Corgenix Medical Inactive 10-Q13 Feb 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Dec. 31, 2013	Feb. 05, 2014
Document and Entity Information	'	'
Entity Registrant Name	'CORGENIX MEDICAL CORP/CO	'
Entity Central Index Key	'0001063665	'
Document Type	'10-Q	'
Document Period End Date	31-Dec-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--06-30	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	51,304,713
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Jun. 30, 2013
Current assets:	'	'
Cash and cash equivalents	$1,954,905	$1,956,624
Accounts receivable, less allowance for doubtful accounts of $30,000 as of December 31, 2013 and June 30, 2013	1,635,764	967,881
Accounts receivable from affiliates (note 9)	305,953	298,956
Other receivables	6,988	233,624
Inventories	1,610,084	2,032,545
Prepaid expenses	18,077	17,838
Total current assets	5,531,771	5,507,468
Equipment	'	'
Capitalized software costs	357,832	357,832
Machinery and laboratory equipment	2,056,633	1,644,354
Furniture, fixtures, leaseholds & office equipment	1,759,335	1,747,199
Gross equipment	4,173,800	3,749,385
Accumulated depreciation and amortization	-2,968,799	-2,853,891
Net equipment	1,205,001	895,494
Intangible assets:	'	'
Licenses	245,289	259,718
Other assets:	'	'
Other assets	176,000	70,161
Total assets	7,158,061	6,732,841
Current liabilities:	'	'
Current portion of notes payable, net of discount (Note 8)	5,679	22,239
Current portion of capital lease obligations	110,292	85,403
Accounts payable	270,526	476,839
Accrued payroll and related liabilities	224,148	220,240
Accrued liabilities-other	156,865	149,030
Total current liabilities	767,510	953,751
Capital lease obligations, less current portion	201,837	16,624
Deferred facility lease payable, excluding current portion	307,140	329,366
Total liabilities	1,276,487	1,299,741
Stockholders' equity (Note 6):	'	'
Common stock, $0.001 par value. Authorized 200,000,000 shares; Issued and outstanding 51,203,743 and 50,233,992 at December 31, 2013 and June 30, 2013 respectively	51,204	50,234
Additional paid-in capital	21,896,905	21,700,207
Accumulated deficit	-16,066,535	-16,329,079
Total stockholders' equity	5,881,574	5,421,362
Total liabilities and stockholders' equity	7,158,061	6,732,841
Preferred	'	'
Current liabilities:	'	'
Redeemable preferred stock, $0.001 par value. No shares outstanding as of December 31, 2013; 36,680 shares issued and outstanding, aggregate redemption value of $9,170 at June 30, 2013 (Note 6)	'	$11,738

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Condensed Consolidated Balance Sheets	'	'
Accounts receivable, allowance for doubtful accounts (in dollars)	$30,000	$30,000
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, Authorized shares	200,000,000	200,000,000
Common stock, Issued shares	51,203,743	50,233,992
Common stock, outstanding shares	51,203,743	50,233,992
Preferred	'	'
Redeemable stock	'	'
Redeemable stock, par value (in dollars per share)	$0.00	$0.00
Redeemable stock, shares issued	'	36,680
Redeemable stock, shares outstanding	0	36,680
Redeemable stock, aggregate redemption value (in dollars)	'	$9,170

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended				6 Months Ended
Condensed Consolidated Statements of Operations (USD $)	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2013	Dec. 31, 2012
Revenues:	'		'		'	'
Product sales	$2,505,164		$2,185,191		$5,134,666	$4,720,858
Contract R & D and grant revenues	206,515		293,036		454,526	578,435
Total revenues	2,711,679		2,478,227		5,589,192	5,299,293
Cost of revenues:	'		'		'	'
Cost of goods sold	1,247,720		1,188,289		2,622,948	2,591,796
Cost of R & D and grant revenues	146,950		221,031		318,278	436,638
Total cost of revenues	1,394,670		1,409,320		2,941,226	3,028,434
Gross profit	1,317,009		1,068,907		2,647,966	2,270,859
Operating expenses:	'		'		'	'
Selling and marketing	429,634		435,128		913,318	876,478
Research and development	147,748		98,847		352,813	226,016
General and administrative	558,948		479,177		1,099,458	908,015
Total expenses	1,136,330		1,013,152		2,365,589	2,010,509
Operating income	180,679		55,755		282,377	260,350
Other income (expense):	'		'		'	'
Other income	177		112		323	230
Interest expense	-2,359		-5,495		-6,156	-11,894
Total other income (expense)	-2,182		-5,383		-5,833	-11,664
Net income before income taxes	178,497		50,372		276,544	248,686
Income taxes	'		'		14,000	'
Net income	178,497		50,372		262,544	248,686
Accreted dividends on redeemable preferred stock	'		'		'	3,074
Net income attributable to common shareholders	$178,497		$50,372		$262,544	$245,612
Earnings per share:	'		'		'	'
Basic (in dollars per share)	$0	[1]	$0	[1]	$0.01	$0.01
Diluted (in dollars per share)	$0	[1]	$0	[1]	$0.01	$0.01
Weighted-average shares outstanding:	'		'		'	'
Basic (in shares)	51,030,061		48,975,498		51,025,710	48,435,612
Diluted (in shares)	54,143,287		50,755,593		54,034,232	49,541,484

[1]	Less than $0.01 per share

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Stockholders' Equity (USD $)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balances at Jun. 30, 2013	$5,421,362	$50,234	$21,700,207	($16,329,079)
Balances (in shares) at Jun. 30, 2013	'	50,233,992	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'
Issuance of common stock for services	4,995	26	4,969	'
Issuance of common stock for services (in shares)	'	26,403	'	'
Issuance of common stock for cash	134,683	944	133,739	'
Issuance of common stock for cash (in shares)	'	943,348	'	'
Compensation expense recorded as a result of stock options issued	55,422	'	55,422	'
Redemption of convertible preferred stock	2,568	'	2,568	'
Net income	262,544	'	'	262,544
Balances at Dec. 31, 2013	$5,881,574	$51,204	$21,896,905	($16,066,535)
Balances (in shares) at Dec. 31, 2013	'	51,203,743	'	'

