up to $2 million of improvements to be made to the premises. The amendment also provided that the Company’s monthly rent cost would increase approximately $14,000 on July 1, 2011, and an additional $13,000 to approximately $27,000 on April 1, 2012.

The Company incurred $2.1 million of costs for the Media Center construction, of which $2.0 million was reimbursed by the landlord. The Company completed the project and vacated one of its Burbank facilities on the February 28, 2012 expiration of the related lease and move to the Media Center space. Total annual savings, which began in April 2012, are approximately $1.2 million.

We believe our current cash position and a difficult economy may provide us with the opportunity to invest in facility assets that will not only help fix our operating costs, but give us the potential to own appreciating real estate assets. We will continue to evaluate opportunities to reduce facility costs.

The following table summarizes contractual obligations as of March 31, 2013 due in the future:

	Payment due by Period
Contractual Obligations	Total		Less than 1 Year		Years 2 and 3		Years 4 and 5		Thereafter
Long-Term Debt Principal Obligations	$	8,459,000	$	344,000	$	688,000	$	688,000	$	6,739,000
Long-Term Debt Interest Obligations ⁽¹⁾		2,128,000		274,000		513,000		468,000		873,000
Capital Lease Obligations		273,000		100,000		173,000		-		-
Capital Lease Interest Obligations		15,000		9,000		6,000		-		-
Operating Lease Obligations		15,102,000		1,986,000		4,024,000		3,878,000		5,214,000
Line of Credit Obligations		-		-		-		-		-
Total	$	25,977,000	$	2,713,000	$	5,404,000	$	5,034,000	$	12,826,000

⁽¹⁾ Interest on variable rate debt has been computed using the rate on the latest balance sheet date.

As described elsewhere in this Form 10-Q, the Company began a research and development project in Fiscal 2010 to create “proof of concept” stores to distribute digital video discs (DVDs) to consumers. The Company hopes to capture a portion of the DVD rental market being vacated by the closure of many larger distribution vendors’ (e.g., Blockbuster and Hollywood Video) locations. The Company initially issued stock (valued at $500,000) and cash for assets and intellectual property, and spent $4.7 million in Fiscal 2010 and 2011 to test the concept. The plan was to open five test stores, three of which were completed at a cost of approximately $200,000 per store for the physical build-out and inventory. The remaining two of the leased facilities are expected to be completed in the fourth quarter of fiscal 2013 at a cost of approximately $50,000 per store. Over the last 12 months, the quarterly negative cash flow (defined as earnings before interest, taxes, depreciation and amortization) for each of the three stores operating during that period has averaged $20,000 on revenues of $41,000, including rent for the two previously vacant locations. We estimate that cash flow break even can be achieved on revenues of $61,000 per quarter per store, which level may be lower if administrative costs were spread over a larger number of stores. Further expansion of Movie>Q will depend on the performance of the stores and the availability of additional funding.

During the past year, the Company had generated sufficient cash flow to meet operating, capital expenditure and debt service needs and most of its other obligations. When preparing estimates of future cash flows, we consider historical performance, technological changes, market factors, industry trends and other criteria. In our opinion, the Company will continue to be able to fund its needs for the foreseeable future.

We will continue to consider the acquisition of businesses which compliment our current operations and possible real estate transactions. Consummation of any acquisition, real estate or other expansion transaction by the Company may be subject to the Company securing additional financing, perhaps at a cost higher than our existing line of credit and term loans. In the current economic climate, additional financing may not be available. Future earnings and cash flow may be negatively impacted to the extent that any acquired entities do not generate sufficient earnings and cash flow to offset the increased financing costs.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and judgments, including those related to allowance for doubtful accounts, valuation of long-lived assets, and accounting for income taxes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions. We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements.

Critical accounting policies are those that are important to the portrayal of the Company’s financial condition and results, and which require management to make difficult, subjective and/or complex judgments. Critical accounting policies cover accounting matters that are inherently uncertain because the future resolution of such matters is unknown. We have made critical estimates in the following areas:

Revenues. We perform a multitude of services for our clients, including film-to-tape transfer, video and audio editing, standards conversions, adding special effects, duplication, distribution, etc. A customer orders one or more of these services with respect to an element (movie, trailer, electronic press kit, etc.). The sum total of services performed on a particular element (a “package”) becomes the deliverable (i.e., the customer will pay for the services ordered in total when the entire job is completed). Occasionally, a major studio will request that package services be performed on multiple elements. Each element creates a separate revenue stream which is recognized only when all requested services have been performed on that element. At the end of an accounting period, revenue is accrued for un-invoiced but shipped work.

Certain jobs specify that many discrete tasks must be performed which require up to four months to complete. In such cases, we use the proportional performance method for recognizing revenue. Under the proportional performance method, revenue is recognized based on the value of each stand-alone service completed.

In some instances, a client will request that we store (or “vault”) an element for a period ranging from a day to indefinitely. The Company attempts to bill customers a nominal amount for storage, but some customers, especially major movie studios, will not pay for this service. In the latter instance, storage is an accommodation to foster additional business with respect to the related element. It is impossible to estimate (i) the length of time we may house the element, or (ii) the amount of additional services we may be called upon to perform on an element. We do not treat vaulting as a separate deliverable in those instances in which the customer does not pay.

The Company records all revenues when all of the following criteria are met: (i) there is persuasive evidence that an arrangement exists; (ii) delivery has occurred or the services have been rendered; (iii) the Company’s price to the customer is fixed or determinable; and (iv) collectability is reasonably assured. Additionally, in instances where package services are performed on multiple elements or where the proportional performance method is applied, revenue is recognized based on the value of each stand-alone service completed.

Allowance for doubtful accounts. We are required to make judgments, based on historical experience and future expectations, as to the collectability of accounts receivable. The allowances for doubtful accounts and sales returns represent allowances for customer trade accounts receivable that are estimated to be partially or entirely uncollectible. These allowances are used to reduce gross trade receivables to their net realizable value. The Company records these allowances as a charge to selling, general and administrative expenses based on estimates related to the following factors: (i) customer specific allowance; (ii) amounts based upon an aging schedule and (iii) an estimated amount, based on the Company’s historical experience, for issues not yet identified.

Valuation of long-lived and intangible assets. Long-lived assets, consisting primarily of property, plant and equipment comprise a significant portion of the Company’s total assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances have indicated that their carrying amounts may not be recoverable. Recoverability of assets is measured by comparing the carrying amount of an asset to its fair value in a current transaction between willing parties, other than in a forced liquidation sale.

Factors we consider important which could trigger an impairment review include the following:

Significant underperformance relative to expected historical or projected future operating results;


	·	Significant changes in the manner of our use of the acquired assets or the strategy of our overall business;


	·	Significant negative industry or economic trends;


	·	Significant decline in our stock price for a sustained period; and


	·	Our market capitalization relative to net book value.

When we determine that the carrying value of intangibles and long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment, we measure any impairment based on comparing the carrying amount of the asset to its fair value in a current transaction between willing parties or, in the absence of such measurement, on a projected discounted cash flow method using a discount rate determined by our management to be commensurate with the risk inherent in our current business model. Any amount of impairment so determined would be written off as a charge to the statement of operations, together with an equal reduction of the related asset. Net long-lived assets amounted to approximately $16.3 million as of March 31, 2013.

Research and Development. Research and development costs include expenditures for planned search and investigation aimed at discovery of new knowledge to be used to develop new services or processes or significantly enhance existing processes. Research and development costs also include the implementation of the new knowledge through design, testing of service alternatives, or construction of prototypes. The cost of materials and equipment or facilities that are acquired or constructed for research and development activities and that have alternative future uses are capitalized as tangible assets when acquired or constructed. All other research and development costs are expensed as incurred.

Accounting for income taxes. As part of the process of preparing our consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves us estimating our actual current tax exposure together with assessing temporary differences resulting from differing treatment of items, such as deferred revenue, for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and to the extent we believe that recovery is not likely, we must establish a valuation allowance. To the extent we establish a valuation allowance or increase this allowance in a period, we must include an expense within the tax provision in the statement of operations.

At March 31, 2013, the Company has no uncertain tax positions. Significant management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. The deferred tax assets are fully reserved at March 31, 2013.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk. The Company had borrowings of $8.7 million on March 31, 2013 under note payable and mortgage agreements. Our new line of credit, equipment financing and two mortgage loans are subject to variable interest rates. The weighted average interest rate paid during the three months ended March 31, 2013 was 3.25%. For variable rate debt outstanding at March 31, 2013, a .25% increase in interest rates will increase annual interest expense by approximately $21,000. Amounts outstanding or that may become outstanding under the new credit facilities provide for interest primarily at the LIBOR plus 2.5-3.0% (2.7% to 3.2% as of March 31, 2013). The Company’s market risk exposure with respect to financial instruments is to changes in LIBOR.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (the “Exchange Act”), the Company’s management, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of March 31, 2013.

Changes in Internal Control over Financial Reporting

The Chief Executive Officer and President and the Chief Financial Officer conducted an evaluation of our internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) to determine whether any changes in internal control over financial reporting occurred during the quarter ended March 31, 2013 that have materially affected or which are reasonably likely to materially affect internal control over financial reporting. Based on the evaluation, no such change occurred during such period.

Internal control over financial reporting refers to a process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer and effected by our board of directors, management and other personnel, 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 and includes those policies and procedures that:

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

Provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and members of our board of directors; and

Provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial statements.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, the Company may become a party to legal actions and complaints against the Company arising in the ordinary course of business, although it is not currently involved in any such legal proceedings.

ITEM 1A. RISK FACTORS

In our capacity as Company management, we may from time to time make written or oral forward-looking statements with respect to our long-term objectives or expectations which may be included in our filings with the Securities and Exchange Commission (the “SEC”), reports to stockholders and information provided on our web site.

The words or phrases “will likely,” “are expected to,” “is anticipated,” “is predicted,” “forecast,” “estimate,” “project,” “plans to continue,” “believes,” or similar expressions identify “forward-looking statements.” Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. We wish to caution you not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We are calling to your attention important factors that could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The following list of important factors may not be all-inclusive, and we specifically decline to undertake an obligation to publicly revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Among the factors that could have an impact on our ability to achieve expected operating results and growth plan goals and/or affect the market price of our stock are:

Recent history of losses.

Prior breaches and changes in credit agreements and ongoing liquidity.

Our highly competitive marketplace.

The risks associated with dependence upon significant customers.

Our ability to execute our expansion strategy.

The uncertain ability to manage in a changing environment.

Our dependence upon and our ability to adapt to technological developments.

Dependence on key personnel.

Our ability to maintain and improve service quality.

Fluctuation in quarterly operating results and seasonality in certain of our markets.

Possible significant influence over corporate affairs by significant shareholders.

Our ability to operate effectively as a stand-alone, publicly traded company.

l The consequences of failing to implement effective internal controls over financial reporting as

required by Section 404 of the Sarbanes-Oxley Act of 2002.

Possibility of the Company’s stock being delisted from the Nasdaq Capital Market.

Other factors not identified above, including the risk factors described in the “Risk Factors” section of the Company’s June 30, 2012, Form 10-K filed with the Securities and Exchange Commission, may also cause actual results to differ materially from those projected by our forward-looking statements. Most of these factors are difficult to anticipate and are generally beyond our control. You should consider these areas of risk in connection with considering any forward-looking statements that may be made in this Form 10-Q and elsewhere by us and our business generally. Except to the extent of any obligation to disclose material information under the federal securities laws or the rules of the NASDAQ Capital Market, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

ITEM 6. EXHIBITS

(a)

Exhibits

31.1		Certification of Chief Executive Officer Pursuant to 15 U.S.C. § 7241, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Chief Financial Officer Pursuant to 15 U.S.C. § 7241, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Chief Executive Officer Pursuant to 18 U.S.C. § 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Chief Financial Officer Pursuant to 18 U.S.C. § 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		The following unaudited financial information from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, formatted in XBRL (eXtensible Business Reporting Language): (1) Consolidated Balance Sheets as of March 31, 2013 and June 30, 2012; (2) Consolidated Condensed Statements of Operations for the three and nine months ended March 31, 2012 and 2013; (3) Consolidated Condensed Statements of Cash Flows for the nine months ended March 31, 2012 and 2013; and (4) Notes to Condensed Consolidated Financial Statements.*

* Pursuant to Rule 406T of Regulation S-T, the information in Exhibit 101 (a) is “furnished” and is not deemed to be “filed” or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, (b) is deemed not to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and (c) is not otherwise subject to liability under those sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	POINT.360
DATE: May 10, 2013	BY:	/s/ Alan R. Steel
		Alan R. Steel
		Executive Vice President,
		Finance and Administration
		(duly authorized officer and principal financial officer)

EX-31.1 2 v343615_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

15 U.S.C. § 7241

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Haig S. Bagerdjian, certify that:

I have reviewed this report on Form 10-Q of Point.360;

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;

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;

The registrant’s other certifying officer 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

The registrant’s other certifying officer 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.

Date: May 10, 2013	/s/ Haig S. Bagerdjian
	Haig S. Bagerdjian
	Chairman of the Board of Directors,
	President and Chief Executive Officer

EX-31.2 3 v343615_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

15 U.S.C. § 7241

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alan R. Steel, certify that:

I have reviewed this report on Form 10-Q of Point.360;

(a)

(b)

(c)

(d)

(a)

(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.

