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| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|--------|------------------------------------------------------------------------------------------|
|   |                                                                                     |
|   | For the quarterly period ended March 31, 2010                                            |
|   |                                                                                     |
|   | OR                                                                                       |
|   |                                                                                     |
| o      | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|   |                                                                                     |
|   | For the transition period from ________________ to ________________                      |

|   | GelTech Solutions, Inc.                                |   |
|--------|--------------------------------------------------------|--------|
|   | (Exact name of registrant as specified in its charter) |   |

| Delaware                                                     |   | 56-2600575               |
|--------------------------------------------------------------|--------|--------------------------|
| (State or other jurisdiction of          |   | (I.R.S. Employer    |
| incorporation or organization)                     |   | Identification No.) |
|                                                         |   |                     |
| 1460 Park Lane South, Suite 1, Jupiter, Florida              |   | 33458                    |
| (Address of principal executive offices) |   | (Zip Code)          |

| Large accelerated filer o                                                                     | Accelerated filer   o              |
|-----------------------------------------------------------------------------------------------|----------------------------------------------|
|                                                                                          |                                         |
| Non-accelerated filer   o   (Do not check if a smaller reporting company) | Smaller reporting company   þ |

| Class                                    |   | Outstanding at May 14, 2010 |
|------------------------------------------|--------|-----------------------------|
| Common Stock, $0.001 par value per share |   | 16,382,674 shares      |

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| PART I – FINANCIAL INFORMATION |                                                                                                                         |   |   |
|--------------------------------------|------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                 |                                                                                                                         |   |   |   |
| Item 1.                              | Consolidated Financial Statements.                                                                                           |   |   | 1 |   |
|                                 | Condensed Consolidated Balance Sheets as of March 31, 2010 and June 30, 2009                                       |   |   | 1 |   |
|                                 | Condensed Consolidated Statements of Operations for the Three and Nine Months ended March 31, 2010 and 2009 (Unaudited) |   |   | 2  |   |
|                                 | Condensed Consolidated Statements of Cash Flows for the Three and Nine Months ended March 31, 2010 and 2009 (Unaudited) |   |   | 3 |   |
|                                 | Notes to Condensed Consolidated Financial Statements (Unaudited)                                                             |   |   | 4 |   |
| Item 2.                              | Management’s Discussion and Analysis of Financial Condition and Results of Operations.                                 |   |   | 15 |   |
| Item 3.                    | Quantitative and Qualitative Disclosures About Market Risk.                                                                  |   |   | 20 |   |
| Item 4.                         | Controls and Procedures                                                                                                      |   |   | 20 |   |
| Item 4T.                        | Controls and Procedures                                                                                                      |   |   | 20 |   |
|                                 |                                                                                                                         |   |   |   |   |
| PART II – OTHER INFORMATION    |                                                                                                                         |   |   |   |
|                                 |                                                                                                                         |   |   |   |   |
| Item 1.                              | Legal Proceedings.                                                                                                           |   |   | 22 |   |
| Item 1A.                             | Risk Factors.                                                                                                           |   |   | 22 |   |
| Item 2.                              | Unregistered Sales of Equity Securities and Use of Proceeds.                                                                 |   |   | 22 |   |
| Item 3.                              | Defaults Upon Senior Securities.                                                                                        |   |   | 22 |   |
| Item 4.                              | (Removed and Reserved).                                                                                                 |   |   | 22 |   |
| Item 5.                              | Other Information.                                                                                                           |   |   | 22 |   |
| Item 6.                              | Exhibits.                                                                                                               |   |   | 22 |   |
| SIGNATURES                      |                                                                                                                         |   |   | 23 |   |