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
Condensed Consolidated Statements of Cash Flows (USD $)	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:	'	'
Net income	$262,544	$248,686
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	129,336	149,319
Common stock issued for services	4,995	18,736
Compensation expense recorded for stock options issued	55,422	40,335
Changes in operating assets and liabilities:	'	'
Trade and other receivables, net	-674,879	-155,742
Inventories	422,461	5,827
Prepaid expenses and other assets, net	-106,078	-30,147
Accounts payable	-206,312	-213,042
Accrued payroll and related liabilities	3,908	-46,319
Accrued interest and other liabilities	-14,392	-7,446
Net cash provided by (used in) operating activities	-122,995	10,207
Cash flows used in investing activities:	'	'
Additions to equipment	-162,305	-43,477
Net cash used in investing activities	-162,305	-43,477
Cash flows provided by financing activities:	'	'
Proceeds from issuance of common stock, net of financing costs	134,683	305,216
Proceeds received from revolving line of credit	3,043,708	3,750,924
Payments on revolving line of credit	-2,817,072	-3,960,568
Payment for redemption of convertible preferred stock	-9,170	'
Payments on notes payable	-16,560	-25,796
Payments on capital lease obligations	-52,008	-53,020
Net cash provided by financing activities	283,581	16,756
Net decrease in cash and cash equivalents	-1,719	-16,514
Cash and cash equivalents at beginning of period	1,956,624	1,248,537
Cash and cash equivalents at end of period	1,954,905	1,232,023
Supplemental cash flow disclosures:	'	'
Cash paid for interest	6,160	11,918
Noncash investing and financing activities:	'	'
Redemption of convertible preferred stock	2,568	'
Accreted dividends on redeemable common and redeemable preferred stock	'	3,074
Equipment acquired under capital leases or installment financing	$262,110	'

DESCRIPTION_OF_BUSINESS_AND_BA

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Dec. 31, 2013
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	'
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	'
	1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

	(a) *Company Overview*

	We were organized as a C corporation in 1990, and our business includes research, development, manufacture, and marketing of in vitro diagnostic (“IVD”) products (tested outside the human body) for use in disease detection and diagnosis.

	Our revenues are generated from the following:

	· Sales of Manufactured Products—We manufacture and sell over 50 diagnostic products on a worldwide basis to hospitals, clinical testing laboratories, universities, biotechnology and pharmaceutical companies and research institutions.

	· In North America we sell our products directly through our own sales organization and through several small independent distributors.

	· Outside of North America, we sell our products, excluding OEM products, through the ELITech Group (“ELITech”) which now serves as our international master distributor, which in turn sells our products through its wholly owned subsidiaries in addition to numerous independent distributors.

	· Sales of OEM Products—We private label some of our IVD products for other diagnostic companies which they then resell worldwide through their own distribution networks. Our most important OEM customers include Bio-Rad Laboratories, Inc., Helena Laboratories and Diagnostic Grifols, S.A.

	· Sales of OM Products—We purchase some products from other healthcare manufacturers which we then resell. These products include other IVD products, instruments, instrument systems and various reagents and supplies, and are primarily used to support the sale of our own manufactured products.

	· Contract Manufacturing Agreements—We provide contract manufacturing services to other diagnostic and life science companies. Our most significant Contract Manufacturing customers are BG Medicine and DiaDexus.

	· Contract R&D Agreements—We provide contract product development services to strategic partners and alliances. Our most significant Contract R &D customers include ELITech, Tulane University (“Tulane”) and the National Institutes of Health (“NIH”).

	· Other Revenues—This segment includes shipping and other miscellaneous revenues.

	· Our three largest customers, collectively, account for 32.6% of our total revenues.

	Most of our products are used in clinical laboratories for the diagnosis and/or the monitoring of four important sectors of health care:

	· The aspirin effect on platelets,

	· Autoimmune disease (diseases in which an individual creates antibodies to one’s self, for example systemic lupus erythematosus (“SLE”) and rheumatoid arthritis (“RA”),

	· Vascular disease (diseases associated with certain types of thrombosis or clot formation, for example antiphospholipid syndrome, deep vein thrombosis, stroke and coronary occlusion); and

	· Liver diseases (fibrosis and cirrhosis).

	We are actively developing new laboratory tests in these and other important diagnostic testing areas.

	We develop and manufacture products in several commonly utilized testing formats:

	· Microplate Enzyme Linked ImmunoSorbent Assay (“ELISA”)—This is a clinical testing methodology commonly used worldwide. It is a format which must be run in laboratory conditions by trained technicians, and utilizes standard microplate reading instruments. Testing is performed on a standard 96-well plastic microplate and provides quantitative results.

	· Lateral Flow Immunoassay (“LFI”)—This is a rapid testing format which utilizes small strip configuration. Patient samples are applied to the end of a strip and allowed to migrate along the strip with a positive or negative indicator. Results are typically obtained in a matter of minutes and can be performed in all settings including field testing.

	· Immunoturbidimetry (“IT”)—IT products are configured similar to ELISA Microplate products except that instead of coating microwell plates, this technology coats microbeads or microparticles. The assay configuration is more “automatable” than microplates, designed to be run on clinical chemistry analyzers in clinical testing laboratories by trained personnel. We use the IT format as part of our development and manufacturing agreements with ELITech.

	Since 1990, our sales force and distribution partners have sold over 88 million tests worldwide under the REAADS and Corgenix labels, as well as OEM products. An integral part of our strategy is to work with corporate partners to develop market opportunities and access important resources including expanding our Contract Manufacturing and Contract R&D programs. We believe that our relationships with current and potential partners will enable us to enhance our menu of diagnostic products and accelerate our ability to penetrate the worldwide markets for new products.

	We currently use the REAADS and Corgenix trademarks and trade names in the sale of the products which we manufacture. These products constitute the majority of our product sales.

	(b) *Basis of Presentation*

	Financial Statement Preparation

	The unaudited condensed consolidated financial statements have been prepared by Corgenix according to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information and, therefore, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted. The Company has evaluated subsequent events through the date the financial statements were issued.