Date: May 10, 2013	/s/ Alan R. Steel
	Alan R. Steel
	Executive Vice President, Finance and Administration, and Chief Financial Officer

EX-32.1 4 v343615_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. § 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Report of Point.360 (the “Company”) on Form 10-Q for the period ended March 31, 2013, as filed with the Securities and Exchange Commission (the “Report”), I, Haig S. Bagerdjian, Chief 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 2002, that, to my knowledge:

(1)

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

(2)

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

/s/ Haig S. Bagerdjian
Haig S. Bagerdjian
Chief Executive Officer
May 10, 2013

EX-32.2 5 v343615_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. § 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Report of Point.360 (the “Company”) on Form 10-Q for the period ended March 31, 2013, as filed with the Securities and Exchange Commission (the “Report”), I, Alan R. Steel, Chief 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 2002, that, to my knowledge:

(1)

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

(2)

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

/s/ Alan R. Steel
Alan R. Steel
Chief Financial Officer
May 10, 2013

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Note 1 – THE COMPANY   The Company provides high definition and standard definition digital mastering, data conversion, video and film asset management and sophisticated computer graphics services to owners, producers and distributors of entertainment and advertising content. The Company provides the services necessary to edit, master, reformat, convert, archive and ultimately distribute its clients’ film and video content, including television programming feature films and movie trailers. The Company’s interconnected facilities provide service coverage to all major U.S. media centers. Clients include major motion picture studios and independent producers. The Company also rents and sells DVDs directly to consumers through its Movie>Q retail stores.   The Company operates in two business segments from three post production and three Movie>Q locations. Each post production location is electronically tied to the others and serves the same customer base. Depending on the location size, the production equipment consists of tape duplication, feature movie and commercial ad editing, encoding, standards conversion, and other machinery. Each location employs personnel with the skills required to efficiently run the equipment and handle customer requirements. While all locations are not exactly the same, an order received at one location may be fulfilled at one or more “sister” facilities to use resources in the most efficient manner.   Typically, a feature film or television show or related material will be submitted to a facility by a motion picture studio, independent producer, advertising agency, or corporation for processing and distribution. A common sales force markets the Company’s capability for all facilities. Once an order is received, the local customer service representative determines the most cost-effective way to perform the services considering geographical logistics and facility capabilities.   In fiscal 2010, the Company purchased assets and intellectual property for a research and development project to address the viability of the DVD rental business being abandoned by the closure of Movie Gallery/Hollywood Video and Blockbuster stores. The DVD rental market consists principally of online services (Netflix), vending machines (Redbox) and other video stores.   As of March 31, 2013, the Company had opened three Movie>Q stores in Southern California employing an automated inventory management (“AIM”) system in a 1,200-1,600 square foot facility. Two additional stores employing a smaller inventory management system are under construction and expected to be opened in the fourth fiscal quarter. By saving space and personnel costs which caused the big box stores to be uncompetitive with lower priced online and vending machine rental alternatives, Movie>Q can offer up to 10,000 unit selections to a customer at competitive rental rates. Movie>Q provides online reservations, an in-store destination experience, first run movie titles and a large unit selection (as opposed to 400-700 for a Redbox vending machine).   Based on the success of the five stores, the Company may seek to expand the number of Movie>Q stores while further streamlining the design and production of the AIM system. Movie>Q provides the Company with a content distribution capability complimentary to the Company’s post production business.   The accompanying unaudited Condensed Consolidated Financial Statements include the accounts and transactions of the Company, including those of the Company’s subsidiaries. The statements have been prepared in accordance with accounting principles generally accepted in the United States of America and by the Securities and Exchange Commission’s rules and regulations for reporting interim financial statements and footnotes. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements. Operating results for the three and nine month periods ended March 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2013. These financial statements should be read in conjunction with the financial statements and related notes contained in the Company’s Form 10-K for the period ended June 30, 2012.    Pro Forma Earnings (Loss) Per Share   A reconciliation of the denominator of the basic earnings per share (“EPS”) computation to the denominator of the diluted EPS computation is as follows (in thousands):   <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Three Months Ended March 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Three Months Ended March 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended March 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended March 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Pro forma weighted average of number of shares</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="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 48%;">Weighted average number of common shares outstanding used in computation of basic EPS</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">10,513</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">10,513</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">10,513</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">10,513</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Dilutive effect of outstanding stock options</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="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;">-</td> <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;">-</td> <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;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Weighted average number of common and potential Common shares outstanding used in computation of Diluted EPS</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;">10,513</td> <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;">10,513</td> <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;">10,513</td> <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;">10,513</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Effect of dilutive options excluded in the computation of diluted EPS due to net loss</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;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </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;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </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;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </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;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   The weighted average number of common shares outstanding were the same amount for both basic and diluted income per share in the three month period ended March 31, 2012 and 2013 and the nine-month periods ended March 31, 2012 and 2013. The effect of potentially dilutive securities for those periods were excluded from the computation of diluted earnings per share because their effect would be anti-dilutive (i.e., including such securities would result in a higher earnings per share, or lower loss per share, respectively). There were 1,540,094 and 984,025 potentially dilutive shares at March 31, 2012 and 2013, respectively.   Fair Value Measurements   The Company follows a framework for consistently measuring fair value under generally accepted accounting principles, and the disclosures of fair value measurements. The framework provides a fair value hierarchy to classify the source of the information.     The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value and include the following:   Level 1 – Quoted prices in active markets for identical assets or liabilities.   Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.    Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.   Cash, the only Level 1 input applicable to the Company (there are no Level 2 or 3 inputs), is stated on the Condensed Consolidated Balance Sheets at fair value.   As of March 31, 2013 the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and interest payable approximates fair value due to the short-term nature of such instruments. The carrying value of other long-term liabilities approximates fair value as the related interest rates approximate rates currently available to the Company.   Recent Accounting Pronouncements   In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2010-06, “Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements.” This guidance amends the disclosure requirements related to recurring and nonrecurring fair value measurements and requires new disclosures on the transfers of assets and liabilities between Level 1 (quoted prices in active market for identical assets or liabilities) and Level 2 (significant other observable inputs) of the fair value measurement hierarchy, including the reasons and the timing of the transfers. Additionally, the guidance requires a roll forward of activities on purchases, sales, issuance and settlements of the assets and liabilities measured using significant unobservable inputs (Level 3 fair value measurements). The guidance became effective for the reporting period beginning July 1, 2010, except for the disclosure on the roll forward activities for Level 3 fair value measurements, which became effective for the reporting period beginning July 1, 2011. Other than requiring additional disclosures, adoption of this new guidance does not have a material impact on our financial statements.    In May 2011, the FASB issued updated accounting guidance related to fair value measurements and disclosures that result in common fair value measurements and disclosures between U.S. GAAP and International Financial Reporting Standards. This guidance includes amendments that clarify the application of existing fair value measurement requirements, in addition to other amendments that change principles or requirements for measuring fair value and for disclosing information about fair value measurements. The adoption of this guidance has not had any impact on the Company’s consolidated financial statements.

NOTE 2 - LONG TERM DEBT AND NOTES PAYABLE   In July 2008, the Company entered into a Promissory Note with a bank (the “note”) in order to purchase land and a building that had been occupied by the Company since 1998 (the total purchase price was approximately $8.1 million). Pursuant to the note, the Company borrowed $6,000,000. The mortgage was paid off in September 2012 and replaced by a new mortgage (see below). The Company received a $332,000 discount in connection with the payoff and wrote off approximately $90,000 of deferred financing costs related to the note, both of which were recorded as other income (expense) in the quarter ended September 30, 2012.   In June 2009, the Company entered into a $3,562,500 Purchase Money Promissory Note secured by a Deed of Trust for the purchase of land and a building. The note was repaid in September 2012 and replaced by a new mortgage (see below).   In November 2010, the Company converted approximately $1 million of accounts payable into a note secured by a lien of all the Company’s assets, which security interest was subordinated to the Company’s then-existing credit agreement and other term and mortgage debt. The remaining amount due under the note was paid in October 2011, at a 12.5% discount.   In January 2011, the Company entered into a credit agreement which provided $1 million of credit. In March 2011, the credit limit was increased to $3 million. In August 2012, the credit agreement was replaced as discussed below.   In August and September of 2012, the Company entered into revolving credit, equipment financing and two mortgage agreements with a bank as follows:   Revolving Credit Facility. The revolving credit facility provides up to $5 million of credit based on 80% of eligible accounts receivable, as defined. The agreement provides for interest at the lower of (i) Libor plus 2.75% (2.95% as of March 31, 2013) or (ii) the bank’s alternative base rate plus 1.75% (5.00% as of March 31, 2013), plus 0.25% per annum assessed on the unused portion of the credit commitment. The maturity date is August 15, 2014 and is renewable for an additional year on each anniversary date upon mutual agreement of the parties.   Equipment Financing Facility. The equipment financing facility provides up to $1.25 million of financing for the cost of new and already-owned or leased equipment. The agreement provides for interest at the bank’s cost of funds plus 3% (4.00% as of March 31, 2013). The maturity date for each “schedule” of equipment is up to four years from the borrowing date. Amounts may be borrowed under the facility until August 14, 2013.   Hollywood Way and Vine Street Mortgages. In September 2012, the Company entered into two real estate term loan agreements with respect to its Hollywood Way and Vine Street locations for $5.5 million and $3.1 million, respectively. The loans provide for interest at Libor plus 3% (3.20% as of March 31, 2013). Repayment is based on monthly payments with a 25-year amortization, with all principal due in 10 years. The real estate loans are secured by trust deeds on the properties.   General Terms. All amounts due under the revolving credit, equipment financing and term loan facilities are secured by all personal property and real estate of the Company. While amounts are outstanding under the credit arrangements, the Company will be subject to financial covenants as follows:   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 81pt;"></td> <td style="width: 13.5pt;">1.</td> <td style="text-align: justify;">Minimum tangible net worth (TNW) of $8.5 million (the Company’s actual TNW was $10.0 million as of March 31, 2013).</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 81pt;"></td> <td style="width: 13.5pt;">2.</td> <td style="text-align: justify;">Minimum quarterly EBITDA (as defined) of $750,000, provided that EBITDA may be a minimum of $500,000 in any one quarter within four consecutive quarters (the Company’s EBITDA was $0.9 million for the quarter ended March 31, 2013).</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 81pt;"></td> <td style="width: 13.5pt;">3.</td> <td style="text-align: justify;">Minimum quarterly fixed charge ratio (as defined) of 1.25 (the Company’s fixed charge ratio was 3.12 for the quarter ended March 31, 2013).</td> </tr> </table>   All obligations to the bank are cross collateralized and there are cross-default provisions among the bank and all other Company debt obligations. The agreements contain certain other terms and conditions common with such arrangements.     Amounts Borrowed. As of March 31, 2013, the Company had no outstanding borrowings under the revolving credit facility and $0.3 million borrowed under the equipment financing facility.   In connection with the termination of the prior credit agreement, the Company paid a $30,000 break-up fee, which was reflected in other income/expense in the nine months ended March 31, 2013.

NOTE 3- PROPERTY AND EQUIPMENT   In March 2006, the Company entered into a sale and leaseback transaction with respect to its Media Center real estate. The real estate was sold for approximately $14.0 million resulting in a $1.3 million after tax gain. In accordance with the Accounting Standards Codification (ASC) 840-40, the gain will be amortized over the initial 15-year lease term as reduced rent. Net proceeds at the closing of the sale were used to pay off the mortgage and other outstanding debt. A $250,000 security deposit related to the lease has been recorded as a deposit in “other assets, net” in the Condensed Consolidated Balance Sheets as of June 30, 2012 and March 31, 2013.   The lease is treated as an operating lease for financial reporting purposes. After the initial lease term, the Company has four five-year options to extend the lease. Minimum annual rent payments for the initial five years of the lease were $1,111,000, increasing annually thereafter based on the Consumer Price Index change from year to year.   In June 2011, the Company entered into a lease amendment with respect to the Company’s Media Center facility. The amendment provided that the landlord would reimburse the Company up to $2 million for the leasehold improvements to be made by the Company to the premises. The leasehold improvements would be recorded as a fixed asset and amortized over the remaining term of the lease (until March 2021). Pursuant to the lease amendment, the Company’s monthly lease costs increased by approximately $14,000 on July 1, 2011, and by an additional $13,000 to approximately $27,000 on April 1, 2012. The Company incurred $2.1 million of costs for construction, of which $2.0 million was reimbursed by the landlord. A deferred lease incentive has been recorded for the total amount reimbursed by the landlord in accordance with ASC 840-20. The lease incentive is being amortized over the remaining lease term as an offset to rent.   The Company vacated one of its Burbank facilities on the February 28, 2012 expiration of the related lease and moved to the Media Center space, which reduced monthly operating expenses by approximately $100,000. Total annual savings beginning in April 2012 are approximately $1.2 million.   Property and equipment consist of the following as of March 31, 2013:   <table align="center" style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 67%;">Land</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 30%;">3,985,000</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Buildings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,287,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Machinery and equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">37,886,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Leasehold improvements</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,082,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Computer equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,893,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Equipment under capital lease</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">856,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Office equipment, CIP</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;">619,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Subtotal</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">69,608,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less accumulated depreciation and 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;">(53,293,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;">Property and equipment, net</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;">16,315,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table>

NOTE 4- COMMITMENTS AND CONTINGENCIES   From time to time, the Company may become a party to legal actions and complaints arising in the ordinary course of business, although it is not currently involved in any such legal proceedings.

