|
CONSOLIDATED BALANCE SHEETS (unaudited) (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
| Current assets: |
|
|
|
| Cash |
$ 466 |
$ 864 |
|
| Prepaid expenses |
5,600 |
163 |
|
| Prepaid stock compensation |
104,375 |
369,375 |
|
| Total current assets |
110,441 |
370,402 |
|
| Other assets: |
|
|
|
| Deferred financing cost, net |
|
1,980 |
|
| Security deposits |
1,500 |
1,500 |
|
| Trademarks |
550 |
550 |
|
| Total other assets |
2,050 |
4,030 |
|
| Total assets |
112,491 |
374,432 |
|
| Current liabilities: |
|
|
|
| Accounts payable |
30,477 |
66,103 |
|
| Accrued salaries - related party |
37,521 |
26,521 |
|
| Accrued payroll taxes |
19,469 |
3,060 |
|
| Notes payable - related party |
450 |
250 |
|
| Accrued interest payable |
510 |
|
|
| Accrued interest payable - related party |
14,542 |
3,284 |
|
| Line of credit - related party |
60,381 |
51,881 |
|
| Note payable, net of unamortized debt discount of $0 |
42,010 |
41,110 |
|
| Total current liabilities |
205,360 |
192,209 |
|
| Long-term liabilities: |
|
|
|
| Notes payable - related party |
500,000 |
500,000 |
|
| Total long-term liabilities |
500,000 |
500,000 |
|
| Total liabilities |
705,360 |
692,209 |
|
| Stockholders' deficit: |
|
|
|
| Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively |
|
|
|
| Common stock, $0.001 par value, 100,000,000 shares authorized, 6,967,460 and 6,497,460 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively |
6,967 |
6,498 |
|
| Additional paid-in capital |
2,116,663 |
1,610,632 |
|
| Subscriptions payable |
24,000 |
164,000 |
|
| Deficit accumulated during development stage |
(2,740,499) |
(2,098,907) |
|
| Total stockholders' deficit |
(592,869) |
(317,777) |
|
| Total liabilities and stockholders' deficit |
$ 112,491 |
$ 374,432 |
[1] |
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