Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (USD $)
3 Months Ended 60 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
REVENUE      
Royalty Revenue - related party       $ 30,974
OPERATING EXPENSES      
Administration expenses 492,719 3,065,425 15,178,770
Occupancy expenses 3,264 3,254 59,844
Research and development    5,381 643,323
TOTAL OPERATING EXPENSES 495,983 3,074,060 15,881,937
LOSS FROM OPERATIONS (495,983) (3,074,060) (15,850,963)
OTHER INCOME (EXPENSE)      
Interest expense (1,446) (174) (175,609)
Interest income    3 9,005
Foreign currency transaction gain (loss) 4,748 (266) (14,338)
TOTAL OTHER INCOME (EXPENSE) 3,302 (437) (180,942)
LOSS BEFORE INCOME TAXES (492,681) (3,074,497) (16,031,905)
INCOME TAX BENEFIT       258,509
NET LOSS (492,681) (3,074,497) (15,773,396)
OTHER COMPREHENSIVE INCOME (LOSS)      
Foreign currency translation loss (9,920) (587,026) (368,837)
COMPREHENSIVE LOSS $ (502,601) $ (3,661,523) $ (16,142,233)
BASIC AND DILUTED NET LOSS PER SHARE $ (0.01) $ (0.04) $ (0.32)
BASIC AND UNDILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 72,825,333 71,951,329 49,943,623