Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Mar. 31, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 182,240 $ 151,928
Accounts receivable 29,688 103,982
Inventory 119,903 59,266
Due from related parties 77,679 76,591
Prepaid expenses 227,248 231,914
TOTAL CURRENT ASSETS 636,758 623,681
Property and equipment, net 2,746,611 2,508,823
Intangible assets, net 776,415 470,164
Investments at fair value 212,735 318,353
Other investments 1,707,545 1,579,677
Deposits and other assets 3,980 3,980
TOTAL ASSETS 6,084,044 5,504,678
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current maturities of long-term debt and notes payable 1,185,616 1,171,855
Convertible notes payable 2,725,000 1,625,000
Accounts payable 327,437 267,475
Accrued expenses 110,813 21,521
Other current liabilities 383,007 496,643
Income taxes payable 17,293 14,608
Due to related parties 30,204 30,204
TOTAL CURRENT LIABILITIES 4,779,370 3,627,306
Long-term debt, less current maturities 233,499 236,109
TOTAL LIABILITIES 5,012,869 3,863,415
Commitments and contingencies (Note 11)      
Stockholders' equity:    
Common stock: $0.0001 par value; authorized 200,000,000 shares; issued 3,012,121 shares; and outstanding 2,498,891 shares at March 31, 2012 and December 31, 2011 301 301
Additional paid in capital 6,483,001 6,459,506
Other comprehensive income (loss) (58,232) 48,665
Non-controlling interest 1,773,446 1,692,019
Accumulated deficit (6,600,921) (6,032,808)
Less treasury stock, 513,230 shares at March 31, 2012 and December 31, 2011 (526,420) (526,420)
Total stockholders' equity 1,071,175 1,641,263
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,084,044 $ 5,504,678