10-Q
2011-09-30
false
SUNVESTA, INC.
0001060409
--12-31
0
Smaller Reporting Company
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<!--egx--><p><font lang="EN-CA" style='text-transform:uppercase;font-weight:normal'>Note 1: Corporate Information</font></p> <p> </p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt'>On August 27, 2007, SunVesta, Inc. (SunVesta) acquired SunVesta Holding AG (SunVesta AG) (collectively the Company). SunVesta AG has three wholly-owned subsidiaries: SunVesta Projects and Management AG, a Swiss company; Rich Land Investments Limitada, a Costa Rican company (Rich Land); and SunVesta Costa Rica Limitada, a Costa Rican company.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'>In January 2005 (date of inception of development stage), the Company changed its business focus to the development of private equity financial products, whose funds will be invested primarily in the hospitality and related industry. The Company has not materialized any revenues yet and is therefore a “development stage company”.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'>These consolidated financial statements are prepared in US Dollars ($) on the basis of generally accepted accounting principles in the United States of America (US GAAP).</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'>The accompanying unaudited consolidated financial statements have been prepared by management in accordance with the instructions in Form 10-Q and, therefore, do not include all information and footnotes required by generally accepted accounting principles and should, therefore, be read in conjunction with the Company’s Form 10-K, for the year ended December 31, 2010, filed with the Securities and Exchange Commission. These statements do include all normal recurring adjustments which the Company believes necessary for a fair presentation of the statements. The interim results of operations are not necessarily indicative of the results to be expected for the full year ended December 31, 2011.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'>Except as indicated in the notes below, there have been no other material changes in the information disclosed in the notes to the financial statements included in the Company’s Form 10-K for the year ended December 31, 2010, filed with the Securities and Exchange Commission. Therefore, those footnotes are included herein by reference.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 2: <font style='text-transform:uppercase'>Significant Accounting Policies</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'><u>Interest capitalization</u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'>Interest expense is capitalized on the carrying value of the construction in progress during the construction period, in accordance with ASC 835-20 ("capitalization and interest"). With respect to the construction in progress the Company capitalized $51,000 and $0 of interest expense during the nine months period ended September 30, 2011 and September 30, 2010.</p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'><u><font style='text-transform:uppercase'>EUR </font></u><u>and CHF<font style='text-transform:uppercase'> </font></u><u>bonds</u></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'>Non-current liabilities comprise of bonds payable in EUR (€) and CHF, which bear fixed interest rates. The EUR bonds and CHF bonds are carried at nominal value.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:42.5pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'>Issuance costs and placement provisions are capitalized and amortized over the term of the bond, based on the “effective interest method”.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'>The amortization expense is reflected in amortization of debt issuance cost</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'><u>Pension Plan</u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt'>The Company maintains a pension plan covering all employees in Switzerland; it is considered a defined benefit plan and accounted in accordance with ASC 715 ("compensation - retirement benefits"). This model allocates pension costs over the service period of employees in the plan. The underlying principle is that employees render services rateably over this period, and therefore, the income statement effects of pensions should follow a similar pattern. ASC 715 requires recognition of the funded status, or difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the balance sheet, with a corresponding adjustment to accumulate other comprehensive income. If the projected benefit obligation exceeds the fair value of plan assets, then that difference or unfunded status represents the pension liability.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'>The Company records a net periodic pension cost in the statement of operations. The liabilities and annual income or expense of the pension plan is determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the long-term rate of asset return (based on the market-related value of assets). The fair values of plan assets are determined based on prevailing market prices.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:42.5pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'><u>Fair Value of Financial Instruments</u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'>The Company’s financial instruments consist of cash and cash equivalents, receivables from related parties, accounts payable, note payables and bonds. The fair value of these financial instruments approximate their carrying value due to the short maturities of these instruments, unless otherwise noted.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'>ASC 820 (Fair Value Measurements) establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin-top:15.0pt;margin-right:0in;margin-bottom:9.0pt;margin-left:42.55pt;line-height:125%;text-decoration:underline;text-underline:single;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;line-height:normal'><font lang="EN-GB">New accounting standards</font></p> <p style='margin-top:15.0pt;margin-right:0in;margin-bottom:9.0pt;margin-left:42.55pt;line-height:125%;text-decoration:underline;text-underline:single;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;line-height:normal'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'><font lang="EN-GB">In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between accounting principles generally accepted in the United States and IFRS. ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011. The Company expects the adoption of this standard will have no significant impact on the Company's consolidated financial statements and related disclosures.</font></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'><font lang="EN-GB">In June 2011, the FASB issued amendments to Topic 220, Comprehensive Income, in this Update, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This Update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments in this Update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. Effective for annual periods beginning after December 15, 2011. The Company expects the adoption of this standard will have no significant impact on the Company's consolidated financial statements and related disclosures.</font></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 3: GOING CONCERN</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The Company is currently working on building a hotel in the Papagayo Gulf Tourism Project area    of Guanacaste, Costa Rica. </font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The project is expected to open in the fourth quarter of 2014. Until the completion of the project,    the following expenditures are estimated to be incurred:</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <table border="0" cellspacing="0" cellpadding="0" width="576" style='line-height:115%;width:6.0in;margin-left:41.4pt;border-collapse:collapse'> <tr> <td width="20" valign="top" style='width:15.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'> </p> </td> <td width="389" valign="top" style='width:291.45pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'> </p> </td> <td width="167" valign="top" style='width:125.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">$1,000</font></p> </td> </tr> <tr> <td width="20" valign="top" style='width:15.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'> </p> </td> <td width="389" valign="top" style='width:291.45pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'> </p> </td> <td width="167" valign="bottom" style='width:125.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'> </p> </td> </tr> <tr> <td width="20" valign="top" style='width:15.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">a.</font></p> </td> <td width="389" valign="top" style='width:291.45pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">Gross project cost</font></p> </td> <td width="167" valign="bottom" style='width:125.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">195,000</font></p> </td> </tr> <tr> <td width="20" valign="top" style='width:15.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">b.</font></p> </td> <td width="389" valign="top" style='width:291.45pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">Less: Proceeds from sale of villas</font></p> </td> <td width="167" valign="bottom" style='width:125.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB"> -24,000</font></p> </td> </tr> <tr> <td width="20" valign="top" style='width:15.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">c.</font></p> </td> <td width="389" valign="top" style='width:291.45pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">Net project cost</font></p> </td> <td width="167" valign="bottom" style='width:125.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">171,000</font></p> </td> </tr> <tr> <td width="20" valign="top" style='width:15.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">d.</font></p> </td> <td width="389" valign="top" style='width:291.45pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">Overhead expenses</font></p> </td> <td width="167" valign="bottom" style='width:125.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">  21,000</font></p> </td> </tr> <tr> <td width="20" valign="top" style='width:15.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">e.</font></p> </td> <td width="389" valign="top" style='width:291.45pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">Less: Recuperated in gross project cost</font></p> </td> <td width="167" valign="bottom" style='width:125.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB"> -12,000</font></p> </td> </tr> <tr style='height:4.0pt'> <td width="20" valign="top" style='width:15.15pt;padding:0in 5.4pt 0in 5.4pt;height:4.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">f</font></p> </td> <td width="389" valign="top" style='width:291.45pt;padding:0in 5.4pt 0in 5.4pt;height:4.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">Total, excluding other potential projects</font></p> </td> <td width="167" valign="bottom" style='width:125.4pt;padding:0in 5.4pt 0in 5.4pt;height:4.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">180,000</font></p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            Sixty percent (60%) of “Net project cost” is expected to be financed by traditional mortgage            loans, for which negotiations have been initiated. The remaining forty percent (40%) of “Net   project cost”, as well as “non-recuperated overhead expenses” and the cost of prospective “other   projects” are expected to be financed by four of the Company’s principal shareholders or         principal lenders to the project, i.e.:</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <table border="0" cellspacing="0" cellpadding="0" width="576" style='line-height:115%;width:6.0in;margin-left:41.4pt;border-collapse:collapse'> <tr> <td width="73" valign="top" style='width:55.05pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">a.</font></p> </td> <td width="503" valign="top" style='width:376.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">Zypam Ltd., shareholder</font></p> </td> </tr> <tr> <td width="73" valign="top" style='width:55.05pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">b.</font></p> </td> <td width="503" valign="top" style='width:376.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">Mr. Hans Rigendinger, shareholder and board member of SunVesta AG</font></p> </td> </tr> <tr> <td width="73" valign="top" style='width:55.05pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">c.</font></p> </td> <td width="503" valign="top" style='width:376.