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 $ 151,928 $ 46,007
Accounts receivable 103,982 4,258
Inventory 59,266 0
Due from related parties 76,591 84,269
Prepaid expenses 231,914 24,184
TOTAL CURRENT ASSETS 623,681 158,718
Property and equipment, net 2,508,823 25,563
Intangible assets, net 470,164 0
Investments at fair value 318,353 352,500
Other investments 1,579,677 853,798
Deposits and other assets 3,980 23,980
TOTAL ASSETS 5,504,678 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 267,475 211,432
Accrued expenses 21,521 66,103
Other current liabilities 496,643 1,750
Income taxes payable 14,608 0
Due to related parties 30,204 116,349
TOTAL CURRENT LIABILITIES 3,627,306 645,634
Long-term debt, less current maturities 236,109 686,500
TOTAL LIABILITIES 3,863,415 1,332,134
Commitments and contingencies (Note 12)      
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 48,665 68,027
Non-controlling interest 1,692,019 24,175
Accumulated deficit (6,032,808) (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 1,641,263 82,425
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,504,678 $ 1,414,559