Perspective Therapeutics (CATX) 10-Q 14 Feb 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Dec. 31, 2013	Feb. 06, 2014
Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Dec-13	'
Entity Registrant Name	'IsoRay, Inc.	'
Entity Central Index Key	'0000728387	'
Current Fiscal Year End Date	'--06-30	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	41,540,982

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Jun. 30, 2013
Current assets:	'	'
Cash and cash equivalents	$4,414,572	$2,899,927
Accounts receivable, net of allowance for doubtful accounts of $32,515 and $52,598, respectively	917,222	923,780
Inventory	426,333	405,571
Other receivables	10,064	11,502
Prepaid expenses and other current assets	156,365	202,880
Total current assets	5,924,556	4,443,660
Fixed assets, net of accumulated depreciation and amortization	1,349,469	1,684,282
Restricted cash	181,181	181,149
Inventory, non-current	469,758	469,758
Other assets, net of accumulated amortization	262,698	276,507
Total assets	8,187,662	7,055,356
Current liabilities:	'	'
Accounts payable and accrued liabilities	430,293	432,566
Accrued protocol expense	46,973	25,305
Accrued radioactive waste disposal	124,000	100,000
Accrued payroll and related taxes	141,082	127,419
Accrued vacation	104,932	107,578
Total current liabilities	847,280	792,868
Warrant derivative liability	23,000	104,000
Asset retirement obligation	828,568	792,242
Total liabilities	1,698,848	1,689,110
Commitments and contingencies (Note 6)	'	'
Shareholders' equity:	'	'
Preferred stock, $.001 par value; 7,001,671 shares authorized:	61	59
Common stock, $.001 par value; 192,998,329 & 193,000,000 shares authorized; 38,419,502 and 34,618,517 shares issued and outstanding	38,420	34,618
Treasury stock, at cost 13,200 shares	-8,390	-8,390
Additional paid-in capital	60,747,935	57,431,293
Accumulated deficit	-54,289,212	-52,091,334
Total shareholders' equity	6,488,814	5,366,246
Total liabilities and shareholders' equity	8,187,662	7,055,356
Series A Preferred Stock [Member]	'	'
Shareholders' equity:	'	'
Preferred stock, $.001 par value; 7,001,671 shares authorized:	'	'
Series B Preferred Stock [Member]	'	'
Shareholders' equity:	'	'
Preferred stock, $.001 par value; 7,001,671 shares authorized:	59	59
Series C Preferred Stock [Member]	'	'
Shareholders' equity:	'	'
Preferred stock, $.001 par value; 7,001,671 shares authorized:	'	'
Series D Preferred Stock [Member]	'	'
Shareholders' equity:	'	'
Preferred stock, $.001 par value; 7,001,671 shares authorized:	$2	'

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Accounts receivable, allowance for doubtful accounts	$32,515	$52,598
Preferred stock, par or stated value per share	$0.00	$0.00
Preferred stock, shares authorized	7,001,671	'
Common stock, par value per share	$0.00	$0.00
Common stock, shares authorized	192,998,329	193,000,000
Common stock, shares issued	38,419,502	34,618,517
Common stock, shares outstanding	38,419,502	34,618,517
Treasury stock, shares	13,200	13,200
Series A Preferred Stock [Member]	'	'
Preferred stock, par or stated value per share	$0.00	$0.00
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Preferred Stock [Member]	'	'
Preferred stock, par or stated value per share	$0.00	$0.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	59,065	59,065
Preferred stock, shares outstanding	59,065	59,065
Series C Preferred Stock [Member]	'	'
Preferred stock, par or stated value per share	$0.00	$0.00
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series D Preferred Stock [Member]	'	'
Preferred stock, par or stated value per share	$0.00	$0.00
Preferred stock, shares authorized	1,671	0
Preferred stock, shares issued	1,670	0
Preferred stock, shares outstanding	1,670	0

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Operations [Abstract]	'	'	'	'
Product sales	$1,085,408	$975,457	$2,135,323	$2,031,689
Cost of product sales	1,119,314	1,134,083	2,246,537	2,210,740
Gross loss	-33,906	-158,626	-111,214	-179,051
Operating expenses:	'	'	'	'
Research and development expenses	170,030	149,176	317,020	290,648
Sales and marketing expenses	326,467	322,094	685,652	638,150
General and administrative expenses	513,964	469,559	1,165,000	1,114,412
Total operating expenses	1,010,461	940,829	2,167,672	2,043,210
Operating loss	-1,044,367	-1,099,455	-2,278,886	-2,222,261
Non-operating income (expense):	'	'	'	'
Interest income	481	128	835	272
Change in fair value of warrant derivative liability	117,000	-55,000	81,000	74,000
Financing and interest expense	-86	'	-827	-6
Non-operating income / (expense), net	117,395	-54,872	81,008	74,266
Net loss	-926,972	-1,154,327	-2,197,878	-2,147,995
Preferred stock deemed dividends (Note 9)	'	'	-726,378	'
Preferred stock dividends	-2,658	-2,658	-5,316	-5,316
Net loss applicable to common shareholders	($929,630)	($1,156,985)	($2,929,572)	($2,153,311)
Basic and diluted loss per share	($0.02)	($0.03)	($0.08)	($0.06)
Weighted average shares used in computing net loss per share:	'	'	'	'
Basic and diluted	38,419,502	34,604,605	37,133,875	34,238,401