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|                                                                                                                |   | As of       |       |
|---------------------------------------------------------------------------------------------------------------------|--------|-------------|------------|
|                                                                                                                |   | March 31,   |       |   | June 30, |   |
|                                                                                                                |   | 2010        |       |   | 2009 |   |
| ASSETS                                                                                                              |   | (Unaudited) |       |   |   |   |
|                                                                                                                |   |        |       |   |   |   |
| Cash and cash equivalents                                                                                           |   | $           | 1,396,206  |   |   | $ | 245,381 |   |
| Accounts receivable trade, net                                                                                      |   |        | 3,367      |   |   |   | 16,167 |   |
| Inventories                                                                                                         |   |        | 198,831    |   |   |   | 249,409 |   |
| Prepaid expenses and other current assets                                                                           |   |        | 29,822     |   |   |   | 11,103 |   |
| Total current assets                                                                                                |   |        | 1,628,226  |   |   |   | 522,060 |   |
|                                                                                                                |   |        |       |   |   |   |   |   |
| Furniture, fixtures and equipment, net                                                                              |   |        | 21,424     |   |   |   | 23,207 |   |
| Prepaid consulting                                                                                                  |   |        | 319,405    |   |   |   | - |   |
| Debt issue costs, net                                                                                               |   |        | 57,500     |   |   |   | 316,250 |   |
| Deposits                                                                                                            |   |        | 41,980     |   |   |   | 30,630 |   |
|                                                                                                                |   |        |       |   |   |   |   |   |
| Total assets                                                                                                        |   | $           | 2,068,535  |   |   | $ | 892,147 |   |
|                                                                                                                |   |        |       |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                                                                      |   |        |       |   |   |   |   |   |
|                                                                                                                |   |        |       |   |   |   |   |   |
| Accounts payable                                                                                                    |   | $           | 42,574     |   |   | $ | 51,778 |   |
| Accrued expenses                                                                                                    |   |        | 15,892     |   |   |   | 27,753 |   |
| Customer deposit                                                                                                    |   |        | -          |   |   |   | 25,000 |   |
| Line of credit                                                                                                      |   |        | 2,450,000  |   |   |   | 1,550,000 |   |
| Due to related party                                                                                                |   |        | -          |   |   |   | 60,000 |   |
| Insurance premium finance contract                                                                                  |   |        | 16,147     |   |   |   | 7,060 |   |
| Total current liabilities                                                                                           |   |        | 2,524,613  |   |   |   | 1,721,591 |   |
| Total liabilities                                                                                                   |   |        | 2,524,613  |   |   |   | 1,721,591 |   |
|                                                                                                                |   |        |       |   |   |   |   |   |
| Commitments and contingencies (Note 6)                                                                              |   |        |       |   |   |   |   |   |
|                                                                                                                |   |        |       |   |   |   |   |   |
| Stockholder's equity (deficit)                                                                                      |   |        |       |   |   |   |   |   |
| Preferred stock: $0.001 par value; 5,000,000 shares authorized;                                                     |   |        |       |   |   |   |   |   |
|  no shares issued and outstanding                                                                              |   |        | -          |   |   |   | - |   |
| Common stock: $0.001 par value; 50,000,000 shares authorized;                                                       |   |        |       |   |   |   |   |   |
|  16,333,378 and 13,858,986 shares issued and outstanding as of March 31, 2010 and June 30, 2009, respectively. |   |        | 16,333     |   |   |   | 13,859 |   |
| Additional paid in capital                                                                                          |   |        | 8,215,698  |   |   |   | 5,262,999 |   |
| Accumulated deficit                                                                                                 |   |        | (8,688,109 | ) |   |   | (6,106,302 | ) |
| Total stockholders' equity (deficit)                                                                                |   |        | (456,078   | ) |   |   | (829,444 | ) |
|                                                                                                                |   |        |       |   |   |   |   |   |
| Total liabilities and stockholders' equity (deficit)                                                                |   | $           | 2,068,535  |   |   | $ | 892,147 |   |

