Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2013
Mar. 31, 2012
CURRENT ASSETS    
Cash and cash equivalents $ 10,463,531 $ 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 10,463,531 41,210,068
LONG TERM ASSETS    
Other fixed assets, net 98,356 214,280
Total long term assets 98,356 214,280
TOTAL ASSETS 10,561,887 41,424,348
CURRENT LIABILITIES    
Accounts payable 373,202 18,712
Taxes payable, accrued liabilities and other payables 22,568 11,497
Deferred consulting and distribution payments 8,613,665 20,016,556
Total current liabilities 9,009,435 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 (87,866,655) (84,777,790)
Total shareholders' equity 1,552,452 21,377,583
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 10,561,887 $ 41,424,348