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 72 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
REVENUE      
Royalty Revenue - related party       $ 30,974
OPERATING EXPENSES      
Administration expenses 305,826 492,719 16,328,359
Occupancy expenses 2,745 3,264 72,399
Research and development       655,667
TOTAL OPERATING EXPENSES 308,571 495,983 17,056,425
LOSS FROM OPERATIONS (308,571) (495,983) (17,025,451)
OTHER INCOME (EXPENSE)      
Interest expense (2,165) (1,446) (181,793)
Interest income       9,005
Change in warrant derivative liability (259,251)    (259,251)
Loss on Debt Settlements, net       (108,185)
Foreign currency transaction gain (loss) (1,524) 4,748 (48,159)
TOTAL OTHER INCOME (EXPENSE) (262,940) 3,302 (588,383)
LOSS BEFORE INCOME TAXES (571,511) (492,681) (17,613,834)
INCOME TAX BENEFIT       318,970
NET LOSS (571,511) (492,681) (17,294,864)
OTHER COMPREHENSIVE INCOME (LOSS)      
Foreign currency translation loss (40,931) (9,920) (285,520)
COMPREHENSIVE LOSS $ (612,442) $ (502,601) $ (17,580,384)
BASIC AND DILUTED NET LOSS PER SHARE $ (0.01) $ (0.01) $ (0.31)
BASIC AND UNDILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 71,642,676 72,825,333 56,364,669