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8. Segment Information
 6 Months Ended
Jun. 30, 2012
Segment Reporting [Abstract]  
8. Segment Information

 

 

Summarized financial information by reportable segment for the three and six month ended June 30, 2012 and June 30, 2011 follow:

 

 

    For the six     For the three     For the six     For the three  
    months ended     months ended     months ended     months ended  
Statement of Operations Data   June 30, 2012     June 30, 2012     June 30, 2011     June 30, 2011  
Revenues                        
India   $ 4,524,806     $ 2,211,109     $ 738,576     $ 107  
North America     83,950,836       42,068,757       27,253,083       27,253,083  
Other     —       —       —       —  
    Total revenues   $ 88,475,642     $ 44,279,866     $ 27,991,659     $ 27,253,190  
                                 
Cost of goods sold                                
India   $ 4,834,372     $ 2,426,783     $ 804,463     $ 17,160  
North America     87,920,722       43,874,023       27,550,663       27,550,494  
Other     —       —       —       —  
    Total cost of goods sold   $ 92,755,094     $ 46,300,806     $ 28,355,126     $ 27,567,654  
                                 
Gross loss                                
        India   $ (309,566 )   $ (215,674 )   $ (65,887 )   $ (17,053 )
        North America     (3,969,886 )     (1,805,266 )     (297,580 )     (297,411 )
        Other     —       —       —       —  
    Total gross loss   $ (4,279,452 )   $ (2,020,940 )   $ (363,467 )   $ (314,464 )

 

 

 

India. During the three months ended June 30, 2012, Panama Petro Chem Limited accounted for 12 percent of total product sales through its purchases of biodiesel. For the first six months of 2012, the India segment sold to the domestic market the following mix of products:  refined palm oliens (44%), biodiesel (35%), and refined glycerin (21%).

 

 

North America: In 2011 and year-to-date through June 30, 2012, all of the Company’s revenues from sales of ethanol and distiller’s grains were sold to J.D. Heiskell pursuant to the Corn Procurement and Working Capital Agreement established between the Company and J.D. Heiskell.  Sales to J.D. Heiskell accounted for 94% of the Company’s consolidated revenues for the first six months of 2012.

 

Total assets consist of the following:

 

 

    June 30, 2012     December 31, 2011  
India   $ 13,658,620     $ 15,654,763  
North America (United States)     11,027,421       11,563,132  
Other     -       26  
    Total Assets