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">Mr. Max Rössler, majority shareholder of Aires International Investment, Inc. (also refer to Note 16)</font></p> </td> </tr> <tr> <td width="73" valign="top" style='width:55.05pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">d.</font></p> </td> <td width="503" valign="top" style='width:376.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">Mr. Josef Mettler, shareholder, director and chief executive officer</font></p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            Subsequent to September 30, 2011, those individuals detailed above signed a Guaranty        Agreement. (Refer to Note 16.) Management therefore believes that available funds are sufficient          to finance cash flows for the twelve months subsequent to September 30, 2011 and the filing date             though future anticipated cash outflows for investing activities will continue to depend on the             availability of financing and can be adjusted as necessary.</font></p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 4: PROPERTY & EQUIPMENT</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <table border="0" cellspacing="0" cellpadding="0" width="570" style='line-height:115%;width:427.5pt;margin-left:41.4pt;border-collapse:collapse'> <tr> <td width="211" valign="top" style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="173" valign="top" style='width:1.8in;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>September 30, 2011</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="168" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>December 31, 2010</p> </td> </tr> <tr> <td width="211" valign="top" style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="173" valign="top" style='width:1.8in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>Unaudited</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="168" valign="top" style='width:1.75in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>Audited</p> </td> </tr> <tr> <td width="211" valign="top" style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="173" valign="top" style='width:1.8in;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="168" valign="top" style='width:1.75in;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> </tr> <tr> <td width="211" valign="top" style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>Land</p> </td> <td width="173" valign="top" style='width:1.8in;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>7,000,000</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="168" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>7,000,000</p> </td> </tr> <tr> <td width="211" valign="top" style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>IT equipment</p> </td> <td width="173" valign="top" style='width:1.8in;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>185,846</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="168" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>185,846</p> </td> </tr> <tr> <td width="211" valign="top" style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>Other equipment and furniture</p> </td> <td width="173" valign="top" style='width:1.8in;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>29,979</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="168" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>29,979</p> </td> </tr> <tr> <td width="211" valign="top" style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>Leasehold improvements</p> </td> <td width="173" valign="top" style='width:1.8in;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>66,617</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="168" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>66,617</p> </td> </tr> <tr> <td width="211" valign="top" style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>Construction in progress</p> </td> <td width="173" valign="top" style='width:1.8in;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>3,905,000</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="168" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>2,311,276</p> </td> </tr> <tr> <td width="211" valign="top" style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'><b>Gross</b></p> </td> <td width="173" valign="top" style='width:1.8in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>11,187,442</b></p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="168" valign="top" style='width:1.75in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>9,593,718</b></p> </td> </tr> <tr> <td width="211" valign="top" style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>Less: Accumulated depreciation</p> </td> <td width="173" valign="top" style='width:1.8in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>(282,442)</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="168" valign="top" style='width:1.75in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>(271,742)</p> </td> </tr> <tr> <td width="211" valign="top" style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'><b>Net</b></p> </td> <td width="173" valign="top" style='width:1.8in;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>10,905,000</b></p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="168" valign="top" style='width:1.75in;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>9,321,976</b></p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'> </p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 5: CONSTRUCTION IN PROCESS</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The Company possesses a concession for a piece of land (~84’000 m2), i.e. a right to build a           hotel and apartments in the “Papagayo Gulf Tourism Project”, Guanacaste, Costa Rica, which was acquired for $7 million and recorded as land in property and equipment.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The concession is a right to use the property for a specific purpose over a term of 20 years, which   term thereafter can be renewed at no further cost, if the Company is up to date with its obligations           as stipulated by the Cota Rican government and if no significant change in government policies takes place. The current concession expires in June 2022.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The construction in process amount that was spent as of September 30, 2011 is attributed     primarily to architectural work related to the hotel and apartments.