|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
|
9 Months Ended |
54 Months Ended |
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Net loss |
$ (8,875,611) |
$ (1,498,293) |
$ (12,721,951) |
| Issuances of common stock for services |
112,623 |
113,474 |
403,356 |
| Amortization of prepaid shares issued for services |
8,485,217 |
395,860 |
9,130,323 |
| Officer shares contributed to third party consultant |
|
|
299,737 |
| Depreciation expense |
1,409 |
1,304 |
9,766 |
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
|
|
(664) |
| GST receivable |
769 |
18,534 |
1,131 |
| Other assets |
2,054 |
(362,705) |
(15,456) |
| Accounts payable |
48,888 |
37,071 |
68,688 |
| Employee benefit liability |
5,479 |
11,138 |
35,565 |
| Accrued expenses |
102,992 |
(31,139) |
118,951 |
| Accrued interest |
1,858 |
|
185,675 |
| Net cash used in operating activities |
(114,321) |
(1,314,756) |
(2,466,832) |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Patent costs |
|
(25,107) |
(25,726) |
| Purchase of equipment |
|
(3,421) |
(14,786) |
| Net cash used in investing activities |
|
(28,528) |
(40,512) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Sale of common stock |
10,396 |
1,283,130 |
1,462,046 |
| Contributed capital |
|
|
495,665 |
| Subscriptions receivable - related party |
|
|
22 |
| Related party expenses paid on behalf of company |
|
|
57,262 |
| Loan repayments of principal stockholder |
|
127 |
(14,834) |
| Investor advances |
|
|
79,112 |
| Proceeds from convertible promissory notes |
143,312 |
(14,477) |
143,312 |
| Loan proceeds from principal stockholder |
|
|
369,174 |
| Net cash provided by financing activities |
153,708 |
1,268,780 |
2,591,759 |
| Effect of exchange rate changes on cash |
(45) |
74,030 |
(44,941) |
| NET INCREASE (DECREASE) IN CASH |
39,342 |
(474) |
39,474 |
| CASH AT BEGINNING OF PERIOD |
132 |
528 |
|
| CASH AT END OF PERIOD |
39,474 |
54 |
39,474 |
| Supplemental Disclosure of cash flow information |
|
|
|
| Cash Paid during the period: Interest |
|
|
|
| Cash Paid during the period: Income Tax |
|
|
|
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
|
| Conversion of notes payable to common stock |
|
|
341,208 |
| Conversion of accrued interest to common stock |
|
|
193,648 |
| Gain on related party debt conversion |
|
|
9,252 |
| Prepaid common stock issued for services |
|
|
10,823,048 |
| Advance from Investor - related party, reclassified to common stock |
80,000 |
|
80,000 |
| Conversion of accrued expenses to common stock |
$ 36,272 |
|
$ 36,272 |