NOTE 5- INCOME TAXES   The Company reviewed its Accounting Standards Codification (“ASC”) 740-10 documentation for the periods through March 31, 2013 to ascertain if any changes should be made with respect to tax positions previously taken. In addition, the Company reviewed its income tax reporting through March 31, 2013. Based on Company’s review of its tax positions as of March 31, 2013, no new uncertain tax positions have been identified; nor has new information become available that would change management’s judgment with respect to tax positions previously taken.    As of March 31, 2013, the Company had no net deferred tax assets.  No tax benefit was recorded during the three or nine month periods ended March 31, 2013 because future realizability of such benefit was not considered to be more likely than not.    The ASC prescribes a recognition and measurement of a tax position taken or expected to be taken in a tax return and provides guidance on derecognition of tax benefits, classification on the balance sheet, interest and penalties, accounting in interim periods, disclosure, and transition.   The Company files income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal state or local income tax examinations by tax authorities for years before 2008.

NOTE 6- STOCK OPTION PLAN, STOCK-BASED COMPENSATION   In May 2007, the Board of Directors approved the 2007 Equity Incentive Plan (the “2007 Plan”). The 2007 Plan provides for the award of options to purchase up to 2,000,000 shares of common stock, appreciation rights and restricted stock awards.   In November 2010, the shareholders approved the 2010 Incentive Plan (the “2010 Plan”). The 2010 Plan provides for the award of options to purchase up to 4,000,000 shares of common stock, appreciation rights and restricted stock and performance awards.   Under the 2007 and 2010 Plans, the stock option price per share for options granted is determined by the Board of Directors and is based on the market price of the Company’s common stock on the date of grant, and each option is exercisable within the period and in the increments as determined by the Board, except that no option can be exercised later than ten years from the grant date. The stock options generally vest in one to five years.   The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. We also estimate the fair value of the award that is ultimately expected to vest to be recognized as expense over the requisite service periods in our Condensed Consolidated Statements of Operations.   We estimate the fair value of share-based payment awards to employees and directors on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Condensed Consolidated Statements of Operations. Stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations for the three and nine month periods ended March 31, 2013 included compensation expense for the share-based payment awards based on the grant date fair value. For stock-based awards issued to employees and directors, stock-based compensation is attributed to expense using the straight-line single option method. As stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations for the periods reported in this Form 10-Q is based on awards expected to vest, forfeitures are also estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For the period being reported in this Form 10-Q, expected forfeitures are immaterial. The Company will re-assess the impact of forfeitures if actual forfeitures increase in future quarters. Stock-based compensation expense related to employee or director stock options recognized for the three and nine month periods ended March 31, 2012 and 2013 was as follows:   <table style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 77%; font-weight: normal;">Three months ended March 31, 2012</td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 20%; font-weight: normal;">65,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Three months ended March 31, 2013</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">56,000</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Nine months ended March 31, 2012</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">252,000</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Nine months ended March 31, 2013</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">158,000</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> </table>   The Company’s determination of fair value of share-based payment awards to employees and directors on the date of grant uses the Black-Scholes model, which is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, the expected stock price volatility over the expected term of the awards, and actual and projected employee stock options exercise behaviors. The Company estimates expected volatility using historical data. The expected term is estimated using the “safe harbor” provisions provided by the SEC.    During each of the three and nine month periods ended March 31, 2012 and 2013, the Company granted awards of stock options as follows:   <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: normal;" colspan="6" nowrap="nowrap">2007 Plan</td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: normal;" colspan="6" nowrap="nowrap">2010 Plan</td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Options</td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Exercise</td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Options</td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Exercise</td> <td style="font-weight: normal;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Granted</td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Price per Share</td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Granted</td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Price per Share</td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 40%; font-weight: normal;">Three months ended March 31, 2012</td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">-</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 12%; font-weight: normal;">-</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">247,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 12%; font-weight: normal;">0.95</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Three months ended March 31, 2013</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">833,100</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.81</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Nine months ended March 31, 2012</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.07</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">247,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.95</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Nine months ended March 31, 2013</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">863,100</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.81</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> </table>   The following table summarizes the status of the 2007 and 2010 Plans as of March 31, 2013:   <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2007 Plan</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2010 Plan</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 55%; font-weight: normal;">Options originally available</td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">2,000,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">4,000,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">6,000,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Stock options outstanding</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">1,875,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">538,100</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2,413,525</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Options available for grant</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">112,575</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">3,461,900</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">3,574,475</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> </table>   Transactions involving stock options are summarized as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Number of Shares </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Weighted Average Exercise Price </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Weighted Average Grant Date Fair Value </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 52%; font-weight: normal;">Balance at June 30, 2012</td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 13%; font-weight: normal;">2,493,125</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 13%; font-weight: normal;">1.32</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 13%; font-weight: normal;">0.64</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Granted</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Exercised</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">Cancelled</td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">(1,600</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">)</td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">1.10</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">0.49</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Balance at September 30, 2012</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2,491,525</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.32</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.64</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Granted</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.80</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.57</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Exercised</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">Cancelled</td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">(2,725</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">)</td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">1.12</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">0.47</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Balance at December 31, 2012</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2,518,800</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.31</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.64</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Granted</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">833,100</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.81</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.58</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Exercised</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">Cancelled</td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">(938,375</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">)</td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">1.79</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">0.85</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Balance at March 31, 2013</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2,413,525</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.09</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.53</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> </table>   As of March 31, 2013, the total compensation costs related to non-vested awards yet to be expensed was approximately $0.7 million to be amortized over the next four years.   The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of March 31, 2013 were as follows:   <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number of Shares</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price ($)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Remaining Contractual Life (Years)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Intrinsic Value ($) </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 40%; font-weight: normal;">Employees – Outstanding</td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">2,248,525</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 12%; font-weight: normal;">0.94</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">3.38</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">-</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Employees – Expected to Vest</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2,043,673</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.94</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">3.38</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Employees – Exercisable</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">826,525</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.37</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2.08</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Non-Employees-Outstanding</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">165,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.10</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2.62</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Non-Employees- Expected to Vest</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">165,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.10</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2.62</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Non-Employees-Exercisable</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">157,500</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.10</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2.63</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> </table>    The aggregate intrinsic value in the table above is the sum of the amounts by which the quoted market price of our common stock exceeded the exercise price of the options at March 31, 2013, for those options for which the quoted market price was in excess of the exercise price.   Additional information with respect to outstanding options as of March 31, 2013 is as follows:   <table align="center" style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="9">Options Outstanding</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="9">Options Exercisable</td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Options Exercise Price Range </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Number of Shares </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"> Weighted Average Remaining Contractual Life </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Weighted Average Exercise Price </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number of Shares</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"> Weighted Average Remaining Contractual Life </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 14%; font-weight: normal;">1.37</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 14%; font-weight: normal;">30,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: center; width: 16%; font-weight: normal;">0.62 years</td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 14%; font-weight: normal;">1.37</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 14%; font-weight: normal;">30,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: center; width: 15%; font-weight: normal;">0.62 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.29</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">303,100</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">1.87 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.29</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">227,325</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">1.87 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.27</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">15,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">2.45 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.27</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">7,500</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">2.45 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.20</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">246,925</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">0.87 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.20</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">246,925</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">0.87 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.15</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">2.64 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.15</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">2.64 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.07</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">3.67 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.07</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">3.67 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.05</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">1.64 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.05</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">1.64 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.95</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">246,700</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">3.96 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.95</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">61,675</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">3.96 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.86</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">543,700</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">2.86 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.86</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">271,850</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">2.86 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.81</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">833,100</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">4.86 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.81</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">4.86 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.80</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">4.61 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.80</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">4.61 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.75</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">75,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">3.12 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.75</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">18,750</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">3.12 years</td> </tr> </table>   In addition to the above 2007 Plan, the Company issued 10,000 shares of restricted stock during fiscal year ended June 30, 2010 with a weighted average fair value of $0.58 per share.   We use the detailed method provided in ASC 718 for calculating the beginning balance of the additional paid-in capital pool (APIC pool) related to the tax effects of employee stock-based compensation, and to determine the subsequent impact on the APIC pool and the Condensed Consolidated Statements of Cash Flows of the tax effects of employee stock-based compensation awards that are outstanding upon adoption of ASC 718.

NOTE 7- STOCK RIGHTS PLAN   In July 2007, the Company implemented a stock rights program. Pursuant to the program, stockholders of record on August 7, 2007, received a dividend of one right to purchase for $10 one one-hundredth of a share of a newly created Series A Junior Participating Preferred Stock. The rights are attached to the Company’s Common Stock and will also become attached to shares issued subsequent to August 7, 2007. The rights will not be traded separately and will not become exercisable until the occurrence of a triggering event, defined as an accumulation by a single person or group of 20% or more of the Company’s Common Stock. The rights will expire on August 6, 2017 and are redeemable at $0.0001 per right.   After a triggering event, the rights will detach from the Common Stock. If the Company is then merged into, or is acquired by, another corporation, the Company has the opportunity to either (i) redeem the rights or (ii) permit the rights holder to receive in the merger stock of the Company or the acquiring company equal to two times the exercise price of the right (i.e., $20). In the latter instance, the rights attached to the acquirer’s stock become null and void. The effect of the rights program is to make a potential acquisition of the Company more expensive for the acquirer if, in the opinion of the Company’s Board of Directors, the offer is inadequate.   No triggering events occurred in the three and nine months ended March 31, 2013.

NOTE 8- SHAREHOLDER’S EQUITY   The following table analyzes the components of shareholders’ equity from June 30, 2012 to March 31, 2013 (in thousands):   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"> Common Stock </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"> Paid-in Capital </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"> Accumulated (Deficit) </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"> Shareholders’ Equity </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 40%;">Balance, June 30, 2012</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">21,695</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">10,419</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">(21,883</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">10,231</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Stock-based compensation expense</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;">42</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;">42</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Net loss</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="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;">-</td> <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;">(105</td> <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;">(105</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Balance, September 30, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,695</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,461</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(21,988</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,168</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Stock-based compensation expense</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;">60</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;">60</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Net loss</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="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;">-</td> <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;">(390</td> <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;">(390</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Balance, December 31, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,695</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,521</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(22,378</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,838</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Stock-based compensation expense</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;">56</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;">56</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Net income</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="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;">-</td> <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;">150</td> <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;">150</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Balance, March 31, 2013</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">21,695</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">10,577</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(22,228</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">10,044</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table>

NOTE 9- STOCK REPURCHASE PLAN   In February 2008, the Company’s Board of Directors authorized a stock repurchase program. Under the stock repurchase program, the Company may purchase outstanding shares of its common stock on the open market at such times and prices determined in the sole discretion of management. No shares were acquired pursuant to the repurchase program during the nine months ended March 31, 2013.

NOTE 10- SEGMENT INFORMATION:   In its operation of the business, management reviews certain financial information, including segmented internal profit and loss statements prepared on a basis consistent with U.S. generally accepted accounting principles. Our two segments are Point.360 and Movie>Q. The two segments discussed in this analysis are presented in the way we internally managed and monitored performance for the three and nine month periods ended March 31, 2012 and 2013. Allocations for internal resources were made for the periods. The Movie>Q segment tracks certain assets separately, and all others are recorded in the Point.360 segment for internal reporting presentations. Cash was not segregated between the two segments but retained in the Point.360 segment.   The types of services provided by each segment are summarized below:   Point.360 – The Point.360 segment provides high definition and standard definition digital mastering, data conversion, video and film asset management and sophisticated computer graphics services to owners, producers and distributors of entertainment and advertising content. Point.360 provides the services necessary to edit, master, reformat, convert, archive and ultimately distribute its clients’ film and video content, including television programming feature films and movie trailers. The segment’s interconnected facilities provide service coverage to all major U.S. media centers. Clients include major motion picture studios and independent producers.   Movie>Q – The Movie>Q segment rents and sells DVDs directly to consumers though its retail stores. The stores employ an automated inventory management (“AIM”) system in a 1,200-1,600 square foot facility. By saving space and personnel costs which caused the big box stores to be uncompetitive with lower priced online and vending machine rental alternatives, Movie>Q can offer up to 10,000 unit selections to a customer at competitive rental rates. Movie>Q provides online reservations, an in-store destination experience, first run movie and game titles and a large unit selection.   Segment revenues, operating loss and total assets were as follows (in thousands):   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: justify;">     Revenue </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Three Months Ended March 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Nine Months Ended March 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 40%;">Point.360</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">8,358</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">8,171</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">25,586</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">23,334</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Movie>Q</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;">139</td> <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;">124</td> <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;">422</td> <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;">367</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Consolidated revenue</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,497</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,295</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">26,008</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">23,701</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>    <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: justify;">     Operating income (loss) </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Three Months Ended March 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Nine Months Ended March 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 40%;">Point.360</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">(39</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">211</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">606</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">(16</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Movie>Q</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;">(166</td> <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;">(200</td> <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;">(503</td> <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;">(584</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Operating income (loss)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(205</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">11</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">103</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(600</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table>   <table style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"></td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">June 30,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">March 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap">Total Assets</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 66%;">Point.360</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 14%;">24,536</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 14%;">23,675</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Movie>Q</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;">1,435</td> <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;">1,136</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Consolidated assets</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">25,971</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">24,811</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table>