</font></p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 6: NOTE PAYABLE TO THIRD PARTIES</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'>The Company’s note payable was to Bruesa Construccione S.A. (Bruesa), a Spanish construction contractor.  The note was repayable in Euros and was collateralized by a 10% interest in Rich Land and bore interest at 6%. The note payable balance sheet amounts of $551,155 for December 31, 2010 included related accrued interest of approximately $59,000. As of June 17, 2011 the amount due was paid in full and Bruesa’s interest in Rich Land was returned to the Company.</p> <p style='margin:0in;margin-bottom:.0001pt'> </p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 7: RECEIVABLES FROM AND NOTES PAYABLE TO RELATED PARTIES</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'>                                                                                 <b>Receivables                                                   Payables</b></p> <table border="0" cellspacing="0" cellpadding="0" width="646" style='line-height:115%;margin-left:36.65pt;border-collapse:collapse'> <tr style='height:15.75pt'> <td width="30" valign="bottom" style='width:22.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="144" valign="top" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'> </p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="100" valign="bottom" style='width:74.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>September 30,</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>December 31,</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> </p> </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> </p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>September 30,</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> </p> </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> </p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>December 31</p> </td> </tr> <tr style='height:15.75pt'> <td width="30" valign="bottom" style='width:22.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="144" valign="top" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'> </p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="100" valign="bottom" style='width:74.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2011</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2010</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> </p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2011</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> </p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2010</p> </td> </tr> <tr style='height:15.75pt'> <td width="30" valign="bottom" style='width:22.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="144" valign="top" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'> </p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="100" valign="bottom" style='width:74.85pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="102" valign="bottom" style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'> </p> </td> <td width="102" valign="top" style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'> </p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'> </p> </td> <td width="96" valign="top" style='width:1.0in;border:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'> </p> </td> </tr> <tr style='height:15.75pt'> <td width="30" valign="bottom" style='width:22.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>01</p> </td> <td width="144" valign="bottom" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>Hans Rigendinger</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="100" valign="bottom" style='width:74.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>            - </p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>            - </p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>275,028</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr style='height:13.5pt'> <td width="30" valign="top" style='width:22.75pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>02</p> </td> <td width="144" valign="top" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>Adrian Oehler</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="100" valign="top" style='width:74.85pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>          - </p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'></td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,409</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>31,887</p> </td> </tr> <tr style='height:15.75pt'> <td width="30" valign="bottom" style='width:22.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>03</p> </td> <td width="144" valign="top" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>Zypam Ltd</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="100" valign="top" style='width:74.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-right:-2.55pt'>       1,232,233 </p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>          - </p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>685,621</p> </td> </tr> <tr style='height:15.75pt'> <td width="30" valign="bottom" style='width:22.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>04</p> </td> <td width="144" valign="top" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>Sportiva</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="100" valign="bottom" style='width:74.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>              - </p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>            -</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>83,000</p> </td> </tr> <tr style='height:15.75pt'> <td width="30" valign="top" style='width:22.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>05</p> </td> <td width="144" valign="top" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>Aires International</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="100" valign="bottom" style='width:74.