v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2014
Jun. 30, 2013
Current assets:    
Cash and cash equivalents $ 739,297 $ 388,892
Accounts receivable, net of reserves for discounts and allowances 36,461 100,087
Due from factor, net 253,200 164,090
Inventory (net of reserve of $495,000 and $365,772, as of March 31, 2014 and June 30, 2013, respectively) 1,712,846 1,948,908
Prepaid inventory 289,090 258,531
Prepaid expenses and other current assets 40,851 89,786
Prepaid royalty 5,590 378,960
Current portion of deferred financing costs, net 37,394 29,899
Total current assets 3,114,729 3,359,153
Property and equipment, net 496,463 669,033
Deferred financing costs, net 120,166 328,893
License acquisition costs 18,376 24,504
Total assets 3,749,734 4,381,583
Current liabilities:    
Deferred revenue 50,568   
Accounts payable 4,273,880 2,481,852
Accrued expenses and other current liabilities 1,796,800 806,553
Current portion of convertible debt, net of debt discount ($145,729 and $116,524, as of March 31, 2014 and June 30, 2013, respectively) 197,128 23,476
Bridge note, net of debt discount ($231,349 and $0, as of March 31, 2014 and June 30, 2013, respectively) 888,651   
Due to Gold Grenade, LLC (related party) 234,550   
Total current liabilities 7,441,577 3,311,881
Long-Term Liabilities    
Convertible debt, net of debt discount ($0 and $1,281,760, as of March 31, 2014 and June 30, 2013, respectively)    258,240
Derivative liability 119,559 1,660,440
Total Long-Term Liabilities 119,559 1,918,680
Total Liabilities 7,561,136 5,230,561
Preferred stock, $.001 par value, 10,000,000 shares authorized, 3,906 and 0 issued and outstanding as of March 31, 2014 and June 30, 2013 respectively 3,906,004   
Commitments and Contingencies (Note 8)      
Shareholders' deficit:    
Common stock, $.001 par value, 3,000,000 shares authorized, 1,575,250 and 1,553,015 shares issued as of March 31, 2014 and June 30, 2013 respectively 1,575 155,301
Treasury stock, at cost - 9,997 and 9,997 shares as of March 31, 2014 and June 30, 2013, respectively (228,284) (228,284)
Additional paid in capital 7,437,579 6,841,822
Accumulated deficit (14,928,276) (7,617,817)
Total shareholders' deficit (7,717,406) (848,978)
Total liabilities and shareholders' deficit $ 3,749,734 $ 4,381,583