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STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Mar. 31, 2013

Stockholders' Equity Note [Abstract]

Warrant Activity and Related Balances Outstanding

Warrant activity during the nine months ended March 31, 2013 and related balances outstanding as of that date are reflected below:

		Number				Weighted Average Exercise Price Per Share				Remaining Contract Term (# years)
Shares purchasable under outstanding warrants at June 30, 2012			2,400,328			$	0.41
Stock purchase warrants issued			507,019				0.41
Stock purchase warrants exercised			—				—
Shares purchasable under outstanding warrants at March 31, 2013			2,907,347			$	0.41				4.59 - 4.21

Stock Option Activity

Activity in options during the nine-month period ended March 31, 2013 and related balances outstanding as of that date are reflected below:

		Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Contract Term (# years)
Outstanding at June 30, 2012			4,536,949			$	0.17
Granted			—
Exercised			(549,552	)
Forfeited and cancelled			(1,430,050	)
Outstanding at March 31, 2013			2,557,347			$	0.15				7.19
Exercisable at March 31, 2013			1,843,217			$	0.21				6.56

Employee Option Grants and Non-employee Option Grants

We allocated stock-based compensation expense included in the condensed consolidated statements of operations for employee option grants and non-employee option grants as follows:

		For the Three Months Ended March 31,								For the Nine Months Ended March 31,
		2013				2012				2013				2012
Research and development		$	3,000			$	2,000			$	10,000			$	4,000
General and administration			26,000				(9,000	)			57,000				18,000

Total stock-based compensation expense		$	29,000			$	(7,000	)		$	67,000			$	22,000

Stock Options Valuation Assumptions

The fair value of stock options granted was estimated at the grant date, which was through April 2012, using the following assumptions:

Risk-free interest rate			0.8 – 3.0	%
Forfeiture rate			5.0	%
Expected life			5.0 - 10.0 years
Expected volatility			100	%
Expected dividends			0	%

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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