	In the opinion of management, the accompanying unaudited consolidated financial statements for the periods presented reflect all adjustments, which are normal and recurring, necessary to fairly state the financial position, results of operations and cash flows. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2013 filed with the SEC on September 30, 2013.

	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	The Company’s significant accounting policies were described in Note 1 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013. There have been no significant changes to these policies and no recent accounting pronouncements or changes in accounting pronouncements during the three or six months ended December 31, 2013 that are of significance or potential significance to the Company.

INVENTORIES

INVENTORIES	6 Months Ended
	Dec. 31, 2013
INVENTORIES	'
INVENTORIES	'
	3. INVENTORIES

	Inventories consist of raw materials, work in process, finished goods and laboratory instruments and parts held for sale, and are recorded at the lower of average cost or market, using the first-in, first-out method. A provision is recorded to reduce excess and obsolete inventories to their estimated net realizable value, when necessary. No such provision was recorded as of December 31, 2013 or June 30, 2013. Components of inventories as of December 31, 2013 and June 30, 2013 are as follows:

		December 31,		June 30,
		2013		2013
	Raw materials	$	520,563	$	587,216
	Work-in-process	341,427		602,410
	Finished goods	582,038		698,683
	Laboratory instrument related	166,056		144,246
		$	1,610,084	$	2,032,545

EARNINGS_PER_SHARE

EARNINGS PER SHARE	6 Months Ended
	Dec. 31, 2013
EARNINGS PER SHARE	'
EARNINGS PER SHARE	'
	4. EARNINGS PER SHARE

	Basic earnings per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding increased for potentially dilutive common shares outstanding during the period. The dilutive effect of stock options and their equivalents is calculated using the treasury stock method. Under the treasury stock method, the diluted earnings per share denominator includes the net of new shares potentially created by unexercised in-the-money warrants and options. This method assumes that the proceeds that we receive from an in-the-money option exercise would be used to repurchase common shares in the market.

		3 Months ended			3 Months ended			6 Months ended		6 Months ended
		December 31,			December 31,			December 31,		December 31,
		2013			2012			2013		2012
	Net earnings attributable to common shareholders	$	178,497		$	50,372		$	262,544	$	245,612
	Common and common equivalent shares outstanding:
	Historical common shares outstanding at beginning of period	50,651,413			48,184,159			50,233,992		47,213,534
	Weighted average common equivalent shares issued (retired) during the period	378,648			791,339			791,718		1,222,078
	Weighted average common shares — basic	51,030,061			48,975,498			51,025,710		48,435,612
	Dilutive potential common shares:
	Stock options, warrants and shares of convertible preferred shares	3,113,226			1,780,095			3,008,522		1,105,872
	Weighted average common shares and dilutive potential common shares	54,143,287			50,755,593			54,034,232		49,541,484
	Net income per share — basic	$	0	*	$	0	*	$	0.01	$	0.01
	Net income per share — diluted	$	0	*	$	0	*	$	0.01	$	0.01

	*Less than $0.01 per share

	All options and warrants were considered in the calculation of weighted average common shares and dilutive potential common shares above. Options and warrants totaling 966,070 and 5,444,836 were not considered in the calculation of weighted average common shares and dilutive potential shares above, for the quarters ended December 31, 2013 and December 31, 2012, respectively, as their effect would be anti-dilutive. For the same reasons, options and warrants totaling 1,166,394 and 7,676,166 were not considered in the calculation of weighted average common shares and dilutive potential shares for the six month periods ended December 31, 2013 and December 31, 2012, respectively.

FAIR_VALUE_MEASUREMENT

FAIR VALUE MEASUREMENT	6 Months Ended
	Dec. 31, 2013
FAIR VALUE MEASUREMENT	'
FAIR VALUE MEASUREMENT	'
	5. FAIR VALUE MEASUREMENT

	The fair value of our financial instruments reflect the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company uses a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three levels:

	Level 1—quoted prices in active markets for identical assets and liabilities.

	Level 2—observable inputs other than quoted prices in active markets for identical assets and liabilities.

	Level 3—unobservable inputs.

	The Company’s financial instruments are valued using quoted prices in active markets or based upon other observable inputs. The following table sets forth the fair value of the Company’s financial assets that were measured on a recurring basis:

	As of December 31, 2013:

		Level 1		Level 2		Level 3		Total
	Money market funds	$	1,039,269	$	—	$	—	$	1,039,269
	Total	$	1,039,269	$	—	$	—	$	1,039,269

	As of June 30, 2013:

		Level 1		Level 2		Level 3		Total
	Money market funds	$	1,038,946	$	—	$	—	$	1,038,946
	Total	$	1,038,946	$	—	$	—	$	1,038,946

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2013
STOCKHOLDERS' EQUITY	'
STOCKHOLDERS' EQUITY	'
	6. STOCKHOLDERS’ EQUITY

	(a) *Common Stock*

	On September 16, 2011, Wescor invested an additional $500,000 pursuant to the Third Tranche under the Common Stock Purchase Agreement and was issued 3,333,333 shares of our common stock valued at $0.15 per share. For no additional consideration we issued a warrant to Wescor to purchase 1,666,667 shares at $0.15 per share. As a condition to the closing of the Third Tranche, the Executive Committee established under the Joint Product Development Agreement has determined the feasibility of creating not less than two (2) new Corgenix assays as further described in the Joint Product Development Agreement.

	On July 28, 2011, we entered into a First Amended Joint Product Development Agreement (the “2011 Development Agreement”) with ELITech and Wescor. Each party is responsible for its own costs, expenses and liabilities incurred under the Agreement; however, ELITech and Wescor will be responsible for expenses related to the development of new Corgenix Assays and systems. Pursuant to this agreement, each month we will notify Wescor of the amount of their stock purchase commitment, which is equal to sixty-six and 7/10 percent (66.7%) of the amount of each monthly R & D invoice at a per share price of $0.15. Wescor must purchase such shares within thirty (30) days of each notification. For the quarters ended December 31, 2013 and December 31, 2012, we generated $84,420 and $150,368, respectively in R & D revenue from Wescor, and issued 540,197 and 1,139,651 shares, respectively under this arrangement. For the six months ended December 31, 2013 and December 31, 2012, we generated $207,147 and $355,761, respectively in R & D revenue from Wescor, and issued 823,348 and 2,034,712 shares, respectively under this arrangement. Also, pursuant to the 2011 Development Agreement, as of December 31, 2013 and December 31, 2012 there was $56,407 and $150,368, respectively, in accounts receivable for ELITech/Wescor-funded research and development and $37,624 and $39,276 due from Wescor with respect to stock purchase commitments owing from Wescor for 250,825 and 261,843 shares, respectively, to be issued subsequent to December 31, 2013 and December 31, 2012, respectively. The $37,624 and $39,276 stock purchase commitments were not recorded as of December 31, 2013 or December 31, 2012.