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'></td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,099,969</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0</p> </td> </tr> <tr style='height:16.5pt'> <td width="30" valign="bottom" style='width:22.75pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'></td> <td width="144" valign="top" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total excluding interest</b></p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'></td> <td width="100" valign="bottom" style='width:74.85pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>          1,232,233 </b></p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'></td> <td width="102" valign="bottom" style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>          - </b></p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,408,000</b></p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>800,508</b></p> </td> </tr> <tr style='height:16.5pt'> <td width="30" valign="bottom" style='width:22.75pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'></td> <td width="144" valign="bottom" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>Accrued interest</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'></td> <td width="100" valign="bottom" style='width:74.85pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'></td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>10,738</p> </td> </tr> <tr style='height:16.5pt'> <td width="30" valign="bottom" style='width:22.75pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'></td> <td width="144" valign="bottom" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total</b></p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'></td> <td width="100" valign="bottom" style='width:74.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,232,233</b></p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'></td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>-</b></p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,408,000</b></p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>811,246</b></p> </td> </tr> <tr style='height:16.5pt'> <td width="30" valign="bottom" style='width:22.75pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'></td> <td width="144" valign="bottom" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>of which non-current</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'></td> <td width="100" valign="bottom" style='width:74.85pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'></td> <td width="102" valign="bottom" style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,099,969</p> </td> <td width="18" valign="bottom" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> </p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <table border="0" cellspacing="0" cellpadding="0" width="648" style='line-height:115%;margin-left:36.9pt;border-collapse:collapse'> <tr> <td width="29" valign="top" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="186" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'><b>Related party</b></p> </td> <td width="163" valign="top" style='width:122.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'><b>Capacity</b></p> </td> <td width="66" colspan="2" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'><b>Interest Rate</b></p> </td> <td width="108" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'><b>Repayment Terms</b></p> </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'><b>Security</b></p> </td> </tr> <tr> <td width="29" valign="top" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="186" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="163" valign="top" style='width:122.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="60" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="114" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> </tr> <tr> <td width="29" valign="top" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>01</p> </td> <td width="186" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>Hans Rigendinger</p> </td> <td width="163" valign="top" style='width:122.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>Shareholder</p> </td> <td width="60" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>NA</p> </td> <td width="114" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>Dec 30, 2011</p> </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>None</p> </td> </tr> <tr> <td width="29" valign="top" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>02</p> </td> <td width="186" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>Adrian Oehler</p> </td> <td width="163" valign="top" style='width:122.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>Shareholder</p> </td> <td width="60" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>3.00%</p> </td> <td width="114" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>None</p> </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>None</p> </td> </tr> <tr> <td width="29" valign="top" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>03</p> </td> <td width="186" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>Zypam Ltd</p> </td> <td width="163" valign="top" style='width:122.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>Shareholder</p> </td> <td width="60" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>None</p> </td> <td width="114" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>N/A</p> </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>None</p> </td> </tr> <tr> <td width="29" valign="top" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>04</p> </td> <td width="186" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>Sportiva</p> </td> <td width="163" valign="top" style='width:122.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>An entity owned by a Company board member</p> </td> <td width="60" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>3.00%</p> </td> <td width="114" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>None</p> </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>None</p> </td> </tr> <tr> <td width="29" valign="top" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>05</p> </td> <td width="186" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>Aires International</p> </td> <td width="163" valign="top" style='width:122.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>See below</p> </td> <td width="60" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="114" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> </tr> <tr> <td width="30" style='border:none'></td> <td width="185" style='border:none'></td> <td width="162" style='border:none'></td> <td width="60" style='border:none'></td> <td width="6" style='border:none'></td> <td width="108" style='border:none'></td> <td width="96" style='border:none'></td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-indent:35.45pt'><u>Line of Credit agreement with Aires International Investments, Inc.