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v2.4.0.6
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Potentially Outstanding Dilutive Common Shares

The following table shows the weighted-average number of potentially outstanding dilutive shares excluded from the diluted net loss per share calculation as they were anti-dilutive:

 

    Potentially Outstanding Dilutive Common Shares  
   

For the Fiscal Year

Ended

June 30, 2012

 

For the Fiscal Year

Ended

June 30, 2011

 
             
Convertible debentures, at 7% interest per annum, convertible at the option of the holder, to the Company’s common stock at $0.12 per common share, issued on March 10, 2006 matured on March 10, 2008.     4,166,667       4,166,667  
                 
Convertible debentures Allonge No. 1, at 7% interest per annum, convertible at the option of the holder, to the Company’s common stock at $0.12 per common share, issued on December 15, 2008 matured on December 15, 2010.     128,883       128,883  
                 
Warrants issued in connection with the notes payable issued on May 18, 2007 with an exercise price of $0.18 per common share expired on May 18, 2012.     -       500,000  
                 
Warrants issued as broker’s fees in connection with notes payable issued on May 18, 2007 with an exercise price of $0.18 per share expired on May 18, 2012     -       83,111  
                 
Total potentially outstanding dilutive common shares     4,295,550       4,878,661