Annual report pursuant to Section 13 and 15(d)

EAT AT JOE'S LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

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EAT AT JOE'S LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2011
Dec. 31, 2010
Current Assets:    
Cash and cash equivalents $ 712,648 $ 1,212,018
Receivables 12,877 12,900
Inventory 12,100 11,060
Prepaid expense 17,787 17,347
Security Deposit 15,000 0
Trading securities 268,163 173,266
Available-for-sale securities 226,160 55,050
Total Current Assets 1,264,735 1,481,641
Property and equipment:    
Equipment 97,594 123,421
Furniture and fixtures 3,964 3,964
Leasehold improvements 274,637 381,133
Total Property & Equipment gross 376,195 508,518
Less accumulated depreciation (35,347) (500,577)
Total Property & Equipment 340,848 7,941
TOTAL ASSETS 1,605,583 1,489,582
Current Liabilities:    
Accounts payable and accrued liabilities 180,723 179,423
Related party accounts payable 8,784 8,784
Short-term notes payable 172,870 172,870
Related party notes payable - current 2,628,964 2,483,999
Convertible debentures 2,043,702 2,043,702
Total Current Liabilities 5,035,043 4,888,778
Related party notes payable - non-current 0 210,965
Total Liabilities 5,035,043 5,099,743
STOCKHOLDERS' DEFICIT    
Common Stock - $0.0001 par value. 250,000,000 shares authorized; 106,577,710 issued and outstanding December 31, 2011 and 2010. 10,658 10,658
Additional paid-in capital 13,570,485 13,370,485
Unrealized gain on available-for-sale securities 112,660 (20,950)
Retained deficit (17,123,265) (16,970,356)
Total Stockholders' Deficit (3,429,460) (3,610,161)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 1,605,583 1,489,582
Series E - Convertible Preferred Stock
   
STOCKHOLDERS' DEFICIT    
Preferred stock $ 2 $ 2