Molecular Pharmacology (MLPH) 10-K 8 Sep 14 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Jun. 30, 2014	Aug. 21, 2014
Document and Entity Information [Abstract]	'	'
Document Type	'10-K	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'FY	'
Entity Registrant Name	'Molecular Pharmacology (USA) Ltd.	'
Entity Central Index Key	'0001191357	'
Current Fiscal Year End Date	'--06-30	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Public Float	'	$259,091
Entity Common Stock, Shares Outstanding	'	111,553,740
Entity Well-known Seasoned Issuer	'No	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'

Balance_Sheets

Balance Sheets (USD $)	Jun. 30, 2014	Jun. 30, 2013
Current Assets	'	'
Cash and cash equivalents	$2,378	$7,046
Amounts receivable	6,493	5,070
Equipment (Note 5)	97	140
Total Current Assets	8,968	12,256
Current Liabilities	'	'
Accounts payable and accrued liabilities (Note 6)	34,526	21,628
Due to related parties (Note 7)	2,207,296	2,044,501
Total Current Liabilities	2,241,822	2,066,129
Stockholders' deficiency	'	'
Issued and outstanding	111,554	111,554
Additional paid-in capital	106,707	106,707
Cumulative translation adjustment	-272,239	-210,186
Deficit, accumulated during the development stage	-2,178,876	-2,061,948
Total	-2,232,854	-2,053,873
Total Liabilities and Stockholder's Equity	$8,968	$12,256