	As a result of these transactions, ELITech, including warrants, beneficially owned 45.7% of the Company’s outstanding shares as of December 31, 2013, and is considered a related party.

	(b) *Employee Stock Purchase Plan*

	Effective January 1, 1999, the Company adopted an Employee Stock Purchase Plan to provide eligible employees an opportunity to purchase shares of its common stock through payroll deductions, up to 10% of eligible compensation. On April 26, 2008, Shareholders approved the Company’s Second Amended and Restated Employee Stock Purchase Plan. This plan is qualified under Section 423 of the Internal Revenue Code of 1986. Each quarter, participant account balances are used to purchase shares of stock at the lesser of 85% of the fair value of shares on the first business day (grant date) and last business day (exercise date) of each quarter. No right to purchase shares shall be granted if, immediately after the grant, the employee would own stock aggregating 5% or more of the total combined voting power or value of all classes of stock. A total of 600,000 common shares have been registered with the SEC for purchase under this plan.

	On December 17, 2013, the shareholders approved the Fourth Amended and Restated Employee Stock Purchase Plan (the “ESPP”), which had been previously approved by the Board of Directors. The maximum number of shares that may be sold under the ESPP is 500,000 shares, which shares have been registered with the SEC.The ESPP is intended to qualify as an “Employee Stock Purchase Plan” under Section 423 of the Code and will provide eligible employees with an opportunity to purchase shares of Company common stock, $0.001 par value (the “Common Stock”) through payroll deductions. The principal provisions of the ESPP are summarized in the Company’s Proxy Statement on Schedule 14A filed on December 5, 2011. For the three months ended December 31, 2013 and December 31, 2012 shares issued under the plans amounted to 12,133 and 84,282, respectively. For the six months ended December 31, 2013 and December 31, 2012, shares issued under the plans amounted to 26,403 and 187,361, respectively. On December 17, 2013, at our Annual Meeting of shareholders, the shareholders voted to approve the Fourth Amended & Restated Employee Stock Purchase Plan, effective January 1, 2014. The maximum number of shares that may be sold under the Fourth Amended & Restated Employee Stock Purchase Plan is 500,000 shares, which shares have been registered with the SEC.

	(c) *Incentive Stock Option Plan*

	Stock Options as of December 31, 2013

	Our 2007 and 2011 Incentive Compensation Plans (the “Plans”) provide for two separate components. The Stock Option Grant Program, administered by the Compensation Committee (the “Committee”) appointed by our Board of Directors, provides for the grant of incentive and non-statutory stock options to purchase common stock to employees, directors or other independent advisors designated by the Committee. The Restricted Stock Program administered by the Committee, provides for the issuance of Restricted Stock Awards to employees, directors or other independent advisors designated by the Committee. The following table summarizes stock options outstanding as of December 31, 2013, and changes during the six months then ended:

		Outstanding Options
		Number of		Weighted			Weighted		Aggregate
		Shares		Average			Average		Intrinsic
				Exercise			Remaining		Value
				Price			Contractual
							Term (in
							months)
	Options outstanding at June 30, 2013	3,612,000		$	0.19		26		$	15,930
	Granted	960,000		$	0.21		78
	Exercised	(120,000	)	$	0.09		63
	Cancelled, expired or forfeited	(787,000	)	$	0.35		3
	Options outstanding at December 31, 2013	3,665,000		$	0.15		57		$	189,475
	Options exercisable at December 31, 2013	2,155,000		$	0.13		47		$	144,067

	The total intrinsic value as of December 31, 2013 measures the difference between the market price as of December 31, 2013 and the exercise price. Options for 120,000 shares were exercised during the six months ended December 31, 2013. No options were exercised for the six months ended December 31, 2012. In exchange for the options exercised for the current six month period, $11,180 cash was received by the Company. We did not realize any tax deductions related to exercise of stock options during the period.

	As of December 31, 2013, estimated unrecognized compensation cost from unvested stock options amounted to $190,929, which is expected to be recognized over a weighted average period of 58 months.

	The weighted average per share fair value of stock options granted during the six months ending December 31, 2013 was $0.17. The weighted average per share fair value of stock options granted during the six months ending December 31, 2012 was $0.21. The fair value was estimated as of the grant date using the Black-Scholes option pricing model with the following assumptions:

		Quarters Ended				Six Months Ended
		December 31,				December 31,
	Valuation Assumptions	2013		2012		2013		2012

	Expected life	7 years		7 years		7 years		7 years
	Risk-free interest rate	2.69	%	2.69	%	2.69	%	2.69	%
	Expected volatility	137.4	%	161.5	%	137.4	%	161.5	%
	Expected dividend yield	0	%	0	%	0	%	0	%

	(d) *Redeemable Convertible Preferred Stock*

	On February 3, 2009, as part of a debt restructuring agreement, the Company issued 36,680 shares of its Series B Convertible Preferred Stock (“Series B”) to Truk Opportunity Fund, LLC, a Delaware company and Truk International Fund, LP, a Cayman Islands company (collectively, “Truk”). The shares had a liquidation preference of $9,170, which would have been convertible into 146,720 shares of its common stock at the rate of $0.25 per share.

	The liquidation preference of the convertible preferred stock was deemed to be a redemption feature of said stock. Accordingly, over the three year period, the amount of the convertible preferred stock as shown on the Balance Sheet, was accreted, such that, at the end of the three year period, the amount equaled the amount of common stock capable of being converted by the convertible preferred stock. This accretion of the convertible preferred stock has been reflected on the Statement of Operations, as accreted dividends.

