Quarterly report pursuant to sections 13 or 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Mar. 31, 2014
Jun. 30, 2013
Current assets    
Cash $ 5,641,627 $ 527
Note receivable - related party 0 163,829
Interest receivable - related party 0 3,341
Inventory 223,000 223,000
Due from related party 0 183,346
Deferred financing, net 0 146,037
Other current assets 119,800 95,469
Total current assets 5,984,427 815,549
Non-current assets    
Fixed assets, idle 275,717 275,717
Intangibile assets, net 10,047 12,705
Total non-current assets 285,764 288,422
Total Assets 6,270,191 1,103,971
Current liabilities:    
Accounts payable and accrued expenses 645,696 188,346
Accounts payable and accrued expenses - related party 1,122,839 807,001
Convertible notes payable 657,500 3,732,500
Note payable - related party 234,700 0
Interest payable 98,718 380,575
Warrant derivative liability 102,917 157,761
Total current liabilities 2,862,370 5,266,183
Commitments and Contingencies (Note 10)      
Stockholders' equity (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; 14,617,629 and 6,666,667 shares issued and outstanding, March 31, 2014 and June 30, 2013 14,617 6,667
Additional paid-in capital 19,134,897 3,847,591
Deficit accumulated during the development stage (15,741,693) (8,016,470)
Total stockholders' equity (deficit) 3,407,821 (4,162,212)
Total Liabilities and Stockholders' Equity (Deficit) $ 6,270,191 $ 1,103,971