Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2012
Jun. 30, 2011
ASSETS    
Cash $ 39,474 $ 132
GST receivable 1,052 1,857
Prepaid expenses and other current assets 2,086,034 10,777,951
Total current assets 2,126,560 10,779,940
Property and Equipment, net 5,116 6,655
Patent Costs 27,016 27,563
TOTAL ASSETS 2,158,692 10,814,158
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 38,336 27,717
Accrued Expenses and other payables 117,932 13,461
Advances from Investor - related party    84,760
Convertible debentures 143,161   
Due to directors - related parties 65,084 66,400
Loans from director - related party 76,849 78,403
Employee benefit liability 40,865 36,108
Total current liabilities 482,227 306,849
TOTAL LIABILITIES 482,227 306,849
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 March 31, 2012 and June 30, 2011, respectively. 0 0
Common stock, $0.001 par value; 100,000,000 shares authorized: 72,153,276 and 71,915,890 shares issued and outstanding as of March 31, 2012 and June 30, 2011, respectively. 72,153 71,915
Additional paid in capital 14,633,260 14,401,919
Accumulated other comprehensive income (loss) (306,997) (120,185)
Deficit accumulated during development stage (12,721,951) (3,846,340)
Total Stockholders' Equity 1,676,465 10,507,309
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,158,692 $ 10,814,158