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|                                                    |   | For the Three Months Ended March 31, |       |   | For the Nine Months Ended March 31, |   |
|---------------------------------------------------------|--------|--------------------------------------|------------|--------|-------------------------------------|--------|
|                                                    |   | 2010                                 |       |   | 2009                                |   |   | 2010 |   |   | 2009 |   |
|                                                    |   |                                 |       |   |                                |   |   |   |   |   |   |   |
| Sales                                                   |   | $                                    | 34,297     |   |                                | $      | 288,248 |   |   | $ | 559,718 |   |   | $ | 317,310 |   |
|                                                    |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Cost of goods sold                                      |   |                                 | 9,025      |   |                                |   | 98,375 |   |   |   | 169,155 |   |   |   | 106,327 |   |
|                                                    |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                            |   |                                 | 25,272     |   |                                |   | 189,873 |   |   |   | 390,563 |   |   |   | 210,983 |   |
|                                                    |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses:                                     |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses            |   |                                 | 931,229    |   |                                |   | 715,594 |   |   |   | 2,617,999 |   |   |   | 2,080,766 |   |
| Research and development                                |   |                                 | 6,239      |   |                                |   | 6,409 |   |   |   | 13,076 |   |   |   | 119,206 |   |
|                                                    |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Total operating expenses                                |   |                                 | 937,468    |   |                                |   | 722,003 |   |   |   | 2,631,075 |   |   |   | 2,199,972 |   |
|                                                    |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Loss from operations                                    |   |                                 | (912,196   | )      |                                |   | (532,130 | ) |   |   | (2,240,512 | ) |   |   | (1,988,989 | ) |
|                                                    |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense)                                  |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Loss on conversion                                      |   |                                 | -          |   |                                |   | (841 | ) |   |   | - |   |   |   | (841 | ) |
| Other income (expense)                                  |   |                                 | -          |   |                                |   | (33,000 | ) |   |   | - |   |   |   | (33,000 | ) |
| Interest income                                         |   |                                 | 4,463      |   |                                |   | - |   |   |   | 4,524 |   |   |   | 14,513 |   |
| Interest expense                                        |   |                                 | (117,679   | )      |                                |   | (24,686 | ) |   |   | (345,819 | ) |   |   | (32,176 | ) |
|                                                    |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Total other income (expense)                            |   |                                 | (113,216   | )      |                                |   | (58,527 | ) |   |   | (341,295 | ) |   |   | (51,504 | ) |
|                                                    |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                |   | $                                    | (1,025,412 | )      |                                | $      | (590,657 | ) |   | $ | (2,581,807 | ) |   | $ | (2,040,493 | ) |
|                                                    |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Net loss per common share - basic and diluted           |   | $                                    | (0.07      | )      |                                | $      | (0.04 | ) |   | $ | (0.18 | ) |   | $ | (0.15 | ) |
|                                                    |   |                                 |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding - basic and diluted |   |                                 | 15,759,271 |   |                                |   | 13,619,523 |   |   |   | 14,542,433 |   |   |   | 13,517,205 |   |

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|                                                                     |   | For the Nine Months Ended March 31, |       |
|--------------------------------------------------------------------------|--------|------------------------------------------|------------|
|                                                                     |   | 2010                                     |       |   | 2009 |   |
| Cash flows from operating activities                                     |   |                                     |       |   |   |   |
| Reconciliation of net loss to net cash used in operating activities:     |   |                                     |       |   |   |   |
| Net loss                                                                 |   | $                                        | (2,581,807 | ) |   | $ | (2,040,493 | ) |
| Adjustments to reconcile net loss to net cash                            |   |                                     |       |   |   |   |   |   |
|  used in operating activities:                                      |   |                                     |       |   |   |   |   |   |
| Depreciation                                                             |   |                                     | 7,667      |   |   |   | 14,255 |   |
| Bad debt expense                                                         |   |                                     | 7,463      |   |   |   | - |   |
| Amortization of debt issuance costs                                      |   |                                     | 258,750    |   |   |   | - |   |
| Amortization of prepaid stock compensation                               |   |                                     | -          |   |   |   | 55,730 |   |
| Amortization of prepaid consulting                                       |   |                                     | 106,468    |   |   |   | - |   |
| Credit issued                                                            |   |                                     | -          |   |   |   | 65,570 |   |
| Stock option compensation expense                                        |   |                                     | 419,301    |   |   |   | 238,470 |   |
| Loss on settlement                                                       |   |                                     | -          |   |   |   | 841 |   |
| Stock issued for settlement                                              |   |                                     | -          |   |   |   | 41,967 |   |
| Changes in assets and liabilities:                                       |   |                                     |       |   |   |   |   |   |
| Accounts receivable                                                      |   |                                     | (19,663    | ) |   |   | (206,883 | ) |
| Inventories                                                              |   |                                     | 50,578     |   |   |   | (70,182 | ) |
| Prepaid expenses and other current assets                                |   |                                     | 14,384     |   |   |   | (6,416 | ) |
| Deposits and other assets                                                |   |                                     | (11,351    | ) |   |   | 1,000 |   |
| Accounts payable                                                         |   |                                     | (9,204     | ) |   |   | 30,154 |   |
| Related party payable                                                    |   |                                     | (60,000    | ) |   |   | - |   |
| Customer deposits                                                        |   |                                     | -          |   |   |   | 50,000 |   |
| Accrued expenses                                                         |   |                                     | (11,861    | ) |   |   | (38,655 | ) |
| Net cash used in operating activities                                    |   |                                     | (1,829,275 | ) |   |   | (1,864,642 | ) |
| Cash flows from Investing Activities                                     |   |                                     |       |   |   |   |   |   |
| Sales of short term marketable debt securities                           |   |                                     | -          |   |   |   | 750,000 |   |
| Purchases of equipment                                                   |   |                                     | (5,884     | ) |   |   | (4,857 | ) |
| Net cash provided by (used in) investing activities                      |   |                                     | (5,884     | ) |   |   | 745,143 |   |
| Cash flows from Financing Activities                                     |   |                                     |       |   |   |   |   |   |
| Payments on Insurance Finance Contract                                   |   |                                     | (24,016    | ) |   |   | (19,649 | ) |
| Proceeds from sale of stock and warrants, net                            |   |                                     | 2,085,000  |   |   |   | 100,000 |   |
| Proceeds from related party debt                                         |   |                                     | -          |   |   |   | 10,000 |   |
| Proceeds from exercise of stock options                                  |   |                                     | 25,000     |   |   |   | - |   |
| Proceeds from revolving line of credit, net                              |   |                                     | 900,000    |   |   |   | 808,000 |   |
| Net cash provided by financing activities                                |   |                                     | 2,985,984  |   |   |   | 898,351 |   |
| Net increase in cash and cash equivalents                                |   |                                     | 1,150,825  |   |   |   | (221,148 | ) |
| Cash and cash equivalents - beginning                                    |   |                                     | 245,381    |   |   |   | 230,058 |   |
| Cash and cash equivalents - ending                                       |   | $                                        | 1,396,206  |   |   | $ | 8,910 |   |
|                                                                     |   |                                     |       |   |   |   |   |   |
| Supplemental Disclosure of Cash Flow Information:                        |   |                                     |       |   |   |   |   |   |
| Cash paid for interest                                                   |   | $                                        | 90,177     |   |   | $ | 10,031 |   |
| Cash paid for income taxes                                               |   | $                                        | -          |   |   | $ | - |   |
| Supplementary Disclosure of Non-cash Investing and Financing Activities: |   |                                     |       |   |   |   |   |   |
| Financing of prepaid insurance contracts                                 |   | $                                        | 55,560     |   |   | $ | 23,097 |   |
| Prepaid stock-based consulting                                           |   | $                                        | 425,872    |   |   | $ | 38,500 |   |

