Current Assets: Cash $ 157 $ 298 Loans Receivable 647,000 315,000 Total Current Assets 647,157 315,298 Property and Equipment (Net) 1,850,000 0 TOTAL ASSETS 2,497,157 315,298 Current Liabilities: Accounts payable 213,700 200,000 Short-Term Debentures, including accrued interest 0 0 Total Current Liabilities 213,700 200,000 Long-Term Debentures, including accrued interest 3,999,570 2,020,946 TOTAL LIABILITIES 4,213,270 2,220,946 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' DEFICIENCY: Preferred stock, Series A-$.001 par value; 1,000,000 shares authorized; -1,000,000 and -0- shares issued and outstanding at September 30, 2012 and December 31, 2011 respectively 1,000 1,000 Preferred stock, Series B-$.001 par value; 5,000,000 shares authorized; -349,801 and -0- shares issued and outstanding at September 30, 2012 and December 31, 2011 respectively 350 1,333 Preferred stock, Series C-$.001 par value; 10,000,000 shares authorized; --0- and -0- shares issued and outstanding at September 30, 2012 and December 31, 2011 respectively 0 0 Common stock-$.001 par value; 6,000,000,000 shares authorized; -6,000,000,000 and 3,645,884,592, shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively 6,000,000 3,645,885 Additional paid-in-capital 34,155,596 36,003,669 Accumulated deficit (41,873,059) (41,557,535) TOTAL STOCKHOLDERS' DEFICIENCY (1,716,113) (1,905,648) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $ 2,497,157 $ 315,298
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