v2.4.0.8
Consolidated Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
Current Asset    
Cash $ 14 $ 1,040
PROPERTY AND EQUIPMENT - Net 306 350
OTHER ASSETS    
Depository payment towards acquisition of iron ore mine 350,000 250,000
Deposit on acquistion 4,025,000  
Prepaid Expenses 1,202,800  
Total Other Assets 5,577,800 250,000
TOTAL ASSETS 5,578,120 251,390
Current Liabilites    
Accounts Payable 502,299 164,215
Taxes payable 8,716 8,716
Accrued interest payable 40,618 15,193
Due to stockholders 6,500 7,302
Loans payable 226,000 205,000
Convertible debentures, net of debt discount of $15,200 and $0 as of June 30, 2012 and December 31, 2011 16,900 48,000
Derivative liability 264,100 1,372,600
Total Current Liabilites 1,065,133 1,821,026
Convertible debentures, net of debt discount of $401,700 and $144,400 as of June 30, 2012 and December 31, 2011, net of current portion 271,700 255,600
Total liabilities 1,336,833 2,076,626
Commitments and Contingencies (Note 6)      
Stockholders' Deficit (Note 8)    
Convertible Preferred Stock Class A, no par value, 100,000 shares authorized at June 30, 2012 and at December 31, 2011.Issued and outstanding 20,000 shares at June 30, 2012 and December 31, 2011. 46,000 46,000
Convertible Preferred Stock Class B, no par value, 400,000 shares authorized at June 30, 2012 and at December 31, 2011. None issued and outstanding at June 30, 2012 and December 31, 2011.      
Preferred Stock Class C, no par value, 50,000 shares authorized at June 30, 2012 and at December 31, 2011.Issued and outstanding 20,000 shares at June 30, 2012 and December 31, 2011 9,000 9,000
Common stock, par value $.001 per share; authorized 500,000,000 shares, issued and outstanding 111,577,091 and 85,058,759 shares at June 30, 2012 and December 31, 2011, respectively 111,577 85,059
Additional Paid in Capital 11,013,904 164,039
Deficit Accumulated During the Development Stage* (6,939,194) (2,129,334)
Total Stockholders' Deficit 4,241,287 (1,825,236)
Total Liabilities and Stockholders' Deficit $ 5,578,120 $ 251,390