----

----

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|                                                                                       |   | Number ofOptions |           | WeightedAverage Exercise Price |   | Weighted AverageRemainingContractualLife |           | Aggregate IntrinsicValue |   |
|--------------------------------------------------------------------------------------------|--------|------------------|----------------|------------------------------------------|--------|-----------------------------------------------|----------------|-------------------------------|--------|
| Balance at June 30, 2008                                                                   |   |             | 1,175,000      |                                     |   | $                                             | 0.82           |                          |   |   | 7.53 |   |   |   |   |
| Granted                                                                                    |   |             | 1,540,000      |                                     |   | $                                             | 1.00           |                          |   |   | 10.0 |   |   |   |   |
| Exercised                                                                                  |   |             | –– |                                     |   | $                                             | –– |                          |   |   | –– |   |   |   |   |
| Forfeited                                                                                  |   |             | –– |                                     |   | $                                             | –– |                          |   |   | –– |   |   |   |   |
| Expired                                                                                    |   |             | –– |                                     |   | $                                             | –– |                          |   |   | –– |   |   |   |   |
| Outstanding at March 31, 2009                                                              |   |             | 2,715,000      |                                     |   | $                                             | 0.92           |                          |   |   | 8.71 |   |   | $ | 154,050 |   |
| Exercisable at March 31, 2009                                                              |   |             | 583,253        |                                     |   | $                                             | 0.87           |                          |   |   | 5.72 |   |   | $ | 52,900 |   |
|                                                                                       |   |             |           |                                     |   |                                          |           |                          |   |   |   |   |   |   |   |   |
| Weighted average fair value of options granted during the nine months ended March 31, 2009 |   | $                | 0.42           |                                     |   |                                          |           |                          |   |   |   |   |
|                                                                                       |   |             |           |                                     |   |                                          |           |                          |   |   |   |   |   |   |   |   |
| Balance at June 30, 2009                                                                   |   |             | 2,714,000      |                                     |   | $                                             | 0.92           |                          |   |   | 8.20 |   |   |   |   |   |
| Granted                                                                                    |   |             | –– |                                     |   | $                                             | –– |                          |   |   | –– |   |   |   |   |   |
| Exercised                                                                                  |   |             | (14,993        | )                                        |   | $                                             | 0.667          |                          |   |   | 7.97  |   |   |   |   |   |
| Options sold to third party                                                                |   |             | (50,000        | )                                        |   | $                                             | 0.667          |                          |   |   | 7.97 |   |   |   |   |   |
| Forfeited                                                                                  |   |             | (500,000       | )                                        |   | $                                             | 1.00           |                          |   |   | 9.75 |   |   |   |   |   |
| Expired                                                                                    |   |             | –– |                                     |   | $                                             | –– |                          |   |   |   |   |   |   |   |   |
| Outstanding at March 31, 2010                                                              |   |             | 2,149,007      |                                     |   | $                                             | 0.91           |                          |   |   | 7.13 |   |   | $ | 1,810,664 |   |
| Exercisable at March 31, 2010                                                              |   |             | 922,590        |                                     |   | $                                             | 0.86           |                          |   |   | 5.51 |   |   | $ | 781,575 |   |
|                                                                                       |   |             |           |                                     |   |                                          |           |                          |   |   |   |   |   |   |   |   |
| Weighted average fair value of options granted during the nine months ended March 31, 2010 |   |             | N/A            |                                     |   |                                          |           |                          |   |   |   |   |

