Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2012
Jun. 30, 2012
ASSETS    
Cash $ 494 $ 179
Deposit held in Escrow    328
GST tax receivable 2,383 2,624
Prepaid expenses and other current assets 5,417 38,520
TOTAL CURRENT ASSETS 8,294 41,651
Property and Equipment, net 4,006 4,617
TOTAL ASSETS 12,300 46,268
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 198,407 192,473
Accrued Expenses and other payables 196,231 135,770
Convertible debentures    75,000
Due to directors - related parties 64,997 63,668
Loans from directors - related parties, including accrued interest of $883 and $0 at December 31, 2012 and June 30, 2012, respectively 114,847 75,177
Other Loans, including accrued interest of $726 and $0 at December 31, 2012 and June 30, 2012, respectively 38,062   
Employee benefit liability 42,977 42,099
TOTAL CURRENT LIABILITIES 655,521 584,187
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value; 10,000,000 shares authorized; zero shares issued and outstanding as of December 31, 2012 and June 30, 2012, respectively      
Common stock, $0.001 par value; 100,000,000 shares authorized; 72,820,339 and 72,705,569 shares issued and outstanding as of December 31, 2012 and June 30, 2012, respectively 72,820 72,706
Common Stock Issuable, $0.001 par value, 10,000 and 5,877 shares issued and outstanding as of December 31, 2012 and June 30, 2012, respectively 10 6
Subscription receivable    (325)
Additional paid in capital 15,814,011 15,029,326
Accumulated other comprehensive income (loss) (369,030) (358,917)
Deficit accumulated during development stage (16,161,032) (15,280,715)
TOTAL STOCKHOLDERS' DEFICIT (643,221) (537,919)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 12,300 $ 46,268