Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
Dec. 31, 2011
Jun. 30, 2011
ASSETS    
Cash $ 39,728 $ 132
GST receivable 3,790 1,857
Prepaid expenses and other current assets 4,797,439 10,777,951
Total current assets 4,840,957 10,779,940
Property and Equipment, net 5,431 6,655
Patent Costs 26,468 27,563
TOTAL ASSETS 4,872,856 10,814,158
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 38,952 27,717
Accrued Expenses and other payables 69,360 13,461
Advances from Investor - related party 0 84,760
Convertible debentures 69,012 0
Due to directors – related parties 63,762 66,400
Loans from director – related party 75,288 78,403
Employee benefit liability 37,898 36,108
Total current liabilities 354,272 306,849
TOTAL LIABILITIES 354,272 306,849
Commitments and Contingencies (See Note 8)      
STOCKHOLDERS’ EQUITY    
Preferred stock, $0.01 par value; 10,000,000 shares authorized; zero shares issued and outstanding as of December 31, 2011 and June 30, 2011, respectively. 0 0
Common stock, $0.001 par value; 100,000,000 shares authorized: 72,003,276 and 71,915,890 shares issued and outstanding as of December 31, 2011 and June 30, 2011, respectively 72,003 71,915
Additional paid in capital 14,529,709 14,401,919
Accumulated other comprehensive income (loss) (454,755) (120,185)
Deficit accumulated during development stage (9,628,373) (3,846,340)
Total Stockholders' Equity 4,518,584 10,507,309
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,872,856 $ 10,814,158