----

|                                                                                       |   | Number ofOptions |           | WeightedAverage Exercise Price |   | Weighted AverageRemainingContractualLife |           | Aggregate IntrinsicValue |   |
|--------------------------------------------------------------------------------------------|--------|------------------|----------------|------------------------------------------|--------|-----------------------------------------------|----------------|-------------------------------|--------|
| Balance at June 30, 2008                                                                   |   |             | 110,000        |                                     |   | $                                             | 0.85           |                          |   |   | 5.89 |   |   |   |   |   |
| Granted                                                                                    |   |             | 95,000         |                                     |   | $                                             | 0.88           |                          |   |   | 10.00 |   |   |   |   |   |
| Exercised                                                                                  |   |             | –– |                                     |   | $                                             | –– |                          |   |   | –– |   |   |   |   |   |
| Forfeited                                                                                  |   |             | –– |                                     |   | $                                             | –– |                          |   |   | –– |   |   |   |   |   |
| Expired                                                                                    |   |             | –– |                                     |   | $                                             | –– |                          |   |   | –– |   |   |   |   |   |
| Outstanding at March 31, 2009                                                              |   |             | 205,000        |                                     |   | $                                             | 0.86           |                          |   |   | 7.40 |   |   | $ | 13,550 |   |
| Exercisable at March 31, 2009                                                              |   |             | 113,333        |                                     |   | $                                             | 0.89           |                          |   |   | 7.08 |   |   | $ | 5,372 |   |
|                                                                                       |   |             |           |                                     |   |                                          |           |                          |   |   |   |   |   |   |   |   |
| Weighted average fair value of options granted during the nine months ended March 31, 2009 |   | $                | 0.43           |                                     |   |                                          |           |                          |   |   |   |   |
|                                                                                       |   |             |           |                                     |   |                                          |           |                          |   |   |   |   |   |   |   |   |
| Balance at June 30, 2009                                                                   |   |             | 205,000        |                                     |   | $                                             | 0.86           |                          |   |   | 5.89 |   |   |   |   |   |
| Granted                                                                                    |   |             | 100,000        |                                     |   | $                                             | 1.84           |                          |   |   | 10.00 |   |   |   |   |   |
| Exercised                                                                                  |   |             | –– |                                     |   | $                                             | –– |                          |   |   | –– |   |   |   |   |   |
| Forfeited                                                                                  |   |             | –– |                                     |   | $                                             | –– |                          |   |   | –– |   |   |   |   |   |
| Expired                                                                                    |   |             | –– |                                     |   | $                                             | –– |                          |   |   | –– |   |   |   |   |   |
| Outstanding at March 31, 2010                                                              |   |             | 305,000        |                                     |   | $                                             | 1.18           |                          |   |   | 7.17 |   |   | $ | 181,800 |   |
| Exercisable at March 31, 2010                                                              |   |             | 269,168        |                                     |   | $                                             | 1.10           |                          |   |   | 6.92 |   |   | $ | 180,899 |   |
|                                                                                       |   |             |           |                                     |   |                                          |           |                          |   |   |   |   |   |   |   |   |
| Weighted average fair value of options granted during the nine months ended March 31, 2010 |   |  $          | 1.78           |                                     |   |                                          |           |                          |   |   |   |   |