A reconciliation of the denominator of the basic earnings per share (“EPS”) computation to the denominator of the diluted EPS computation is as follows (in thousands):   <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Three Months Ended March 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Three Months Ended March 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended March 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended March 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Pro forma weighted average of number of shares</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="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 48%;">Weighted average number of common shares outstanding used in computation of basic EPS</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">10,513</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">10,513</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">10,513</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">10,513</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Dilutive effect of outstanding stock options</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="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;">-</td> <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;">-</td> <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;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Weighted average number of common and potential Common shares outstanding used in computation of Diluted EPS</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;">10,513</td> <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;">10,513</td> <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;">10,513</td> <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;">10,513</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Effect of dilutive options excluded in the computation of diluted EPS due to net loss</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;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </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;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </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;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </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;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table>

Property and equipment consist of the following as of March 31, 2013:   <table align="center" style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 67%;">Land</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 30%;">3,985,000</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Buildings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,287,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Machinery and equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">37,886,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Leasehold improvements</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,082,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Computer equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,893,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Equipment under capital lease</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">856,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Office equipment, CIP</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;">619,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Subtotal</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">69,608,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less accumulated depreciation and 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;">(53,293,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;">Property and equipment, net</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;">16,315,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table>

<div>Stock-based compensation expense related to employee or director stock options recognized for the three and nine month periods ended March 31, 2012 and 2013 was as follows:</div>   <table style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 77%; font-weight: normal;">Three months ended March 31, 2012</td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 20%; font-weight: normal;">65,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Three months ended March 31, 2013</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">56,000</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Nine months ended March 31, 2012</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">252,000</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Nine months ended March 31, 2013</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">158,000</td> <td style="text-align: left; font-weight: normal;"></td> </tr> </table>

During each of the three and nine month periods ended March 31, 2012 and 2013, the Company granted awards of stock options as follows:   <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: normal;" colspan="6" nowrap="nowrap">2007 Plan</td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: normal;" colspan="6" nowrap="nowrap">2010 Plan</td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Options</td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Exercise</td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Options</td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="font-weight: normal;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Exercise</td> <td style="font-weight: normal;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Granted</td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Price per Share</td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Granted</td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: normal;" colspan="2" nowrap="nowrap">Price per Share</td> <td style="padding-bottom: 1pt; font-weight: normal;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 40%; font-weight: normal;">Three months ended March 31, 2012</td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">-</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 12%; font-weight: normal;">-</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">247,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 12%; font-weight: normal;">0.95</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Three months ended March 31, 2013</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">833,100</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.81</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Nine months ended March 31, 2012</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.07</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">247,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.95</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Nine months ended March 31, 2013</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">863,100</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.81</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"></td> </tr> </table>

The following table summarizes the status of the 2007 and 2010 Plans as of March 31, 2013:   <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2007 Plan</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2010 Plan</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 55%; font-weight: normal;">Options originally available</td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">2,000,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">4,000,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">6,000,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Stock options outstanding</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">1,875,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">538,100</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2,413,525</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Options available for grant</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">112,575</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">3,461,900</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">3,574,475</td> <td style="text-align: left; font-weight: normal;"></td> </tr> </table>

Transactions involving stock options are summarized as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Number of Shares </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Weighted Average Exercise Price </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Weighted Average Grant Date Fair Value </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 52%; font-weight: normal;">Balance at June 30, 2012</td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 13%; font-weight: normal;">2,493,125</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 13%; font-weight: normal;">1.32</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 13%; font-weight: normal;">0.64</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Granted</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Exercised</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">Cancelled</td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">(1,600</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">)</td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">1.10</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">0.49</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Balance at September 30, 2012</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2,491,525</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.32</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.64</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Granted</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.80</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.57</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Exercised</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">Cancelled</td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">(2,725</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">)</td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">1.12</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">0.47</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Balance at December 31, 2012</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2,518,800</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.31</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.64</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Granted</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">833,100</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.81</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.58</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Exercised</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">Cancelled</td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">(938,375</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">)</td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">1.79</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">0.85</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Balance at March 31, 2013</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2,413,525</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.09</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.53</td> <td style="text-align: left; font-weight: normal;"></td> </tr> </table>

The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of March 31, 2013 were as follows:   <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number of Shares</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price ($)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Remaining Contractual Life (Years)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Intrinsic Value ($) </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 40%; font-weight: normal;">Employees – Outstanding</td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">2,248,525</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 12%; font-weight: normal;">0.94</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">3.38</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 12%; font-weight: normal;">-</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Employees – Expected to Vest</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2,043,673</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.94</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">3.38</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Employees – Exercisable</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">826,525</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.37</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2.08</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Non-Employees-Outstanding</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">165,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.10</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2.62</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Non-Employees- Expected to Vest</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">165,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.10</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2.62</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">Non-Employees-Exercisable</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">157,500</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.10</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">2.63</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"></td> </tr> </table>

Additional information with respect to outstanding options as of March 31, 2013 is as follows:   <table align="center" style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="9">Options Outstanding</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="9">Options Exercisable</td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Options Exercise Price Range </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Number of Shares </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"> Weighted Average Remaining Contractual Life </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> Weighted Average Exercise Price </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number of Shares</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"> Weighted Average Remaining Contractual Life </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 14%; font-weight: normal;">1.37</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 14%; font-weight: normal;">30,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: center; width: 16%; font-weight: normal;">0.62 years</td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 14%; font-weight: normal;">1.37</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="text-align: right; width: 14%; font-weight: normal;">30,000</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: center; width: 15%; font-weight: normal;">0.62 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.29</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">303,100</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">1.87 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.29</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">227,325</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">1.87 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.27</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">15,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">2.45 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.27</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">7,500</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">2.45 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.20</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">246,925</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">0.87 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.20</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">246,925</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">0.87 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.15</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">2.64 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.15</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">2.64 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.07</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">3.67 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.07</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">3.67 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.05</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">1.64 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">1.05</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">1.64 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.95</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">246,700</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">3.96 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.95</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">61,675</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">3.96 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.86</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">543,700</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">2.86 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.86</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">271,850</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">2.86 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.81</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">833,100</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">4.86 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.81</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">-</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">4.86 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.80</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">4.61 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.80</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">30,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">4.61 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.75</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">75,000</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">3.12 years</td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;">$</td> <td style="text-align: right; font-weight: normal;">0.75</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal;"> </td> <td style="text-align: right; font-weight: normal;">18,750</td> <td style="text-align: left; font-weight: normal;"> </td> <td style="font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal;">3.12 years</td> </tr> </table>

The following table analyzes the components of shareholders’ equity from June 30, 2012 to March 31, 2013 (in thousands):   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"> Common Stock </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"> Paid-in Capital </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"> Accumulated (Deficit) </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"> Shareholders’ Equity </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 40%;">Balance, June 30, 2012</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">21,695</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">10,419</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">(21,883</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">10,231</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Stock-based compensation expense</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;">42</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;">42</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Net loss</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="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;">-</td> <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;">(105</td> <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;">(105</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Balance, September 30, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,695</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,461</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(21,988</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,168</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Stock-based compensation expense</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;">60</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;">60</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Net loss</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="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;">-</td> <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;">(390</td> <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;">(390</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Balance, December 31, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,695</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,521</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(22,378</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,838</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Stock-based compensation expense</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;">56</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;">56</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Net income</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="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;">-</td> <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;">150</td> <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;">150</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Balance, March 31, 2013</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">21,695</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">10,577</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(22,228</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">10,044</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table>

Segment revenues, operating loss and total assets were as follows (in thousands):   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: justify;">     Revenue </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Three Months Ended March 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Nine Months Ended March 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 40%;">Point.360</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">8,358</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">8,171</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">25,586</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">23,334</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Movie>Q</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;">139</td> <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;">124</td> <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;">422</td> <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;">367</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Consolidated revenue</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,497</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,295</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">26,008</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">23,701</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>    <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: justify;">     Operating income (loss) </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Three Months Ended March 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Nine Months Ended March 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 40%;">Point.360</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">(39</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">211</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">606</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">(16</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Movie>Q</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;">(166</td> <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;">(200</td> <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;">(503</td> <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;">(584</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Operating income (loss)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(205</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">11</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">103</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(600</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table>   <table style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"></td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">June 30,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">March 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap">Total Assets</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2013</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 66%;">Point.360</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 14%;">24,536</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 14%;">23,675</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Movie>Q</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;">1,435</td> <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;">1,136</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Consolidated assets</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">25,971</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">24,811</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table>

3 3

1600 1200 10000

1540094

984025

1000000

3000000

1250000

5000000

6000000

3562500

1000000

0.1250 332000

90000

5500000

3100000

Libor plus 3

0.0320

P25Y P10Y 0.8000

2013-08-14

2014-08-15

300000

0.0175

0.0300

0.0275

0.0500

0.04

0.0295

0.0025

P4Y 10000000 8500000 900000 500000 750000 3.12 1.25

30000

14000000

1300000

P15Y

250000

4 P5Y

1111000

2000000 14000 13000

27000

2100000

2000000 100000 1200000

3985000

9287000

37886000

9082000

7893000

856000

619000

69608000

53293000

2000000

4000000

6000000

2000000

4000000

P10Y P10Y P5Y P1Y

700000

P4Y

10000

0.58

65000

252000

56000

158000

247000

30000

247000

30000

833100

863100

0.95

1.07

0.95

0.80

0.81

2493125

2413525

1875000

538100

303100

30000

543700

833100

30000

15000

75000

165000

2248525

30000

246700

246925

2491525

2518800

3574475

112575

3461900

1600

2725

938375

1.32

1.09

1.29

1.07

1.05

0.80

0.86

0.81

1.15

1.27

0.75

1.10

0.94

1.37

0.95

1.20

1.32

1.31

1.10

1.12

1.79

0.64 0.53 0.64 0.64

0.57

0.58

0 0 0 0.49 0.47 0.85

165000

2043673

227325

30000

271850

30000

7500

18750

157500

826525

30000

61675

246925

1.10

0.94

1.10

1.37

P1Y10M13D

P3Y8M1D

P1Y7M21D

P4Y7M10D

P2Y10M10D

P4Y10M10D

P2Y7M21D

P2Y5M12D

P3Y1M13D

P2Y7M13D

P3Y4M17D

P7M13D

P3Y11M16D

P10M13D

P2Y7M13D

P3Y4M17D

P1Y10M13D

P3Y8M1D

P1Y7M21D

P4Y7M10D

P2Y10M10D

P4Y10M10D

P2Y7M21D

P2Y5M12D

P3Y1M13D

P2Y7M17D

P2Y29D

P7M13D

P3Y11M16D

P10M13D

1.29

1.07

1.05

0.80

0.86

0.81

1.15

1.27

0.75

1.37

0.95

1.20

0.2000 2017-08-06 0.0001 20

42000

60000

56000

-2000

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Additional Information with Respect to Outstanding Options (Detail) (USD $)					9 Months Ended
	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2013 Range One	Mar. 31, 2013 Range Two	Mar. 31, 2013 Range Three	Mar. 31, 2013 Range Four	Mar. 31, 2013 Range Five	Mar. 31, 2013 Range Six	Mar. 31, 2013 Range Seven	Mar. 31, 2013 Range Eight	Mar. 31, 2013 Range Nine	Mar. 31, 2013 Range Ten	Mar. 31, 2013 Range Eleven	Mar. 31, 2013 Range Twelve
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Options Exercise Price Range					$ 1.37	$ 1.29	$ 1.27	$ 1.20	$ 1.15	$ 1.07	$ 1.05	$ 0.95	$ 0.86	$ 0.81	$ 0.80	$ 0.75
Options Outstanding, Number of Shares	2,413,525	2,518,800	2,491,525	2,493,125	30,000	303,100	15,000	246,925	30,000	30,000	30,000	246,700	543,700	833,100	30,000	75,000
Options Outstanding, Weighted Average Remaining Contractual Life					7 months 13 days	1 year 10 months 13 days	2 years 5 months 12 days	10 months 13 days	2 years 7 months 21 days	3 years 8 months 1 day	1 year 7 months 21 days	3 years 11 months 16 days	2 years 10 months 10 days	4 years 10 months 10 days	4 years 7 months 10 days	3 years 1 month 13 days
Options Outstanding, Weighted Average Exercise Price	$ 1.09	$ 1.31	$ 1.32	$ 1.32	$ 1.37	$ 1.29	$ 1.27	$ 1.20	$ 1.15	$ 1.07	$ 1.05	$ 0.95	$ 0.86	$ 0.81	$ 0.80	$ 0.75
Options Exercisable, Number of Shares					30,000	227,325	7,500	246,925	30,000	30,000	30,000	61,675	271,850	0	30,000	18,750
Options Exercisable, Weighted Average Exercise Price					7 months 13 days	1 year 10 months 13 days	2 years 5 months 12 days	10 months 13 days	2 years 7 months 21 days	3 years 8 months 1 day	1 year 7 months 21 days	3 years 11 months 16 days	2 years 10 months 10 days	4 years 10 months 10 days	4 years 7 months 10 days	3 years 1 month 13 days

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The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options.

