XML 26 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
8. Segment Information
 3 Months Ended
Mar. 31, 2012
Segment Reporting [Abstract]  
8. Segment Information

 

Summarized financial information by reportable segment for the three months ended March 31, 2012 and 2011 follow:

 

Statement of Operations Data   Three months ended March 31,  
    2012     2011  
Revenues            
India   $ 2,313,697     $ 738,469  
North America     41,882,079       -  
Other     -       -  
Total revenues   $ 44,195,776     $ 738,469  
                 
Cost of goods sold                
India   $ 2,407,589       787,303  
North America     44,046,699       169  
Other     -       -  
Total cost of goods sold   $ 46,454,288     $ 787,472  
                 
Gross profit (loss)                
India   $ (93,892 )   $ (48,834 )
North America     (2,164,620 )     (169 )
Other     -       -  
Total gross loss   $ (2,258,512 )   $ (49,003 )

  

India. During the three months ended March 31, 2012, Gemini Edible & Fats India Private Limited purchased refined palm olein contributing approximately 27% to total India segment revenue and refined palm oil accounting for approximately 13% of the Company’s consolidated India revenue. Panama Petro Chem Ltd. – Daman made purchases of biodiesel totaling approximately 15% of the India segment revenue during the quarter. Revenue during the March 2012 quarter came from sales to the domestic India market primarily from sales of biodiesel, crude glycerin, and refined palm oil.

 

North America: In 2011 and through March 31, 2012, all of the Company’s revenues from ethanol and WDG were made pursuant to the Corn Procurement and Working Capital Agreement established between the Company and J.D. Heiskell.  Sales of ethanol and WDG to J.D. Heiskell accounted for 90% of the Company’s consolidated revenues for the three months ending March 31, 2012.

 

Total assets consist of the following:

 

   

March 31,

2012

    

December 31,

2011

  
                 
India   $ 16,281,257     $ 15,654,763  
North America (United States)     10,745,857       11,563,132  
Other     130       26  
    Total Assets   $ 27,027,244     $ 27,217,921