	According to the Company’s Certificate of Designations of Preferences, Rights & Limitations, Series B Convertible Preferred Stock, the Company did not automatically redeem Truk’s Series B Convertible Preferred Stock as required. According to the terms of the preferred shares, automatic redemption was to occur on February 3, 2012, at the Conversion Value per share, which at the time was $0.25 multiplied by 36,680 issued and outstanding shares for a total cash redemption of $9,170. On September 20, 2013, the Company redeemed Truk’s convertible shares together with interest of $746, for a total payment to Truk amounting to $9,916.

REVOLVING_LINE_OF_CREDIT

REVOLVING LINE OF CREDIT	6 Months Ended
REVOLVING LINE OF CREDIT	Dec. 31, 2013
REVOLVING LINE OF CREDIT	'
REVOLVING LINE OF CREDIT	'
	7. REVOLVING LINE OF CREDIT

	Under the LSQ Revolving Credit and Security Agreement dated July 14, 2011 between the Company and LSQ (the “LSQ Agreement”), LSQ, the lender provided a line of credit (“Line”) to the Company under which LSQ agreed to make loans to the Company in the maximum principal amount outstanding at any time of $1,500,000. The proceeds of the loans under the line of credit were used to repay certain loans and other amounts payable by the Company. The LSQ Agreement was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 20, 2011, and the description of material terms of the LSQ Agreement is qualified in its entirety by reference to that exhibit. Interest accrues on the average outstanding principal amount of the loans under the Line at a rate equal to 0.043% per day (15.7% APR). Loans under the Line were permitted to be repaid and such repaid amounts re-borrowed until the maturity date. In addition, pursuant to the terms of the Loan Agreement, we granted to LSQ a security interest in all of our personal property to secure the repayment of the loans under the Line and all other of our obligations to LSQ, whether under the Loan Agreement or otherwise. For the quarters ended December 31, 2013 and December 31, 2012, LSQ funded a total of $922,569 and $1,850,415, respectively under the Line. For the six months ended December 31, 2013 and December 31, 2012, LSQ funded a total of $3,043,708 and $3,750,924 respectively under the Line.As of December 31, 2013 and June 30, 2013, $375 and $227,281, respectively were owed us by LSQ under the line. Fees paid to LSQ for interest and other services for the quarters ended December 31, 2013 and December 31, 2012 totaled $353 and $415, respectively, and for the six months ended December 31, 2013 and December 31, 2012, were $793 and $924, respectively. On August 28, 2013, the Company provided written notice to LSQ that the Company desired to terminate the LSQ Agreement. The LSQ Agreement required 60 days notice by the Company to LSQ to terminate, and thus the termination was effective October 27, 2013. Any ancillary agreements and documents entered into in connection with the LSQ Agreement terminated in connection with the termination of the LSQ Agreement.

	On August 28, 2013, the Company entered into a Business Loan Agreement (the “Loan Agreement”) effective August 15, 2013 between the Company and Bank of the West (the “Bank”). This Loan Agreement replaced the LSQ Agreement noted above.

	Pursuant to the terms of the Loan Agreement, the Bank is providing a revolving line of credit (the “Line”) to the Company not to exceed $1,500,000. Interest accrues at a variable one month LIBOR (currently 0.18%) plus 4.00% per annum. Interest payments are due monthly.

	Unless terminated by the Company or accelerated by the Bank in accordance with the terms of the Loan Agreement, the Line will terminate and all loans there under must be repaid on November 5, 2014.

	The Loan Agreement contains certain representations, warranties, covenants and events of default typical in financings of this type, including, for example, limitations on assuming additional debt, making investments, or the sale of Company assets or other changes in the ownership of the Company.

	In addition, pursuant to the terms of the Loan Agreement, the Company will grant to the Bank a security interest in all of the Company’s assets to secure the repayment of the loans under the Line and to secure all other obligations of the Company to the Bank.

	The Company will use the money it receives under the Loan Agreement for general short term working capital purposes.

	The Line was activated on October 30, 2013. During the current quarter, the Bank did not fund anything under the Line. Consequently, there were no fees paid to the Bank for interest and other services for the same period.

NOTES_PAYABLE

NOTES PAYABLE	6 Months Ended
	Dec. 31, 2013
NOTES PAYABLE	'
NOTES PAYABLE	'
	8. NOTES PAYABLE

	Notes payable consist of the following at December 31, 2013 and June 30, 2013:

		December 31,			June 30, 2013
		2013
	Installment loan payable, payable to PNC Equipment Finance, to finance upgrade of accounting software, with interest at 8.63%, due in monthly installments of $2,871 plus interest through February 2014, collateralized by certain equipment	5,679			22,239
		5,679			22,239
	Current portion, net of current portion of discount	(5,679		)	(22,239		)
	Notes payable, excluding current portion and net of long-term portion of discount	$	—		$	—

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2013
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'

	9. RELATED PARTY TRANSACTIONS

	The ELITech Group, a French diagnostic company, via its wholly owned subsidiaries, ELITech-UK (our master international distributor) and Wescor (located in Logan, Utah) (the “ELITech Group”) combined are considered to be a related party, beneficially owning 45.7% of the Company’s outstanding shares, and, as of December 31, 2013, was the Company’s largest customer. For the three months ended December 31, 2013 and December 31, 2012, we generated $84,420 and $150,368, respectively in R & D revenue from Wescor. In addition, the Company’s international product sales to ELITech-UK for the three month periods ended December 31, 2013 and December 31, 2012 amounted to $224,976 and $423,637, respectively. For the six months ended December 31, 2013 and December 31, 2012, we generated $207,147 and $355,761, respectively in R & D revenue from Wescor. In addition, the Company’s international product sales to ELITech-UK for the six month periods ended December 31, 2013 and December 31, 2012 amounted to $366,832 and $675,253, respectively. In total, for the three months ended December 31, 2013 and December 31, 2012 the ELITech Group (ELITech-UK and Wescor) represented approximately 11.4% and 23.2%, respectively of total revenues . As of December 31, 2013 and December 31, 2012, the amounts due us from the ELITech Group amounted to $305,953 and $482,911, respectively, which amounts represented approximately 15.5% and 30.5%, respectively, of total trade accounts receivable .