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net loss	($2,197,878)	($2,147,995)
Adjustments to reconcile net loss to net cash used by operating activities:	'	'
Allowance for doubtful accounts	-20,083	-13,477
Depreciation and amortization of fixed assets	349,232	388,171
Amortization of deferred financing costs and other assets	15,371	14,024
Change in fair value of warrant derivative liability	-81,000	-74,000
Accretion of asset retirement obligation	36,326	33,211
Share-based compensation	51,786	57,789
Changes in operating assets and liabilities:	'	'
Accounts receivable, gross	26,641	222,365
Inventory	-20,762	41,433
Other receivables	1,438	1,914
Prepaid expenses and other current assets	46,515	-84,252
Accounts payable and accrued expenses	-2,273	4,120
Accrued protocol expense	21,668	13,750
Accrued radioactive waste disposal	24,000	24,000
Accrued payroll and related taxes	13,663	9,181
Accrued vacation	-2,646	-3,230
Net cash used by operating activities	-1,738,002	-1,512,996
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchases of fixed assets	-14,419	'
Additions to licenses and other assets	-1,562	-13,407
Change in restricted cash	-32	-84
Net cash used by investing activities	-16,013	-13,491
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Preferred dividends paid	-10,632	-10,632
Proceeds from sales of preferred stock, pursuant to underwritten offering, net	1,478,712	'
Proceeds from sales of common stock, pursuant to underwritten offering, net	1,800,580	'
Proceeds from sales of common stock, pursuant to registered direct offering, net	'	3,291,977
Proceeds from sales of common stock, pursuant to exercise of warrants, net	'	1,825
Proceeds from sales of common stock, pursuant to exercise of options	'	11,309
Net cash provided by financing activities	3,268,660	3,294,479
Net increase in cash and cash equivalents	1,514,645	1,767,992
Cash and cash equivalents, beginning of period	2,899,927	2,672,711
CASH AND CASH EQUIVALENTS, END OF PERIOD	$4,414,572	$4,440,703

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 2013
Basis of Presentation [Abstract]	'
Basis of Presentation	'
		1	Basis of Presentation
	The accompanying consolidated financial statements are those of IsoRay, Inc., and its wholly-owned subsidiaries (IsoRay or the Company). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in the prior-year financial statements have been reclassified to conform to the current year presentation.
	In the opinion of management, the accompanying unaudited interim consolidated financial statements and notes to the interim consolidated financial statements contain all adjustments, consisting of normal recurring items, necessary to present fairly, in all material respects, the financial position of IsoRay, Inc. and its wholly-owned subsidiaries.  These unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related footnotes as set forth in the Company's annual report filed on Form 10-K for the year ended June 30, 2013, as it may be amended from time to time.
	The results of operations for the periods presented may not be indicative of those which may be expected for a full year.  The unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures are adequate for the information not to be misleading.
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting period and the disclosures of contingent liabilities.  Accordingly, ultimate results could differ materially from those estimates.

New_Accounting_Pronouncements

New Accounting Pronouncements	6 Months Ended
	Dec. 31, 2013
New Accounting Pronouncements [Abstract]	'
New Accounting Pronouncements	'
		2	New Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB") or other standards setting bodies that are adopted by us as of the specified effective dates. Unless otherwise discussed, we believe the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial position, results of operations and cash flows upon adoption.

Loss_per_Share

Loss per Share	6 Months Ended
	Dec. 31, 2013
Loss per Share [Abstract]	'
Loss per Share	'
		3	Loss per Share
	Basic earnings per share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding, and does not include the impact of any potentially dilutive common stock equivalents. Common stock equivalents, including warrants and options to purchase the Company's common stock, are excluded from the calculations when their effect is antidilutive. At December 31, 2013 and 2012, the calculation of diluted weighted average shares did not include preferred stock, common stock warrants, or options that are potentially convertible into common stock as those would be antidilutive due to the Company's net loss position.
	Securities, presented on an as-converted to common stock basis, not considered in the calculation of diluted weighted average shares, but that could be dilutive in the future as of December 31, 2013 and 2012, were as follows:
			December 31,
			2013		2012
	Series B preferred stock			59,065		59,065
	Series D preferred stock			3,121,480		-
	Common stock warrants			7,605,771		1,957,033
	Common stock options			2,370,072		2,312,072
	Total potential dilutive securities			13,156,388		4,328,170

Inventory

Inventory	6 Months Ended
	Dec. 31, 2013
Inventory [Abstract]	'
Inventory	'
		4	Inventory
	Inventory consisted of the following at December 31, 2013 and June 30, 2013:
			December 31,		June 30,
			2013		2013
	Raw materials		$	168,731	$	167,671
	Work in process			212,726		195,323
	Finished goods			44,876		42,577
	Total inventory		$	426,333	$	405,571

