Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2012
Mar. 31, 2012
CURRENT ASSETS    
Cash and cash equivalents $ 37,208,737 $ 3,370,177
Promissory notes receivable 0 220,875
Prepaid expenses and other assets, net 536,099 1,616,915
Restricted cash 0 36,002,101
Total current assets 37,744,836 41,210,068
LONG TERM ASSETS    
Other fixed assets, net 156,318 214,280
Total long term assets 156,318 214,280
TOTAL ASSETS 37,901,154 41,424,348
CURRENT LIABILITIES    
Accounts payable 41,000 18,712
Taxes payable, accrued liabilities and other payables 44,354 11,497
Deferred consulting and distribution payments 18,223,299 20,016,556
Total current liabilities 18,308,653 20,046,765
COMMITMENTS AND CONTINGENCIES 0 0
SHAREHOLDERS' EQUITY    
Preferred stock - $0.001 par value; 20,000,000 shares authorized; no shares issued or outstanding 0 0
Common stock - $0.001 par value; 500,000,000 shares authorized;55,787,554 and 55,787,554 shares outstanding, respectively 55,788 55,788
Additional paid in capital 106,099,585 106,099,585
Accumulated deficit (86,562,872) (84,777,790)
Total shareholders' equity 19,592,501 21,377,583
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 37,901,154 $ 41,424,348