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4. OTHER CURRENT ASSETS | 12 Months Ended
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Jun. 30, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
4. OTHER CURRENT ASSETS | Other assets consists of the following as of June 30,
|  | 2013 |  |  | 2012 |
Common stock issued for services |  | $ | - |  |  | $ | 38,520 |
Total Prepaids and Other Current Assets |  | $ | - |  |  | $ | 38,520 |
The Company fully amortized $10,775,858 of prepaid stock fees during 2012 and $645,107 in 2011 which is included in administration expenses in the respective periods. As discussed in Note 9, in February 2012, the Company issued 100,000 shares of common stock for past services to a consultant. The shares were valued at $0.65 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $65,000 related to the transaction which was fully amortized in 2013.

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