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Financing Plans
6 Months Ended
Dec. 31, 2011
Financing Plans  
Financing Plans

11.  Financing Plans

 

On September 29, 2011, the Company filed a Registration Statement on Form S-1, as subsequently amended (Registration No, 333-177079) with the SEC announcing its intention to raise funds through the sale of Class A common stock in a fully-underwritten public offering. The Company intended to sell up to 4.5 million units, with each unit consisting of one share of our Class A common stock, one Warrant A to purchase 0.25 shares of our Class A common stock and one Warrant B to purchase 0.25 shares of our Class A common stock. On January 27, 2012 the Company filed a request for withdrawal of the Registration Statement with the SEC. The Company has determined that it is not in the best interests of the Company to proceed with the offering at this time due to current business, economic and market conditions. Prepaid offering costs of approximately $220,000 will be written off in the third fiscal quarter.