Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash $ 2,542 $ 923
Accounts receivable(net) 44 624
TOTAL CURRENT ASSETS 2,586 1,547
Property, plant and equipment, net 220,750 231,050
Investment in Joint Venture 2,200,000 0
Intangible assets 1,085,144 1,085,144
Goodwill 256,000 256,000
TOTAL ASSETS 3,764,480 1,573,741
CURRENT LIABILITIES    
Accounts payable and accrued expenses 18,058 59,186
Other current liabilities 0 31,096
Derivative liability 65,902 0
Notes payable - current portion 172,007 135,000
Notes payable - related party 85,131 83,294
TOTAL CURRENT LIABILITIES 341,098 308,576
TOTAL LIABILITIES $ 341,098 $ 308,576
COMMITMENTS AND CONTINGENCIES (Note 9)    
Preferred Stock 10,000,000 shares authorized $ 3,009 $ 3,009
Common Stock 500,000,000 authorized at $0.001 par value; 22,787,964 and 1,508,367 shares issued and outstanding June 30, 2015 and December 31, 2014. 22,788 1,508
Additional paid-in capital 24,907,584 22,695,464
Accumulated deficit (21,509,999) (21,389,496)
Less Treasury stock at cost (137,335 shares at $0.33) 0 (45,320)
TOTAL EQUITY 3,423,382 1,265,165
TOTAL LIABILITIES, AND EQUITY 3,764,480 1,573,741
Series B Preferred Stock    
CURRENT LIABILITIES    
Preferred Stock 10,000,000 shares authorized [1] 3,000 3,000
Series C Preferred Stock    
CURRENT LIABILITIES    
Preferred Stock 10,000,000 shares authorized [2] $ 9 $ 9
[1] Series B $0.01 par value 300,000 shares issued and outstanding at June 30, 2015 and December 31, 2014
[2] Series C $0.01 par value 890 shares issued and outstanding at June 30, 2015 and 900 at December 31, 2014