Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

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Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 640,268 $ 712,648
Receivables 11,468 12,877
Inventory 12,100 12,100
Prepaid expense 17,369 17,787
Security Deposit 15,000 15,000
Trading securities 181,868 268,163
Available-for-sale securities 456,880 226,160
Total Current Assets 1,334,953 1,264,735
Property and equipment:    
Equipment 104,517 97,594
Furniture & Fixtures 3,964 3,964
Leasehold improvements 274,637 274,637
Less accumulated depreciation 60,228 35,347
Total Property & Equipment 322,890 340,848
TOTAL ASSETS 1,657,843 1,605,583
Current Liabilities:    
Accounts payable and accrued liabilities 159,868 180,723
Related party accounts payable 8,784 8,784
Short-term notes payable 172,870 172,870
Related party notes payable 2,576,141 2,628,964
Convertible debentures 2,043,702 2,043,702
Total Current Liabilities 4,961,365 5,035,043
Non-Current Liabilities:    
Related party notes payable      
Total Liabilities 4,961,365 5,035,043
STOCKHOLDERS’ DEFICIT    
Common stock 10,658 10,658
Additional paid-in capital 13,570,485 13,570,485
Unrealized gain (loss) on available-for-sale securities 260,380 112,660
Retained deficit (17,145,047) (17,123,265)
Total Stockholders’ Deficit (3,303,522) (3,429,460)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 1,657,843 1,605,583
Series E Preferred Stock
   
STOCKHOLDERS’ DEFICIT    
Preferred stock $ 2 $ 2