Angel Acquisition Corp (fka AGEL)

[knoxweb1]

2011


2010

ASSETS


(unaudited)




Current assets
















Cash


$


567





$


8,151

Loan receivable





63,372








54,950

Accounts receivable





450








450

Prepaid





-








1,000

Other receivables





-








1,473

Total current assets





64,389








66,024


















Property, plant and equipment, net (note 6)





-








1,228,831

Property held for resale (note 7)





-








496,000

Total assets


$


64,389





$


1,790,855


















LIABILITES AND STOCKHOLDERS' EQUITY (DEFICIT)










Current liabilities
















Accounts payable


$


24,959





$


6,929

Notes payable





161,761








1,979,136

Note payable, net of discount





33,288








-

Accrued expenses





6,463








2,019

Accrued salary





-








60,000

Derivative liability





100,181








-

Other liabilities (note 5)





51,960








103,670

Total current liabilities





378,612








2,151,754

Loan payable, long term





50,000








-

Total liabilities





428,612








2,151,754


















Stockholders' equity (deficit)
















Series A preferred stock, $.00001 par value, 10,000,000 shares authorized, 9,976,591 and 4,335,000 shares issued and outstanding, respectively





100








43

Series B preferred stock $.00001 par value, 50,000,000 shares authorized 30,000,000 and 30,000,000 shares issued and outstanding, respectively





300








300