COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Minimum future rental payments

Minimum future rental payments under the non-cancelable operating leases are as follows:

Year ending June 30:
2013	$	147,237
2014	$	150,997
2015	$	155,542
2016	$	160,215
2017	$	165,024

Pro-forma effect of a Dividend Adjustment

The pro-forma effect of a Dividend Adjustment is shown in the table below:

	Fiscal Year Ended June 30, 2012						Variance
	As Reported			Pro-forma			Dollars			Percent
Dividends on Series A Preferred		$	340,375		$	512,802		$	172,427		50.7	%
Net loss applicable to common shareholders		$	(1,693,354)		$	(1,865,781)		$	(172,427)		-10.2	%
Basic and diluted loss per share		$	(0.14)		$	(0.16)		$	(0.02)		-10.2	%