Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
CURRENT ASSETS:    
Cash $ 15,047 $ 94,053
Prepaid expenses 39,945 85,542
Debt issuance cost - current portion 517 6,249
Total Current Assets 55,509 185,844
Debt issuance cost - long term portion    520
Total Assets 55,509 186,364
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 430,408 215,195
Convertible debentures, net of debt discount 145,959   
Derivative liabilities    6,708,815
Liabilities of discontinued operations 112,397 155,641
Total Current Liabilities 688,764 7,079,651
LONG-TERM LIABILITIES:    
Convertible debentures, net of debt discount    317,292
Total Liabilities 688,764 7,396,943
STOCKHOLDERS' DEFICIT    
Preferred stock, $0.0001 par value; 10,000,000 authorized, Series A, 3,000,000 issued and outstanding, Series B, none issued and outstanding, Series C, none issued and outstanding 300 300
Common stock; $0.0001 par value; 750,000,000 shares authorized; 225,833,555 and 170,613,692 shares issued and outstanding, respectively 22,583 17,061
Additional paid-in capital 44,125,952 28,831,876
Accumulated deficit (41,947,270) (36,059,816)
Accumulated deficit since inception of exploration stage (April 25, 2011) (2,834,820)   
Total Stockholders' Deficit (633,255) (7,210,579)
Total Liabilities and Stockholders' Deficit $ 55,509 $ 186,364