Quarterly report pursuant to sections 13 or 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Mar. 31, 2013
Jun. 30, 2012
Current assets    
Cash $ 394,110 $ 25,878
Note receivable - related party 163,829 832,454
Interest receivable - related party 0 31,547
Inventory 223,000 0
Due from related party 128,546 0
Other current assets 369,741 178,682
Total current assets 1,279,226 1,068,561
Non-current assets    
Fixed assets 275,717 0
Intangibile assets 13,000 0
Total non-current assets 288,717 0
Total Assets 1,567,943 1,068,561
Current liabilities:    
Accounts payable and accrued expenses 252,436 109,162
Accounts payable and accrued expenses - related party 522,893 0
Convertible notes payable 3,732,500 2,138,188
Interest payable 298,523 110,124
Warrant derivative liability 311,794 0
Total current liabilities 5,118,146 2,357,474
Commitments and Contingencies (Note 10)      
Stockholders' deficit:    
Preferred stock, $0.001 par value; 20,000,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.001 par value, 200,000,000 shares authorized; 40,000,000 and 35,284,000 shares issued and outstanding, March 31, 2013 and June 30, 2012, respectively 40,000 35,284
Common stock subscribed 0 (35,284)
Additional paid-in-capital 3,396,649 100
Deficit accumulated during the development stage (6,986,852) (1,289,013)
Total stockholders' deficit (3,550,203) (1,288,913)
Total Liabilities and Stockholders' Deficit $ 1,567,943 $ 1,068,561