2. Business Description and Going Concern Intellect Neurosciences, Inc. ( Intellect ,  our ,  us ,  we  or the  Company  refer to Intellect Neurosciences, Inc. and its subsidiaries) a Delaware corporation, is a biopharmaceutical company, which together with its subsidiary Intellect Neurosciences, USA, Inc. ( Intellect USA ), is conducting research regarding proprietary drug candidates to treat Alzheimer s disease ( AD ) and other diseases associated with oxidative stress. In addition, we have developed and are advancing a patent portfolio related to specific therapeutic approaches for treating AD. Since our inception in 2005, we have devoted substantially all of our efforts and resources to research and development activities and advancing our patent estate. We operate under a single segment. Our fiscal year end is June 30. We have had no product sales through March 31, 2013 though we have received $10,516,667 in up-front and milestone license fees from inception through March 31, 2013. Our losses from operations have been funded primarily with the proceeds of equity and debt financings and fees due under license agreements. We are a development stage company and our core business strategy is to leverage our intellectual property estate through license arrangements and to develop our proprietary compounds that we have purchased, developed internally or in-licensed from universities and others, through human proof of concept (Phase II) studies or earlier if appropriate and then seek to enter into collaboration agreements, licenses or sales to complete product development and commercialize the resulting drug products. Our objective is to obtain revenues from licensing fees, milestone payments, development fees and royalties related to the use of our intellectual property estate and the use of our proprietary compounds for specific therapeutic indications or applications. As of March 31, 2013, we had no self-developed or licensed products approved for sale by the U.S. Food and Drug Administration ( FDA ). There can