ShareBased_Compensation

Share-Based Compensation	6 Months Ended
	Dec. 31, 2013
Share-Based Compensation [Abstract]	'
Share-Based Compensation	'
	5	Share-Based Compensation
	The following table presents the share-based compensation expense recognized during the three and six months ended December 31, 2013 and 2012:
			Three months				Six months
			ended December 31,				ended December 31,
			2013		2012		2013		2012
	Cost of product sales		$	4,499	$	10,164	$	8,921	$	20,328
	Research and development expenses			3,482		8,717		6,965		17,435
	Sales and marketing expenses			879		1,523		1,757		3,182
	General and administrative expenses			4,572		8,422		34,141		16,844
	Total share-based compensation		$	13,432	$	28,826	$	51,784	$	57,789
	As of December 31, 2013, total unrecognized compensation expense related to stock-based options was $42,626 and the related weighted-average period over which it is expected to be recognized is approximately 0.82 years.
	The Company currently provides stock-based compensation under three equity incentive plans approved by the Board of Directors. Options granted under each of the plans have a ten year maximum term, an exercise price equal to at least the fair market value of the Company's common stock on the date of the grant, and varying vesting periods as determined by the Board. For stock options with graded vesting terms, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award.
	A summary of stock options within the Company's share-based compensation plans as of December 31, 2013 was as follows:
							Weighted
					Weighted		Average
			Average		Remaining		Aggregate
			Number of		Exercise		Contractual		Intrinsic
			Options		Price		Term		Value
	Outstanding at December 31, 2013			2,370,072	$	1.79		4.57	$	125,884
	Vested and expected to vest at
	31-Dec-13			2,278,260	$	1.84		4.5	$	114,801
	Vested and exercisable at
	31-Dec-13			2,080,064	$	1.9		4.13	$	125,784
	There were no options exercised during the six months ended December 31, 2013 and 31,700 options exercised during the six months ended December 31, 2012. The Company's current policy is to issue new shares to satisfy option exercises. The intrinsic value of the employee options exercised during the six months ended December 31, 2012 was $13,866.
	There were 65,000 stock option awards granted and no stock option awards granted during the six months ended December 31, 2013 and 2012, respectively.
	There were 50,000 director stock options issued to the Chief Executive Officer and Chairman on September 5, 2013 with an exercise price of $0.58 per share which was the closing price of the Company common stock on the day of issuance. The fair value of the stock options issued on September 5, 2013 using a Black Scholes model is $25,150 utilizing the closing price on the day of grant of $0.58 per share as the grant and exercise price, a five year term, volatility of 132.31% and a discount rate of 1.85%.
	There were 15,000 employee stock options issued to three members of management on September 6, 2013 with an exercise price of $0.59 per share which was the closing price of the Company common stock on the day of issuance. The fair value of the stock options issued on September 6, 2013 using a Black Scholes model is $6,906 utilizing the closing price on the day of grant of $0.59 per share as the grant and exercise price, a five year term, volatility of 132.31% and a discount rate of 1.77%.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2013
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies	'
		6	Commitments and Contingencies
	Patent and Know-How Royalty License Agreement
	The Company is the holder of an exclusive license to use certain "know-how" developed by one of the founders of a predecessor to the Company and licensed to the Company by the Lawrence Family Trust, a Company shareholder. The terms of this license agreement require the payment of a royalty based on the Net Factory Sales Price, as defined in the agreement, of licensed product sales. Because the licensor's patent application was ultimately abandoned, only a 1% "know-how" royalty based on Net Factory Sales Price, as defined in the agreement, remains applicable. To date, management believes that there have been no product sales incorporating the "know-how" and therefore no royalty is due pursuant to the terms of the agreement. Management believes that ultimately no royalties should be paid under this agreement as there is no intent to use this "know-how" in the future.
	The licensor of the "know-how" has disputed management's contention that it is not using this "know-how". On September 25, 2007 and again on October 31, 2007, the Company participated in nonbinding mediation regarding this matter; however, no settlement was reached with the Lawrence Family Trust. After additional settlement discussions, which ended in April 2008, the parties failed to reach a settlement. The parties may demand binding arbitration at any time.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2013
Fair Value Measurements [Abstract]	'
Fair Value Measurements	'
		7	Fair Value Measurements
	The table below sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and June 30, 2013, respectively, and the fair value calculation input hierarchy level the Company has determined applies to each asset and liability category.
			Balance at		Balance at		Input
	Description		31-Dec-13		30-Jun-13		Hierarchy Level
	Assets:
	Cash and cash equivalents		$	4,414,572	$	2,899,927	Level 1
	Restricted cash			181,181		181,149	Level 1
	Liabilities:
	Warrant liability		$	23,000	$	104,000	Level 2

Preferred_Dividends

Preferred Dividends	6 Months Ended
	Dec. 31, 2013
Preferred Dividends [Abstract]	'
Preferred Dividends	'
	8	Preferred Dividends
	On December 19, 2013, the Board of Directors declared a dividend on the Series B Preferred Stock of all currently payable and accrued outstanding and cumulative dividends through December 31, 2013 in the amount of $10,632. Dividends on the Series B Preferred Stock were last paid on December 31, 2012 as declared by the Board of Directors on December 21, 2012 in the amount of $10,632. The dividends outstanding and cumulative through December 31, 2013 of $10,632 and through December 31, 2012 of $10,632 were paid as of those dates.

