|
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
|
3 Months Ended | 9 Months Ended | 54 Months Ended | ||
|---|---|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
|
| REVENUE | |||||
| Royalty Revenue - related party | $ 30,974 | ||||
| OPERATING EXPENSES | |||||
| Administration expenses | 3,090,332 | 502,252 | 9,029,209 | 1,208,412 | 12,143,647 |
| Occupancy expenses | 4,367 | 3,067 | 10,817 | 8,739 | 54,519 |
| Research and development | 3,173 | 5,317 | 362,585 | 643,361 | |
| TOTAL OPERATING EXPENSES | 3,094,699 | 508,492 | 9,045,343 | 1,579,736 | 12,841,527 |
| LOSS FROM OPERATIONS | (3,094,699) | (508,492) | (9,045,343) | (1,579,736) | (12,810,553) |
| OTHER INCOME (EXPENSE) | |||||
| Interest expense | (1,071) | (1,859) | (173,055) | ||
| Interest income | 82 | 53 | 121 | 428 | 8,985 |
| Foreign currency transaction gain (loss) | (490) | (3,688) | (1,530) | (7,067) | |
| TOTAL OTHER INCOME (EXPENSE) | (1,479) | 53 | (5,426) | (1,102) | (171,137) |
| LOSS BEFORE INCOME TAXES | (3,096,178) | (508,439) | (9,050,769) | (1,580,838) | (12,981,690) |
| INCOME TAX BENEFIT | 175,158 | 82,545 | 259,739 | ||
| NET LOSS | (3,096,178) | (508,439) | (8,875,611) | (1,498,293) | (12,721,951) |
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||
| Foreign Currency translation gain (loss) | 147,758 | (6,051) | (186,812) | 69,424 | (306,997) |
| COMPREHENSIVE LOSS | $ (2,948,420) | $ (514,490) | $ (9,062,423) | $ (1,428,869) | $ (13,028,948) |
| BASIC AND DILUTED NET LOSS PER SHARE | $ (0.04) | $ (0.01) | $ (0.12) | $ (0.02) | $ (0.27) |
| BASIC AND UNDILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 72,063,276 | 64,700,525 | 72,001,412 | 62,238,581 | 47,523,404 |