Shareholders_Equity

Shareholders Equity (USD $)	Total	Number of common shares issued	Capital stock	Additional paid-in capital	Deficit, accumulated during the development stage	Cumulative translation adjustment
	USD ($)		USD ($)	USD ($)	USD ($)	USD ($)
Beginning Balance, Value at Jul. 13, 2004	$1	'	'	$1	'	'
Beginning Balance, Shares Issued at Jul. 13, 2004	'	294	'	'	'	'
Net Loss for period	-128,488	'	'	'	-128,488	'
Cumulative translation adjustment	-6,536	'	'	'	'	-6,536
Ending Balance, Value at Oct. 31, 2004	-135,023	'	'	1	-128,488	-6,536
Beginning Balance, Shares Issued at Oct. 31, 2004	'	294	'	'	'	'
Net Loss for period	-387,667	'	'	'	-387,667	'
Cumulative translation adjustment	-161	'	'	'	'	-161
Shares Issued, Amount	'	87,999,706	'	'	'	'
Shares Issued, Value	234,496	'	88,000	146,496	'	'
Ending Balance, Value at Oct. 31, 2005	-288,355	'	88,000	146,497	-516,155	-6,697
Ending Balance, Shares Issued at Oct. 31, 2005	'	88,000,000	'	'	'	'
Net Loss for period	-508,260	'	'	'	-508,260	'
Cumulative translation adjustment	-16,222	'	'	'	'	-16,222
Acquisition of Molecular Pharmacology (USA) Limited - Recapitalization, Shares Issued	'	43,553,740	'	'	'	'
Acquisition of Molecular Pharmacology (USA) Limited - Recapitalization, Value	-16,236	'	43,554	-59,790	'	'
Cancellation of Common Shares, Amount	'	-20,000,000	-20,000	20,000	'	'
Ending Balance, Value at Oct. 31, 2006	-829,073	'	111,554	106,707	-1,024,415	-22,919
Ending Balance, Shares Issued at Oct. 31, 2006	'	111,553,740	'	'	'	'
Net Loss for period	-377,131	'	'	'	-377,131	'
Cumulative translation adjustment	-105,436	'	'	'	'	-105,436
Ending Balance, Value at Jun. 30, 2007	-1,311,640	'	111,554	106,707	-1,401,546	-128,355
Ending Balance, Shares Issued at Jun. 30, 2007	'	111,553,740	'	'	'	'
Net Loss for period	62,296	'	'	'	62,296	'
Cumulative translation adjustment	-166,483	'	'	'	'	-166,483
Ending Balance, Value at Jun. 30, 2008	-1,415,827	'	111,554	106,707	-1,339,250	-294,838
Ending Balance, Shares Issued at Jun. 30, 2008	'	111,553,740	'	'	'	'
Net Loss for period	-94,366	'	'	'	-94,336	'
Cumulative translation adjustment	219,034	'	'	'	'	219,034
Ending Balance, Value at Jun. 30, 2009	-1,291,129	'	111,554	106,707	-1,433,586	-75,804
Ending Balance, Shares Issued at Jun. 30, 2009	'	111,553,740	'	'	'	'
Net Loss for period	-117,220	'	'	'	-117,220	'
Cumulative translation adjustment	-78,521	'	'	'	'	-78,521
Ending Balance, Value at Jun. 30, 2010	-1,486,870	'	111,554	106,707	-1,550,806	-154,325
Ending Balance, Shares Issued at Jun. 30, 2010	'	111,553,740	'	'	'	'
Net Loss for period	-121,860	'	'	'	-121,860	'
Cumulative translation adjustment	-357,962	'	'	'	'	-357,962
Ending Balance, Value at Jun. 30, 2011	-1,966,692	'	111,554	106,717	-1,672,666	-512,287
Ending Balance, Shares Issued at Jun. 30, 2011	'	111,553,740	'	'	'	'
Net Loss for period	-179,382	'	'	'	-179,382	'
Cumulative translation adjustment	66,215	'	'	'	'	66,215
Ending Balance, Value at Jun. 30, 2012	-2,079,859	'	111,554	106,707	-1,852,048	-446,072
Ending Balance, Shares Issued at Jun. 30, 2012	'	111,553,740	'	'	'	'
Net Loss for period	-209,900	'	'	'	-209,900	'
Cumulative translation adjustment	235,886	'	'	'	'	235,886
Ending Balance, Value at Jun. 30, 2013	-2,053,873	'	111,554	106,707	-2,061,948	-210,186
Ending Balance, Shares Issued at Jun. 30, 2013	'	111,553,740	'	'	'	'
Net Loss for period	-116,928	'	'	'	-116,928	'
Cumulative translation adjustment	-62,053	'	'	'	'	-62,053
Ending Balance, Value at Jun. 30, 2014	($2,232,854)	'	$111,554	$106,707	($2,178,876)	($272,239)
Ending Balance, Shares Issued at Jun. 30, 2014	'	111,553,740	'	'	'	'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended			120 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2014
Cash flows used in operating activities	'	'	'	'
Net loss for the period	($116,928)	($209,900)	($179,382)	($2,178,876)
Adjustments to reconcile net loss to cash used by operating activities	'	'	'	'
Amortization	43	196	449	6,930
Write-down of intangible assets	'	'	'	1,278
Write-off of equipment	'	823	'	823
Changes in operating assets and liabilities	'	'	'	'
Decrease (increase) in amounts receivable	-1,423	40	1,496	-4,267
Increase (decrease) in accounts payable and accrued liabilities	12,898	2,376	-800	-12,891
Total	-105,410	-206,465	-178,237	-2,187,003
Cash flows from investing activities	'	'	'	'
Purchase of equipment	'	'	'	-7,850
Purchase of intangible assets	'	'	'	-1,278
Cash acquired on the purchase of Molecular Pharmacology (USA) Limited	'	'	'	37,163
Total	'	'	'	28,035
Cash flows from (used in) financing activities	'	'	'	'
Common shares issued for cash	'	'	'	234,497
Increase (decrease) in due to related parties	162,795	-24,947	105,919	2,199,088
Total	162,795	-24,947	105,919	2,433,585
Effect of exchange rate changes on cash	-62,053	235,886	66,215	-272,239
Increase (decrease) in cash and cash equivalents	-4,668	4,474	-6,103	2,378
Cash and cash equivalents, beginning of year	7,046	2,572	8,675	'
Cash and cash equivalents, end of year	$2,378	$7,046	$2,572	$2,378