Shareholders_Equity

Shareholders' Equity	6 Months Ended
	Dec. 31, 2013
Shareholders' Equity [Abstract]	'
Shareholders' Equity	'
	9	Shareholders' Equity
	Common and preferred stock transactions
	On August 29, 2013, the Company entered into an agreement to sell 3,800,985 common units, each consisting of 1 share of common stock and a warrant to purchase 0.816 shares of common stock (the "Common Units"), and 1,670 preferred units, each consisting of 1 share of Series D Convertible Preferred Stock and a warrant to purchase 1,525.23 shares of common stock (the "Preferred Units") on a firm commitment underwritten basis. The Common Units were sold at an initial per unit purchase price of $0.535 and the Preferred Units were sold at an initial per unit purchase price of $1,000. The warrants are all exercisable at $0.72 per share, are callable, and have a twenty-four month term, with the exercise price and term subject to reduction if shareholder approval is obtained, and are not exercisable until March 1, 2014. Each share of the Series D Convertible Preferred Stock is convertible into 1,869.15 shares of common stock at any time at the option of the holder, subject to adjustment, provided that the holder will be prohibited from converting Series D Convertible Preferred Stock into shares of the Company's common stock if, as a result of such conversion, the holder, together with affiliates, would own more than 9.99% of the total shares of the Company's common stock then issued and outstanding. The preferred shares which are convertible into shares of common stock contain a beneficial conversion feature of $726,378 which was recognized as a deemed dividend to the Series D preferred shareholders on the date of issuance. This public offering resulted in gross proceeds of $3.7 million. The offering yielded approximately $3,279,292 in cash after expenses.
	Series D
	Series D convertible preferred shares are entitled to dividends in the same form as dividends actually paid on shares of common stock. Series D convertible preferred shares are convertible into shares of common stock at the rate of 1,869.15 shares of common stock for each share of Series D convertible preferred stock (subject to adjustment as provided in the certificate of designation for the Series D Convertible Preferred Stock), and are subject to conversion limitations if the conversion would result in the holder together with its affiliates, beneficially owning more than 9.99% of the total number of shares of our common stock then issued and outstanding. Series D convertible preferred shareholders shall not have the right to vote on any matter other than those set forth in the Certificate of Designation with the potential to specifically adversely affect the Series D Convertible Preferred Stock.
	Upon the execution of a fundamental transaction which effects a merger or other change of control transaction of the Company a holder will have the right to receive, upon any subsequent conversion of a share of Series D Convertible Preferred Stock (in lieu of conversion shares) for each issuable conversion share, the same kind and amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such fundamental transaction if it had been, immediately prior to such fundamental transaction, the holder of the shares of common stock into which such holder's shares of Series D Convertible Preferred Stock is then convertible.
	Gross proceeds from public offering		$	3,703,527
	Underwriting discount			(185,176	)
	Legal and accounting expense			(184,514	)
	Listing expense			(48,500	)
	Other expense			(6,045	)
	Net proceeds			3,279,292
	Warrant liability and related offering cost deferral
	Based on the guidance contained in ASC 815 "Derivatives and Hedging", management has concluded that the warrants issued in the October 13, 2011 underwritten registered offering of 2,500,000 shares of common stock should be classified as a derivative liability and has recorded a liability at fair value. The Company determined the fair value of the warrants using the Black-Scholes fair value model. The Company determined the fair value of the warrants on the date of the offering to be as disclosed in the tables below. The Company has recognized a change in fair value as described in the table below:
	Change in fair value of the derivative warrant liability for the three months ended December 31, 2013 and 2012, respectively.
			Three months ended			Three months ended
			31-Dec-13			31-Dec-12
	Change in fair value		$	(117,000	)	$	55,000
	Change in fair value of the derivative warrant liability for purchaser warrants and underwriter warrants contained in an equity transaction on October 19, 2011.
			Three months ended						Three months ended
			31-Dec-13						31-Dec-12
			Quantity1			Amount			Quantity1		Amount
	Balance, beginning of period			650,003		$	127,000			650,003	$	168,000
	Change in fair value			650,003			(107,000	)		650,003		50,000
	Warrants exercised			-			-			-		-
	Balance, end of period			650,003		$	20,000			650,003	$	218,000
	Change in fair value of the derivative warrant liability for purchaser warrants and underwriter warrants contained in an equity transaction on December 7, 2011.
			Three months ended						Three months ended
			31-Dec-13						31-Dec-12
			Quantity1			Amount			Quantity1		Amount
	Balance, beginning of period			63,598		$	13,000			63,598	$	17,000
	Change in fair value			63,598			(10,000	)		63,598		5,000
	Warrants exercised			-			-			-		-
	Balance, end of period			63,598		$	3,000			63,598	$	22,000
	Total fair value of warrant derivative liability at					$	23,000				$	240,000
	December 31, 2013 and 2012
	Change in fair value of the derivative warrant liability for the six months ended December 31, 2013 and 2012, respectively.
			Six months ended			Six months ended
			31-Dec-13			31-Dec-12
	Change in fair value		$	(81,000	)	$	(74,000	)
	Change in fair value of the derivative warrant liability for purchaser warrants and underwriter warrants contained in an equity transaction on October 19, 2011.
			Six months ended						Six months ended
			31-Dec-13						31-Dec-12
			Quantity1			Amount			Quantity1		Amount
	Balance, beginning of period			650,003		$	94,000			650,003	$	286,000
	Change in fair value			650,003			(74,000	)		650,003		(68,000	)
	Warrants exercised			-			-			-		-
	Balance, end of period			650,003		$	20,000			650,003	$	218,000
	Change in fair value of the derivative warrant liability for purchaser warrants and underwriter warrants contained in an equity transaction on December 7, 2011.
			Six months ended						Six months ended
			31-Dec-13						31-Dec-12
			Quantity1			Amount			Quantity1		Amount
	Balance, beginning of period			63,598		$	10,000			63,598	$	28,000
	Change in fair value			63,598			(7,000	)		63,598		(6,000	)
	Warrants exercised			-			-			-		-
	Balance, end of period			63,598		$	3,000			63,598	$	22,000
	Total fair value of warrant derivative liability at					$	23,000				$	240,000
	December 31, 2013 and 2012
	1 Quantity of warrants either issued or outstanding as of the date of valuation.
	Warrants
	The following table summarizes the warrants outstanding as of the beginning of the fiscal year, warrants exercised and warrants issued during the year and weighted average prices for each category.
						Weighted average
			Warrants			exercise price
Outstanding as of June 30, 2013			1,957,033		$	1.38
Warrants issued			5,648,738			0.72
Outstanding as of December 31, 2013			7,605,771		$	0.89
Warrants outstanding as of December 31, 2013
Quantity				Expiration date	Exercise price
	6,000			8-Jun-15	$	1.18
	25,000			27-Jul-15		2
	5,648,738			25-Aug-15		0.72
	1,207,832			21-Nov-15		1.56
	650,003			19-Oct-16		1.043
	63,198			7-Dec-16		1.043
	5,000			27-Jun-17		0.98
	7,605,771				$	0.89

