Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.6
Consolidated Statements of Operations (USD $)
12 Months Ended 57 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
REVENUE      
Royalty Revenue - related party       $ 30,974
OPERATING EXPENSES      
Administration expenses 11,571,613 1,837,668 14,686,051
Occupancy expenses 12,878 11,921 56,580
Research and development 5,279 385,777 643,323
TOTAL OPERATING EXPENSES 11,589,770 2,235,366 15,385,954
LOSS FROM OPERATIONS (11,589,770) (2,235,366) (15,354,980)
OTHER INCOME (EXPENSE)      
Interest expense (2,967)    (174,163)
Interest income 141 439 9,005
Foreign currency transaction gain (loss) (15,707) (1,631) (19,086)
TOTAL OTHER INCOME (EXPENSE) (18,533) (1,192) (184,244)
LOSS BEFORE INCOME TAXES (11,608,303) (2,236,558) (15,539,224)
INCOME TAX BENEFIT 173,928 84,581 258,509
NET LOSS (11,434,375) (2,151,977) (15,280,715)
OTHER COMPREHENSIVE INCOME (LOSS)      
Foreign Currency translation gain (loss) (238,732) (19,598) (358,917)
COMPREHENSIVE LOSS $ (11,673,107) $ (2,171,575) $ (15,639,632)
BASIC AND DILUTED NET LOSS PER SHARE $ (0.16) $ (0.03) $ (0.31)
BASIC AND UNDILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 72,153,072 62,973,002 48,782,562