Stockholders' Equity

6 Months Ended

Dec. 31, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 4 — Stockholders’ Equity

During the three and six months ended December 31, 2011 we issued 347,566 and 833,151, respectively, shares of common stock upon the exercise of warrants. During the three and six months ended December 31, 2011 we issued 660,000 and 661,000, respectively, shares of common stock upon the exercise of stock options. During the three and six month periods ended December 31, 2011 we repurchased 450,000 shares of our common stock at a total cost of $651,073. The cost of the shares is classified against our accumulated deficit as of December 31, 2011 as we have effectively retired these shares.

Our Articles of Incorporation authorize the issuance of preferred shares. However, as of December 31, 2011, none have been issued nor have any rights or preferences been assigned to the preferred shares by our Board of Directors.

In December 2011, certain outstanding warrants were amended removing anti-dilution down round protection in exchange for a one month increase in the life of the warrants. As a result of this amendment, the warrants became classified as equity rather than liability. In conjunction with the amendment, we marked the warrants to fair value, including the inducement, as of the date of the amendment, and then reclassified the liability of $16,478,071 to additional paid in capital.