----

| Non-Employee, Non-Director Options                                                         |   |             |           |                         |   |                                    |           |                    |   |   |           |   |   |   |    |   |
|--------------------------------------------------------------------------------------------|--------|------------------|----------------|------------------------------|--------|-----------------------------------------|----------------|-------------------------|--------|--------|----------------|--------|--------|--------|---------|--------|
|                                                                                       |   | Number ofOptions |           | WeightedAverageExercisePrice |   | WeightedAverageRemainingContractualLife |           | AggregateIntrinsicValue |   |
| Balance at June 30, 2008                                                                   |   |             | 170,000        |                         |   | $                                       | 1.00           |                    |   |   | 4.53           |   |   |   |    |   |
| Granted                                                                                    |   |             | –– |                         |   | $                                       | –– |                    |   |   | –– |   |   |   |    |   |
| Exercised                                                                                  |   |             | –– |                         |   | $                                       | –– |                    |   |   | –– |   |   |   |    |   |
| Forfeited                                                                                  |   |             | –– |                         |   | $                                       | –– |                    |   |   | –– |   |   |   |    |   |
| Expired                                                                                    |   |             | –– |                         |   | $                                       | –– |                    |   |   | –– |   |   |   |    |   |
| Outstanding at March 31, 2009                                                              |   |             | 170,000        |                         |   | $                                       | 1.00           |                    |   |   | 3.78           |   |   | $      | 34,000  |   |
| Exercisable at March 31, 2009                                                              |   |             | 103,665        |                         |   | $                                       | 1.00           |                    |   |   | 3.78           |   |   | $      | 20,733  |   |
|                                                                                       |   |             |           |                         |   |                                    |           |                    |   |   |           |   |   |   |    |   |
| Weighted average fair value of options granted during the nine months ended March 31, 2009 |   |             | N/A            |                         |   |                                    |           |                    |   |   |           |   |
|                                                                                       |   |             |           |                         |   |                                    |           |                    |   |   |           |   |   |   |    |   |
| Balance at June 30, 2009                                                                   |   |             | 170,000        |                         |   | $                                       | 1.00           |                    |   |   | 3.53           |   |   |   |    |   |
| Granted                                                                                    |   |             | –– |                         |   | $                                       | –– |                    |   |   | –– |   |   |   |    |   |
| Options purchased from officer                                                             |   |             | 50,000         |                         |   | $                                       | 0.667          |                    |   |   | 7.97           |   |   |   |    |   |
| Exercised                                                                                  |   |             | (15,000        | )                            |   | $                                       | 1.00           |                    |   |   | 3.25           |   |   |   |    |   |
| Forfeited                                                                                  |   |             | –– |                         |   | $                                       | –– |                    |   |   | –– |   |   |   |    |   |
| Expired                                                                                    |   |             | –– |                         |   | $                                       | –– |                    |   |   | –– |   |   |   |    |   |
| Outstanding at March 31, 2010                                                              |   |             | 205,000        |                         |   | $                                       | 0.92           |                    |   |   | 4.04           |   |   | $      | 170,400 |   |
| Exercisable at March 31,  2010                                                   |   |             | 205,000        |                         |   | $                                       | 0.92           |                    |   |   | 4.04           |   |   | $      | 170,400 |   |
|                                                                                       |   |             |           |                         |   |                                    |           |                    |   |   |           |   |   |   |    |   |
| Weighted average fair value of options granted during the nine months ended March 31, 2010 |   |             | N/A            |                         |   |                                    |           |                    |   |   |           |   |

| Risk free interest rate      |   |   | 3.03           | %      |
|------------------------------|--------|--------|----------------|--------|
| Expected term (in years)     |   |   | 6.5            |   |
| Dividend yield               |   |   | –– |   |
| Volatility of common stock   |   |   | 166.28         | %      |
| Estimated annual forfeitures |   |   | –– |   |

