|
Consolidated Statements of Cash Flows (USD $)
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (6,809,082) |
$ (1,017,652) |
| Common stock issued for services |
5,883,875 |
723,334 |
| Bad debt expense |
670,000 |
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(134,376) |
|
| Prepaid expenses |
|
|
| Accounts payable and accrued expenses |
323,561 |
119,447 |
| Bank overdraft |
|
|
| Due to related parties |
37,500 |
126,000 |
| Net Cash Used by Operating Activities |
(28,522) |
(48,871) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Payments for loans receivable |
|
(183,500) |
| Net Cash Used by Investing Activities |
|
(183,500) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Proceeds from notes payable |
100,000 |
220,000 |
| Payment on notes payable |
|
(15,000) |
| Proceeds from notes payable - related parties |
|
28,500 |
| Payment on notes payable - related parties |
(45,500) |
|
| Net Cash Provided by Financing Activities |
54,500 |
233,500 |
| NET INCREASE IN CASH AND CASH EQUIVALENTS |
25,978 |
1,129 |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
564 |
89 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD |
26,542 |
1,218 |
| SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
| Interest |
728 |
1,010 |
| Income taxes |
|
|
| Common stock issued for services |
5,883,875 |
723,334 |