XML 36 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (6,464,880) $ (6,998,137)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on disposal of property and equipment 605  
Depreciation expense 15,809 16,804
Accrued interest on deferred compensation and other 55,220 23,064
Gain on extinguishment of liabilities (125,796)  
Stock-based compensation 4,003,279 4,367,907
Decrease (increase) in prepaid insurance and expenses 1,769 (35,248)
Decrease in deposits and other receivables 4,998  
(Decrease) increase in accounts payable and accrued expenses (644,981) 814,511
Increase in deferred compensation 619,083 90,000
Decrease in deferred rent (17,062) (24,838)
Net cash used in operating activities (2,551,956) (1,745,937)
CASH FLOWS FROM INVESTING ACTIVITIES    
Decrease (increase) in restricted cash 25,000 (25,000)
Purchase of property and equipment (897,217) (6,405,985)
Net cash used in investing activities (872,217) (6,430,985)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the sale of units 1,259,250 565,000
Proceeds from sale of common stock   853,200
Proceeds from sale of Series C preferred stock   1,231,050
Proceeds from loan payable 1,342,432 6,411,568
Proceeds from line of credit   1,136,425
Repayment of line of credit   (1,136,425)
Payment of commissions on Series B and C conversions (22,355)  
Net (decrease) increase in cash (994,396) 368,304
Cash at beginning of period 1,394,388 1,026,084
Cash at end of period 399,992 1,394,388
Supplemental disclosure of cash flow information:    
Cash paid for interest, including $181,451 of capitalized interest 189,425 51,232
Cash paid for income taxes 0 0
Non-cash investing and financing transactions:    
Issuance of common stock in exchange for services 1,366,426 1,081,172
Preferred Stock Dividends   80,375
Reclassification of other liability 1,029,861  
Subscription receivable   200,000
Project Construction Services [Member]
   
Non-cash investing and financing transactions:    
Issuance of common stock in exchange for services   13,467
Other Services [Member]
   
Non-cash investing and financing transactions:    
Issuance of common stock in exchange for services   7,080
Series B Preferred Stock [Member]
   
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment of Preferred Dividiends (69,175) (281,700)
Non-cash investing and financing transactions:    
Conversion of preferred to common stock 2,469,706  
Preferred Stock Dividends 3,375 70,425
Series C Preferred Stock [Member]
   
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of Series C preferred stock   1,231,050
Payment of Preferred Dividiends (80,375) (233,892)
Net cash provided by financing activities 2,429,777 8,545,226
Non-cash investing and financing transactions:    
Conversion of preferred to common stock 3,594,762  
Preferred Stock Dividends $ 2,250 $ 40,783