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Property and Equipment (Detail) (USD $)	Mar. 31, 2013	Jun. 30, 2012
Property, Plant and Equipment [Line Items]
Land	$ 3,985,000
Buildings	9,287,000
Machinery and equipment	37,886,000
Leasehold improvements	9,082,000
Computer equipment	7,893,000
Equipment under capital lease	856,000
Office equipment, CIP	619,000
Subtotal	69,608,000
Less accumulated depreciation and amortization	(53,293,000)
Property and equipment, net	$ 16,315,000	$ 17,475,000

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Segment Revenues, Operating Loss and Total Assets (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012	Jun. 30, 2012
Segment Reporting Information [Line Items]
Revenue	$ 8,295	$ 8,497	$ 23,701	$ 26,008
Operating Income (loss)	11	(205)	(600)	103
Total Assets	24,811		24,811		25,971
Point.360
Segment Reporting Information [Line Items]
Revenue	8,171	8,358	23,334	25,586
Operating Income (loss)	211	(39)	(16)	606
Total Assets	23,675		23,675		24,536
Movie Q
Segment Reporting Information [Line Items]
Revenue	124	139	367	422
Operating Income (loss)	(200)	(166)	(584)	(503)
Total Assets	$ 1,136		$ 1,136		$ 1,435

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COMMITMENTS AND CONTINGENCIES

9 Months Ended

Mar. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 4- COMMITMENTS AND CONTINGENCIES

From time to time, the Company may become a party to legal actions and complaints arising in the ordinary course of business, although it is not currently involved in any such legal proceedings.

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The entire disclosure for commitments and contingencies.

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Company granted awards of stock options (Detail) (USD $)
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Dec. 31, 2012

Sep. 30, 2012

Mar. 31, 2013

2007 Equity Incentive Plan

Mar. 31, 2012

2007 Equity Incentive Plan

Mar. 31, 2013

2007 Equity Incentive Plan

Mar. 31, 2012

2007 Equity Incentive Plan

Mar. 31, 2013

2010 Incentive Plan

Mar. 31, 2012

2010 Incentive Plan

Mar. 31, 2013

2010 Incentive Plan

Mar. 31, 2012

2010 Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted 833,100 30,000 0 833,100 0 863,100 30,000 0 247,000 0 247,000

Weighted average Exercise price $ 0.81 $ 0.80 $ 0 $ 0.81 $ 0 $ 0.81 $ 1.07 $ 0 $ 0.95 $ 0 $ 0.95

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Mar. 31, 2012

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Mar. 31, 2012

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Summary of Status of Stock Plans (Detail)

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Options originally available 6,000,000 2,000,000 2,000,000 4,000,000 4,000,000

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Summary of Stock Options Transactions (Detail) (USD $)
3 Months Ended

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Number of Shares

Beginning Balance 2,518,800 2,491,525 2,493,125

Granted 833,100 30,000 0

Exercise 0 0 0

Cancelled (938,375) (2,725) (1,600)

Ending Balance 2,413,525 2,518,800 2,491,525

Weighted Average Exercise Price

Beginning Balance $ 1.31 $ 1.32 $ 1.32

Granted $ 0.81 $ 0.80 $ 0

Exercised $ 0 $ 0 $ 0

Cancelled $ 1.79 $ 1.12 $ 1.10

Ending Balance $ 1.09 $ 1.31 $ 1.32

Weighted Average Grant Date Fair Value

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XML 22 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6

PROPERTY AND EQUIPMENT
9 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT
NOTE 3- PROPERTY AND EQUIPMENT

In March 2006, the Company entered into a sale and leaseback transaction with respect to its Media Center real estate. The real estate was sold for approximately $14.0 million resulting in a $1.3 million after tax gain. In accordance with the Accounting Standards Codification (ASC) 840-40, the gain will be amortized over the initial 15-year lease term as reduced rent. Net proceeds at the closing of the sale were used to pay off the mortgage and other outstanding debt. A $250,000 security deposit related to the lease has been recorded as a deposit in “other assets, net” in the Condensed Consolidated Balance Sheets as of June 30, 2012 and March 31, 2013.

The lease is treated as an operating lease for financial reporting purposes. After the initial lease term, the Company has four five-year options to extend the lease. Minimum annual rent payments for the initial five years of the lease were $1,111,000, increasing annually thereafter based on the Consumer Price Index change from year to year.

In June 2011, the Company entered into a lease amendment with respect to the Company’s Media Center facility. The amendment provided that the landlord would reimburse the Company up to $2 million for the leasehold improvements to be made by the Company to the premises. The leasehold improvements would be recorded as a fixed asset and amortized over the remaining term of the lease (until March 2021). Pursuant to the lease amendment, the Company’s monthly lease costs increased by approximately $14,000 on July 1, 2011, and by an additional $13,000 to approximately $27,000 on April 1, 2012. The Company incurred $2.1 million of costs for construction, of which $2.0 million was reimbursed by the landlord. A deferred lease incentive has been recorded for the total amount reimbursed by the landlord in accordance with ASC 840-20. The lease incentive is being amortized over the remaining lease term as an offset to rent.

The Company vacated one of its Burbank facilities on the February 28, 2012 expiration of the related lease and moved to the Media Center space, which reduced monthly operating expenses by approximately $100,000. Total annual savings beginning in April 2012 are approximately $1.2 million.

Property and equipment consist of the following as of March 31, 2013:

Land $ 3,985,000

Buildings 9,287,000

Machinery and equipment 37,886,000

Leasehold improvements 9,082,000

Computer equipment 7,893,000

Equipment under capital lease 856,000

Office equipment, CIP 619,000

Subtotal 69,608,000

Less accumulated depreciation and amortization (53,293,000 )

Property and equipment, net $ 16,315,000

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Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding (Detail) (USD $)
9 Months Ended

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2013

Employees

Mar. 31, 2013

Non-Employees

Number of Shares

Outstanding 2,413,525 2,518,800 2,491,525 2,493,125 2,248,525 165,000

Vested and Expected to Vest 2,043,673 165,000

Exercisable 826,525 157,500

Weighted Average Exercise Price

Outstanding $ 1.09 $ 1.31 $ 1.32 $ 1.32 $ 0.94 $ 1.10

Vested and Expected to Vest $ 0.94 $ 1.10

Exercisable $ 1.37 $ 1.10

Weighted Average Remaining Contractual Life (Years)

Outstanding 3 years 4 months 17 days 2 years 7 months 13 days

Vested and Expected to Vest 3 years 4 months 17 days 2 years 7 months 13 days

Exercisable 2 years 29 days 2 years 7 months 17 days

Intrinsic Value

Outstanding $ 0 $ 0

Vested and Expected to Vest 0 0

Exercisable $ 0 $ 0

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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified

Mar. 31, 2013

Jun. 30, 2012

Current assets:

Cash and cash equivalents $ 1,410 $ 1,219

Accounts receivable, net of allowances for doubtful accounts of $330 and $352, respectively 5,565 5,916

Inventories, net 306 272

Prepaid expenses and other current assets 454 274

Prepaid income taxes 70 70

Total current assets 7,805 7,751

Property and equipment, net 16,315 17,475

Other assets, net 691 745

Total assets 24,811 25,971

Current liabilities:

Current portion of notes payable 344 77

Capital lease obligations 100 95

Accounts payable 1,314 1,276

Accrued wages and benefits 1,565 1,367

Other accrued expenses 43 279

Current portion of deferred gain on sale of real estate 178 178

Current portion of deferred lease incentive 209 209

Other current liabilities 13 9

Total current liabilities 3,766 3,490

Notes payable, less current portion 8,288 9,236

Deferred gain on sale of real estate, less current portion 1,248 1,382

Deferred lease incentive, less current portion 1,462 1,618

Other long term liabilities 3 14

Total long-term liabilities 11,001 12,250

Total liabilities 14,767 15,740

Commitments and contingencies (Note 4)

Shareholders equity:

Preferred stock no par value; 5,000,000 shares authorized; none outstanding 0 0

Common stock no par value; 50,000,000 shares authorized; 10,513,166 shares issued and outstanding on June 30, 2012 and March 31, 2013 21,695 21,695

Additional paid-in capital 10,577 10,419

Accumulated deficit (22,228) (21,883)

Total shareholders equity 10,044 10,231

Total liabilities and shareholders equity $ 24,811 $ 25,971

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THE COMPANY
9 Months Ended

Mar. 31, 2013

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

THE COMPANY
Note 1 – THE COMPANY

The Company provides high definition and standard definition digital mastering, data conversion, video and film asset management and sophisticated computer graphics services to owners, producers and distributors of entertainment and advertising content. The Company provides the services necessary to edit, master, reformat, convert, archive and ultimately distribute its clients’ film and video content, including television programming feature films and movie trailers. The Company’s interconnected facilities provide service coverage to all major U.S. media centers. Clients include major motion picture studios and independent producers. The Company also rents and sells DVDs directly to consumers through its Movie>Q retail stores.

The Company operates in two business segments from three post production and three Movie>Q locations. Each post production location is electronically tied to the others and serves the same customer base. Depending on the location size, the production equipment consists of tape duplication, feature movie and commercial ad editing, encoding, standards conversion, and other machinery. Each location employs personnel with the skills required to efficiently run the equipment and handle customer requirements. While all locations are not exactly the same, an order received at one location may be fulfilled at one or more “sister” facilities to use resources in the most efficient manner.

Typically, a feature film or television show or related material will be submitted to a facility by a motion picture studio, independent producer, advertising agency, or corporation for processing and distribution. A common sales force markets the Company’s capability for all facilities. Once an order is received, the local customer service representative determines the most cost-effective way to perform the services considering geographical logistics and facility capabilities.

In fiscal 2010, the Company purchased assets and intellectual property for a research and development project to address the viability of the DVD rental business being abandoned by the closure of Movie Gallery/Hollywood Video and Blockbuster stores. The DVD rental market consists principally of online services (Netflix), vending machines (Redbox) and other video stores.

As of March 31, 2013, the Company had opened three Movie>Q stores in Southern California employing an automated inventory management (“AIM”) system in a 1,200-1,600 square foot facility. Two additional stores employing a smaller inventory management system are under construction and expected to be opened in the fourth fiscal quarter. By saving space and personnel costs which caused the big box stores to be uncompetitive with lower priced online and vending machine rental alternatives, Movie>Q can offer up to 10,000 unit selections to a customer at competitive rental rates. Movie>Q provides online reservations, an in-store destination experience, first run movie titles and a large unit selection (as opposed to 400-700 for a Redbox vending machine).

Based on the success of the five stores, the Company may seek to expand the number of Movie>Q stores while further streamlining the design and production of the AIM system. Movie>Q provides the Company with a content distribution capability complimentary to the Company’s post production business.

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts and transactions of the Company, including those of the Company’s subsidiaries. The statements have been prepared in accordance with accounting principles generally accepted in the United States of America and by the Securities and Exchange Commission’s rules and regulations for reporting interim financial statements and footnotes. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements. Operating results for the three and nine month periods ended March 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2013. These financial statements should be read in conjunction with the financial statements and related notes contained in the Company’s Form 10-K for the period ended June 30, 2012.



Pro Forma Earnings (Loss) Per Share

A reconciliation of the denominator of the basic earnings per share (“EPS”) computation to the denominator of the diluted EPS computation is as follows (in thousands):

Three Months
Ended
March 31, Three Months
Ended
March 31, Nine Months
Ended
March 31, Nine Months
Ended
March 31,

2012 2013 2012 2013

Pro forma weighted average of number of shares

Weighted average number of common shares outstanding used in computation of basic EPS 10,513 10,513 10,513 10,513

Dilutive effect of outstanding stock options - - - -

Weighted average number of common and potential Common shares outstanding used in computation of Diluted EPS 10,513 10,513 10,513 10,513

Effect of dilutive options excluded in the computation of diluted EPS due to net loss - - - -

The weighted average number of common shares outstanding were the same amount for both basic and diluted income per share in the three month period ended March 31, 2012 and 2013 and the nine-month periods ended March 31, 2012 and 2013. The effect of potentially dilutive securities for those periods were excluded from the computation of diluted earnings per share because their effect would be anti-dilutive (i.e., including such securities would result in a higher earnings per share, or lower loss per share, respectively). There were 1,540,094 and 984,025 potentially dilutive shares at March 31, 2012 and 2013, respectively.

Fair Value Measurements

The Company follows a framework for consistently measuring fair value under generally accepted accounting principles, and the disclosures of fair value measurements. The framework provides a fair value hierarchy to classify the source of the information.

The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value and include the following:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.



Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Cash, the only Level 1 input applicable to the Company (there are no Level 2 or 3 inputs), is stated on the Condensed Consolidated Balance Sheets at fair value.

As of March 31, 2013 the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and interest payable approximates fair value due to the short-term nature of such instruments. The carrying value of other long-term liabilities approximates fair value as the related interest rates approximate rates currently available to the Company.

Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2010-06, “Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements.” This guidance amends the disclosure requirements related to recurring and nonrecurring fair value measurements and requires new disclosures on the transfers of assets and liabilities between Level 1 (quoted prices in active market for identical assets or liabilities) and Level 2 (significant other observable inputs) of the fair value measurement hierarchy, including the reasons and the timing of the transfers. Additionally, the guidance requires a roll forward of activities on purchases, sales, issuance and settlements of the assets and liabilities measured using significant unobservable inputs (Level 3 fair value measurements). The guidance became effective for the reporting period beginning July 1, 2010, except for the disclosure on the roll forward activities for Level 3 fair value measurements, which became effective for the reporting period beginning July 1, 2011. Other than requiring additional disclosures, adoption of this new guidance does not have a material impact on our financial statements.



In May 2011, the FASB issued updated accounting guidance related to fair value measurements and disclosures that result in common fair value measurements and disclosures between U.S. GAAP and International Financial Reporting Standards. This guidance includes amendments that clarify the application of existing fair value measurement requirements, in addition to other amendments that change principles or requirements for measuring fair value and for disclosing information about fair value measurements. The adoption of this guidance has not had any impact on the Company’s consolidated financial statements.

