Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2014
Jun. 30, 2013
CURRENT ASSETS:    
Cash $ 87,799 $ 0
GST tax receivable 946 1,209
Prepaid expenses and other current assets 25,000 0
TOTAL CURRENT ASSETS 113,745 1,209
Property and Equipment, net 0 538
TOTAL ASSETS 113,745 1,747
CURRENT LIABILITIES:    
Bank overdraft 0 5
Accounts payable 350,004 272,596
Accrued expenses and other payables 422,326 251,439
Other loans 33,909 32,879
Convertible notes, net 272,424 0
Warrant derivative liability 158,244 0
Due to directors - related parties 60,350 57,237
Loans from directors and officer - related parties 161,975 130,689
Employee benefit liability 62,827 49,378
TOTAL CURRENT LIABILITIES 1,522,059 794,223
Commitments and Contingencies (See Note 9)      
STOCKHOLDERS' DEFICIT:    
Preferred stock, $0.01 par value; 10,000,000 shares authorized; zero shares issued and outstanding as of June 30, 2014 and June 30, 2013, respectively 0 0
Common Stock Value 72,685 70,632
Additional paid-in capital 16,374,781 16,104,809
Accumulated other comprehensive loss (302,863) (244,589)
Accumulated deficit (17,552,917) (16,723,353)
TOTAL STOCKHOLDERS' DEFICIT (1,408,314) (792,476)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 113,745 1,747
Common stock issuable [Member]
   
STOCKHOLDERS' DEFICIT:    
Common Stock Value $ 0 $ 25