Related_Party_Transaction

Related Party Transaction	6 Months Ended
	Dec. 31, 2013
Related Party Transaction [Abstract]	'
Related Party Transaction	'
	10	Related Party Transaction
	During the six months ended December 31, 2013 and 2012, the Company continued to engage the services of APEX Data Systems, Inc., owned by Dwight Babcock, the Company's Chairman and Chief Executive Officer, to modify and maintain the Company's web interfaced data collection application to aggregate patient data in a controlled environment. The Audit Committee and Board of Directors approved the use of the ongoing services of APEX Data Systems. Mr. Babcock recused himself from the Board vote due to his conflict of interest. The cost recorded during the six months ended December 31, 2013 and 2012 from APEX Data Systems, Inc. for the maintenance of the web interfaced data collection application was $9,720 and $8,960, respectively. An additional $6,000 was spent on the implementation of Customer Relationship Management software in the six months ended December 31, 2013.

Subsequent_Event

Subsequent Event	6 Months Ended
	Dec. 31, 2013
Subsequent Event [Abstract]	'
Subsequent Event	'
	11	Subsequent Event
	In January 2014, the holder of the 1,670 shares of Series D convertible preferred stock fully exercised its right to convert the 1,670 shares of Series D convertible preferred stock into 3,121,480 shares of common stock which resulted in an increase in shares of common stock outstanding from 38,419,502 to 41,540,982. Subsequent to the conversion, no shares of Series D convertible preferred stock remain outstanding.

Loss_per_Share_Tables

Loss per Share (Tables)	6 Months Ended
	Dec. 31, 2013
Loss per Share [Abstract]	'
Schedule of Antidilutive Securities Excluded from Computation of Loss per Share	'
	Securities, presented on an as-converted to common stock basis, not considered in the calculation of diluted weighted average shares, but that could be dilutive in the future as of December 31, 2013 and 2012, were as follows:
		December 31,
		2013		2012
	Series B preferred stock		59,065		59,065
	Series D preferred stock		3,121,480		-
	Common stock warrants		7,605,771		1,957,033
	Common stock options		2,370,072		2,312,072
	Total potential dilutive securities		13,156,388		4,328,170

Inventory_Tables

Inventory (Tables)	6 Months Ended
	Dec. 31, 2013
Inventory [Abstract]	'
Schedule of Components of Inventory	'
	Inventory consisted of the following at December 31, 2013 and June 30, 2013:
		December 31,		June 30,
		2013		2013
	Raw materials	$	168,731	$	167,671
	Work in process		212,726		195,323
	Finished goods		44,876		42,577
	Total inventory	$	426,333	$	405,571

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2013
Share-Based Compensation [Abstract]	'
Schedule of Share-Based Compensation Expense	'
	The following table presents the share-based compensation expense recognized during the three and six months ended December 31, 2013 and 2012:
		Three months				Six months
		ended December 31,				ended December 31,
		2013		2012		2013		2012
	Cost of product sales	$	4,499	$	10,164	$	8,921	$	20,328
	Research and development expenses		3,482		8,717		6,965		17,435
	Sales and marketing expenses		879		1,523		1,757		3,182
	General and administrative expenses		4,572		8,422		34,141		16,844
	Total share-based compensation	$	13,432	$	28,826	$	51,784	$	57,789
Schedule of Stock Option within Share-based Compensation Plans	'
	A summary of stock options within the Company's share-based compensation plans as of December 31, 2013 was as follows:
						Weighted
				Weighted		Average
		Average		Remaining		Aggregate
		Number of		Exercise		Contractual		Intrinsic
		Options		Price		Term		Value
	Outstanding at December 31, 2013		2,370,072	$	1.79		4.57	$	125,884
	Vested and expected to vest at
	31-Dec-13		2,278,260	$	1.84		4.5	$	114,801
	Vested and exercisable at
	31-Dec-13		2,080,064	$	1.9		4.13	$	125,784

