Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
ASSETS    
Cash and cash equivalents $ 165,129 $ 46,007
Accounts receivable 108,714 4,258
Other receivable 42,109 0
Inventory 105,073 0
Due from related parties 76,591 84,269
Prepaid expenses 144,347 24,184
TOTAL CURRENT ASSETS 641,963 158,718
Property and equipment, net 1,505,059 25,563
Goodwill 396,487 0
Intangible assets, net 325,084 0
Investments at fair value 318,353 352,500
Other investments 1,582,148 853,798
Deposits and other assets 29,605 23,980
TOTAL ASSETS 4,798,699 1,414,559
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current maturities of long-term debt and notes payable 1,171,855 250,000
Convertible notes payable 1,625,000 0
Accounts payable and accrued expenses 478,005 277,535
Other current liabilities 330,607 1,750
Current maturities of capital leases payable 41,590 0
Deferred rent 43,225 0
Due to related parties 30,204 116,349
TOTAL CURRENT LIABILITIES 3,720,486 645,634
Capital leases payable, less current maturities 85,853 0
Deferred rent 7,162 0
Other liabilities 263,321 0
Long-term debt, less current maturities 236,109 686,500
TOTAL LIABILITIES 4,312,931 1,332,134
Commitments and contingencies (Note 14)      
Stockholders' equity:    
Common stock: $0.0001 par value; authorized 200,000,000 shares; issued 3,012,121 shares and 2,571,918 shares; and outstanding 2,498,891 and 2,048,688 shares at December 31, 2011 and 2010, respectively 301 257
Additional paid in capital 6,459,506 5,456,067
Other comprehensive income 50,650 68,027
Non-controlling interest 593,863 24,175
Accumulated deficit (6,092,132) (4,929,418)
Less treasury stock, 513,230 shares and 523,230 shares at December 31, 2011 and 2010, respectively (526,420) (536,683)
Total stockholders' equity 485,768 82,425
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,798,699 $ 1,414,559