v2.4.0.8
CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2013
Jun. 30, 2012
Current assets:    
Cash $ 388,892 $ 71,532
Accounts receivable 100,087   
Due from factor, net 164,090   
Inventory (net of reserve of $365,772 and $0, as of June 30, 2013 and June 30, 2012, respectively) 1,948,908   
Prepaid inventory 258,531 349,679
Prepaid expenses and other current assets 89,786 2,220
Current portion of prepaid royalty 378,960 640,351
Current portion of deferred financing costs, net 29,899 150,150
Total current assets 3,359,153 1,213,932
Prepaid royalty    268,421
Property and equipment, net 669,033   
Deferred financing costs, net 328,893   
License acquisition costs 24,504 11,782
Total assets 4,381,583 1,494,135
Current liabilities:    
Short-term loans    1,925,030
Accounts payable 2,481,852 145,839
Accrued expenses and other current liabilities 806,553 108,863
Current portion of convertible debt, net of debt discount 23,476   
Due to Gold Grenade, LLC    108,475
Total current liabilities 3,311,881 2,288,207
Long-Term Liabilities    
Convertible debt, net of debt discount 258,240   
Derivative liability 1,660,440   
Total Long-Term Liabilities 1,918,680   
Total Liabilities 5,230,561 2,288,207
Commitments and Contingencies      
Shareholders' deficit:    
Preferred stock, $.001 par value, 10,000,000 shares authorized, zero issued and outstanding      
Common stock, $.001 par value, 300,000,000 shares authorized, 155,301,468 and 85,200,116 shares issued as of June 30, 2013 and June 30, 2012 respectively 155,301 85,200
Treasury stock, at cost - 999,680 and 0 shares as of June 30, 2013 and June 30, 2012 respectively (228,284)   
Additional paid in capital 6,841,822   
Accumulated deficit (7,617,817) (879,272)
Total shareholders' deficit (848,977) (794,172)
Total liabilities and shareholders' deficit $ 4,381,583 $ 1,494,135