Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Jun. 30, 2012
Text Block [Abstract]  

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern.  For the year ended June 30, 2012, the Company was in the development stage, had no revenues and had a net loss of $11,434,375, and net cash used in operations of $170,278.  Additionally, as of June 30, 2012, the company had a working capital deficit, stockholders' deficit and deficit accumulated during development stage of $542,536, $537,919 and $15,280,715, respectively. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of this uncertainty.


The Company is in the development stage at June 30, 2012 and has been since its October 15, 2007 inception. Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing to fulfill its development activities, acceptance of the Company's International patent application and achieving a level of sales adequate to support the Company’s cost structure. However, there can be no assurances that the Company will be able to secure additional equity investment or achieve an adequate sales level.


As discussed in Note 13, the Company has raised $76,355 in debt financing from July 1, 2012 through the date of this filing and is in the process of preparing an offering of its securities.