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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (USD $)
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3 Months Ended | 6 Months Ended | 51 Months Ended | ||
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2011
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| REVENUE | |||||
| Royalty Revenue - related party | $ 0 | $ 0 | $ 0 | $ 0 | $ 30,974 |
| OPERATING EXPENSES | |||||
| Administration expenses | 2,875,967 | 399,678 | 5,940,245 | 763,073 | 9,054,683 |
| Occupancy expenses | 3,210 | 2,962 | 6,466 | 5,669 | 50,168 |
| Research and development | 0 | 89,721 | 5,278 | 351,972 | 643,322 |
| TOTAL OPERATING EXPENSES | 2,879,177 | 492,361 | 5,951,989 | 1,120,714 | 9,748,173 |
| LOSS FROM OPERATIONS | (2,879,177) | (492,361) | (5,951,989) | (1,120,714) | (9,717,199) |
| OTHER INCOME (EXPENSE) | |||||
| Interest expense | (614) | 0 | (797) | 0 | (171,993) |
| Interest income | 36 | 276 | 40 | 369 | 8,904 |
| Foreign currency transaction gain (loss) | (2,863) | (38) | (3,181) | (1,498) | (6,560) |
| TOTAL OTHER INCOME (EXPENSE) | (3,441) | 238 | (3,938) | (1,129) | (169,649) |
| LOSS BEFORE INCOME TAXES | (2,882,618) | (492,123) | (5,955,927) | (1,121,843) | (9,886,848) |
| INCOME TAX BENEFIT | 170,491 | 80,809 | 173,894 | 80,809 | 258,475 |
| NET LOSS | (2,712,127) | (411,314) | (5,782,033) | (1,041,034) | (9,628,373) |
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||
| Foreign Currency translation gain (loss) | 252,456 | 23,262 | (334,570) | 28,659 | (454,755) |
| COMPREHENSIVE LOSS | $ (2,459,671) | $ (388,052) | $ (6,116,603) | $ (1,012,375) | $ (10,083,128) |
| BASIC AND DILUTED NET LOSS PER SHARE | $ (0.03) | $ (0.01) | $ (0.09) | $ (0.02) | $ (0.22) |
| BASIC AND UNDILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 71,990,536 | 63,802,229 | 71,970,977 | 61,027,789 | 46,154,263 |
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- Definition
No authoritative reference available. No definition available.
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. 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
The net realized foreign currency transaction gain (loss) (pretax) included in determining net income from transactions that were settled as of the balance sheet date. 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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- Definition
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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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Rental expense incurred for leased assets including furniture and equipment which has not been recognized in costs and expenses applicable to sales and revenues; for example, cost of goods sold or other operating costs and expenses. No definition available.
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- Definition
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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- Definition
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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- Definition
Tax effect on the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into reporting currency of the reporting entity for the period being reported. 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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