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CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended
--- | ---
Sep. 30, 2014 | Sep. 30, 2013
REVENUE |  |
Royalty revenue - related party | $ 0 | $ 0
OPERATING EXPENSES |  |
Administration expenses | 231,482 | 305,826
Occupancy expenses | 2,777 | 2,745
Research and development | 3,879 | 0
TOTAL OPERATING EXPENSES | 238,138 | 308,571
LOSS FROM OPERATIONS | (238,138) | (308,571)
OTHER INCOME (EXPENSE) |  |
Interest expense | (548,479) | (2,165)
Interest income | 3 | 0
Other expense | (50,002) | 0
Change in fair value of derivative liability | 114,536 | (259,251)
Loss on debt settlements, net | (36,263) | 0
Foreign currency transaction loss | (24,957) | (1,524)
TOTAL OTHER INCOME (EXPENSE) | (545,162) | (262,940)
LOSS BEFORE INCOME TAXES | (783,300) | (571,511)
INCOME TAX BENEFIT | 0 | 0
NET LOSS | (783,300) | (571,511)
OTHER COMPREHENSIVE INCOME (LOSS) |  |
Foreign currency translation (loss) gain | 114,817 | (40,931)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | $ (668,483) | $ (612,442)
BASIC AND DILUTED NET LOSS PER SHARE (in dollars per share) | $ (0.01) | $ (0.01)
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING (in shares) | 76,297,745 | 71,642,676

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