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2013
Fair Value Measurements [Abstract]	'
Schedule of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis and Fair Value Calculation Input Hierarchy Level	'
	The table below sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and June 30, 2013, respectively, and the fair value calculation input hierarchy level the Company has determined applies to each asset and liability category.
		Balance at		Balance at		Input
	Description	31-Dec-13		30-Jun-13		Hierarchy Level
	Assets:
	Cash and cash equivalents	$	4,414,572	$	2,899,927	Level 1
	Restricted cash		181,181		181,149	Level 1
	Liabilities:
	Warrant liability	$	23,000	$	104,000	Level 2

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	6 Months Ended
	Dec. 31, 2013
Shareholders' Equity [Abstract]	'
Schedule of Proceeds from Common Stock Offering	'
	Gross proceeds from public offering		$	3,703,527
	Underwriting discount			(185,176	)
	Legal and accounting expense			(184,514	)
	Listing expense			(48,500	)
	Other expense			(6,045	)
	Net proceeds			3,279,292
Schedule of Fair Value of Warrants	'
	Change in fair value of the derivative warrant liability for the three months ended December 31, 2013 and 2012, respectively.
			Three months ended			Three months ended
			31-Dec-13			31-Dec-12
	Change in fair value		$	(117,000	)	$	55,000
	Change in fair value of the derivative warrant liability for purchaser warrants and underwriter warrants contained in an equity transaction on October 19, 2011.
			Three months ended						Three months ended
			31-Dec-13						31-Dec-12
			Quantity1			Amount			Quantity1		Amount
	Balance, beginning of period			650,003		$	127,000			650,003	$	168,000
	Change in fair value			650,003			(107,000	)		650,003		50,000
	Warrants exercised			-			-			-		-
	Balance, end of period			650,003		$	20,000			650,003	$	218,000
	Change in fair value of the derivative warrant liability for purchaser warrants and underwriter warrants contained in an equity transaction on December 7, 2011.
			Three months ended						Three months ended
			31-Dec-13						31-Dec-12
			Quantity1			Amount			Quantity1		Amount
	Balance, beginning of period			63,598		$	13,000			63,598	$	17,000
	Change in fair value			63,598			(10,000	)		63,598		5,000
	Warrants exercised			-			-			-		-
	Balance, end of period			63,598		$	3,000			63,598	$	22,000
	Total fair value of warrant derivative liability at					$	23,000				$	240,000
	December 31, 2013 and 2012
	Change in fair value of the derivative warrant liability for the six months ended December 31, 2013 and 2012, respectively.
			Six months ended			Six months ended
			31-Dec-13			31-Dec-12
	Change in fair value		$	(81,000	)	$	(74,000	)
	Change in fair value of the derivative warrant liability for purchaser warrants and underwriter warrants contained in an equity transaction on October 19, 2011.
			Six months ended						Six months ended
			31-Dec-13						31-Dec-12
			Quantity1			Amount			Quantity1		Amount
	Balance, beginning of period			650,003		$	94,000			650,003	$	286,000
	Change in fair value			650,003			(74,000	)		650,003		(68,000	)
	Warrants exercised			-			-			-		-
	Balance, end of period			650,003		$	20,000			650,003	$	218,000
	Change in fair value of the derivative warrant liability for purchaser warrants and underwriter warrants contained in an equity transaction on December 7, 2011.
			Six months ended						Six months ended
			31-Dec-13						31-Dec-12
			Quantity1			Amount			Quantity1		Amount
	Balance, beginning of period			63,598		$	10,000			63,598	$	28,000
	Change in fair value			63,598			(7,000	)		63,598		(6,000	)
	Warrants exercised			-			-			-		-
	Balance, end of period			63,598		$	3,000			63,598	$	22,000
	Total fair value of warrant derivative liability at					$	23,000				$	240,000
	December 31, 2013 and 2012
	1 Quantity of warrants either issued or outstanding as of the date of valuation.
Schedule of Warrants Activity	'
	The following table summarizes the warrants outstanding as of the beginning of the fiscal year, warrants exercised and warrants issued during the year and weighted average prices for each category.
						Weighted average
			Warrants			exercise price
	Outstanding as of June 30, 2013			1,957,033		$	1.38
	Warrants issued			5,648,738			0.72
	Outstanding as of December 31, 2013			7,605,771		$	0.89
	Warrants outstanding as of December 31, 2013
	Quantity				Expiration date	Exercise price
		6,000			8-Jun-15	$	1.18
		25,000			27-Jul-15		2
		5,648,738			25-Aug-15		0.72
		1,207,832			21-Nov-15		1.56
		650,003			19-Oct-16		1.043
		63,198			7-Dec-16		1.043
		5,000			27-Jun-17		0.98
		7,605,771				$	0.89

