SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Table)

12 Months Ended

Jun. 30, 2012

Schedule Of Property Plant and Equipment Useful Life [Table Text Block]

Property and equipment are depreciated over the estimated useful lives of assets as follows:


	Software		5 years
	Computer equipment		3 years
	Furniture and fixtures		5 years
	Laboratory equipment		5 years

Property, Plant and Equipment [Table Text Block]

Property and equipment consisted of the following at June 30, 2012 and 2011:


	2012			2011
Software	$	61,250		$	13,650
Computer equipment		3,466			3,466
Furniture and fixtures		239			239
Laboratory equipment		6,193			6,193
		71,148			23,548
Less accumulated depreciation		(5,673	)		(1,249	)
	$	65,475		$	22,299

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

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