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Components of shareholders' equity (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Mar. 31, 2012

Mar. 31, 2013

Mar. 31, 2012

Beginning Balance $ 9,838 $ 10,168 $ 10,231 $ 10,231

Stock-based compensation expense 56 60 42

Net income/loss 150 (390) (105) (327) (345) (167)

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Common Stock

Beginning Balance 21,695 21,695 21,695 21,695

Stock-based compensation expense 0 0

Net income/loss 0 0 0

Ending Balance 21,695 21,695 21,695 21,695

Paid-in Capital

Beginning Balance 10,521 10,461 10,419 10,419

Stock-based compensation expense 56 60 42

Net income/loss 0 0 0

Ending Balance 10,577 10,521 10,461 10,577

Accumulated (Deficit)

Beginning Balance (22,378) (21,988) (21,883) (21,883)

Stock-based compensation expense 0 0

Net income/loss 150 (390) (105)

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Reconciliation of Denominator of Basic Earnings Per Share Computation to Denominator of Diluted Earnings Per Share Computation (Detail)
3 Months Ended 9 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Mar. 31, 2013

Mar. 31, 2012

Earnings Per Share Disclosure [Line Items]

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Earnings Per Share Disclosure [Line Items]

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Segment Information - Additional Information (Detail)
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Movie Q | Minimum

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LONG TERM DEBT AND NOTES PAYABLE
9 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

LONG TERM DEBT AND NOTES PAYABLE
NOTE 2 - LONG TERM DEBT AND NOTES PAYABLE

In July 2008, the Company entered into a Promissory Note with a bank (the “note”) in order to purchase land and a building that had been occupied by the Company since 1998 (the total purchase price was approximately $8.1 million). Pursuant to the note, the Company borrowed $6,000,000. The mortgage was paid off in September 2012 and replaced by a new mortgage (see below). The Company received a $332,000 discount in connection with the payoff and wrote off approximately $90,000 of deferred financing costs related to the note, both of which were recorded as other income (expense) in the quarter ended September 30, 2012.

In June 2009, the Company entered into a $3,562,500 Purchase Money Promissory Note secured by a Deed of Trust for the purchase of land and a building. The note was repaid in September 2012 and replaced by a new mortgage (see below).

In November 2010, the Company converted approximately $1 million of accounts payable into a note secured by a lien of all the Company’s assets, which security interest was subordinated to the Company’s then-existing credit agreement and other term and mortgage debt. The remaining amount due under the note was paid in October 2011, at a 12.5% discount.

In January 2011, the Company entered into a credit agreement which provided $1 million of credit. In March 2011, the credit limit was increased to $3 million. In August 2012, the credit agreement was replaced as discussed below.

In August and September of 2012, the Company entered into revolving credit, equipment financing and two mortgage agreements with a bank as follows:

Revolving Credit Facility. The revolving credit facility provides up to $5 million of credit based on 80% of eligible accounts receivable, as defined. The agreement provides for interest at the lower of (i) Libor plus 2.75% (2.95% as of March 31, 2013) or (ii) the bank’s alternative base rate plus 1.75% (5.00% as of March 31, 2013), plus 0.25% per annum assessed on the unused portion of the credit commitment. The maturity date is August 15, 2014 and is renewable for an additional year on each anniversary date upon mutual agreement of the parties.

Equipment Financing Facility. The equipment financing facility provides up to $1.25 million of financing for the cost of new and already-owned or leased equipment. The agreement provides for interest at the bank’s cost of funds plus 3% (4.00% as of March 31, 2013). The maturity date for each “schedule” of equipment is up to four years from the borrowing date. Amounts may be borrowed under the facility until August 14, 2013.

Hollywood Way and Vine Street Mortgages. In September 2012, the Company entered into two real estate term loan agreements with respect to its Hollywood Way and Vine Street locations for $5.5 million and $3.1 million, respectively. The loans provide for interest at Libor plus 3% (3.20% as of March 31, 2013). Repayment is based on monthly payments with a 25-year amortization, with all principal due in 10 years. The real estate loans are secured by trust deeds on the properties.

General Terms. All amounts due under the revolving credit, equipment financing and term loan facilities are secured by all personal property and real estate of the Company. While amounts are outstanding under the credit arrangements, the Company will be subject to financial covenants as follows:

1. Minimum tangible net worth (TNW) of $8.5 million (the Company’s actual TNW was $10.0 million as of March 31, 2013).

2. Minimum quarterly EBITDA (as defined) of $750,000, provided that EBITDA may be a minimum of $500,000 in any one quarter within four consecutive quarters (the Company’s EBITDA was $0.9 million for the quarter ended March 31, 2013).

3. Minimum quarterly fixed charge ratio (as defined) of 1.25 (the Company’s fixed charge ratio was 3.12 for the quarter ended March 31, 2013).

All obligations to the bank are cross collateralized and there are cross-default provisions among the bank and all other Company debt obligations. The agreements contain certain other terms and conditions common with such arrangements.



Amounts Borrowed. As of March 31, 2013, the Company had no outstanding borrowings under the revolving credit facility and $0.3 million borrowed under the equipment financing facility.

In connection with the termination of the prior credit agreement, the Company paid a $30,000 break-up fee, which was reflected in other income/expense in the nine months ended March 31, 2013.

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Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified

Mar. 31, 2013

Jun. 30, 2012

Accounts receivable, allowances for doubtful accounts $ 352 $ 330

Preferred stock, no par value $ 0 $ 0

Preferred stock, shares authorized 5,000,000 5,000,000

Preferred stock, outstanding 0 0

Common stock, no par value $ 0 $ 0

Common stock, shares authorized 50,000,000 50,000,000

Common stock, shares issued 10,513,166 10,513,166

Common stock, shares outstanding 10,513,166 10,513,166

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PROPERTY AND EQUIPMENT (Tables)
9 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Property and Equipment
Property and equipment consist of the following as of March 31, 2013:

Land $ 3,985,000

Buildings 9,287,000

Machinery and equipment 37,886,000

Leasehold improvements 9,082,000

Computer equipment 7,893,000

Equipment under capital lease 856,000

Office equipment, CIP 619,000

Subtotal 69,608,000

Less accumulated depreciation and amortization (53,293,000 )

Property and equipment, net $ 16,315,000

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Document and Entity Information
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Mar. 31, 2013

Document Information [Line Items]

Document Type 10-Q

Amendment Flag false

Document Period End Date Mar. 31, 2013

Document Fiscal Year Focus 2013

Document Fiscal Period Focus Q3

Trading Symbol PTSX

Entity Registrant Name Point.360

Entity Central Index Key 0001398797

Current Fiscal Year End Date --06-30

Entity Filer Category Smaller Reporting Company

Entity Common Stock Shares Outstanding 10,513,166

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STOCK OPTION PLAN, STOCK-BASED COMPENSATION (Tables)
9 Months Ended

Mar. 31, 2013

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Stock-based compensation expense related to employee or director stock options
Stock-based compensation expense related to employee or director stock options recognized for the three and nine month periods ended March 31, 2012 and 2013 was as follows:

Three months ended March 31, 2012 $ 65,000

Three months ended March 31, 2013 56,000

Nine months ended March 31, 2012 252,000

Nine months ended March 31, 2013 158,000

Company granted awards of stock options
During each of the three and nine month periods ended March 31, 2012 and 2013, the Company granted awards of stock options as follows:

2007 Plan 2010 Plan

Options Exercise Options Exercise

Granted Price per Share Granted Price per Share

Three months ended March 31, 2012 - $ - 247,000 $ 0.95

Three months ended March 31, 2013 833,100 $ 0.81 - $ -

Nine months ended March 31, 2012 30,000 $ 1.07 247,000 $ 0.95

Nine months ended March 31, 2013 863,100 $ 0.81 - $ -

Summary of Status of Stock Plans
The following table summarizes the status of the 2007 and 2010 Plans as of March 31, 2013:

2007 Plan 2010 Plan Total

Options originally available 2,000,000 4,000,000 6,000,000

Stock options outstanding 1,875,000 538,100 2,413,525

Options available for grant 112,575 3,461,900 3,574,475

Summary of Stock Options Transactions
Transactions involving stock options are summarized as follows:

Number

of Shares

Weighted Average

Exercise Price

Weighted Average

Grant Date

Fair Value

Balance at June 30, 2012 2,493,125 $ 1.32 $ 0.64

Granted - $ - $ -

Exercised - $ - $ -

Cancelled (1,600 ) $ 1.10 $ 0.49

Balance at September 30, 2012 2,491,525 $ 1.32 $ 0.64

Granted 30,000 $ 0.80 $ 0.57

Exercised - - -

Cancelled (2,725 ) $ 1.12 $ 0.47

Balance at December 31, 2012 2,518,800 $ 1.31 $ 0.64

Granted 833,100 $ 0.81 $ 0.58

Exercised - - -

Cancelled (938,375 ) $ 1.79 $ 0.85

Balance at March 31, 2013 2,413,525 $ 1.09 $ 0.53

Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding
The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of March 31, 2013 were as follows:

Number of
Shares Weighted Average
Exercise Price ($) Weighted Average
Remaining
Contractual Life
(Years)
Intrinsic

Value ($)

Employees – Outstanding 2,248,525 $ 0.94 3.38 -

Employees – Expected to Vest 2,043,673 $ 0.94 3.38 -

Employees – Exercisable 826,525 $ 1.37 2.08 -

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Non-Employees- Expected to Vest 165,000 $ 1.10 2.62 -

Non-Employees-Exercisable 157,500 $ 1.10 2.63 -

Additional Information with Respect to Outstanding Options
Additional information with respect to outstanding options as of March 31, 2013 is as follows:

Options Outstanding Options Exercisable

Options Exercise

Price Range

Number of

Shares

Weighted
Average

Remaining

Contractual Life

Weighted
Average

Exercise Price
Number of
Shares
Weighted
Average

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Contractual Life

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$ 1.29 303,100 1.87 years $ 1.29 227,325 1.87 years

$ 1.27 15,000 2.45 years $ 1.27 7,500 2.45 years

$ 1.20 246,925 0.87 years $ 1.20 246,925 0.87 years

$ 1.15 30,000 2.64 years $ 1.15 30,000 2.64 years

$ 1.07 30,000 3.67 years $ 1.07 30,000 3.67 years

$ 1.05 30,000 1.64 years $ 1.05 30,000 1.64 years

$ 0.95 246,700 3.96 years $ 0.95 61,675 3.96 years

$ 0.86 543,700 2.86 years $ 0.86 271,850 2.86 years

$ 0.81 833,100 4.86 years $ 0.81 - 4.86 years

$ 0.80 30,000 4.61 years $ 0.80 30,000 4.61 years

$ 0.75 75,000 3.12 years $ 0.75 18,750 3.12 years

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 9 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Mar. 31, 2013

Mar. 31, 2012

Revenues $ 8,295,000 $ 8,497,000 $ 23,701,000 $ 26,008,000

Cost of services sold (5,244,000) (5,657,000) (15,418,000) (16,696,000)

Gross profit 3,051,000 2,840,000 8,283,000 9,312,000

Selling, general and administrative expense (3,040,000) (3,045,000) (8,883,000) (9,209,000)

Operating Income (loss) 11,000 (205,000) (600,000) 103,000

Interest expense (68,000) (199,000) (316,000) (637,000)

Interest income 0 0 0 20,000

Other income 207,000 77,000 571,000 347,000

Income (loss) before income taxes 150,000 (327,000) (345,000) (167,000)

Provision for income taxes 0 0 0 0

Net income (loss) $ 150,000 $ (327,000) $ (345,000) $ (167,000)

Basic:

Net income (loss) $ 0.01 $ (0.03) $ (0.03) $ (0.02)

Weighted average number of shares 10,513,166 10,513,166 10,513,166 10,513,166

Diluted:

Net income (loss) $ 0.01 $ (0.03) $ (0.03) $ (0.02)

Weighted average number of shares including the dilutive effect of stock options 10,513,166 10,513,166 10,513,166 10,513,166

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XML 38 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6

STOCK RIGHTS PLAN
9 Months Ended

Mar. 31, 2013

Stock Rights Plan [Abstract]

STOCK RIGHTS PLAN
NOTE 7- STOCK RIGHTS PLAN

In July 2007, the Company implemented a stock rights program. Pursuant to the program, stockholders of record on August 7, 2007, received a dividend of one right to purchase for $10 one one-hundredth of a share of a newly created Series A Junior Participating Preferred Stock. The rights are attached to the Company’s Common Stock and will also become attached to shares issued subsequent to August 7, 2007. The rights will not be traded separately and will not become exercisable until the occurrence of a triggering event, defined as an accumulation by a single person or group of 20% or more of the Company’s Common Stock. The rights will expire on August 6, 2017 and are redeemable at $0.0001 per right.

After a triggering event, the rights will detach from the Common Stock. If the Company is then merged into, or is acquired by, another corporation, the Company has the opportunity to either (i) redeem the rights or (ii) permit the rights holder to receive in the merger stock of the Company or the acquiring company equal to two times the exercise price of the right (i.e., $20). In the latter instance, the rights attached to the acquirer’s stock become null and void. The effect of the rights program is to make a potential acquisition of the Company more expensive for the acquirer if, in the opinion of the Company’s Board of Directors, the offer is inadequate.

No triggering events occurred in the three and nine months ended March 31, 2013.

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STOCK OPTION PLAN, STOCK-BASED COMPENSATION
9 Months Ended

Mar. 31, 2013

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

STOCK OPTION PLAN, STOCK-BASED COMPENSATION
NOTE 6- STOCK OPTION PLAN, STOCK-BASED COMPENSATION

In May 2007, the Board of Directors approved the 2007 Equity Incentive Plan (the “2007 Plan”). The 2007 Plan provides for the award of options to purchase up to 2,000,000 shares of common stock, appreciation rights and restricted stock awards.

