Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

v2.4.0.6
Condensed Balance Sheets (USD $)
Sep. 30, 2012
Jun. 30, 2012
Current assets:    
Cash $ 4,276,373 $ 5,624,403
Accounts receivable 390,186 351,409
Prepaid expenses 258,126 684,435
Other receivable and current assets 226,684 239,898
Total current assets 5,151,369 6,900,145
Fixed assets, net 2,092 2,497
Intangible assets, net 2,837,617 2,861,940
Total assets 7,991,078 9,764,582
Current liabilities:    
Accounts payable 2,418,996 2,845,518
Accrued expenses 240,263 230,300
Derivative financial liability 760,608 519,725
Total liabilities 3,419,867 3,595,543
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 shares issued and outstanding as of September 30, 2012 and June 30, 2012 47,767 47,767
Additional paid-in capital 37,912,652 37,459,053
Accumulated deficit (33,389,208) (31,337,781)
Total stockholders’ equity 4,571,211 6,169,039
Total liabilities and stockholders’ equity $ 7,991,078 $ 9,764,582