v2.4.0.8
Consolidated Balance Sheets (USD $)
Mar. 31, 2013
Dec. 31, 2012
Current Asset    
Cash $ 20,595 $ 359
PROPERTY AND EQUIPMENT - Net 306 306
OTHER ASSETS    
Depository payment towards acquisition of iron ore mine 350,000 350,000
Prepaid Expenses 117,500 470,000
Total Other Assets 467,500 820,000
TOTAL ASSETS 488,401 820,665
Current Liabilites    
Accounts Payable 846,810 762,111
Taxes payable 8,716 8,716
Accrued interest payable 101,471 82,685
Due to stockholders 6,000 6,000
Loans payable 291,000 311,000
Convertible debentures, net of debt discount of $81,900 and $0 as of March 31, 2013 and December 31, 2012 56,100 38,000
Derivative liability 299,659 209,100
Total Current Liabilites 1,609,756 1,417,612
Convertible debentures, net of debt discount of $439,700 and $467,200 as of March 31, 2013 and December 31, 2012, net of current portion 390,300 362,800
Total liabilities 2,000,056 1,780,412
Stockholders' Deficit (Note 8)    
Convertible Preferred Stock Class A, no par value, 100,000 shares authorized at March 31, 2013 and December 31, 2012. Issued and outstanding 20,000 shares at March 31, 2013 and December 31, 2012. 46,000 46,000
Convertible Preferred Stock Class B, no par value, 400,000 shares authorized at March 31, 2013 and December 31, 2012. None issued and outstanding at March 31, 2013 and December 31, 2012.      
Preferred Stock Class C, no par value, 50,000 shares authorized at March 31, 2013 and December 31, 2012. Issued and outstanding 20,000 shares at March 31, 2013 and December 31, 2012. 9,000 9,000
Common stock, par value $.001 per share; authorized 500,000,000 shares, issued and outstanding 128,824,857 and 128,824,857 shares at March 31, 2013 and December 31, 2012 128,825 128,825
Additional Paid in Capital 11,242,054 11,242,054
Deficit Accumulated During the Development Stage (12,937,534) (12,385,626)
Total Stockholders' Deficit (1,511,655) (959,747)
Total Liabilities and Stockholders' Deficit $ 488,401 $ 820,665