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RESTATEMENT
 6 Months Ended
Jun. 30, 2012
RESTATEMENT  
RESTATEMENT

NOTE 10 – RESTATEMENT

 

The Company has restated its financial statements for period ended June 30, 2011.  The significant changes made are further described and summarized below.

 

The Company had not previously recorded the derivative liabilities associated with convertible debt, debentures, and warrants issued in the second quarter of 2011.  The Company has restated its financial statements for the period ended June 30, 2011 to record these corrections.

  

 

The following tables highlight the significant areas of change:

 

 

 

Three Months Ended June 30, 2011

 

 

 

As Previously

 

 

 

 

 

 

 

 

 

Reported

 

 

Restated

 

 

 

 

 

 

June 30,2011

 

 

30-Jun-11

 

 

Change

 

Total Assets

 

$

9,276,182

 

 

$

9,276,182

 

 

$

-

 

Total Liabilities

 

$

(3,876,275

)

 

$

(9,773,989

)

 

$

(5,897,714

)

Stockholders' Equity

 

$

(5,399,907

)

 

$

(497,807

)

 

$

4,902,100

 

Net Income (Loss)

 

$

(3,198,781

)

 

$

(3,921,365

)

 

$

(722,584

)

Income (Loss) available to common stockholders

 

$

(3,198,781

)

 

$

(3,921,365

)

 

$

(722,584

)

Basic Loss per Share

 

$

(0.06

)

 

$

(0.07

)

 

$

(0.01

)

 

 

 

Six Months Ended June 30, 2011

 

 

 

As Previously

 

 

 

 

 

 

 

 

 

Reported

 

 

Restated

 

 

 

 

 

 

June 30,2011

 

 

30-Jun-11

 

 

Change

 

Total Assets

 

$

9,276,182

 

 

$

9,276,182

 

 

$

-

 

Total Liabilities

 

$

(3,876,275

)

 

$

(9,773,989

)

 

$

(5,897,714

)

Stockholders' Equity

 

$

(5,399,907

)

 

$

497,807

 

 

$

5,897,714

 

Net Income (Loss)

 

$

(5,942,888

)

 

$

(6,665,472

)

 

$

(722,584

)

Income (Loss) available to common stockholders

 

$

(5,942,888

)

 

$

(6,665,472

)

 

$

(722,584

)

Basic Loss per Share

 

$

(0.12

)

 

$

(0.13

)

 

$

(0.01

)