CONCENTRATION_OF_CREDIT_RISK

CONCENTRATION OF CREDIT RISK	6 Months Ended
CONCENTRATION OF CREDIT RISK	Dec. 31, 2013
CONCENTRATION OF CREDIT RISK	'
CONCENTRATION OF CREDIT RISK	'
	10. CONCENTRATION OF CREDIT RISK

	The Company’s customers, with the exception of the ELITech Group, are principally located in the U.S. The Company performs periodic credit evaluations of its customers’ financial condition but generally does not require collateral for receivables. For the three months ended December 31, 2013, our three largest customers, the ELITech Group, DiaDexus, Inc., and BG Medicine, Inc. accounted for 11.4%, 13.4%, and 7.8%, respectively, of our total revenues, and for the three months ended December 31, 2012, revenues from those same three customers accounted for 23.2%, 7.4%, and 8.0%, respectively of our total revenues. For the six months ended December 31, 2013, our three largest customers, the ELITech Group, DiaDexus, Inc., and BG Medicine, Inc. accounted for 10.3%, 17.0%, and 11.2%, respectively of our total revenues, and for the six months ended December 31, 2012, revenues from those same three customers accounted for 19.5%, 9.0%, and 11.3%, respectively of our total revenues. As of December 31, 2013, the ELITech Group accounted for 15.5% of our total accounts receivable, while DiaDexus, Inc. and B.G. Medicine, Inc., each represented 18.6% and 11.0%, respectively, of total accounts receivable. As of June 30, 2013, the ELITech Group accounted for 23.6% of our total accounts receivable, while DiaDexus, Inc. and BG Medicine, Inc. each represented less than 1% of total accounts receivable.

INVENTORIES_Tables

INVENTORIES (Tables)	6 Months Ended
	Dec. 31, 2013
INVENTORIES	'
Schedule of components of inventories	'


		December 31,		June 30,
		2013		2013
	Raw materials	$	520,563	$	587,216
	Work-in-process	341,427		602,410
	Finished goods	582,038		698,683
	Laboratory instrument related	166,056		144,246
		$	1,610,084	$	2,032,545

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	6 Months Ended
	Dec. 31, 2013
EARNINGS PER SHARE	'
Schedule of net income per share	'

		3 Months ended			3 Months ended			6 Months ended		6 Months ended
		December 31,			December 31,			December 31,		December 31,
		2013			2012			2013		2012
	Net earnings attributable to common shareholders	$	178,497		$	50,372		$	262,544	$	245,612
	Common and common equivalent shares outstanding:
	Historical common shares outstanding at beginning of period	50,651,413			48,184,159			50,233,992		47,213,534
	Weighted average common equivalent shares issued (retired) during the period	378,648			791,339			791,718		1,222,078
	Weighted average common shares — basic	51,030,061			48,975,498			51,025,710		48,435,612
	Dilutive potential common shares:
	Stock options, warrants and shares of convertible preferred shares	3,113,226			1,780,095			3,008,522		1,105,872
	Weighted average common shares and dilutive potential common shares	54,143,287			50,755,593			54,034,232		49,541,484
	Net income per share — basic	$	0	*	$	0	*	$	0.01	$	0.01
	Net income per share — diluted	$	0	*	$	0	*	$	0.01	$	0.01

	*Less than $0.01 per share

FAIR_VALUE_MEASUREMENT_Tables

FAIR VALUE MEASUREMENT (Tables)	6 Months Ended
FAIR VALUE MEASUREMENT (Tables)	Dec. 31, 2013
FAIR VALUE MEASUREMENT	'
Schedule of fair value of financial assets that were measured on a recurring basis	'

	As of December 31, 2013:

		Level 1		Level 2		Level 3		Total
	Money market funds	$	1,039,269	$	—	$	—	$	1,039,269
	Total	$	1,039,269	$	—	$	—	$	1,039,269

	As of June 30, 2013:

		Level 1		Level 2		Level 3		Total
	Money market funds	$	1,038,946	$	—	$	—	$	1,038,946
	Total	$	1,038,946	$	—	$	—	$	1,038,946

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Dec. 31, 2013
STOCKHOLDERS' EQUITY	'
Summary of stock options outstanding and changes during the year	'

		Outstanding Options
		Number of		Weighted			Weighted		Aggregate
		Shares		Average			Average		Intrinsic
				Exercise			Remaining		Value
				Price			Contractual
							Term (in
							months)
	Options outstanding at June 30, 2013	3,612,000		$	0.19		26		$	15,930
	Granted	960,000		$	0.21		78
	Exercised	(120,000	)	$	0.09		63
	Cancelled, expired or forfeited	(787,000	)	$	0.35		3
	Options outstanding at December 31, 2013	3,665,000		$	0.15		57		$	189,475
	Options exercisable at December 31, 2013	2,155,000		$	0.13		47		$	144,067
Schedule of assumptions to estimate fair value as of grant date	'

		Quarters Ended				Six Months Ended
		December 31,				December 31,
	Valuation Assumptions	2013		2012		2013		2012

	Expected life	7 years		7 years		7 years		7 years
	Risk-free interest rate	2.69	%	2.69	%	2.69	%	2.69	%
	Expected volatility	137.4	%	161.5	%	137.4	%	161.5	%
	Expected dividend yield	0	%	0	%	0	%	0	%

NOTES_PAYABLE_Tables

NOTES PAYABLE (Tables)	6 Months Ended
	Dec. 31, 2013
NOTES PAYABLE	'
Schedule of notes payable	'

		December 31,			June 30, 2013
		2013
	Installment loan payable, payable to PNC Equipment Finance, to finance upgrade of accounting software, with interest at 8.63%, due in monthly installments of $2,871 plus interest through February 2014, collateralized by certain equipment	5,679			22,239
		5,679			22,239
	Current portion, net of current portion of discount	(5,679		)	(22,239		)
	Notes payable, excluding current portion and net of long-term portion of discount	$	—		$	—

DESCRIPTION_OF_BUSINESS_AND_BA1

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)	6 Months Ended
	Dec. 31, 2013
	item
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	'
Number of diagnostic products manufactured and sold	50
Number of largest customers	3
Percentage of revenues represented by largest customers	32.60%
Number of important sectors of health care	4
Cumulative number of tests sold worldwide since inception	88,000,000

