Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2014
Jun. 30, 2014
CURRENT ASSETS:    
Cash $ 4,513 $ 87,799
GST tax receivable 2,581 946
Prepaid expenses and other current assets 44,478 25,000
TOTAL CURRENT ASSETS 51,572 113,745
TOTAL ASSETS 51,572 113,745
CURRENT LIABILITIES:    
Accounts payable 48,836 332,564
Accounts payable - related party 2,164 17,440
Accrued expenses and other payables 240,469 422,326
Debt settlement to be paid in stock, net of premium 979,312 0
Convertible notes, net 325,794 272,424
Notes payable 50,000 33,909
Embedded conversion option liability 23,622 0
Warrant derivative liability 42,293 158,244
Due to directors - related parties 17,108 60,350
Loans from directors and officer - related parties 46,240 161,975
Employee benefit liability 60,115 62,827
TOTAL CURRENT LIABILITIES 1,835,953 1,522,059
Commitments and Contingencies (See Note 7)      
STOCKHOLDERS' DEFICIT:    
Preferred stock, $0.01 par value; 10,000,000 shares authorized; zero shares issued and outstanding as of September 30, 2014 and June 30, 2014, respectively 0 0
Common stock, $0.001 par value; 100,000,000 shares authorized; 82,794,100 and 72,684,767 shares issued and outstanding as of September 30, 2014 and June 30, 2014, respectively 82,795 72,685
Additional paid-in capital 16,657,087 16,374,781
Accumulated other comprehensive loss (188,046) (302,863)
Accumulated deficit (18,336,217) (17,552,917)
TOTAL STOCKHOLDERS' DEFICIT (1,784,381) (1,408,314)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 51,572 $ 113,745