Quarterly report pursuant to sections 13 or 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Dec. 31, 2013
Jun. 30, 2013
Current assets    
Cash $ 1,144,792 $ 527
Note receivable - related party 163,829 163,829
Interest receivable - related party 10,174 3,341
Inventory 223,000 223,000
Due from related party 165,023 183,346
Deferred financing, net 138,393 146,037
Other current assets 13,969 95,469
Total current assets 1,859,180 815,549
Non-current assets    
Fixed assets, idle 275,717 275,717
Intangibile assets, net 10,933 12,705
Total non-current assets 286,650 288,422
Total Assets 2,145,830 1,103,971
Current liabilities:    
Accounts payable and accrued expenses 477,496 188,346
Accounts payable and accrued expenses - related party 1,068,206 807,001
Convertible notes payable 3,497,136 3,732,500
Note payable - related party 234,700 0
Interest payable 601,459 380,575
Warrant derivative liability 663,582 157,761
Total current liabilities 6,542,579 5,266,183
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 shares issued and outstanding, December 31, 2013 and June 30, 2013 40,000 40,000
Additional paid-in capital 6,217,894 3,814,258
Deficit accumulated during the development stage (10,654,643) (8,016,470)
Total stockholders' deficit (4,396,749) (4,162,212)
Total Liabilities and Stockholders' Deficit $ 2,145,830 $ 1,103,971