Loss_per_Share_Details

Loss per Share (Details)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive securities excluded from computation of earnings per share, amount	13,156,388	4,328,170
Series B Preferred Stock [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive securities excluded from computation of earnings per share, amount	59,065	59,065
Series D Preferred Stock [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive securities excluded from computation of earnings per share, amount	3,121,480	'
Warrant [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive securities excluded from computation of earnings per share, amount	7,605,771	1,957,033
Employee Stock Option [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive securities excluded from computation of earnings per share, amount	2,670,072	2,312,072

Inventory_Details

Inventory (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Inventory [Abstract]	'	'
Raw materials	$168,731	$167,671
Work in process	212,726	195,323
Finished goods	44,876	42,577
Total inventory	$426,333	$405,571

ShareBased_Compensation_Schedu

Share-Based Compensation (Schedule of Share-Based Compensation Expense) (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Share-based compensation	$13,432	$28,826	$51,784	$57,789
Unrecognized compensation expense related to stock-based options and awards	42,626	'	42,626	'
Unrecognized compensation expense related to stock-based options and awards, weighted-average recognition period	'	'	'9 months 26 days	'
Stock options, maximum term	'	'	'10 years	'
Cost of Product Sales [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Share-based compensation	4,499	10,164	8,921	20,328
Research and Development Expenses [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Share-based compensation	3,482	8,717	6,965	17,435
Sales and Marketing Expenses [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Share-based compensation	879	1,523	1,757	3,182
General and Administration Expenses [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Share-based compensation	$4,572	$8,422	$34,141	$16,844

ShareBased_Compensation_Schedu1

Share-Based Compensation (Schedule of Stock Option Activity) (Details) (USD $)	0 Months Ended		6 Months Ended
	Sep. 05, 2013	Sep. 06, 2013	Dec. 31, 2013	Dec. 31, 2012
Number of Options	'	'	'	'
Outstanding at December 31, 2013	'	'	2,370,072	'
Vested and expected to vest at December 31, 2013	'	'	2,278,260	'
Vested and exercisable at December 31, 2013	'	'	2,080,064	'
Weighted Average Exercise Price	'	'	'	'
Outstanding at December 31, 2013	'	'	$1.79	'
Vested and expected to vest at December 31, 2013	'	'	$1.84	'
Vested and exercisable at December 31, 2013	'	'	$1.90	'
Weighted Average Remaining Contractual Term	'	'	'	'
Outstanding at December 31, 2013	'	'	'4 years 6 months 26 days	'
Vested and expected to vest at December 31, 2013	'	'	'4 years 6 months	'
Vested and exercisable at December 31, 2013	'	'	'4 years 1 month 17 days	'
Average Intrinsic Value	'	'	'	'
Outstanding at December 31, 2013	'	'	$125,884	'
Vested and expected to vest at December 31, 2013	'	'	114,801	'
Vested and exercisable at December 31, 2013	'	'	125,784	'
Options exercised	'	'	'	31,700
Aggregate intrinsic value of option exercised	'	'	'	13,866
Stock options granted	50,000	15,000	65,000	'
Stock options issued, exercise price	$0.58	$0.59	'	'
Fair value of stock options granted	$25,150	$6,906	'	'
Exercise price	$0.58	$0.59	'	'
Expected term	'5 years	'5 years	'	'
Volatility	132.31%	132.31%	'	'
Discount rate	1.85%	1.77%	'	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (Patent Rights Know-how and License Agreements [Member])	Dec. 31, 2013
Patent Rights Know-how and License Agreements [Member]	'
Finite-Lived Intangible Assets [Line Items]	'
Percentage of royalty payment on net sales	1.00%

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $)	Dec. 31, 2013	Jun. 30, 2013
Level 1 [Member]	'	'
Assets:	'	'
Cash and cash equivalents	$4,414,572	$2,899,927
Restricted cash	181,181	181,149
Level 2 [Member]	'	'
Liabilities:	'	'
Warrant liability	$23,000	$104,000

Preferred_Dividends_Details

Preferred Dividends (Details) (USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Dividends Payable [Line Items]	'	'
Preferred dividends paid	$10,632	$10,632
Series B Preferred Stock [Member]	'	'
Dividends Payable [Line Items]	'	'
Preferred dividends paid	10,632	10,632
Dividends declared	$10,632	$10,632

