| | | | | | |
| |
June 30, | |
December 31, | | |
| 2009 |
| 2008 |
| | |
(Unaudited) | |
(Audited) | |
ASSETS | |
|
|
|
| Current Assets: |
| | |
| |
Cash |
$ | 124,589 |
$ |
213,988 | | Accounts receivable |
| 29,130 |
| -- |
| Prepaids |
|
3,712 |
| 3,462 |
| Note receivable |
| 18,000 |
| 18,000 |
| Note receivable – related party |
|
1,762,636 |
| 1,924,731 |
| Other receivable |
| 50,000 |
| 40,000 |
| Inventory – homes for sale |
|
48,891 |
| 100,094 |
| Inventory – food, beverage & gas |
| 50,000 |
| -- |
| Assets held for sale, net of liabilities of $41,919 and $373,838 at |
|
| |
| | June 30, 2009 and December 31, 2008, respectively |
| 490,015 |
| 53,807 |
| Other asset |
|
21,186 |
|
15,862 | | Total current assets |
| 2,598,159 |
| 2,369,944 |
| Investment in unconsolidated investee |
|
80,487 |
| 106,817 |
| Fixed asset, net of accumulated depreciation of $1,480 |
| |
| | |
and $0 at June 30, 2009 and December 31, 2008, respectively |
|
56,420 |
| 5,000 |
| Goodwill | |
337,100 |
| -- |
| Domain names |
|
50,000 |
|
50,000 | | Total Assets |
$ |
3,122,166 | $ |
2,531,761 |
| | |
| | |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
| |
| | Current Liabilities: |
| |
| | |
Accounts payable and accrued expenses |
$ |
310,669 |
$ | 83,148 |
| Accrued consulting – related party |
| 95,694 |
| 95,694 |
| Accrued expense- related party |
|
38,783 |
| -- |
| Deferred Revenues |
| 78,318 |
| -- |
| Unsecured liability including accrued interest of $16,667 and |
|
| |
| | $16,667 at June 30, 2009 and December 31, 2008, respectively |
| 616,249 |
| 616,249 |
| Notes payable including accrued interest of $224,345 and |
|
| |
| | $139,085 at June 30, 2009 and December 31, 2008, respectively |
| 5,762,938 |
| 3,757,556 |
| Convertible debentures including interest of $61,823 and $56,835 |
|
| |
| | at June 30, 2009 and December 31, 2008, respectively |
| 166,823 |
| 161,835 |
| Debt derivative |
|
34,990 |
|
104,956 | | Total current liabilities |
| 7,104,464 |
| 4,819,438 |
| Long Term Liabilities: |
|
| |
| | Long term note payable including accrued interest of $6,132 and |
| |
| | |
$0 at June 30, 2009 and December 31, 2008, respectively |
|
381,632 |
| 20,000 |
| Total liabilities |
|
7,486,987 | |
4,839,438 |
| Stockholders’ Deficit: |
|
| |
| | Common stock: $0.001 par value; authorized 235,000,000 shares; |
| |
| | |
issued and outstanding 95,126,044 and 4,597,473 |
|
| |
| | at June 30, 2009 and December 31, 2008, respectively |
| 95,126 |
| 4,597 |
| Additional paid-in capital |
|
10,924,393 |
| 9,839,920 |
| Accumulated deficit |
| (14,690,613) |
| (12,152,194) |
| Stock subscription receivable |
|
(580,000) |
|
-- | | Total stockholders’ deficit |
| (4,251,092) |
| (2,307,677) |
| Non-controlling interest |
|
(112,836) |
|
-- | | Total Liabilities and Stockholders’ Deficit |
$ |
3,122,166 | $ |
2,531,761 | |
|