|
STATEMENTS OF CASH FLOWS (USD $)
|
3 Months Ended |
22 Months Ended |
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
| CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (974,107) |
$ (223,834) |
$ (2,853,555) |
| Adjustments to reconcile net loss to net cash in operating activities: |
|
|
|
| Impairment of investment in joint venture |
|
|
260,000 |
| Stock issued for consulting services |
|
|
210,000 |
| Imputed interest expense |
7,490 |
18,618 |
117,424 |
| Amortization of discount on convertible notes payable |
880,160 |
|
952,936 |
| Changes in operating assets and liabilities: |
|
|
|
| Accounts payable and accrued liabilities |
4,091 |
1,811 |
(9,047) |
| Accrued interest payable |
9,226 |
5,481 |
79,257 |
| NET CASH (USED IN) OPERATING ACTIVITIES |
(73,140) |
(197,924) |
(1,242,985) |
| CASH (USED IN) INVESTING ACTIVITIES |
|
|
|
| Cash used in investment in joint venture |
|
|
(260,000) |
| NET CASH (USED IN) INVESTING ACTIVITIES |
|
|
(260,000) |
| CASH PROVIDED BY FINANCING ACTIVITIES: |
|
|
|
| Proceeds from advances |
96,463 |
211,140 |
1,527,287 |
| NET CASH PROVIDED BY FINANCING ACTIVITIES |
96,463 |
211,140 |
1,527,287 |
| NET INCREASE (DECREASE) IN CASH |
23,323 |
13,216 |
24,302 |
| CASH, at the beginning of the period |
979 |
2,613 |
|
| CASH, at the end of the period |
24,302 |
15,829 |
24,302 |
| Cash paid during the period for: |
|
|
|
| Interest |
|
|
|
| Taxes |
|
|
|
| Noncash investing and financing transactions: |
|
|
|
| Issuance of stock for consulting services |
|
|
210,000 |
| Refinancing of demand notes to convertible notes payable |
|
|
1,600,073 |
| Issuance of stock for conversion of convertible notes payable |
$ 931,683 |
$ 50,000 |
$ 1,371,683 |