|
STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
|
6 Months Ended |
125 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (836,626) |
$ (712,455) |
$ (10,920,029) |
| Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
| Depreciation and amortization |
939 |
681 |
122,777 |
| Issuance of common shares and warrants for services |
|
|
832,361 |
| Issuance of common shares in conversion of debt |
|
|
400,000 |
| (Gain)/loss on investment |
|
|
73,121 |
| Stock Compensation Cost |
249,600 |
249,600 |
1,026,583 |
| Gain on sale of asset |
|
|
963 |
| Impairment loss |
|
|
1,753,502 |
| Amortization of debt discount recognized as interest |
99,500 |
|
99,500 |
| Loss on settlement of debt |
33,750 |
45,988 |
647,038 |
| (Increase) Decrease in: |
|
|
|
| Prepaid expenses |
12,500 |
12,000 |
(12,500) |
| Deposits and other assets |
|
|
2,025 |
| Increase (Decrease) in: |
|
|
|
| Accounts payable |
113,995 |
(11,525) |
210,844 |
| Accrued expenses |
33,178 |
1,950 |
620,459 |
| NET CASH USED IN OPERATING ACTIVITIES |
(293,164) |
(413,761) |
(5,143,356) |
| NET CASH FLOWS USED IN INVESTING ACTIVITIES: |
|
|
|
| Purchase of property and equipment |
(3,213) |
(1,170) |
(84,411) |
| Sale of asset |
|
|
3,963 |
| Investment in companies |
|
|
(6,121) |
| NET CASH USED IN INVESTING ACTIVITIES |
(3,213) |
(1,170) |
(86,569) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Proceeds from bank overdraft |
877 |
|
13,793 |
| Proceeds from notes payable related parties |
99,500 |
47,000 |
1,273,842 |
| Proceeds from convertible promissory note |
|
|
129,000 |
| Repayment of notes payable related party |
|
(47,000) |
(184,000) |
| Contributed capital by shareholder |
|
|
19,197 |
| Proceeds from subsidiary |
|
|
300,000 |
| Proceeds from subscription payable |
12,500 |
|
19,250 |
| Proceeds from issuance of common stock and subscription payable |
183,500 |
471,500 |
3,657,193 |
| NET CASH PROVIDED BY FINANCING ACTIVITIES |
296,377 |
471,500 |
5,228,275 |
| NET INCREASE/DECREASE IN CASH |
|
56,569 |
(1,650) |
| CASH, BEGINNING OF PERIOD |
|
3,311 |
7,650 |
| CASH, END OF PERIOD |
6,000 |
59,880 |
6,000 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
| Interest paid |
|
134 |
137,657 |
| Income taxes |
$ 0 |
$ 0 |
$ 0 |