Quarterly report pursuant to sections 13 or 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Apr. 30, 2012
Jul. 31, 2011
Current assets    
Cash and cash equivalents $ 6,569,626 $ 2,457,693
Prepaid expenses 128,732 427,961
Other current assets 18,789 15,939
Total Current Assets 6,717,147 2,901,593
Property and equipment, net 56,102 57,298
Intangible assets, net 2,033,029 2,715,167
Total Assets 8,806,278 5,674,058
Current liabilities    
Accounts payable and accrued liabilities 370,023 369,175
Accrued compensation 258,416 67,774
Accrued income taxes 3,200 1,600
Derivative liabilities   4,850,385
Acquisition obligation, current 1,399,223 1,250,000
Total Current Liabilities 2,030,862 6,538,934
Acquisition obligation, net of current portion 967,176 1,500,000
Total Liabilities 2,998,038 8,038,934
Stockholders' Equity (Deficit)    
Common stock authorized-3,200,000,000 common shares with a par value of $0.0001 Common stock issued and outstanding-87,856,000 and 56,856,000 common shares as of April 30, 2012 and July 31, 2011, respectively 8,786 5,686
Additional paid-in capital 5,382,081 1,033,333
Warrants issued and outstanding - 42,246,000 and 13,696,000 units as of April 30, 2012 and July 31, 2011, respectively 5,024,640 431,981
Deficit accumulated during the development stage (4,607,267) (3,835,876)
Total Stockholders' Equity (Deficit) 5,808,240 (2,364,876)
Total Liabilities and Stockholders' Equity (Deficit) $ 8,806,278 $ 5,674,058