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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (USD $)
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12 Months Ended | 69 Months Ended | |
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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| REVENUE | |||
| Royalty Revenue - related party | $ 30,974 | ||
| OPERATING EXPENSES | |||
| Administration expenses | 1,336,482 | 11,571,613 | 16,022,533 |
| Occupancy expenses | 13,074 | 12,878 | 69,654 |
| Research and development | 12,344 | 5,279 | 655,667 |
| TOTAL OPERATING EXPENSES | 1,361,900 | 11,589,770 | 16,747,854 |
| LOSS FROM OPERATIONS | (1,361,900) | (11,589,770) | (16,716,880) |
| OTHER INCOME (EXPENSE) | |||
| Interest expense | (5,465) | (2,967) | (179,628) |
| Interest income | 141 | 9,005 | |
| Loss on debt settlements, net | (108,185) | (108,185) | |
| Foreign currency transaction gain (loss) | (27,549) | (15,707) | (46,635) |
| TOTAL OTHER INCOME (EXPENSE) | (141,199) | (18,533) | (325,443) |
| LOSS BEFORE INCOME TAXES | (1,503,099) | (11,608,303) | (17,042,323) |
| INCOME TAX BENEFIT | 60,461 | 173,928 | 318,970 |
| NET LOSS | (1,442,638) | (11,434,375) | (16,723,353) |
| OTHER COMPREHENSIVE INCOME (LOSS) | |||
| Foreign currency translation loss | 114,328 | (238,732) | (244,589) |
| COMPREHENSIVE LOSS | $ (1,328,310) | $ (11,673,107) | $ (16,967,942) |
| BASIC AND DILUTED NET LOSS PER SHARE | $ (0.02) | $ (0.16) | $ (0.32) |
| BASIC AND UNDILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 72,365,530 | 72,153,072 | 52,734,713 |
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Conversion of accrued expenses to common stock No definition available.
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No authoritative reference available. No definition available.
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- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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- Definition
Amount before tax of foreign currency transaction realized gain (loss) recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line. No definition available.
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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The net result for the period of deducting operating expenses from operating revenues. No definition available.
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Amount of tax expense (benefit), before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Revenue earned during the period from the leasing or otherwise lending to a third party the entity's rights or title to certain property. Royalty revenue is derived from a percentage or stated amount of sales proceeds or revenue generated by the third party using the entity's property. Examples of property from which royalties may be derived include patents and oil and mineral rights. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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