Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2013
Jun. 30, 2012
CURRENT ASSETS:    
Cash    $ 179
Deposit held in Escrow    328
GST tax receivable 1,209 2,624
Prepaid expenses and other current assets    38,520
TOTAL CURRENT ASSETS 1,209 41,651
Property and Equipment, net 538 4,617
TOTAL ASSETS 1,747 46,268
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)    
Bank Overdraft 5   
Accounts payable 272,596 192,473
Accrued Expenses and other payables 251,439 135,770
Loans 32,879   
Convertible debentures    75,000
Due to directors - related parties 57,237 63,668
Loans from directors - related parties, including accrued interest of $883 and $0 at December 31, 2012 and June 30, 2012, respectively 130,689 75,177
Employee benefit liability 49,378 42,099
TOTAL CURRENT LIABILITIES 794,223 584,187
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock, $0.01 par value; 10,000,000 shares authorized; zero shares issued and outstanding as of June 30, 2013 and June 30, 2012, respectively      
Common stock, $0.001 par value; 100,000,000 shares authorized; 70,632,267 and 72,705,569 shares issued and outstanding as of June 30, 2013 and June 30, 2012, respectively 70,632 72,706
Common stock issuable, 25,000 and 5,877 shares issuable and outstanding as of June 30, 2013 and June 30, 2012, respectively 25 6
Subscription receivable    (325)
Additional paid in capital 16,104,809 15,029,326
Accumulated other comprehensive loss (244,589) (358,917)
Deficit accumulated during development stage (16,723,353) (15,280,715)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (792,476) (537,919)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 1,747 $ 46,268