Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 3,673,005 $ 151,928
Accounts receivable 41,667 103,982
Inventory 122,499 59,266
Due from related parties 110,676 76,591
Prepaid expenses 125,056 231,914
TOTAL CURRENT ASSETS 4,072,903 623,681
Property and equipment, net 3,102,917 2,508,823
Intangible assets, net 769,386 470,164
Investments at fair value 80,713 318,353
Other investments 2,077,176 1,579,677
Deposits and other assets 3,980 3,980
TOTAL ASSETS 10,107,075 5,504,678
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current maturities of long-term debt and notes payable 7,722 1,171,855
Convertible notes payable 0 1,625,000
Accounts payable 579,282 267,475
Accrued expenses 13,681 21,521
Other current liabilities 332,340 496,643
Income taxes payable 62,555 14,608
Due to related parties 27,485 30,204
TOTAL CURRENT LIABILITIES 1,023,065 3,627,306
Long-term debt, less current maturities 231,519 236,109
TOTAL LIABILITIES 1,254,584 3,863,415
Commitments and contingencies (Note 12)      
Stockholders' equity:    
Common stock: $0.0001 par value; authorized 20,000,000 and 200,000,000 shares; issued 3,955,511 shares and 1,506,061; and outstanding 3,698,896 and 1,249,446 shares at June 30, 2012 and December 31, 2011, respectively 396 151
Additional paid in capital 16,509,226 6,459,656
Other comprehensive income (loss) (194,446) 48,665
Non-controlling interest 398,037 1,692,019
Accumulated deficit (7,334,302) (6,032,808)
Less treasury stock, 256,615 shares at June 30, 2012 and December 31, 2011 (526,420) (526,420)
Total stockholders' equity 8,852,491 1,641,263
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,107,075 $ 5,504,678