In November 2010, the shareholders approved the 2010 Incentive Plan (the “2010 Plan”). The 2010 Plan provides for the award of options to purchase up to 4,000,000 shares of common stock, appreciation rights and restricted stock and performance awards.

Under the 2007 and 2010 Plans, the stock option price per share for options granted is determined by the Board of Directors and is based on the market price of the Company’s common stock on the date of grant, and each option is exercisable within the period and in the increments as determined by the Board, except that no option can be exercised later than ten years from the grant date. The stock options generally vest in one to five years.

The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. We also estimate the fair value of the award that is ultimately expected to vest to be recognized as expense over the requisite service periods in our Condensed Consolidated Statements of Operations.

We estimate the fair value of share-based payment awards to employees and directors on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Condensed Consolidated Statements of Operations. Stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations for the three and nine month periods ended March 31, 2013 included compensation expense for the share-based payment awards based on the grant date fair value. For stock-based awards issued to employees and directors, stock-based compensation is attributed to expense using the straight-line single option method. As stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations for the periods reported in this Form 10-Q is based on awards expected to vest, forfeitures are also estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For the period being reported in this Form 10-Q, expected forfeitures are immaterial. The Company will re-assess the impact of forfeitures if actual forfeitures increase in future quarters. Stock-based compensation expense related to employee or director stock options recognized for the three and nine month periods ended March 31, 2012 and 2013 was as follows:

Three months ended March 31, 2012 $ 65,000

Three months ended March 31, 2013 56,000

Nine months ended March 31, 2012 252,000

Nine months ended March 31, 2013 158,000

The Company’s determination of fair value of share-based payment awards to employees and directors on the date of grant uses the Black-Scholes model, which is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, the expected stock price volatility over the expected term of the awards, and actual and projected employee stock options exercise behaviors. The Company estimates expected volatility using historical data. The expected term is estimated using the “safe harbor” provisions provided by the SEC.



During each of the three and nine month periods ended March 31, 2012 and 2013, the Company granted awards of stock options as follows:

2007 Plan 2010 Plan

Options Exercise Options Exercise

Granted Price per Share Granted Price per Share

Three months ended March 31, 2012 - $ - 247,000 $ 0.95

Three months ended March 31, 2013 833,100 $ 0.81 - $ -

Nine months ended March 31, 2012 30,000 $ 1.07 247,000 $ 0.95

Nine months ended March 31, 2013 863,100 $ 0.81 - $ -

The following table summarizes the status of the 2007 and 2010 Plans as of March 31, 2013:

2007 Plan 2010 Plan Total

Options originally available 2,000,000 4,000,000 6,000,000

Stock options outstanding 1,875,000 538,100 2,413,525

Options available for grant 112,575 3,461,900 3,574,475

Transactions involving stock options are summarized as follows:

Number

of Shares

Weighted Average

Exercise Price

Weighted Average

Grant Date

Fair Value

Balance at June 30, 2012 2,493,125 $ 1.32 $ 0.64

Granted - $ - $ -

Exercised - $ - $ -

Cancelled (1,600 ) $ 1.10 $ 0.49

Balance at September 30, 2012 2,491,525 $ 1.32 $ 0.64

Granted 30,000 $ 0.80 $ 0.57

Exercised - - -

Cancelled (2,725 ) $ 1.12 $ 0.47

Balance at December 31, 2012 2,518,800 $ 1.31 $ 0.64

Granted 833,100 $ 0.81 $ 0.58

Exercised - - -

Cancelled (938,375 ) $ 1.79 $ 0.85

Balance at March 31, 2013 2,413,525 $ 1.09 $ 0.53

As of March 31, 2013, the total compensation costs related to non-vested awards yet to be expensed was approximately $0.7 million to be amortized over the next four years.

The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of March 31, 2013 were as follows:

Number of
Shares Weighted Average
Exercise Price ($) Weighted Average
Remaining
Contractual Life
(Years)
Intrinsic

Value ($)

Employees – Outstanding 2,248,525 $ 0.94 3.38 -

Employees – Expected to Vest 2,043,673 $ 0.94 3.38 -

Employees – Exercisable 826,525 $ 1.37 2.08 -

Non-Employees-Outstanding 165,000 $ 1.10 2.62 -

Non-Employees- Expected to Vest 165,000 $ 1.10 2.62 -

Non-Employees-Exercisable 157,500 $ 1.10 2.63 -



The aggregate intrinsic value in the table above is the sum of the amounts by which the quoted market price of our common stock exceeded the exercise price of the options at March 31, 2013, for those options for which the quoted market price was in excess of the exercise price.

Additional information with respect to outstanding options as of March 31, 2013 is as follows:

Options Outstanding Options Exercisable

Options Exercise

Price Range

Number of

Shares

Weighted
Average

Remaining

Contractual Life

Weighted
Average

Exercise Price
Number of
Shares
Weighted
Average

Remaining

Contractual Life

$ 1.37 30,000 0.62 years $ 1.37 30,000 0.62 years

$ 1.29 303,100 1.87 years $ 1.29 227,325 1.87 years

$ 1.27 15,000 2.45 years $ 1.27 7,500 2.45 years

$ 1.20 246,925 0.87 years $ 1.20 246,925 0.87 years

$ 1.15 30,000 2.64 years $ 1.15 30,000 2.64 years

$ 1.07 30,000 3.67 years $ 1.07 30,000 3.67 years

$ 1.05 30,000 1.64 years $ 1.05 30,000 1.64 years

$ 0.95 246,700 3.96 years $ 0.95 61,675 3.96 years

$ 0.86 543,700 2.86 years $ 0.86 271,850 2.86 years

$ 0.81 833,100 4.86 years $ 0.81 - 4.86 years

$ 0.80 30,000 4.61 years $ 0.80 30,000 4.61 years

$ 0.75 75,000 3.12 years $ 0.75 18,750 3.12 years

In addition to the above 2007 Plan, the Company issued 10,000 shares of restricted stock during fiscal year ended June 30, 2010 with a weighted average fair value of $0.58 per share.

We use the detailed method provided in ASC 718 for calculating the beginning balance of the additional paid-in capital pool (APIC pool) related to the tax effects of employee stock-based compensation, and to determine the subsequent impact on the APIC pool and the Condensed Consolidated Statements of Cash Flows of the tax effects of employee stock-based compensation awards that are outstanding upon adoption of ASC 718.

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Long Term Debt and Notes Payable - Additional Information (Detail) (USD $)
1 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 1 Months Ended

Sep. 30, 2012

Mar. 31, 2013

Mar. 31, 2012

Oct. 31, 2011

Mar. 31, 2013

Minimum Agreement

Mar. 31, 2013

Minimum in Any One Quarter Within Four Consecutive Quarters

Sep. 30, 2012

Real Estate Term Loan One

Sep. 30, 2012

Real Estate Term Loan Two

Mar. 31, 2011

Line of Credit

Jan. 31, 2011

Line of Credit

Mar. 31, 2013

Revolving Credit Facility

Mar. 31, 2013

Revolving Credit Facility

Libor Rate

Mar. 31, 2013

Revolving Credit Facility

Alternative Option For Interest Rate

Mar. 31, 2013

Equipment Financing Facilities

Mar. 31, 2013

Crestmark Agreement

Jul. 31, 2008

Promissory Notes

Jun. 30, 2009

Purchase Money Promissory Note

Nov. 30, 2010

Note Converted from Accounts Payable

Debt Instrument [Line Items]

Credit agreement $ 3,000,000 $ 1,000,000 $ 5,000,000 $ 1,250,000

Purchase of land and building, purchase price (386,000) (3,175,000) 8,100,000

Note payable 6,000,000 3,562,500 1,000,000

Note, discount of total amount due 12.50%

Discount received in connection with payoff 332,000

Discount received in connection with wrote off 90,000

Long term construction loan agreements, value 5,500,000 3,100,000

Debt instrument interest rate basis for effective percentage Libor plus 3

Debt instrument interest rate for effective percentage 3.20%

Debt instruments, amortization period (in years) 25 years

Debt instruments, principal amount due period (in years) 10 years

Credit limit, percentage of acceptable accounts receivable 80.00%

Credit facility, maturity date Aug. 15, 2014 Aug. 14, 2013

Outstanding borrowings 0 300,000

Interest rate spread 2.75% 1.75% 3.00%

Credit agreement, interest rate 2.95% 5.00% 4.00%

Per annum assessed on the unused portion of the credit commitment 0.25%

Maturity date for each schedule of equipment 4 years

General terms, tangible net worth 10,000,000 8,500,000

General terms, quarterly EBITDA 900,000 500,000 750,000

General terms, quarterly fixed charge ratio 3.12 1.25

Break-up fee, in connection with the termination of the Crestmark agreement $ 30,000

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SHAREHOLDER'S EQUITY (Tables)
9 Months Ended

Mar. 31, 2013

Stockholders' Equity Note [Abstract]

Components of shareholders' equity
The following table analyzes the components of shareholders’ equity from June 30, 2012 to March 31, 2013 (in thousands):

Common

Stock

Paid-in

Capital

Accumulated

(Deficit)

Shareholders’

Equity

Balance, June 30, 2012 $ 21,695 $ 10,419 $ (21,883 ) $ 10,231

Stock-based compensation expense - 42 - 42

Net loss - - (105 ) (105 )

Balance, September 30, 2012 21,695 10,461 (21,988 ) 10,168

Stock-based compensation expense 60 60

Net loss - - (390 ) (390 )

Balance, December 31, 2012 21,695 10,521 (22,378 ) 9,838

Stock-based compensation expense - 56 - 56

Net income - - 150 150

Balance, March 31, 2013 $ 21,695 $ 10,577 $ (22,228 ) $ 10,044

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SEGMENT INFORMATION
9 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

SEGMENT INFORMATION
NOTE 10- SEGMENT INFORMATION:

In its operation of the business, management reviews certain financial information, including segmented internal profit and loss statements prepared on a basis consistent with U.S. generally accepted accounting principles. Our two segments are Point.360 and Movie>Q. The two segments discussed in this analysis are presented in the way we internally managed and monitored performance for the three and nine month periods ended March 31, 2012 and 2013. Allocations for internal resources were made for the periods. The Movie>Q segment tracks certain assets separately, and all others are recorded in the Point.360 segment for internal reporting presentations. Cash was not segregated between the two segments but retained in the Point.360 segment.

The types of services provided by each segment are summarized below:

Point.360 – The Point.360 segment provides high definition and standard definition digital mastering, data conversion, video and film asset management and sophisticated computer graphics services to owners, producers and distributors of entertainment and advertising content. Point.360 provides the services necessary to edit, master, reformat, convert, archive and ultimately distribute its clients’ film and video content, including television programming feature films and movie trailers. The segment’s interconnected facilities provide service coverage to all major U.S. media centers. Clients include major motion picture studios and independent producers.

Movie>Q – The Movie>Q segment rents and sells DVDs directly to consumers though its retail stores. The stores employ an automated inventory management (“AIM”) system in a 1,200-1,600 square foot facility. By saving space and personnel costs which caused the big box stores to be uncompetitive with lower priced online and vending machine rental alternatives, Movie>Q can offer up to 10,000 unit selections to a customer at competitive rental rates. Movie>Q provides online reservations, an in-store destination experience, first run movie and game titles and a large unit selection.

Segment revenues, operating loss and total assets were as follows (in thousands):

Revenue
Three Months
Ended
March 31, Nine Months
Ended
March 31,

2012 2013 2012 2013

Point.360 $ 8,358 $ 8,171 $ 25,586 $ 23,334

Movie>Q 139 124 422 367

Consolidated revenue $ 8,497 $ 8,295 $ 26,008 $ 23,701



Operating income (loss)
Three Months
Ended
March 31, Nine Months
Ended
March 31,

2012 2013 2012 2013

Point.360 $ (39 ) $ 211 $ 606 $ (16 )

Movie>Q (166 ) (200 ) (503 ) (584 )

Operating income (loss) $ (205 ) $ 11 $ 103 $ (600 )

June 30, March 31,

Total Assets 2012 2013

Point.360 $ 24,536 $ 23,675

Movie>Q 1,435 1,136

Consolidated assets $ 25,971 $ 24,811

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SHAREHOLDER'S EQUITY
9 Months Ended

Mar. 31, 2013

Stockholders' Equity Note [Abstract]

SHAREHOLDER'S EQUITY
NOTE 8- SHAREHOLDER’S EQUITY

The following table analyzes the components of shareholders’ equity from June 30, 2012 to March 31, 2013 (in thousands):

Common

Stock

Paid-in

Capital

Accumulated

(Deficit)

Shareholders’

Equity

Balance, June 30, 2012 $ 21,695 $ 10,419 $ (21,883 ) $ 10,231

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Net loss - - (105 ) (105 )

Balance, September 30, 2012 21,695 10,461 (21,988 ) 10,168

Stock-based compensation expense 60 60

Net loss - - (390 ) (390 )

Balance, December 31, 2012 21,695 10,521 (22,378 ) 9,838

Stock-based compensation expense - 56 - 56

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STOCK REPURCHASE PLAN
9 Months Ended

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Stock Repurchase Plan [Abstract]

STOCK REPURCHASE PLAN
NOTE 9- STOCK REPURCHASE PLAN

In February 2008, the Company’s Board of Directors authorized a stock repurchase program. Under the stock repurchase program, the Company may purchase outstanding shares of its common stock on the open market at such times and prices determined in the sole discretion of management. No shares were acquired pursuant to the repurchase program during the nine months ended March 31, 2013.

