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Stock Options And Warrants (Tables)

12 Months Ended

Jun. 30, 2013

Stock Options And Warrants Tables

Schedule of Fair Value Assumptions of Options

The fair value of options granted during the year ended June 30, 2013, was determined using the Black Scholes method with the following assumptions:

	Year Ended
	6/30/2013
Risk free interest rate	6.00%
Stock volatility factor	171
Weighted average expected option life	7 years
Expected dividend yield	none

Summary of stock option activity

A summary of the Company’s stock option activity and related information follows:

		Year ended June 30, 2013								Year ended June 30, 2012
						Weighted								Weighted
						average								average
						exercise								exercise
		Options				price				Options				price
Outstanding -beginning of year			3,578,000			$	0.01				608,000			$	0.06
Granted			12,500,000			$	0.005				3,500,000			$	0.004
Exercised			—			$	—				—			$	—
Forfeited			(2,570,000	)		$	0.007				(530,000	)		$	0.05
Outstanding - end of year			13,508,000			$	0.005				3,578,000			$	0.01
Exercisable at the end of year			4,101,184			$	0.005				703,430			$	0.017
Weighted average fair value of options granted during the year						$	0.005							$	0.004

Summary of weighted average remaining contractual life of options outstanding

The weighted average remaining contractual life of options outstanding, as of June 30, 2013 was as follows:

								Weighted
								Average
				Number of				remaining
Exercise				options				contractual
prices				outstanding				life (years)
$	0.050				8,000				5.08
$	0.005				12,500,000				6.12
$	0.004				1,000,000				8.29
					13,508,000

Schedule of stock warrant activity

A summary of the Company’s warrant activity and related information follows:

		Year End								Year End
		June 30, 2013								June 30, 2012
						Weighted								Weighted
						average								average
						exercise								exercise
		Options				price				Options				price
Outstanding -beginning of year			28,019,163			$	0.003				28,019,163			$	0.003
Granted			—				—				—				—
Exercised			—				—				—				—
Forfeited			—				—				—				—
Outstanding - end of year			28,019,163			$	0.003				28,019,163			$	0.003

Summary of weighted average remaining contractual life of warrants

The weighted average remaining contractual life of warrants outstanding as of June 30, 2013 was as follows:

								Weighted
								Average
				Number of				remaining
Exercise				options				contractual
prices				outstanding				life (years)
$	0.003				28,019,163				2.77

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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