Quarterly report pursuant to Section 13 or 15(d)

Statement of Cash Flows (Unaudited)

 v2.3.0.11
Statement of Cash Flows (Unaudited) (USD $)
6 Months Ended 170 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (1,709,095) $ (7,785,548) $ (170,024,945)
Adjustment to reconcile net loss to net cash used in operating activities:      
Depreciation expense 102 102 5,906
Shares issued for settlement of lawsuit   2,500 2,500
Shares issued for services 932,039 6,808,421 153,623,895
Warrant expense     16,490,517
Loss on extinguishment of debt     146,607
Loss on shares issued for debt   16,500 35,287
Beneficial conversion feature on converted debt     50,000
Interest expense paid in shares     193,407
Interest converted to debt   7,996 117,392
Write-off of asset     16,015
Gain on derivative liability     (7,598,481)
Gain on write-off of accounts payable     (87,404)
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets     (11,015)
Accounts payable 64,239 (7,721) 485,846
Accounts payable - related party 456,550 698,025 3,911,955
Accrued expenses 37,759 49,351 95,907
Cash Used In Operating Activities (218,406) (210,374) (2,546,611)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of fixed assets     (6,339)
Investment in joint venture     (5,000)
Cash Used in Investing Activities     (11,339)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from the sale of stock     80,000
Advances from related parties 220,655   708,569
Borrowings on related party debt   170,000 1,706,576
Payments on related party debt   (3,000) (3,000)
Borrowings on debt 2,300 35,000 75,800
Cash Provided by Financing Activities 222,955 202,000 2,567,945
NET CHANGE IN CASH AND CASH EQUIVALENTS 4,549 (8,374) 9,995
CASH AND CASH EQUIVALENTS - beginning of period 5,446 9,860  
CASH AND CASH EQUIVALENTS - end of period 9,995 1,486 9,995
SUPPLEMENTAL DISCLOSURES:      
Cash paid for interest 3,301 2,489 4,571
Cash paid for income taxes 0 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Forgiveness of related party debt and accrued interest     69,553
Derivative liability removed due to warrants exercised     36,890,709
Cumulative effect of change in accounting principle     44,489,190
Preferred stock issued for related party debt     380,837
Preferred stock converted to common stock     481
Accrued interest converted to debt   86,796  
Payables converted to debt   28,333 28,333
Related party payables and advances converted to debt     2,816,664
Common stock issued for debt, liabilities and accrued interest 31,530 16,500 135,332
Common stock issued for related party debt, liabilities and accrued interest $ 1,187,945   $ 4,364,899