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| Warrants Issued as Settlements                                                               |   |             |           |                         |   |                     |           |   |   |
|----------------------------------------------------------------------------------------------|--------|------------------|----------------|------------------------------|--------|--------------------------|----------------|--------|--------|
|                                                                                         |   | Number ofOptions |           | WeightedAverageExercisePrice |   | RemainingContractualLife |           |
| Balance at June 30, 2008                                                                     |   |             | 504,058        |                         |   | $                        | 1.05           |   |   |   | 1.92 |   |
| Granted                                                                                      |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Exercised                                                                                    |   |             | (30,000        | )                            |   | $                        | 1.00           |   |   |   | –– |   |
| Forfeited                                                                                    |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Expired                                                                                      |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Outstanding at March 31, 2009                                                                |   |             | 474,058        |                         |   | $                        | 1.05           |   |   |   | 1.41 |   |
| Exercisable at March 31, 2009                                                                |   |             | 474,058        |                         |   | $                        | 1.05           |   |   |   | 1.41 |   |
|                                                                                         |   |             |           |                         |   |                     |           |   |   |   |   |   |
| Weighted average fair value of options granted during the nine months ended March 31, 2009   |   |             | N/A            |                         |   |                     |           |   |
|                                                                                         |   |             |           |                         |   |                     |           |   |   |   |   |   |
| Balance at June 30, 2009                                                                     |   |             | 474,058        |                         |   | $                        | 1.05           |   |   |   | 0.91 |   |
| Granted                                                                                      |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Exercised                                                                                    |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Forfeited                                                                                    |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Expired                                                                                      |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Outstanding at March 31, 2010                                                                |   |             | 474,058        |                         |   | $                        | 1.05           |   |   |   | 2.17 |   |
| Exercisable at March 31, 2010                                                                |   |             | 474,058        |                         |   | $                        | 1.05           |   |   |   | 2.17 |   |
|                                                                                         |   |             |           |                         |   |                     |           |   |   |   |   |   |
| Weighted average fair value of warrants extended during the nine months ended March 31, 2010 |   | $                | 0.55           |                         |   |                     |           |   |

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| Warrants issued for cash                                                                   |   |             |           |                         |   |                     |           |   |   |   |           |   |
|--------------------------------------------------------------------------------------------|--------|------------------|----------------|------------------------------|--------|--------------------------|----------------|--------|--------|--------|----------------|--------|
|                                                                                       |   | Number ofOptions |           | WeightedAverageExercisePrice |   | RemainingContractualLife |           |
| Balance at June 30, 2008                                                                   |   |             | 528,303        |                         |   | $                        | 1.14           |   |   |   | 2.29           |   |
| Granted                                                                                    |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Exercised                                                                                  |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Forfeited                                                                                  |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Expired                                                                                    |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Outstanding at March 31, 2009                                                              |   |             | 528,303        |                         |   | $                        | 1.14           |   |   |   | 1.79           |   |
| Exercisable at March 31, 2009                                                              |   |             | 528,303        |                         |   | $                        | 1.14           |   |   |   | 1.79           |   |
|                                                                                       |   |             |           |                         |   |                     |           |   |   |   |           |   |
| Weighted average fair value of options granted during the nine months ended March 31, 2009 |   |             | N/A            |                         |   |                     |           |   |
|                                                                                       |   |             |           |                         |   |                     |           |   |   |   |           |   |
| Balance at June 30, 2009                                                                   |   |             | 528,303        |                         |   | $                        | 1.14           |   |   |   | 1.29           |   |
| Granted                                                                                    |   |             | 2,275,000      |                         |   | $                        | 1.60           |   |   |   | 3.09           |   |
| Exercised                                                                                  |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Forfeited                                                                                  |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Expired                                                                                    |   |             | –– |                         |   | $                        | –– |   |   |   | –– |   |
| Outstanding at March 31, 2010                                                              |   |             | 2,803,303      |                         |   | $                        | 1.51           |   |   |   | 2.55           |   |
| Exercisable at March 31, 2010                                                              |   |             | 2,803,303      |                         |   | $                        | 1.51           |   |   |   | 2.55           |   |
|                                                                                       |   |             |           |                         |   |                     |           |   |   |   |           |   |
| Weighted average fair value of options granted during the nine months ended March 31, 2010 |   |  $          | 0.85           |                         |   |                     |           |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Fair Value Measurements Using |      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|-----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Total                         |      |   | Quoted Prices in ActiveMarkets(Level 1) |   |   | Significant Other Observable Inputs(Level 2) |   |   | SignificantUnobservable Inputs(Level 3) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                          |      |   |   |   |   |   |   |   |   |   |
| Cash                                                                                  |   | $                             | 1,396,206 |   |   | $ | 1,396,206 |   |   | $ | –– |   |   | $ | –– |   |

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|   | · | the CEO’s wife is a bookkeeper at $1,000 per week, |
|--------|--------|----------------------------------------------------------|

|   | · | thee CEO and CTO’s father is a researcher at $1,000 per week, and |
|--------|--------|-------------------------------------------------------------------------|

|   | · | the CEO and CTO’s mother as a receptionist at $600 per week. |
|--------|--------|--------------------------------------------------------------------|