Statements_of_Operations

Statements of Operations (USD $)	12 Months Ended			120 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2014
Expenses	'	'	'	'
Advertising and promotion	'	'	'	$23,739
Amortization (Note 5)	43	196	449	6,930
Analysis	'	'	'	33,947
Consulting (Note 7)	37,156	134,223	100,624	1,461,520
Office and miscellaneous (Note 7)	30,467	28,328	22,617	277,328
Professional fees	42,430	45,954	48,607	447,967
Public relations	'	'	'	3,656
Rent (Note 7)	'	'	'	27,759
Salaries and benefits	'	'	'	44,464
Transfer agent and filing fees	6,832	'	'	24,004
Travel	'	376	7,085	111,710
Net loss before other items	-116,928	-209,077	-179,382	-2,463,024
Other items	'	'	'	'
Export market development grants	'	'	'	69,629
Write-off of equipment (Note 5)	'	-823	'	-823
Interest income	'	'	'	2,322
Research and development tax refund	'	'	'	213,020
Net loss for the year	-116,928	-209,900	-179,382	-2,178,876
Basic and diluted loss per common share	($0.00)	($0.00)	($0.00)	'
Weighted average number of common shares used in per share calculations	111,553,740	111,553,740	111,553,740	'
Comprehensive income (loss)	'	'	'	'
Net loss for the year	-116,928	-209,900	-179,382	-2,178,876
Foreign currency translation adjustment	-62,053	235,886	66,215	-272,239
Total comprehensive income (loss) for the year	-178,981	25,986	-113,167	-2,451,115
Basic and diluted comprehensive income (loss) per common share	($0.00)	$0	($0.00)	'

Accounts_Payable_and_Accrued_L

Accounts Payable and Accrued Liabilities	12 Months Ended
	Jun. 30, 2014
Payables and Accruals [Abstract]	'
Accounts Payable and Accrued Liabilities	'
		6	Accounts Payable and Accrued Liabilities
	Accounts payable and accrued liabilities are non-interest bearing, unsecured and have settlement dates within one year.

Capital_Stock

Capital Stock	12 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Capital Stock	'
		8	Capital Stock
	Authorized
	The total authorized capital is 300,000,000 common shares with a par value of $0.001 per common share.
	Issued and outstanding
	The total issued and outstanding capital stock is 111,553,740 common shares with a par value of $0.001 per common share.

Changes_in_Accounting_Policies

Changes in Accounting Policies	12 Months Ended
	Jun. 30, 2014
Accounting Changes and Error Corrections [Abstract]	'
Changes in Accounting Policies	'
		3	Changes in Accounting Policies
	Effective 1 July 2013, the Company adopted Accounting Standards Update (“ASU”) 2013-05, “Foreign Currency Matters (Topic 830) – Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Group of Assets within a Foreign Entity or of an Investment in a Foreign Entity”. These amendments provide guidance on releasing cumulative translation adjustments when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or a group of assets that is a non-profit activity or a business within a foreign entity. In addition, these amendments provide guidance on the release of cumulative translation adjustments in partial sales of equity method investments and in step acquisitions. The adoption of these amendments did not have a material impact on the Company’s consolidated financial statements.
	Effective 1 July 2013, the Company adopted ASU 2013-04, “Liabilities (Topic 405) – Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date”. These amendments provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The adoption of these amendments did not have a material impact on the Company’s consolidated financial statements.
	Effective 1 July 2013, the Company adopted ASU 2013-02, “Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income”. The amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross reference to other disclosures required under U.S. GAAP that provide additional details about those amounts. The adoption of these amendments did not have a material impact on the Company’s consolidated financial statements.

Commitment

Commitment	12 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitment	'
		14	Commitment
	On 21 June 2013, the Company executed an agreement with a New York-based company, Dermatology Development Corporation, to develop and market a range of therapeutic, cosmetic and cosmecutical products based on the ThermaLIFE® product range and its active ingredient in the United States.

Distribution_Agreement

Distribution Agreement	12 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Distribution Agreement	'
		10	Distribution Agreement
	The Company has the exclusive distribution rights, through MPLA, to distribute, market, promote, detail, advertise and sell certain Licensed Products, with metallo-polypeptide analgesic as an active ingredient, in the United States (excluding its territories and possessions) (Note 1). If, and when necessary, the Company will obtain all necessary regulatory approvals for the Licensed Products and incorporate the Licensed Products in the United States.

