Quarterly report pursuant to sections 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Oct. 31, 2012
Jul. 31, 2012
Current assets    
Cash and cash equivalents $ 3,530,473 $ 5,141,509
Prepaid expenses 214,873 343,180
Other current assets 18,206 8,367
Total Current Assets 3,763,552 5,493,056
Property and equipment, net 67,687 76,911
Intangible assets, net 1,684,510 1,858,770
Total Assets 5,515,749 7,428,737
Current liabilities    
Accounts payable and accrued liabilities 742,625 384,321
Accrued compensation 159,352 218,849
Accrued income taxes 5,200 3,200
Acquisition obligation, current 931,943 1,416,786
Total Current Liabilities 1,839,120 2,023,156
Acquisition obligation, net of current portion 991,608 979,316
Total Liabilities 2,830,728 3,002,472
Stockholders' Equity    
Common stock authorized-3,200,000,000 common shares with a par value of $0.0001 Common stock issued and outstanding-88,159,000 and 87,856,000 common shares as of October 31, 2012 and July 31, 2012, respectively 8,816 8,786
Additional paid-in capital 5,905,608 5,593,567
Warrants issued and outstanding - 41,943,000 and 42,246,000 warrants as of October 31, 2012 and July 31, 2012, respectively 4,998,250 5,024,640
Deficit accumulated during the development stage (8,227,653) (6,200,728)
Total Stockholders' Equity 2,685,021 4,426,265
Total Liabilities and Stockholders' Equity $ 5,515,749 $ 7,428,737