Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2012
Jun. 30, 2012
ASSETS    
Cash $ 1,071 $ 179
Deposit held in Escrow    328
GST tax receivable    2,624
Prepaid expenses and other current assets 21,667 38,520
TOTAL CURRENT ASSETS 22,738 41,651
Property and Equipment, net 4,348 4,617
TOTAL ASSETS 27,086 46,268
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 239,225 192,473
Accrued Expenses and other payables 136,051 135,770
Convertible debentures    75,000
Due to directors - related parties 65,033 63,668
Loans from directors - related parties, including accrued interest of $503 and $0 at September 30, 2012 and June 30, 2012, respectively 136,613 75,177
Other Loans, including accrued interest of $200 and $0 at September 30, 2012 and June 30, 2012, respectively 16,803   
Employee benefit liability 43,002 42,099
TOTAL CURRENT LIABILITIES 636,727 584,187
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value; 10,000,000 shares authorized; zero shares issued and outstanding as of September 30, 2012 and June 30, 2012, respectively      
Common stock, $0.001 par value; 100,000,000 shares authorized; 72,705,569 shares issued and outstanding as of September 30, 2012 and June 30, 2012, respectively 72,706 72,706
Common Stock Issuable, $0.001 par value, 601,230 and 5,877 shares issued and outstanding as of September 30, 2012 and June 30, 2012, respectively 601 6
Subscription receivable    (325)
Additional paid in capital 15,459,285 15,029,326
Accumulated other comprehensive income (loss) (368,837) (358,917)
Deficit accumulated during development stage (15,773,396) (15,280,715)
TOTAL STOCKHOLDERS' DEFICIT (609,641) (537,919)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 27,086 $ 46,268