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Stockholders' Equity (Tables)

9 Months Ended

Mar. 31, 2014

The following is a summary of warrant activity during the nine months ended March 31, 2014:

	Number of Shares		Weighted Average Exercise Price Per Share
Balance at June 30, 2013		1,125,000	$	2.64
Warrants granted		1,729,420	$	2.79
Outstanding at March 31, 2014		2,854,420	$	2.73
Exercisable at March 31, 2014		1,186,020	$	2.61

Option activity for stock option plans

The following is a summary of option activity for our stock option plans:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value

Outstanding at June 30, 2013		1,063,750		$	2.36

Granted		419,735		$	2.08
Exercised		(9,375	)	$	2.32
Forfeited		(23,625	)	$	2.28
Expired		(191,250	)	$	3.43

Outstanding at March 31, 2014		1,259,235		$	2.11		2.7	$	231,000

Vested and Expected to Vest at March 31, 2014		1,067,000		$	2.05		2.4	$	195,000

Exercisable at March 31, 2014		587,007		$	2.40		1.5	$	85,000

Restricted stock activity granted to employees

The following is a summary of restricted stock activity during the nine months ended March 31, 2014:

				Weighted Average
	Number of Shares			Grant Date Fair Value
Balance at June 30, 2013		390,003		$	1.81
Granted		452,500		$	2.18
Vested		(181,665	)	$	1.84
Forfeited		(33,334	)	$	1.81
Outstanding at March 31, 2014		627,504		$	2.07

- Definition

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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