Annual report pursuant to Section 13 and 15(d)

Balance Sheets

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Balance Sheets (USD $)
Jun. 30, 2012
Jun. 30, 2011
Current assets:    
Cash $ 5,624,403 $ 2,843,300
Accounts receivable 351,409 344,085
Prepaid expenses (related party of $666,666 and $759,833, respectively) 684,435 774,146
Other accounts receivable and current assets (related party of $177,379 and $222,769, respectively) 239,898 338,647
Total current assets 6,900,145 4,300,178
Fixed assets, net 2,497 8,412
Intangible assets, net 2,861,940 3,027,239
Total assets 9,764,582 7,335,829
Current liabilities:    
Accounts payable (related party of $2,524,309 and $2,359,794, respectively) 2,845,518 2,895,359
Accrued expenses (related party of $99,617 and $0, respectively) 230,300 56,059
Derivative financial liability 519,725 4,187,769
Total liabilities 3,595,543 7,139,187
Commitments and contingencies      
Stockholders’ equity:    
Preferred stock, no par value, 1,000,000 shares authorized, no shares outstanding      
Common stock, $0.001 par value, 100,000,000 shares authorized, 47,767,095 and 32,382,095 issued and outstanding as of June 30, 2012 and 2011, respectively 47,767 32,382
Additional paid-in capital 37,459,053 25,826,203
Accumulated deficit (31,337,781) (25,661,943)
Total stockholders’ equity 6,169,039 196,642
Total liabilities and stockholders’ equity $ 9,764,582 $ 7,335,829