Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Jun. 30, 2011
Dec. 31, 2010
ASSETS    
Cash and cash equivalents $ 1,871 $ 46,007
Accounts receivable 41,667 4,258
Due from related parties 106,582 84,269
Prepaid expenses 76,423 24,184
Total current assets 226,543 158,718
Property and equipment, net 20,502 25,563
Available-for-sale investments at fair value 425,622 352,500
Investments accounted for under the equity method 92,536 87,200
Investments accounted for under the cost method 766,598 766,598
Deposits 23,980 23,980
Total assets 1,555,781 1,414,559
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 296,132 211,432
Accrued expenses 9,588 66,103
Notes payable 247,760 250,000
Deferred revenue 0 1,750
Due to related parties 84,894 116,349
Total current liabilities 638,374 645,634
Convertible notes payable 0 686,500
Total liabilities 638,374 1,332,134
Stockholders' equity:    
Common stock, $0.0001 par value. Authorized 200,000,000 shares; issued 2,984,204 and 2,571,918 shares and outstanding 2,460,974 and 2,048,688 shares at June 30, 2011 and at December 31, 2010, respectively 298 257
Common stock warrants 16,058 0
Additional paid in capital 6,302,856 5,456,067
Non-controlling interest 48,758 24,175
Other comprehensive income 15,818 68,027
Accumulated deficit (4,929,698) (4,929,418)
Less treasury stock, 523,230 shares (536,683) (536,683)
Total stockholders' equity 917,407 82,425
Total liabilities and stockholders' equity $ 1,555,781 $ 1,414,559