Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Jun. 30, 2014
Mar. 31, 2014
ASSETS    
Cash $ 92,007 $ 205,571
VAT receivable 4,777 2,005
Prepaid expenses 687 687
Total Current Assets 97,471 208,263
Intangible assets (Note 3) 23,113,024 23,644,629
Total Assets 23,210,495 23,852,892
Current Liabilities    
Accounts payable and accrued liabilities (Note 7) 448,454 449,850
Loan payable (Note 4) 744,068 725,319
Convertible debenture (Note 5) 200,000   
Current portion of note payable, net of unamortized discount of $146,371 and $33,438, respectively (Note 6) 2,853,629 1,966,562
Due to related parties (Note 7) 5,474,446 5,300,950
Total Current Liabilities 9,720,597 8,442,681
Note payable, net of unamortized discount of $663,524 and $898,431, respectively (Note 6) 1,336,476 2,101,569
Total Liabilities 11,057,073 10,544,250
Nature of Operations and Continuance of Business (Note 1)      
Commitments (Note 10)      
Stockholders' Equity    
Preferred stock, 10,000,000 shares authorized, $0.001 par value Nil shares issued and outstanding      
Common stock, 500,000,000 shares authorized, $0.001 par value 16,321,681 and 16,321,681 shares issued and outstanding, respectively 16,322 16,322
Common stock issuable (Note 3) 8,868,523 8,868,523
Additional paid-in capital 44,848,380 44,623,380
Accumulated other comprehensive loss (147,621) (109,140)
Deficit (41,432,182) (40,090,443)
Total Stockholders' Equity 12,153,422 13,308,642
Total Liabilities and Stockholders' Equity $ 23,210,495 $ 23,852,892