Due_to_Related_Parties_and_Rel

Due to Related Parties and Related Party Transactions	12 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Due to Related Parties and Related Party Transactions	'
		7	Due to Related Parties and Related Party Transactions
	As at 30 June 2014, the amount due to related parties includes $1,000 payable to a director of the Company (30 June 2013 – $1,000). This balance is non-interest bearing, unsecured and has no fixed terms of repayment.
	As at 30 June 2014, the amount due to related parties includes $55,756 payable to a company owned by a director of the Company or an officer of PharmaNet (30 June 2013 – $18,009). This balance is non-interest bearing, unsecured and has no fixed terms of repayment.
	As at 30 June 2014, the amount due to related parties includes $14,779 payable to a company owned by a director of the Company or an officer of PharmaNet (30 June 2013 – $2,772). This balance is non-interest bearing, unsecured and has no fixed terms of repayment.
	As at 30 June 2014, the amount due to related parties includes $7,844 payable to a company owned by a director of the Company or an officer of PharmaNet (30 June 2013 - $15,252). This balance is non-interest bearing, unsecured and has no fixed terms of repayment.
	As at 30 June 2014, the amount due to related parties includes $2,127,917 payable to PharmaNet (30 June 2013 – $2,007,468). This balance is non-interest bearing, unsecured and has no fixed terms of repayment.
	During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued consulting fees of $33,841 (30 June 2013 – $33,582, 30 June 2012 - $46,316, cumulative - $930,019).
	During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued administrative fees of $22,678 (30 June 2013 – $24,948, 30 June 2012 - $20,449, cumulative - $90,972) by the Company, which have been recorded in office and miscellaneous expense.
	During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued consulting fees of $6,946 (30 June 2013 - $90,376, 30 June 2012 - $21,285, cumulative - $118,607) by the Company.
	During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued consulting fees of $Nil (30 June 2013 – $Nil, 30 June 2012 - $33,024, cumulative – $41,928) by the Company.
	During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued office and miscellaneous expenses of $Nil (30 June 2013 – $Nil, 30 June 2012 - $Nil, cumulative – $80,468) by the Company.
	During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued rental fees of $Nil (30 June 2013 – $Nil, 30 June 2012 - $Nil, cumulative – $12,987) by the Company.
	During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued office and miscellaneous expenses of $Nil (30 June 2013 - $Nil, 30 June 2012 - $Nil, cumulative – $4,481) by the Company.
	During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued consulting fees of $Nil (30 June 2013 - $8,473, 30 June 2012 - $Nil, cumulative - $8,473) by the Company.
	Transactions comprising the amount due to PharmaNet are as follows:
			2014	2013
			$	$
	Opening balance, beginning of year		2,007,468	2,036,760
	Funds transferred to the Company by PharmaNet		60,054	204,583
	Expenses paid by PharmaNet on behalf of the Company		1,304	1,004
	Foreign currency translation adjustment		59,091	-234,879
	Balance, end of year		2,127,917	2,007,468
	The weighted average amount due to PharmaNet for the year ended 30 June 2014 was $2,047,991 (30 June 2013 - $2,160,632).

Equipment

Equipment	12 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'
Equipment	'
		5	Equipment
					Net Book Value
			As at	As at
		Accumulated amortization	30-Jun	30-Jun
	Cost		2014	2013
			$	$	$	$
	Office equipment		864	767	97	140
	During the year ended 30 June 2014, the total additions to equipment were $Nil (30 June 2013 – $Nil).
	During the year ended 30 June 2014, the Company recorded a write-off of equipment of $Nil (30 June 2013 - $823)

