Annual report pursuant to section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Jun. 30, 2013
Jun. 30, 2012
Dec. 31, 2011
Current assets      
Cash $ 527 $ 25,878 $ 646
Note receivable - related party 163,829 832,454 407,004
Interest receivable - related party 3,341 31,547 7,111
Inventory 223,000 0 0
Due from related party 183,346 0 0
Deferred financing, net 146,037 76,507 51,028
Other current assets 95,469 102,175 100,000
Total current assets 815,549 1,068,561 565,789
Non-current assets      
Fixed assets 275,717 0 0
Intangibile assets, net 12,705 0 0
Total non-current assets 288,422 0 0
Total Assets 1,103,971 1,068,561 565,789
Current liabilities:      
Accounts payable and accrued expenses 188,346 107,022 186,764
Accounts payable and accrued expenses - related party 807,001 2,140 2,140
Convertible notes payable, current portion 3,732,500 2,138,188 1,160,814
Interest payable 380,575 110,124 51,817
Warrant derivative liability 157,761 0 0
Total current liabilities 5,266,183 2,357,474 1,401,535
Non-current liabilities:      
Convertible notes payable, less current portion 0 0 54,958
Total non-current liabilities 0 0 54,958
Total liabilities 5,266,183 2,357,474 1,456,493
Commitments and Contingencies (Note 11)         
Stockholders' deficit:      
Preferred stock, $0.001 par value; 20,000,000 shares authorized; none issued and outstanding 0 0 0
Common stock, $0.001 par value, 200,000,000 shares authorized; 40,000,000, 35,284,000 and 35,284,000 shares issued and outstanding, June 30, 2013 and 2012 and December 31, 2011, respectively 40,000 35,284 35,284
Common stock subscribed 0 (35,284) (35,284)
Additional paid-in capital 3,814,258 100 100
Deficit accumulated during the development stage (8,016,470) (1,289,013) (890,804)
Total stockholders' deficit (4,162,212) (1,288,913) (890,704)
Total Liabilities and Stockholders' Deficit $ 1,103,971 $ 1,068,561 $ 565,789