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
INVENTORIES	'	'
Provision for inventory	$0	$0
Raw materials	520,563	587,216
Work-in-process	341,427	602,410
Finished goods	582,038	698,683
Laboratory instrument related	166,056	144,246
Inventories	$1,610,084	$2,032,545

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended				6 Months Ended
EARNINGS PER SHARE (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
EARNINGS PER SHARE	'		'		'	'	'
Net earnings attributable to common shareholders	$178,497		$50,372		$262,544	$245,612	'
Common and common equivalent shares outstanding:	'		'		'	'	'
Historical common shares outstanding at beginning of period	50,651,413		48,184,159		50,233,992	47,213,534	51,203,743
Weighted average common equivalent shares issued (retired) during the period	378,648		791,339		791,718	1,222,078	'
Weighted average common shares - basic	51,030,061		48,975,498		51,025,710	48,435,612	'
Dilutive potential common shares:	'		'		'	'	'
Stock options, warrants and shares of convertible preferred shares	3,113,226		1,780,095		3,008,522	1,105,872	'
Weighted average common shares and dilutive potential common shares	54,143,287		50,755,593		54,034,232	49,541,484	'
Net income per share - basic (in dollars per share)	$0	[1]	$0	[1]	$0.01	$0.01	'
Net income per share - diluted (in dollars per share)	$0	[1]	$0	[1]	$0.01	$0.01	'
Options	'		'		'	'	'
Shares not considered in the calculation of weighted average common shares and dilutive potential shares	'		'		'	'	'
Anti-dilutive securities (in shares)	966,070		'		1,166,394	'	'
Warrants	'		'		'	'	'
Shares not considered in the calculation of weighted average common shares and dilutive potential shares	'		'		'	'	'
Anti-dilutive securities (in shares)	'		5,444,836		'	7,676,166	'

[1]	Less than $0.01 per share

FAIR_VALUE_MEASUREMENT_Details

FAIR VALUE MEASUREMENT (Details) (Recurring basis, USD $)	Dec. 31, 2013	Jun. 30, 2013
Level 1	'	'
Fair Value Measurements	'	'
Money market funds	$1,039,269	$1,038,946
Total	1,039,269	1,038,946
Total	'	'
Fair Value Measurements	'	'
Money market funds	1,039,269	1,038,946
Total	$1,039,269	$1,038,946

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jan. 01, 1999

Dec. 17, 2013

Dec. 31, 2013

Sep. 16, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jul. 28, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jul. 28, 2011

Dec. 31, 2013

1999 Employee Stock Purchase Plan and Second Amended and Restated Employee Stock Purchase Plan

ESPP

Common Stock

Wescor

ELITech

Common Stock Purchase Agreement

2011 Development Agreement

Third Tranche

Common Stock

Minimum

Maximum

item

Common Stock

Value of common stock issued

$134,683

$944

$500,000

Shares of common stock issued

943,348

3,333,333

540,197

1,139,651

823,348

2,034,712

Value of common stock issued (in dollars per share)

$0.15

Additional consideration for issuance of warrants

Warrants issued (in shares)

1,666,667

Exercise price of warrants (in dollars per share)

$0.15

Number of new Corgenix assays to be created as a condition to the closing of the Third Tranche

Stock purchase commitment as a percentage of the amount of each monthly R & D invoice

66.70%

Period within which shares are to be purchased

'30 days

R & D revenue

206,515

293,036

454,526

578,435

84,420

150,368

207,147

355,761

Accounts receivable for research and development

56,407

150,368

56,407

150,368

Stock purchase commitment amount

$37,624

$39,276

$37,624

$39,276

Shares committed to be purchased

250,825

261,843

250,825

261,843

Percentage of ownership interest in reporting entity

45.70%

Maximum percentage of payroll deductions on eligible compensation to purchase shares of common stock

10.00%

Percentage of fair value of shares to purchase shares of stock

85.00%

Right to purchase shares, percentage of combined voting power or value of all classes of stock, maximum

5.00%

Maximum number of shares that may be sold under plan

600,000

500,000

Common stock, par value (in dollars per share)

$0.00

Shares issued under plans

12,133

84,282

26,403

187,361

STOCKHOLDERS_EQUITY_Details_2

STOCKHOLDERS' EQUITY (Details 2) (Stock options, USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2013
	item	Dec. 31, 2012	item	Dec. 31, 2012	Jun. 30, 2013
Stock options	'	'	'	'	'
Equity	'	'	'	'	'
Number of separate components under the Amended and Restated Employee Stock Purchase Plans and the 2007 and 2011 Incentive Compensation Plans	2	'	2	'	'
Outstanding Options, Number of Shares	'	'	'	'	'
Options outstanding at the beginning of the period (in shares)	'	'	3,612,000	'	'
Granted (in shares)	'	'	960,000	'	'
Exercised (in shares)	'	'	-120,000	0	'
Cancelled, expired or forfeited (in shares)	'	'	-787,000	'	'
Options outstanding at the end of the period (in shares)	3,665,000	'	3,665,000	'	3,612,000
Options exercisable at the end of the period (in shares)	2,155,000	'	2,155,000	'	'
Outstanding Options, Weighted Average Exercise Price	'	'	'	'	'
Options outstanding at the beginning of the period (in dollars per share)	'	'	$0.19	'	'
Granted (in dollars per share)	'	'	$0.21	'	'
Exercised (in dollars per shares)	'	'	$0.09	'	'
Cancelled, expired or forfeited (in dollars per share)	'	'	$0.35	'	'
Options outstanding at the end of the period (in dollars per share)	$0.15	'	$0.15	'	$0.19
Options exercisable at the end of the period (in dollars per share)	$0.13	'	$0.13	'	'
Outstanding Options, Weighted Average Remaining Contractual Term (in months)	'	'	'	'	'
Options outstanding at the beginning of the period	'	'	'57 months	'	'26 months
Granted	'	'	'78 months	'	'
Exercised	'	'	'63 months	'	'
Cancelled, expired or forfeited	'	'	'3 months	'	'
Options outstanding at the end of the period	'	'	'57 months	'	'26 months
Options exercisable at the end of the period	'	'	'47 months	'	'
Outstanding Options, Aggregate Intrinsic Value	'	'	'	'	'
Outstanding Options, Aggregate Intrinsic Value	$189,475	'	$189,475	'	$15,930
Options exercisable at the end of the period	144,067	'	144,067	'	'
Options, additional disclosures	'	'	'	'	'
Exercised (in shares)	'	'	120,000	0	'
Cash received on exercise of stock options	'	'	11,180	'	'
Estimated unrecognized compensation cost from unvested stock options granted during the period, less the amount recognized as compensation expense through the end of the period	$190,929	'	$190,929	'	'
Period of time over which unrecognized compensation cost from unvested stock options is expected to be recognized	'	'	'58 months 6 days	'	'
Weighted average per share fair value range of stock options granted (in dollars per share)	'	'	$0.17	$0.21	'
Valuation Assumptions	'	'	'	'	'
Expected life	'7 years	'7 years	'7 years	'7 years	'
Risk-free interest rate (as a percent)	2.69%	2.69%	2.69%	2.69%	'
Expected volatility (as a percent)	137.40%	161.50%	137.40%	161.50%	'
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%	0.00%	'