Shareholders_Equity_Common_and

Shareholders' Equity (Common and Preferred Stock Transactions) (Details) (USD $)	0 Months Ended	3 Months Ended		6 Months Ended			0 Months Ended
	Aug. 29, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2013	Aug. 29, 2013	Aug. 29, 2013	Aug. 29, 2013	Oct. 13, 2011	Aug. 29, 2013
							Common Unit Warrants [Member]	Preferred Unit Warrants [Member]	Common Stock [Member]	Common Stock [Member]	Series D Preferred Stock [Member]
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Sale of common stock	'	'	'	'	'	'	'	'	3,800,985	2,500,000	1,670
Number of shares covered by each warrant	'	'	'	'	'	'	0.816	'	'	'	'
Number of shares number of shares covered by warrant	'	'	'	'	'	'	'	1,525.23	'	'	'
Stock issued, price per share	'	'	'	'	'	'	'	'	$0.54	'	$1,000
Exercise price	'	0.89	'	0.89	'	1.38	0.72	0.72	'	'	'
Warrant term	'	'	'	'	'	'	'24 months	'24 months	'	'	'
Number of common shares issuable upon conversion	'	'	'	'	'	'	'	'	'	'	1,869.15
Ownership percentage	'	'	'	'	'	'	'	'	'	'	9.99%
Beneficial conversion feature	'	'	'	$726,378	'	'	'	'	'	'	'
Gross proceeds from public offering	3,703,527	'	'	'	'	'	'	'	'	'	'
Underwriting discount	-185,176	'	'	'	'	'	'	'	'	'	'
Legal and accounting expense	-184,514	'	'	'	'	'	'	'	'	'	'
Listing expense	-48,500	'	'	'	'	'	'	'	'	'	'
Other expense	-6,045	'	'	'	'	'	'	'	'	'	'
Net proceeds	$3,279,292	'	'	'	'	'	'	'	'	'	'

Shareholders_Equity_Schedule_o

Shareholders' Equity (Schedule of Inputs for Fair Value Model) (Details) (USD $)	3 Months Ended				6 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2013		Dec. 31, 2012
Class of Warrant or Right [Line Items]	'		'		'		'
Balance, beginning of period	'		'		1,957,033		'
Balance, end of period	7,605,771		'		7,605,771		'
Value of warrants issued:	'		'		'		'
Change in fair value of warrant derivative liability	($117,000)		$55,000		($81,000)		($74,000)
Balance, end of period	23,000		240,000		23,000		240,000
Common Stock Purchaser Warrants [Member]	'		'		'		'
Class of Warrant or Right [Line Items]	'		'		'		'
Balance, beginning of period	650,003	[1]	650,003	[1]	650,003	[1]	650,003	[1]
Warrants exercised	'	[1]	'	[1]	'	[1]	'	[1]
Balance, end of period	650,003	[1]	650,003	[1]	650,003	[1]	650,003	[1]
Value of warrants issued:	'		'		'		'
Balance, beginning of period	127,000		168,000		94,000		286,000
Change in fair value of warrant derivative liability	-107,000		50,000		-74,000		-68,000
Balance, end of period	20,000		218,000		20,000		218,000
Over Allotment Warrants [Member]	'		'		'		'
Class of Warrant or Right [Line Items]	'		'		'		'
Balance, beginning of period	63,598	[1]	63,598	[1]	63,598	[1]	63,598	[1]
Warrants exercised	'	[1]	'	[1]	'	[1]	'	[1]
Balance, end of period	63,598	[1]	63,598	[1]	63,598	[1]	63,598	[1]
Value of warrants issued:	'		'		'		'
Balance, beginning of period	13,000		17,000		10,000		28,000
Change in fair value of warrant derivative liability	-10,000		5,000		-7,000		-6,000
Balance, end of period	$3,000		$22,000		$3,000		$22,000
[1]	Quantity of warrants either issued or outstanding as of the date of valuation.

Shareholders_Equity_Warrants_D

Shareholders' Equity (Warrants) (Details)	6 Months Ended
	Dec. 31, 2013
Warrants	'
Balance, beginning of period	1,957,033
Warrants issued	5,648,738
Balance, end of period	7,605,771
Weighted average exercise price	'
Beginning balance outstanding	1.38
Warrants issued	0.72
Ending balance outstanding	0.89

Shareholders_Equity_Additional

Shareholders' Equity (Additional Information about Warrants) (Details)	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
			Range of Exercise Price One [Member]	Range of Exercise Price Two [Member]	Range of Exercise Price Three [Member]	Range of Exercise Price Four [Member]	Range of Exercise Price Five [Member]	Range of Exercise Price Six [Member]	Range of Exercise Price Seven [Member]
Class of Warrant or Right [Line Items]	'	'	'	'	'	'	'	'	'
Quantity	7,605,771	1,957,033	6,000	25,000	5,648,738	1,207,832	650,003	63,198	5,000
Expiration date	'	'	8-Jun-15	27-Jul-15	25-Aug-15	21-Nov-15	19-Oct-16	7-Dec-16	27-Jun-17
Exercise price	0.89	1.38	1.18	2	0.72	1.56	1.043	1.043	0.98

Related_Party_Transaction_Deta

Related Party Transaction (Details) (Affiliated Entity [Member], USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Affiliated Entity [Member]	'	'
Related Party Transaction [Line Items]	'	'
Maintenance costs	$9,720	$8,960
Software implementation costs	$6,000	'

Subsequent_Event_Details

Subsequent Event (Details)	Dec. 31, 2013	Jun. 30, 2013	Jan. 31, 2014	Jan. 31, 2014	Jan. 31, 2014
			Subsequent Event [Member]	Common Stock [Member]	Series D Preferred Stock [Member]
				Subsequent Event [Member]	Subsequent Event [Member]
Subsequent Event [Line Items]	'	'	'	'	'
Number of shares converted	'	'	'	'	1,670
Number of common shares issued upon conversion	'	'	'	3,121,480	'
Common stock, shares outstanding	38,419,502	34,618,517	41,540,982	'	'