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THE COMPANY (Tables)
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Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Reconciliation of Denominator of Basic Earnings Per Share Computation to Denominator of Diluted Earnings Per Share Computation
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March 31, Nine Months
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March 31, Nine Months
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Stock Rights Plan - Additional Information (Detail)
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Class of Warrant or Right [Line Items]

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Price to purchase one one-hundredth of a share of preferred stock 10

Minimum stock percentage accumulated by a single person or group for the rights to become exercisable 20.00%

Rights expiration date Aug. 06, 2017

Redemption price per right 0.0001

Price to receive in the merger stock of the Company or the acquiring company 20

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The Company - Additional Information (Detail)
9 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]

Number of business segments 2

Effect of dilutive options excluded in the computation of diluted EPS due to net loss 984,025 1,540,094

Post Production

Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]

Number of business locations 3

Movie Q

Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]

Number of business locations 3

Number of stores opened 3

Movie Q | Minimum

Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]

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Movie Q | Maximum

Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]

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Unit selections offered to a customer 10,000

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Income Taxes - Additional Information (Detail) (USD $)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
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Mar. 31, 2012

Cash flows from operating activities:

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Cash flows from investing activities:

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Cash flows from financing activities:

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Cash payments for interest 363 594

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INCOME TAXES
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INCOME TAXES
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The Company reviewed its Accounting Standards Codification (“ASC”) 740-10 documentation for the periods through March 31, 2013 to ascertain if any changes should be made with respect to tax positions previously taken. In addition, the Company reviewed its income tax reporting through March 31, 2013. Based on Company’s review of its tax positions as of March 31, 2013, no new uncertain tax positions have been identified; nor has new information become available that would change management’s judgment with respect to tax positions previously taken.



As of March 31, 2013, the Company had no net deferred tax assets. No tax benefit was recorded during the three or nine month periods ended March 31, 2013 because future realizability of such benefit was not considered to be more likely than not.

The ASC prescribes a recognition and measurement of a tax position taken or expected to be taken in a tax return and provides guidance on derecognition of tax benefits, classification on the balance sheet, interest and penalties, accounting in interim periods, disclosure, and transition.

The Company files income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal state or local income tax examinations by tax authorities for years before 2008.

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SEGMENT INFORMATION (Tables)
9 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Revenues, Operating Loss and Total Assets
Segment revenues, operating loss and total assets were as follows (in thousands):

Revenue
Three Months
Ended
March 31, Nine Months
Ended
March 31,

2012 2013 2012 2013

Point.360 $ 8,358 $ 8,171 $ 25,586 $ 23,334

Movie>Q 139 124 422 367

Consolidated revenue $ 8,497 $ 8,295 $ 26,008 $ 23,701



Operating income (loss)
Three Months
Ended
March 31, Nine Months
Ended
March 31,

2012 2013 2012 2013

Point.360 $ (39 ) $ 211 $ 606 $ (16 )

Movie>Q (166 ) (200 ) (503 ) (584 )

Operating income (loss) $ (205 ) $ 11 $ 103 $ (600 )

June 30, March 31,

Total Assets 2012 2013

Point.360 $ 24,536 $ 23,675

Movie>Q 1,435 1,136

Consolidated assets $ 25,971 $ 24,811

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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Recognized Stock-based compensation (Detail) (USD $)	3 Months Ended		9 Months Ended
Recognized Stock-based compensation (Detail) (USD $)	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related to employee or director stock options recognized	$ 56,000	$ 65,000	$ 158,000	$ 252,000

Summary of Stock Options Transactions (Detail) (USD $)	3 Months Ended
Summary of Stock Options Transactions (Detail) (USD $)	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012
Number of Shares
Beginning Balance	2,518,800	2,491,525	2,493,125
Granted	833,100	30,000	0
Exercise	0	0	0
Cancelled	(938,375)	(2,725)	(1,600)
Ending Balance	2,413,525	2,518,800	2,491,525
Weighted Average Exercise Price
Beginning Balance	$ 1.31	$ 1.32	$ 1.32
Granted	$ 0.81	$ 0.80	$ 0
Exercised	$ 0	$ 0	$ 0
Cancelled	$ 1.79	$ 1.12	$ 1.10
Ending Balance	$ 1.09	$ 1.31	$ 1.32
Weighted Average Grant Date Fair Value
Beginning Balance	$ 0.64	$ 0.64	$ 0.64
Granted	$ 0.58	$ 0.57	$ 0
Exercised	$ 0	$ 0	$ 0
Cancelled	$ 0.85	$ 0.47	$ 0.49
Ending Balance	$ 0.53	$ 0.64	$ 0.64

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Current assets:
Cash and cash equivalents	$ 1,410	$ 1,219
Accounts receivable, net of allowances for doubtful accounts of $330 and $352, respectively	5,565	5,916
Inventories, net	306	272
Prepaid expenses and other current assets	454	274
Prepaid income taxes	70	70
Total current assets	7,805	7,751
Property and equipment, net	16,315	17,475
Other assets, net	691	745
Total assets	24,811	25,971
Current liabilities:
Current portion of notes payable	344	77
Capital lease obligations	100	95
Accounts payable	1,314	1,276
Accrued wages and benefits	1,565	1,367
Other accrued expenses	43	279
Current portion of deferred gain on sale of real estate	178	178
Current portion of deferred lease incentive	209	209
Other current liabilities	13	9
Total current liabilities	3,766	3,490
Notes payable, less current portion	8,288	9,236
Deferred gain on sale of real estate, less current portion	1,248	1,382
Deferred lease incentive, less current portion	1,462	1,618
Other long term liabilities	3	14
Total long-term liabilities	11,001	12,250
Total liabilities	14,767	15,740
Commitments and contingencies (Note 4)
Shareholders equity:
Preferred stock no par value; 5,000,000 shares authorized; none outstanding	0	0
Common stock no par value; 50,000,000 shares authorized; 10,513,166 shares issued and outstanding on June 30, 2012 and March 31, 2013	21,695	21,695
Additional paid-in capital	10,577	10,419
Accumulated deficit	(22,228)	(21,883)
Total shareholders equity	10,044	10,231
Total liabilities and shareholders equity	$ 24,811	$ 25,971

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Mar. 31, 2013
Segment Reporting Information [Line Items]
Number of business segments	2
Movie Q \| Minimum
Segment Reporting Information [Line Items]
Store facility area	1,200
Movie Q \| Maximum
Segment Reporting Information [Line Items]
Store facility area	1,600
Unit selections offered to a customer	10,000

Property And Equipment - Additional Information (Detail) (USD $)			1 Months Ended		9 Months Ended
	Apr. 01, 2012 Burbank Lease	Feb. 28, 2012 Burbank Lease	Apr. 01, 2012 Media Center Sale and Leaseback	Mar. 31, 2006 Media Center Sale and Leaseback	Mar. 31, 2013 Media Center Sale and Leaseback	Jun. 30, 2011 Media Center Sale and Leaseback
Property, Plant and Equipment [Line Items]
Sale and leaseback transaction, real estate sold, amount				$ 14,000,000
Sale and leaseback transaction, real estate sold, after tax gain				1,300,000
Sale and leaseback transaction, lease term				15 years
Sale and leaseback transaction, security deposit				250,000
Sale and leaseback transaction, number of options to extend the lease				4
Sale and leaseback transaction, period of options to extend the lease				5 years
Sale and leaseback transaction, minimum annual rent payments for the initial five years of the lease				1,111,000
Sale and leaseback transaction, maximum amount to be reimbursed to the Company for the leasehold improvements						2,000,000
Sale and leaseback transaction, amount of monthly lease costs increase			13,000			14,000
Sale and leaseback transaction, monthly lease costs			27,000
Sale and leaseback transaction, costs for construction incurred					2,100,000
Sale and leaseback transaction, costs for construction reimbursed by the landlord					2,000,000
Reduction of monthly operating expenses due to vacating one of its Burbank facilities		100,000
Reduction of monthly operating expenses due to vacating one of its Burbank facilities, total annual savings	$ 1,200,000

Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Accounts receivable, allowances for doubtful accounts	$ 352	$ 330
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, outstanding	0	0
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	10,513,166	10,513,166
Common stock, shares outstanding	10,513,166	10,513,166

Document and Entity Information	9 Months Ended
Document and Entity Information	Mar. 31, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Trading Symbol	PTSX
Entity Registrant Name	Point.360
Entity Central Index Key	0001398797
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock Shares Outstanding	10,513,166

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Revenues	$ 8,295,000	$ 8,497,000	$ 23,701,000	$ 26,008,000
Cost of services sold	(5,244,000)	(5,657,000)	(15,418,000)	(16,696,000)
Gross profit	3,051,000	2,840,000	8,283,000	9,312,000
Selling, general and administrative expense	(3,040,000)	(3,045,000)	(8,883,000)	(9,209,000)
Operating Income (loss)	11,000	(205,000)	(600,000)	103,000
Interest expense	(68,000)	(199,000)	(316,000)	(637,000)
Interest income	0	0	0	20,000
Other income	207,000	77,000	571,000	347,000
Income (loss) before income taxes	150,000	(327,000)	(345,000)	(167,000)
Provision for income taxes	0	0	0	0
Net income (loss)	$ 150,000	$ (327,000)	$ (345,000)	$ (167,000)
Basic:
Net income (loss)	$ 0.01	$ (0.03)	$ (0.03)	$ (0.02)
Weighted average number of shares	10,513,166	10,513,166	10,513,166	10,513,166
Diluted:
Net income (loss)	$ 0.01	$ (0.03)	$ (0.03)	$ (0.02)
Weighted average number of shares including the dilutive effect of stock options	10,513,166	10,513,166	10,513,166	10,513,166

Stock Rights Plan - Additional Information (Detail)	1 Months Ended
Stock Rights Plan - Additional Information (Detail)	Jul. 31, 2007
Class of Warrant or Right [Line Items]
Dividends declared, number of rights received to purchase one one-hundredth of a share of preferred stock	1
Price to purchase one one-hundredth of a share of preferred stock	10
Minimum stock percentage accumulated by a single person or group for the rights to become exercisable	20.00%
Rights expiration date	Aug. 06, 2017
Redemption price per right	0.0001
Price to receive in the merger stock of the Company or the acquiring company	20

The Company - Additional Information (Detail)	9 Months Ended
The Company - Additional Information (Detail)	Mar. 31, 2013	Mar. 31, 2012
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of business segments	2
Effect of dilutive options excluded in the computation of diluted EPS due to net loss	984,025	1,540,094
Post Production
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of business locations	3
Movie Q
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of business locations	3
Number of stores opened	3
Movie Q \| Minimum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Store facility area	1,200
Movie Q \| Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Store facility area	1,600
Unit selections offered to a customer	10,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Cash flows from operating activities:
Net income (loss)	$ (345)	$ (167)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on sale of fixed assets	0	7
Depreciation and amortization	1,854	2,260
Amortization of deferred gain on real estate	(134)	(134)
Amortization of deferred lease credit	(156)	(103)
Provision for (recovery of) doubtful accounts	22	(31)
Stock compensation expense	158	252
Amortization of non-compete agreement	0	4
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	329	(808)
(Increase) decrease in inventories	(34)	172
(Increase) in prepaid expenses and other current assets	(180)	(527)
Decrease in prepaid income taxes	0	2
Decrease in other assets	54	3
Increase in deferred lease incentive	0	1,964
Increase in accounts payable	38	171
Increase in accrued wages and benefits	198	462
(Decrease) in other accrued expenses and other liabilities	(243)	(84)
Net cash provided by operating activities	1,561	3,443
Cash flows from investing activities:
Capital expenditures	(386)	(3,175)
Net cash (used in) investing activities	(386)	(3,175)
Cash flows from financing activities:
Proceeds from line of credit, net	0	94
Borrowings of notes payable	8,602	0
Repayment of notes payable	(9,456)	(510)
Repayment of capital lease obligations	(130)	(165)
Net cash (used in) financing activities	(984)	(581)
Net increase (decrease) in cash and cash equivalents	191	(313)
Cash and cash equivalents at beginning of period	1,219	355
Cash and cash equivalents at end of period	1,410	42
Cash payments for income taxes (net of refunds)	0	2
Cash payments for interest	363	594
Assets acquired through capital lease	$ 308	$ 0

Stock Option Plan, Stock-Based Compensation - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	9 Months Ended	1 Months Ended		12 Months Ended	1 Months Ended		1 Months Ended
	Mar. 31, 2013	May 31, 2007 2007 Equity Incentive Plan	Mar. 31, 2013 2007 Equity Incentive Plan	Jun. 30, 2010 2007 Equity Incentive Plan Restricted Stock	Nov. 30, 2010 2010 Incentive Plan	Mar. 31, 2013 2010 Incentive Plan	Nov. 30, 2010 2010 Incentive Plan Stock Option Minimum	Nov. 30, 2010 2010 Incentive Plan Stock Option Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options originally available	6,000,000	2,000,000	2,000,000		4,000,000	4,000,000
Options expiration period		10 years			10 years		1 year	5 years
Compensation cost related to non-vested awards to be expensed	$ 0.7
Compensation cost related to non-vested awards to be expensed, recognition period	4 years
Restricted stock issued				10,000
Restricted stock issued, weighted average fair value				$ 0.58