|
CONSOLIDATED BALANCE SHEETS (USD $)
|
Mar. 31, 2012
|
Jun. 30, 2011
|
| ASSETS |
|
|
| Cash |
$ 39,474 |
$ 132 |
| GST receivable |
1,052 |
1,857 |
| Prepaid expenses and other current assets |
2,086,034 |
10,777,951 |
| Total current assets |
2,126,560 |
10,779,940 |
| Property and Equipment, net |
5,116 |
6,655 |
| Patent Costs |
27,016 |
27,563 |
| TOTAL ASSETS |
2,158,692 |
10,814,158 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
| Accounts payable |
38,336 |
27,717 |
| Accrued Expenses and other payables |
117,932 |
13,461 |
| Advances from Investor - related party |
|
84,760 |
| Convertible debentures |
143,161 |
|
| Due to directors - related parties |
65,084 |
66,400 |
| Loans from director - related party |
76,849 |
78,403 |
| Employee benefit liability |
40,865 |
36,108 |
| Total current liabilities |
482,227 |
306,849 |
| TOTAL LIABILITIES |
482,227 |
306,849 |
| Commitments and Contingencies (See Note 8) |
|
|
| STOCKHOLDERS' EQUITY |
|
|
| Preferred stock, $0.01 par value; 10,000,000 shares authorized; zero shares issued and outstanding as of March 31, 2012 and June 30, 2011, respectively. |
0 |
0 |
| Common stock, $0.001 par value; 100,000,000 shares authorized: 72,153,276 and 71,915,890 shares issued and outstanding as of March 31, 2012 and June 30, 2011, respectively. |
72,153 |
71,915 |
| Additional paid in capital |
14,633,260 |
14,401,919 |
| Accumulated other comprehensive income (loss) |
(306,997) |
(120,185) |
| Deficit accumulated during development stage |
(12,721,951) |
(3,846,340) |
| Total Stockholders' Equity |
1,676,465 |
10,507,309 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 2,158,692 |
$ 10,814,158 |