OTHER CURRENT ASSETS

6 Months Ended

Dec. 31, 2011

Disclosure Text Block Supplement [Abstract]

Other Assets Disclosure [Text Block]

NOTE 5 – OTHER CURRENT ASSETS

Other current assets consisted of the following:

	December 31,		June 30,
	2011		2011
Advancement	$	1,275,193	$	530,459
Prepaid insurance		—		6,667
Total	$	1,275,193	$	537,126

Advancement represents advances made to non-related parties and employees. The amounts were unsecured, interest free, and due on demand. Prepaid insurance is related to the underwriting of the Company’s directors and officers insurance policy.