v2.4.0.8
Consolidated Balance Sheets (USD $)
Sep. 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 822,500  
Total Other Assets 5,197,500 250,000
TOTAL ASSETS 5,197,820 251,390
Current Liabilites    
Accounts Payable 563,146 164,215
Taxes payable 8,716 8,716
Accrued interest payable 59,241 15,193
Due to stockholders 6,000 7,302
Loans payable 291,000 205,000
Convertible debentures, net of debt discount of $0 and $0 as of September 30, 2012 and December 31, 2011   48,000
Derivative liability 84,900 1,372,600
Total Current Liabilites 1,013,003 1,821,026
Convertible debentures, net of debt discount of $439,100 and $144,400 as of September 30, 2012 and December 31, 2011, net of current portion 383,900 255,600
Total liabilities 1,396,903 2,076,626
Stockholders' Deficit (Note 8)    
Convertible Preferred Stock Class A, no par value, 100,000 shares authorized at September 30, 2012 and at December 31, 2011.Issued and outstanding 20,000 shares at September 30, 2012 and December 31, 2011. 46,000 46,000
Convertible Preferred Stock Class B, no par value, 400,000 shares authorized at September 30, 2012 and at December 31, 2011. None issued and outstanding at September 30, 2012 and December 31, 2011.      
Preferred Stock Class C, no par value, 50,000 shares authorized at September 30, 2012 and at December 31, 2011.Issued and outstanding 20,000 shares at September 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 117,777,091 and 85,058,759 shares at September 30, 2012 and December 31, 2011 117,777 85,059
Additional Paid in Capital 11,365,978 164,039
Deficit Accumulated During the Development Stage* (7,737,838) (2,129,334)
Total Stockholders' Deficit 3,800,917 (1,825,236)
Total Liabilities and Stockholders' Deficit $ 5,197,820 $ 251,390