Financial_Instruments

Financial Instruments	12 Months Ended
	Jun. 30, 2014
Investments, All Other Investments [Abstract]	'
Financial Instruments	'
		13	Financial Instruments
	A fair value hierarchy was established that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurements).
	The fair values of the financial instruments were determined using the following input levels and valuation techniques:
	Level 1: classification is applied to any asset or liability that has a readily available quoted market price from an active market where there is significant transparency in the executed/quoted price.
	Level 2: classification is applied to assets and liabilities that have evaluated prices where the data inputs to these valuations are observable either directly or indirectly, but do not represent quoted market prices from an active market.
	Level 3: classification is applied to assets and liabilities when prices are not derived from existing market data and requires us to develop our own assumptions about how market participants would price the asset or liability.
	The carrying values of cash and cash equivalents, amounts receivable and accounts payable approximate fair value due to the short term maturity of these financial instruments.
	Credit Risk
	Financial instruments that potentially subject the Company to credit risk consists of cash and cash equivalents. The Company deposits cash and cash equivalents with high credit quality financial institutions as determined by rating agencies. As a result, credit risk is considered insignificant.
	Currency Risk
	The Company’s subsidiary is located in Australia. As a result, a significant portion of the Company’s assets, liabilities and expenses were denominated in the Australian dollar and were therefore subject to fluctuation in exchange rates.
	The Company’s objective in managing its foreign currency risk is to minimize its net exposures to foreign currency cash flows by holding most of its cash and cash equivalents in Australian dollars. The Company monitors and forecasts the values of net foreign currency cash flow and balance sheet exposures and from time to time could authorize the use of derivative financial instruments such as forward foreign exchange contracts to economically hedge a portion of foreign currency fluctuations.
	If the Australian dollar had weakened (strengthened) against the U.S. dollar, with all other variables held constant, by 100 basis points (1%) at period end, the impact on net loss and other comprehensive loss would have been $21,974 lower ($21,974 higher).
	The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
	Interest Rate Risk
	The Company has non-interest paying cash balances and no interest-bearing debt.  It is management’s opinion that the Company is not exposed to significant interest risk arising from these financial instruments.
	Liquidity Risk
	Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with its financial liabilities. The Company is reliant upon PharmaNet as its sole source of cash. The Company has received financing from PharmaNet in the past; however, there is no assurance that it will be able to do so in the future.

Income_Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
		11	Income Taxes
	Income tax expense differs from the amount that would result from applying the federal income tax rate to earnings before income taxes. During the years ended 30 June 2014, 2013 and 2012, these differences result from the following items:
			2014	2013	2012
			$	$	$
	Loss before income taxes		-116,928	-209,900	-179,382
	Federal income tax rates		35.00%	35.00%	34.00%
	Income tax recovery based on the above rates		-40,925	-73,465	-60,990
	Increase (decrease) due to:
	Difference between U.S. and foreign tax rates		3,251	8,124	5,215
	Change in tax rates		-	-7,567	-
	Change in valuation allowance		49,520	17,041	39,496
	Foreign exchange and other		-11,846	55,867	16,279
	Income tax expense		-	-	-
	The composition of the Company’s deferred tax assets as at 30 June 2014 and 30 June 2013 are as follows:
			2014	2013
			$	$
	Net income tax operating loss carry-forward		2,281,689	2,125,274
	Deferred tax assets		727,309	677,789
	Less: Valuation allowance		-727,309	-677,789
	Net deferred tax asset		-	-
	The Company has non-capital loss carry-forwards of approximately $2,281,689 that may be available for tax purposes. The loss carry-forwards are all in respect to U.S. and Australian operations and expire as follows:
		$
	2022	20,402
	2023	46,992
	2024	27,717
	2025	14,187
	2026	261,311
	2027	111,155
	2028	75,463
	2029	57,882
	2030	48,765
	2031	43,836
	2032	49,005
	2033	47,415
	2034	51,916
	No expiry	1,425,643
		2,281,689
	A full valuation allowance has been recorded against the potential deferred tax assets associated with all the loss carry-forwards as their utilization is not considered more likely than not at this time.

