Quarterly report pursuant to sections 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Oct. 31, 2011
Jul. 31, 2011
Current assets      
Cash and cash equivalents $ 1,409,116  $ 2,457,693 
Prepaid expenses 277,240  427,961 
Other current assets 8,524  15,939 
Total Current Assets 1,694,880  2,901,593 
Property and equipment, net 66,812  57,298 
Intangible assets, net 2,381,549  2,715,167 
Total Assets 4,143,241  5,674,058 
Current liabilities      
Accounts payable and accrued liabilities 340,297  369,175 
Accrued compensation 29,180  67,774 
Accrued income taxes 3,200  1,600 
Derivative liabilities 872,967  4,850,385 
Acquisition obligation, current 1,379,612  1,250,000 
Total Current Liabilities 2,625,256  6,538,934 
Acquisition obligation, net of current portion 937,167  1,500,000 
Total Liabilities 3,562,423  8,038,934 
Stockholders’ Equity (Deficit)      
Common stock authorized-3,200,000,000 common shares with a par value of $0.0001 Common stock issued and outstanding-56,856,000 and 56,856,000 common shares as of October 31, 2011 and July 31, 2011, respectively 5,686  5,686 
Additional paid-in capital 1,038,472  1,033,333 
Warrants issued and outstanding – 14,696,000 and 13,696,000 units as of October 31, 2011 and July 31, 2011, respectively 660,490  431,981 
Deficit accumulated during the development stage (1,123,830)  (3,835,876) 
Total Stockholders’ Equity (Deficit) 580,818  (2,364,876) 
Total Liabilities and Stockholders’ Equity (Deficit) $ 4,143,241  $ 5,674,058