Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Jun. 30, 2012
Jun. 30, 2011
Current Assets    
Cash $ 179 $ 132
Deposit held in escrow 328   
GST tax receivable 2,624 1,857
Prepaid expenses and other current assets 38,520 10,777,951
Total current assets 41,651 10,779,940
Property and Equipment, net 4,617 6,655
Patent Costs   27,563
TOTAL ASSETS 46,268 10,814,158
Current Liabilities    
Accounts payable 192,473 27,717
Accrued Expenses and other payables 135,770 13,461
Advances from Investor - related party    84,760
Convertible debentures 75,000   
Due to directors - related parties 63,668 66,400
Loans from director - related party 75,177 78,403
Employee benefit liability 42,099 36,108
Total current liabilities 584,187 306,849
TOTAL LIABILITIES 584,187 306,849
Commitments and Contingencies (See Note 10)      
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock, $0.01 par value; 10,000,000 shares authorized; zero shares issued and outstanding as of June 30, 2012 and June 30, 2011, respectively   0
Common stock, $0.001 par value; 100,000,000 shares authorized; 72,705,569 and 71,915,890 shares issued and outstanding as of June 30, 2012 and June 30, 2011, respectively 72,706 71,915
Common stock issuable, $0.001 par value; 5,877 and 0 shares issued and outstanding as of June 30, 2012 and June 30, 2011, respectively 6   
Subscription receivable (325)   
Additional paid in capital 15,029,326 14,401,919
Accumulated other comprehensive income (loss) (358,917) (120,185)
Deficit accumulated during development stage (15,280,715) (3,846,340)
Total Stockholders' Equity (537,919) 10,507,309
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 46,268 $ 10,814,158