STOCKHOLDERS_EQUITY_Details_3

STOCKHOLDERS' EQUITY (Details 3) (USD $)	6 Months Ended	0 Months Ended
	Dec. 31, 2013	Sep. 20, 2013	Sep. 20, 2013	Feb. 03, 2009	Feb. 03, 2012
		Truk	Truk	Truk	Truk
			Series B Convertible Preferred Stock	Series B Convertible Preferred Stock	Series B Convertible Preferred Stock
Redeemable Convertible Preferred Stock	'	'	'	'	'
Shares issued	'	'	'	36,680	'
Liquidation preference	'	'	'	$9,170	'
Shares of common stock to be issued on conversion of convertible preferred stock	'	'	'	146,720	'
Price at which convertible preferred stock is converted into shares of common stock (in dollars per share)	'	'	'	$0.25	$0.25
Redemption period	'	'	'	'3 years	'
Shares issued	'	'	'	'	36,680
Shares outstanding	'	'	'	'	36,680
Total cash redemption	'	'	'	'	9,170
Interest paid	'	746	'	'	'
Payment for redemption of convertible preferred stock	$9,170	'	$9,916	'	'

REVOLVING_LINE_OF_CREDIT_Detai

REVOLVING LINE OF CREDIT (Details) (Revolving line of credit, USD $)	0 Months Ended	3 Months Ended		6 Months Ended
	Aug. 28, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2013
LSQ	'	'	'	'	'	'
Revolving Line of Credit	'	'	'	'	'	'
Maximum credit line	'	$1,500,000	'	$1,500,000	'	'
Per day interest rate on average outstanding principal amount (as a percent)	'	0.04%	'	0.04%	'	'
Annual interest rate on average outstanding principal amount (as a percent)	'	'	'	15.70%	'	'
Revolving line of credit funded	'	922,569	1,850,415	3,043,708	3,750,924	'
Fees paid for interest and other services	'	353	415	793	924	'
Period of notice required to be given by the entity to LSQ to terminate the LSQ Agreement	'60 days	'	'	'	'	'
Amount Outstanding	'	375	'	375	'	227,281
Bank	'	'	'	'	'	'
Revolving Line of Credit	'	'	'	'	'	'
Maximum credit line	1,500,000	'	'	'	'	'
Fees paid for interest and other services	'	$0	'	'	'	'
Variable interest rate basis	'one month LIBOR	'	'	'	'	'
Current one month LIBOR (as a percent)	0.18%	'	'	'	'	'
Interest rate margin (as a percent)	4.00%	'	'	'	'	'

NOTES_PAYABLE_Details

NOTES PAYABLE (Details) (USD $)	6 Months Ended
NOTES PAYABLE (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Notes payable	'	'
Notes payable	$5,679	$22,239
Current portion, net of current portion of discount	-5,679	-22,239
Installment loan payable, payable to PNC Equipment Finance	'	'
Notes payable	'	'
Interest rate (as a percent)	8.63%	'
Principal Payments	2,871	'
Notes payable	$5,679	$22,239

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2013
Related party transactions	'	'	'	'	'
R & D revenue	$206,515	$293,036	$454,526	$578,435	'
Amount due from related party	305,953	'	305,953	'	298,956
ELITech Group	'	'	'	'	'
Related party transactions	'	'	'	'	'
Percentage of ownership interest in reporting entity	45.70%	'	45.70%	'	'
Amount due from related party	305,953	482,911	305,953	482,911	'
Sales \| Geographic concentration \| ELITech Group	'	'	'	'	'
Related party transactions	'	'	'	'	'
Percentage of concentration risk	11.40%	23.20%	'	'	'
Sales \| Geographic concentration \| ELITech-UK	'	'	'	'	'
Related party transactions	'	'	'	'	'
International sales	224,976	423,637	366,832	675,253	'
Trade accounts receivable \| Credit concentration \| ELITech Group	'	'	'	'	'
Related party transactions	'	'	'	'	'
Percentage of concentration risk	'	'	15.50%	30.50%	'
R & D revenue \| Geographic concentration \| Wescor	'	'	'	'	'
Related party transactions	'	'	'	'	'
R & D revenue	$84,420	$150,368	$207,147	$355,761	'

CONCENTRATION_OF_CREDIT_RISK_D

CONCENTRATION OF CREDIT RISK (Details)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2013

Sales

Trade accounts receivable

Customer concentration

Credit concentration

Customer concentration

ELITech Group

DiaDexus, Inc.

BG Medicine, Inc.

Three customers

ELITech Group

DiaDexus, Inc.

BG Medicine, Inc.

ELITech Group

DiaDexus, Inc.

BG Medicine, Inc.

item

Maximum

Concentration of credit risk

Percentage of concentration risk

11.40%

23.20%

10.30%

19.50%

13.40%

7.40%

17.00%

9.00%

7.80%

8.00%

11.20%

11.30%

23.60%

1.00%

15.50%

18.60%

11.00%

Number of customers