Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2014
Jun. 30, 2013
Current assets:    
Cash and cash equivalents $ 190,820 $ 513,272
Accounts receivable 18,897 8,186
Prepaid expenses 25,691 0
Total Current Assets 235,408 521,458
Property and equipment, net of accumulated depreciation of $3,729 and $255,483 13,051 0
Software development costs, net of accumulated amortization of $4,147 and $72,430 117,218 0
Deferred loan costs, net of accumulated amortization of $366,634 and $9,345 1,354,243 3,227
Security deposits 3,600 0
Total Assets 1,723,520 524,685
Current Liabilities:    
Line of credit 499,000 0
Accounts payable and accrued expenses 442,407 1,149,320
Employee/contractor payables 200,000 703,531
Common stock payable 2,156,877 107,572
Related party payable 692,225 638,785
Share based compensation liability 0 880,700
Current portion of long term debt 793,064 4,820,361
Total current liabilities 4,783,573 8,300,269
Long-term debt 4,604,006 0
Embedded conversion liability 304,699 0
Accrued settlement 200,000 0
Warrants – derivative liability 1,452,677 5,999,435
Total Liabilities 11,344,955 14,299,704
Stockholders' Deficit    
Common stock par value $.001 per share; Authorized: 2,000,000,000 shares; Issued and Outstanding: 1,151,410,590 and 997,299,590 shares at June 30, 2014 and 2013 respectively 1,151,411 997,299
Additional Paid in Capital 43,491,445 41,445,027
Accumulated deficit (54,264,291) (56,217,345)
Total Stockholders' Deficit (9,621,435) (13,775,019)
Total Liabilities and Stockholders' deficit 1,723,520 524,685
Series A Preferred Stock [Member]    
Stockholders' Deficit    
Preferred stock, value, Series A par value $.001; Authorized: 37.00 shares; Issued and Outstanding: 35.75 shares at June 30, 2014 and 2013 respectively, Series B par value $.001; Authorized 63.00 shares; Issued and Outstanding: 38.70 and 27.50 shares at June 30, 2014 and 2013 respectively 0 0
Series B Preferred Stock [Member]    
Stockholders' Deficit    
Preferred stock, value, Series A par value $.001; Authorized: 37.00 shares; Issued and Outstanding: 35.75 shares at June 30, 2014 and 2013 respectively, Series B par value $.001; Authorized 63.00 shares; Issued and Outstanding: 38.70 and 27.50 shares at June 30, 2014 and 2013 respectively $ 0 $ 0