Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
3 Months Ended 45 Months Ended
Oct. 31, 2011
Oct. 31, 2010
Oct. 31, 2011
Expenses:      
Research and development $ 515,587   $ 1,200,258
General and administrative 678,651 2,450 1,757,514
Loss from operations (1,194,238) (2,450) (2,957,772)
Other income (expense):      
Fair value of derivative liabilities in excess of proceeds     (808,590)
Adjustments to fair value of derivative liabilities 3,977,418   2,935,623
Financing transaction costs     (210,000)
Non-cash interest expense (69,134)   (69,134)
Interest expense     (1,357)
Impairment charges     (9,000)
Net income (loss) before income taxes 2,714,046 (2,450) (1,120,230)
Provision for income taxes 2,000   3,600
Net income (loss) $ 2,712,046 $ (2,450) $ (1,123,830)
Basic net income (loss) per common share (in dollars per share) $ 0.05 $ 0.00  
Diluted net income (loss) per common share (in dollars per share) $ 0.05 $ 0.00  
Weighted average shares used in computing basic net income (loss) per common share (in shares) 56,856,000 68,480,000  
Weighted average shares used in computing diluted net income (loss) per common share (in shares) 56,905,457 68,480,000