Nature_and_Continuance_of_Oper

Nature and Continuance of Operations	12 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Nature and Continuance of Operations	'
		1	Nature and Continuance of Operations
	Molecular Pharmacology (USA) Limited (the “Company”) was incorporated in the state of Nevada on 1 May 2002 under the name Blue Hawk Ventures, Inc. The Company changed its name to Molecular Pharmacology (USA) Limited on 29 August 2005. At the same time, the Company completed a four for one forward split of its issued and outstanding share capital and altered its authorized share capital to 300,000,000 shares of common stock with a par value of $0.001 per share.
	The Company is a development stage enterprise, as defined in Accounting Standards Codification (the “Codification” or “ASC”) 915-10, “Development Stage Entities”. The Company is devoting all of its present efforts to securing and establishing a new business and its current planned principle operations have not commenced. Accordingly, no revenue has been derived during the organization period.
	Up until the fall of 2005, the Company was in the business of mineral exploration and development of a mineral property. The Company allowed the option on its mineral claim to lapse in the fall of 2005.
	On 13 October 2005, the Company acquired the exclusive distribution rights to distribute, market, promote, detail, advertise and sell certain “Licensed Products” through Molecular Pharmacology Pty. Ltd. (formerly Molecular Pharmacology Limited) (“MPLA”) (Note 10). MPLA was incorporated under the laws of Australia and converted to a proprietary company on 29 October 2009. MPLA is a wholly owned subsidiary company of PharmaNet Group Limited (“PharmaNet”), an Australian company listed on the Australian Stock Exchange.
	Since then, the Company has engaged in organizational and start up activities, including developing a new business plan, recruiting new directors, scientific advisors and key scientists, making arrangements for laboratory facilities and office space and raising additional capital. The Company has generated no revenue from product sales. The Company does not have any pharmaceutical products currently available for sale, and none are expected to be commercially available for some time, if at all. The Licensed Products must first undergo pre-clinical and human clinical testing in the United States before they may be sold commercially.
	The Company completed a share purchase agreement on 8 May 2006 with PharmaNet (the “Purchase Agreement”). Under the terms of the Purchase Agreement the Company acquired 100% of the issued and outstanding shares of MPLA. The Company, in exchange for 100% of the issued and outstanding shares of MPLA, issued PharmaNet an aggregate total of 88,000,000 common shares of the Company on the closing of the transaction. The issuance of 88,000,000 common shares of the Company constituted an acquisition of control of the Company by PharmaNet. The transaction has been accounted for as a recapitalization of the Company (Note 2).
	MPLA was incorporated on 14 July 2004 under the laws of Australia. The accompanying consolidated financial statements are the historical financial statements of MPLA.
	On 15 March 2007, the Board of Directors approved a change in the Company’s financial year end from 31 October to 30 June. The decision to change the fiscal year end was intended to assist the financial community in its analysis of the business and in comparing the Company’s financial results to others in the industry, and to synchronize the Company’s fiscal reporting with MPLA.
	The Company’s consolidated financial statements as at 30 June 2014 and for the year then ended have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company has a net loss of $116,928 for the year ended 30 June 2014 (30 June 2013 – $209,900; cumulative - $2,178,876) and has working capital deficit of $25,655 at 30 June 2014 (30 June 2013 – $9,512).
	Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. Management believes that the Company’s capital resources should be adequate to continue operating and maintaining its business strategy for the next twelve month period from the date of these consolidated financial statements. However, if the Company is unable to raise additional capital in the near future, due to the Company’s liquidity problems, management expects that the Company will need to curtail operations, liquidate assets, seek additional capital on less favorable terms and/or pursue other remedial measures. Management is aware, in making its assessment, of material uncertainties related to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
	At 30 June 2014, the Company has suffered losses from development stage activities to date. Although management is currently attempting to implement its business plan, and is seeking additional sources of equity or debt financing, there is no assurance these activities will be successful. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	12 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Recent Accounting Pronouncements	'
		4	Recent Accounting Pronouncements
	Certain new standards, interpretations, amendments and improvements to existing standards were issued by Financial Accounting Standards Board (“FASB”). The new standards, amendments to standards and interpretations that have been issued and that are applicable to the Company but not effective during the year ended 30 June 2014 are as follows:
	In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exist”. These amendments require that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward except as follows. To the extent a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from a disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. These amendments are effective for fiscal years, and interim periods within those years, beginning after 15 December 2013. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application and early adoption is permitted. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.
	In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. The update is intended to improve the financial reporting requirements for revenue from contracts with customers by providing a principle based approach. The core principal of the standard is that revenue should be recognized when the transfer of promised goods or services is made in an amount that the entity expects to be entitled to in exchange for the transfer of goods and services. ASU 2014-09 also requires disclosures enabling users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This standard will be effective for financial statements issued by public companies for annual reporting periods beginning after 15 December 2016. Early adoption is not permitted. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.

Segmented_Information

Segmented Information	12 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Segmented Information	'
		9	Segmented Information
	Details on a geographic basis as at and for the year ended 30 June 2014, 2013 and 2012 are as follows:
			Australia	U.S.A.	Total
			$	$	$
	2014	Current assets	8,871	-	8,871
		Long-term assets	97	-	97
		Loss for the year	-65,012	-51,916	-116,928
	2013	Current assets	12,116	-	12,116
		Long-term assets	140	-	140
		Loss for the year	-162,485	-47,415	-209,900
	2012	Current assets	7,682	-	7,682
		Long-term assets	1,159	-	1,159
		Loss for the year	-130,377	-49,005	-179,382

