v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Dec. 31, 2013
Jun. 30, 2013
Current assets:    
Cash and cash equivalents $ 26,431 $ 388,892
Accounts receivable 9,199 100,087
Due from factor, net 244,970 164,090
Inventory (net of reserve of $200,000 and $365,772, as of December 31, 2013 and June 30, 2013, respectively) 2,049,503 1,948,908
Prepaid inventory 307,376 258,531
Prepaid expenses and other current assets 78,449 89,786
Current portion of prepaid royalty 8,055 378,960
Current portion of deferred financing costs, net 157,138 29,899
Total current assets 2,881,121 3,359,153
Property, plant and equipment, net 617,414 669,033
Deferred financing costs, net 133,059 328,893
License acquisition costs 20,298 24,504
Total assets 3,651,892 4,381,583
Current liabilities:    
Accounts payable 3,642,532 2,481,852
Accrued expenses and other current liabilities 1,067,818 806,553
Current portion of convertible debt, net of debt discount ($596,021 and $116,524, as of December 31, 2013 and June 30, 2013, respectively) 589,312 23,476
Due to Gold Grenade, LLC 234,550   
Total current liabilities 5,534,212 3,311,881
Long-Term Liabilities    
Convertible debt, net of debt discount ($485,798 and $1,281,760, as of December 31, 2013 and June 30, 2013, respectively) 624,869 258,240
Derivative liability 527,606 1,660,440
Total Long-Term Liabilities 1,152,475 1,918,680
Total Liabilities 6,686,687 5,230,561
Commitments and Contingencies (Note 7)      
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, 155,829,276 and 155,301,468 shares issued as of December 31, 2013 and June 30, 2013 respectively 155,829 155,301
Treasury stock, at cost - 999,680 and 999,680 shares as of December 31, 2013 and June 30, 2013, respectively (228,284) (228,284)
Additional paid in capital 7,211,525 6,841,822
Accumulated deficit (10,173,865) (7,617,817)
Total shareholders' deficit (3,034,795) (848,978)
Total liabilities and shareholders' deficit $ 3,651,892 $ 4,381,583