v2.4.0.8
Consolidated Balance Sheets (USD $)
Jun. 30, 2013
Dec. 31, 2012
Current Asset    
Cash $ 486 $ 359
PROPERTY AND EQUIPMENT - Net 306 306
OTHER ASSETS    
Depository payment towards acquisition of iron ore mine 350,000 350,000
Prepaid Expenses   470,000
Total Other Assets 350,000 820,000
TOTAL ASSETS 350,792 820,665
Current Liabilites    
Accounts Payable 936,310 762,111
Taxes payable 8,716 8,716
Accrued interest payable 124,927 82,685
Due to stockholders 6,000 6,000
Loans payable 291,000 311,000
Convertible debentures, net of debt discount of $57,000 and $0 as of June 30, 2013 and December 31, 2012 81,000 38,000
Derivative liability 1,922,822 209,100
Total Current Liabilites 3,370,775 1,417,612
Convertible debentures, net of debt discount of $451,700 and $467,200 as of June 30, 2013 and December 31, 2012, net of current portion 423,300 362,800
Total liabilities 3,794,075 1,780,412
Stockholders' Deficit (Note 8)    
Convertible Preferred Stock Class A, no par value, 100,000 shares authorized at June 30, 2013 and December 31, 2012. Issued and outstanding 20,000 shares at June 30, 2013 and December 31, 2012. 46,000 46,000
Convertible Preferred Stock Class B, no par value, 400,000 shares authorized at June 30, 2013 and December 31, 2012. None issued and outstanding at June 30, 2013 and December 31, 2012.      
Preferred Stock Class C, no par value, 50,000 shares authorized at June 30, 2013 and December 31, 2012. Issued and outstanding 20,000 shares at June 30, 2013 and December 31, 2012. 9,000 9,000
Common stock, par value $.001 per share; authorized 500,000,000 shares, issued and outstanding 161,824,857 and 128,824,857 shares at June 30, 2013 and December 31, 2012 161,825 128,825
Additional Paid in Capital 11,431,554 11,242,054
Deficit Accumulated During the Development Stage (12,385,626) (12,385,626)
Total Stockholders' Deficit (737,247) (959,747)
Total Liabilities and Stockholders' Deficit $ 3,056,828 $ 820,665