12. CONCENTRATIONS AND RISKS
|12 Months Ended|
Jun. 30, 2012
|Risks and Uncertainties [Abstract]|
|12. CONCENTRATIONS AND RISKS||
Concentration of Credit Risk
The Company maintains its cash in bank and financial institution deposits in Australia. Bank deposits in Australian banks are uninsured. The Company has not experienced any losses in such accounts through June 30, 2012.
From Inception through May 13, 2010, the Company had been solely financed by its officers and directors.
As of June 30, 2012 and 2011, the company's receivables were 100% related to reimbursements on GST taxes paid.
As of June 30, 2011, there were two significant vendors that the Company relies upon to conduct its research and development. Both vendors provide services to the Company which can be replaced by alternative vendors should the need arise.
Since inception, 100% of the revenues generated have been with one customer who is also considered a related party.
Product and Patent Concentration
As of June 30, 2012 the Company was undertaking preclinical activities for their lead product. The Company was also undertaking research to uncover the mechanism of action of their lead product in order to screen new compounds for development.
The Company has recently been expanded by the filing of an international PCT patent application (No. PCT/AU2010/001403) directed to enhanced proenzyme formulations and combination therapies. The international PCT application has been based on previous provisional patent applications capturing the Companys ongoing research and development in this area.
Further provisional patent filings are also expected to be filed to capture and protect additional patentable subject matter that is identified, namely further enhanced formulations, combination treatments, use of recombinant products, modes of action and molecular targets.
As of June 30, 2012 and 2011, the Company's operations are based in Australia.
The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
Reference 1: http://www.xbrl.org/2003/role/presentationRef