OTHER CURRENT ASSETS

9 Months Ended

Mar. 31, 2012

Disclosure Text Block Supplement [Abstract]

Other Assets Disclosure [Text Block]

NOTE 5 – OTHER CURRENT ASSETS

Other current assets consisted of the following as of March 31, 2012 and June, 30 2011:

	March 31,		June 30,
	2012		2011
Advancement	$	482,427	$	530,459
Prepaid insurance		-		6,667
Total	$	482,427	$	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.