v2.4.0.8

Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended
--- | --- | ---
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013
Revenues |  |  |  |
Gross revenues | $ 752,877 | $ 3,608,245 | $ 4,273,852 | $ 5,362,057
Discounts | 439,105 | 584,983 | 1,221,625 | 812,526
Revenues, net of discounts | 313,772 | 3,023,262 | 3,052,227 | 4,549,531
Cost of Goods Sold |  |  |  |
Cost of goods sold | 615,942 | 1,332,377 | 2,516,153 | 2,126,773
Gross Profit | (302,170) | 1,690,885 | 536,074 | 2,422,758
Operating expenses: |  |  |  |
Selling expenses | 18,843 | 243,463 | 369,359 | 585,241
Research and development | 3,006 | 13,909 | 14,195 | 36,921
Royalty expense | 419,036 | 157,895 | 815,370 | 480,704
Professional fees | 337,222 | 818,666 | 1,004,927 | 1,427,389
General and administrative expenses | 721,305 | 817,995 | 2,418,327 | 2,210,174
Depreciation and amortization expense | 126,843 | 671,709 | 361,812 | 745,885
Product development fee - related party | 140,000 | 210,000 | 640,000 | 622,700
Total Operating Expense | 1,766,255 | 2,933,637 | 5,623,990 | 6,109,014
Loss from operations | (2,068,425) | (1,242,752) | (5,087,916) | (3,686,256)
Other (income) / expenses: |  |  |  |
Interest expense, net of interest income | 388,073 | 661,838 | 1,170,555 | 957,973
Loss from debt extinguishment | 2,760,640 |  | 2,760,640 |
Derivative liability (gain) / loss | (462,726) | (3,646,420) | (1,708,651) | (3,299,793)
Net (loss) / income | (4,754,412) | 1,741,830 | (7,310,460) | (1,344,436)
Preferred Dividend | 78,126 |  | 78,126 |
Net (loss) / income attributable to common shareholders - basic and diluted | $ (4,832,538) | $ 1,741,830 | $ (7,388,586) | $ (1,344,436)
Net (loss) / income per share attributable to common shareholders - basic and diluted | $ (3.11) | $ 1.97 | $ (4.77) | $ (1.54)
Weighted average number of common shares used in computing - basic and diluted | 1,555,675 | 883,074 | 1,547,820 | 872,201

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- Definition Business development involves the development of products and services, their delivery, design and their implementation. Business development includes a number of techniques designed to grow an economic enterprise. Such techniques include, but are not limited to, assessments of marketing opportunities and target markets, intelligence gathering on customers and competitors, generating leads for possible sales, follow-up sales activity, formal proposal writing and business model design. Business development involves evaluating a business and then realizing its full potential, using such tools as marketing, sales, information management and customer service. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 2 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.6) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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