Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2013
Jun. 30, 2012
CURRENT ASSETS:    
Cash    $ 179
Deposit held in Escrow    328
GST tax receivable 423 2,624
Prepaid expenses and other current assets    38,520
TOTAL CURRENT ASSETS 423 41,651
Property and Equipment, net 3,715 4,617
TOTAL ASSETS 4,138 46,268
LIABILITIES AND STOCKHOLDERS' DEFICIT    
Bank overdraft 101   
Accounts payable 210,576 192,473
Accrued Expenses and other payables 247,332 135,770
Convertible debentures    75,000
Due to directors - related parties 65,278 63,668
Loans from directors - related parties, including accrued interest of $883 and $0 at December 31, 2012 and June 30, 2012, respectively 140,359 75,177
Other Loans, including accrued interest of $726 and $0 at December 31, 2012 and June 30, 2012, respectively 37,498   
Employee benefit liability 50,830 42,099
TOTAL CURRENT LIABILITIES 751,974 584,187
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value; 10,000,000 shares authorized; zero shares issued and outstanding as of March 31, 2013 and June 30, 2012, respectively     
Common stock, $0.001 par value; 100,000,000 shares authorized; 70,632,268 and 72,705,569 shares issued and outstanding as of March 31, 2013 and June 30, 2012, respectively 70,632 72,706
Common Stock Issuable, $0.001 par value, 0 and 5,877 shares issued and outstanding as of March 31, 2013 and June 30, 2012, respectively    6
Subscription receivable    (325)
Additional paid in capital 16,051,834 15,029,326
Accumulated other comprehensive income (loss) (371,597) (358,917)
Deficit accumulated during development stage (16,498,705) (15,280,715)
TOTAL STOCKHOLDERS' DEFICIT (747,836) (537,919)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,138 $ 46,268