Stockholders' Equity

9 Months Ended

Mar. 31, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 4 — Stockholders’ Equity

During the three and nine months ended March 31, 2012 we issued 8,571,884 and 9,405,035 shares of common stock, respectively, upon the exercise of warrants. During the three and nine months ended March 31, 2012 we issued 888,500 and 1,549,500 shares of common stock, respectively, upon the exercise of stock options. During the three and nine month periods ended March 31, 2012 we repurchased 228,926 and 678,926 shares of our common stock, respectively, at a total cost of $325,000 and $976,073, respectively. The cost of the shares is classified against our accumulated deficit as of March 31, 2012 as we have effectively retired these shares. During the three and nine months ended March 31, 2012 we issued 149,253 shares of restricted stock. The restricted stock vests in equal annual installments over four years

Our Articles of Incorporation authorize the issuance of preferred shares. However, as of March 31, 2012, 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 price-based anti-dilution 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 a 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.