Significant_Accounting_Policie

Significant Accounting Policies	12 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies	'
		2	Significant Accounting Policies
	The following is a summary of significant accounting policies used in the preparation of these consolidated financial statements.
	Basis of presentation
	These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable for a development stage company for financial information and are expressed in U.S. dollars.
	Principles of consolidation
	These consolidated financial statements include the accounts of MPLA since its incorporation on 14 July 2004 and the Company since the reverse acquisition on 8 May 2006 (Note 1). All intercompany balances and transactions have been eliminated.
	Cash and cash equivalents
	Cash and cash equivalents include highly liquid investments with original maturities of three months or less.
	Equipment
	Equipment is recorded at cost and amortization is provided over its estimated economic life at the rate of 15% declining balance.
	Segments of an enterprise and related information
	ASC 280, “Segment Reporting” establishes guidance for the way that public companies report information about operating segments in annual financial statements and requires reporting of selected information about operating segments in interim financial statements issued to the public. It also establishes standards for disclosures regarding products and services, geographic areas and major customers. ASC 280 defines operating segments as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.
	Foreign currency translation
	The Company’s functional and reporting currency is U.S. dollars. The consolidated financial statements of the Company are translated to U.S. dollars in accordance with ASC 830, “Foreign Currency Matters”. Assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the period. Translation adjustments resulting from this process are charged or credited to other comprehensive income. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
	Income taxes
	Deferred income taxes are reported for timing differences between items of income or expense reported in the consolidated financial statements and those reported for income tax purposes in accordance with ASC 740, “Income Taxes”, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax losses and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not.
	Basic and diluted net income (loss) per share
	The Company computes net income (loss) per share in accordance with ASC 260, “Earnings per Share”. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all potentially dilutive common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all potentially dilutive shares if their effect is anti-dilutive. As at 30 June 2014, the Company had no outstanding stock options or warrants.
	Comprehensive income (loss)
	ASC 220, “Comprehensive Income”, establishes standards for the reporting and disclosure of comprehensive income (loss) and its components in the financial statements. As at 30 June 2014, the Company has items that represent a comprehensive loss and, therefore, has included a schedule of comprehensive loss in the consolidated financial statements.
	Stock-based compensation
	Effective 1 January 2006, the Company adopted the provisions of ASC 718, “Compensation – Stock Compensation”, which establishes accounting for equity instruments exchanged for employee services. Under the provisions of ASC 718, stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employees’ requisite service period (generally the vesting period of the equity grant). The Company adopted ASC 718 using the modified prospective method, which requires the Company to record compensation expense over the vesting period for all awards granted after the date of adoption, and for the unvested portion of previously granted awards that remain outstanding at the date of adoption.  Accordingly, the financial statements for the periods prior to 1 January 2006 have not been restated to reflect the fair value method of expensing share-based compensation.  The adoption of ASC 718 does not change the way the Company accounts for share-based payments to non-employees, with guidance provided by ASC 505-50, “Equity-Based Payments to Non-Employees”.
	Comparative figures
	Certain comparative figures have been adjusted to conform to the current year’s presentation.

Subsequent_Event

Subsequent Event	12 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Event	'
		15	Subsequent Event
	There are no reportable events for the period from year ended 30 June 2014 to the date that the consolidated financial statements were available to be issued.

Supplemental_Disclosures_with_

Supplemental Disclosures with Respect to Cash Flows	12 Months Ended
	Jun. 30, 2014
Supplemental Cash Flow Elements [Abstract]	'
Supplemental Disclosures with Respect to Cash Flows	'
		12	Supplemental Disclosures with Respect to Cash Flows
		For the	For the	For the	For the
		period from	year	year	year
		the date of inception on	ended	ended	ended
		14-Jul-04	30-Jun	30-Jun	30-Jun
		to 30 June	2014	2013	2012
		2014
		(Unaudited)
		$	$	$	$
	Cash paid during the period for interest	-	-	-	-
	Cash paid during the period for income taxes	-	-	-	-
	Common shares issued on acquisition of MPLA	16,236	-	-	-
	Amounts receivable acquired on recapitalization of the Company	2,226	-	-	-
	Accounts payable assumed on recapitalization of the Company	54,624	-	-	-
	Due to related party assumed on recapitalization of the Company	1,000	-	-	-