Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2012
Mar. 31, 2012
CURRENT ASSETS    
Cash and cash equivalents $ 10,789,458 $ 3,370,177
Promissory notes receivable 0 220,875
Prepaid expenses and other assets, net 0 1,616,915
Restricted cash 0 36,002,101
Total current assets 10,789,458 41,210,068
LONG TERM ASSETS    
Other fixed assets, net 127,338 214,280
Total long term assets 127,338 214,280
TOTAL ASSETS 10,916,796 41,424,348
CURRENT LIABILITIES    
Accounts payable 55,129 18,712
Taxes payable, accrued liabilities and other payables 5,661 11,497
Deferred consulting and distribution payments 8,781,165 20,016,556
Total current liabilities 8,841,955 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 89,363,319 106,099,585
Accumulated deficit (87,344,266) (84,777,790)
Total shareholders' equity 2,074,841 21,377,583
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 10,916,796 $ 41,424,348