Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2012
Mar. 31, 2012
CURRENT ASSETS    
Cash and cash equivalents $ 1,475,719 $ 3,370,177
Promissory notes receivable 220,875 220,875
Prepaid expenses and other assets, net 1,072,197 1,616,915
Restricted cash 36,003,011 36,002,101
Total current assets 38,771,802 41,210,068
LONG TERM ASSETS    
Other fixed assets, net 185,300 214,280
Total long term assets 185,300 214,280
TOTAL ASSETS 38,957,102 41,424,348
CURRENT LIABILITIES    
Accounts payable 64,539 18,712
Taxes payable, accrued liabilities and other payables 31,595 11,497
Deferred consulting and distribution payments 18,233,699 20,016,556
Total current liabilities 18,329,833 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 (85,528,104) (84,777,790)
Total shareholders' equity 20,627,269 21,377,583
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 38,957,102 $ 41,424,348