XML 42 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements Of Cash Flows (Unaudited) (USD $)
12 Months Ended
Jun. 30, 2013
Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (8,249,895) $ (6,464,880)
Loss on disposal of property and equipment   605
Depreciation expense 905,871 15,809
Accrued interest on deferred compensation and other 223,292 55,220
Gain on extinguishment of liabilities   (125,796)
Stock-based compensation 4,266,374 4,003,279
(Increase) decrease in prepaid insurance and expenses (2,105) 1,769
Decrease in deposits and other receivables 850 4,998
Increase (decrease) in accounts payable and accrued expenses 209,149 (644,981)
Increase in deferred compensation 777,550 619,083
Decrease in deferred rent (17,063) (17,062)
Net cash used in operating activities (1,885,977) (2,551,956)
CASH FLOWS FROM INVESTING ACTIVITIES    
Decrease in restricted cash   25,000
Purchase of property and equipment (64,189) (897,217)
Net cash used in investing activities (64,189) (872,217)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the sale of units 1,060,499 1,259,250
Proceeds from sale of common stock 270,000  
Proceeds from loans payable - affiliates 295,000  
Proceeds from loan payable   1,342,432
Redemption of Series B preferred shares (25,000)  
Payment of commissions on equity transactions (2,742) (22,355)
Net cash provided by financing activities 1,594,840 2,429,777
Net decrease in cash (355,326) (994,396)
Cash at beginning of period 399,992 1,394,388
Cash at end of period 44,666 399,992
Cash paid for interest, including $15,793 and $181,451 of capitalized interest 98,747 189,425
Cash paid for income taxes 0 0
Reclassification of other liability   1,029,861
Subscription receivable 25,000  
Series B Preferred Stock [Member]
   
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment of preferred dividends (2,917) (69,175)
Conversion of stocks   2,469,706
Preferred stock dividends declared 2,417 3,375
Series C Preferred Stock [Member]
   
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment of preferred dividends   (80,375)
Conversion of stocks 36,796 3,594,762
Preferred stock dividends declared $ 2,000 $ 2,250