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----

| ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTD OF OPERATIOS. |
|---------|---------------------------------------------------------------------------------------|

----

----

----

| -      | The price of the product sold is fixed or determinable and evidence of an agreement is present                                                    |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                              |
| -      | The title and risk of loss of the product has passed to the buyer and the sale is not contingent upon the buyer being able to resell the product. |
|   |                                                                                                                                              |
| -      | We have a reasonable expectation that the buyer has the intent and the ability to pay for the product ordered.                                    |
|   |                                                                                                                                              |
| -      | We have no future obligation to the seller related to the product sold.                                                                           |

----

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| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISLOSURES ABOUT MARKET RISK. |
|---------|------------------------------------------------------------|

| ITEM 4. | CONTROLS AND PROCESURES. |
|---------|--------------------------|

----

| ITEM 4T. | CONTROLS AND PROCEDURES. |
|----------|--------------------------|

----

| ITEM1. | LEGAL PROCEEDINGS. |
|--------|--------------------|

| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
|---------|--------------------------------------------------------------|

| Name of Class               | Date Sold                                | No. of Securities                                                            | Reason for Issuance                                                                             |
|-----------------------------|------------------------------------------|-----------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|
| Shareholders                | January 7, 2010                          | 69,211 shares of common stock                                                     | Shares owed from Dyn-O-Mat Exchange Offer                                                       |
| Warrant holder              | January 24, 2010                         | 474,058 warrants exercisable at $1.50 per share                                   | Extension of expiration date of previously issued warrant                                       |
| Private placement investors | February 17, 2010 through March 15, 2010 | 470,000 shares of common stock and 470,000 warrant exercisable at $1.60 per share | In consideration for $470,000                                                                   |
| Option holder               | March 25, 2010                           | 14,993 shares of common stock                                                     | Exercise of stock options with exercise price of $0.667 per share                               |
| Private placement investors | March 29, 2010                           | 15,000 shares of common stock and 45,000 warrants exercisable at $1.60 per share  | To put prior private placement investors in similar position as new private placement investors |

| ITEM 3. | DEFAULTS UPON SENIOR SECURITIES. |
|---------|----------------------------------|

| ITEM 4. | (REMOVED AND RESERVED). |
|---------|-------------------------|

| ITEM 5. | OTHER INFORMATION. |
|--------------|--------------------|

| ITEM 6. | EXHIBITS. |
|--------------|-----------|

| Exhibit |    |                                                                                       |    | Incorporated by Reference |    | Filed orFurnished |         |
|---------|--------------|-------------------------------------------------------------------------------------------------|--------------|-------------------------------------|--------------|------------------------|--------------|
| #       |    | Exhibit Description                                                                        |    | Form                                |    | Date                   |    | Number |    | Herewith |   |
|    |         |                                                                                            |         |                                |         |                   |         |   |   |   |   |
| 3.1     |         | Certificate of Incorporation                                                                    |         | SB-2                                |         | 7/20/07                |         | 3.1 |   |   |   |
| 3.2     |         | Amended and Restated Bylaws                                                                     |         | SB-2                                |         | 7/20/07                |         | 3.2 |   |   |   |
| 3.3     |         | First Amendment to the Amended and Restated Bylaws                                              |         |                                |         |                   |         |   |   | Filed |   |
| 4.1     |         | Form of Private Placement Warrant                                                               |         |                                |         |                   |         |   |   | Filed |   |
| 10.1    |         | Form of Private Placement Subscription Agreement                                                |         |                                |         |                   |         |   |   | Filed |   |
| 31.1    |         | Certification of Principal Executive Officer (Section 302)                            |         |                                |         |                   |         |   |   | Filed |   |
| 31.2    |         | Certification of Principal Financial Officer (Section 302)                                 |         |                                |         |                   |         |   |   | Filed |   |
| 32.1    |         | Certification of Principal Executive Officer and Principal Financial Officer (Section 906) |         |                                |         |                   |         |   |   | Furnished |   |

----

|         |         | GELTECH SOLUTIONS, INC.                              |
|--------------|--------------|------------------------------------------------------|
|         |         |                                                 |
| May 17, 2010 |    | /s/ Michael Cordani                             |
|         |         | Michael Cordani                                      |
|         |         | Chief Executive Officer(Principal Executive Officer) |
|         |         |                                                 |
| May 17, 2010 |         | /s/ Michael R. Hull                             |
|         |         | Michael R. Hull                                      |
|         |         | Chief Financial Officer(Principal Financial Officer) |