</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:35.45pt'><font lang="EN-GB">On July 27, 2011, SunVesta signed a loan agreement with Aires International Investments Inc., a company owned by a board member of SunVesta AG, which includes the following major conditions:</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin-top:3.0pt;margin-right:28.35pt;margin-bottom:3.0pt;margin-left:1.0in;text-indent:-.5in;line-height:115%'><font lang="EN-GB" style='line-height:115%;font-family:Symbol'>· </font><font lang="EN-GB" style='line-height:115%'>The lender grants SunVesta a terminable, interest bearing and non-secured loan in the maximum amount of CHF 6 million.</font></p> <p style='margin-top:3.0pt;margin-right:28.35pt;margin-bottom:3.0pt;margin-left:1.0in;text-indent:-.5in;line-height:115%'><font lang="EN-GB" style='line-height:115%;font-family:Symbol'>· </font><font lang="EN-GB" style='line-height:115%'>The loan is to be paid out in various portions between September 23, 2011, and December 9, 2011, optionally not later than February 29, 2012 with the option to exercise a conversion option.</font></p> <p style='margin-top:3.0pt;margin-right:28.35pt;margin-bottom:3.0pt;margin-left:1.0in;text-indent:-.5in;line-height:115%'><font lang="EN-GB" style='line-height:115%;font-family:Symbol'>· </font><font lang="EN-GB" style='line-height:115%'>In principle, the loan will become due on September 30, 2015. This is also the latest point in time, when the lender can exercise his conversion option.</font></p> <p style='margin-top:3.0pt;margin-right:28.35pt;margin-bottom:3.0pt;margin-left:1.0in;text-indent:-.5in;line-height:115%'><font lang="EN-GB" style='line-height:115%;font-family:Symbol'>· </font><font lang="EN-GB" style='line-height:115%'>The interest rate is 7.25 % and interest is due on September 30 each year.</font></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:35.45pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:35.45pt'>Provided that the entire amount of CHF 6 Million is paid in, the lender has the right to convert this amount into 10% of the shares of Rich Land Investments Ltda. This conversion option is valid until 30 September 2015. </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:35.45pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:35.45pt'>As the conversion option is contingent upon payment of the entire amount of CHF 6 million and this contingency was not resolved as of September 30, 2011, the loan was valued at fair value, which equals face value.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:35.45pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:35.45pt'>The loan agreement was amended subsequent to year end. Refer to Note 16.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:35.45pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:35.45pt'>The fair values of the notes payable to Aires International Investments, Inc. is classified as level 3 fair value. The fair values of the note were determined by discounting cash flow projections discounted at the respective interest rates of 7.25%. Hence, the carrying value approximates fair value.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.5in;text-indent:-.5in'> </p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>NOTE 8: RELATED PARTY TRANSACTIONS</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-indent:.5in'><u>Debt Settlement Agreements</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-indent:.5in'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-indent:-.25in;margin-left:.5in;text-indent:0in'><font lang="EN-GB">During the year ending December 31, 2010 the Company concluded certain debt settlement agreements. The issuances of shares of the Company were recorded at fair value in the year ended December 31, 2010 and the difference between the carrying value of the payables and the fair value was recorded as loss on extinguishment of debt in the statement of operations for the year ended December 31, 2010.The details are as follows:</font></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-indent:-.25in;text-indent:0in'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-indent:-.25in'><font lang="EN-GB">a. </font><font lang="EN-GB">A “Debt Settlement Agreement”, whereby a payable by SunVesta AG to Zypam Ltd. in the amount of $900,000 has been settled by the issuance of 13,846,154 shares of the Company.</font></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-indent:-.25in;text-indent:0in'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-indent:-.25in'><font lang="EN-GB">b. </font><font lang="EN-GB">A “Debt Settlement Agreement”, whereby a payable by SunVesta AG to H. Rigendinger in the amount of $49,990 has been settled by the issuance of 769,076 shares of the Company.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-indent:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>NOTE 9: NON-CURRENT LIABILITIES</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>            SunVesta AG has a bond outstanding with the following major conditions.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> <table border="1" cellspacing="0" cellpadding="0" width="639" style='line-height:115%;width:479.2pt;margin-left:42.55pt;border-collapse:collapse;border:none'> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><b><font lang="EN-GB">Description</font></b></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><b><font lang="EN-GB">EUR (€) bond</font></b></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><b><font lang="EN-GB">CHF bond</font></b></p> </td> </tr> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Issuer:</font></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">SunVesta AG</font></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">SunVesta AG</font></p> </td> </tr> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Type of securities:</font></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Bond in accordance with Swiss law</font></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Bond in accordance with Swiss law</font></p> </td> </tr> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:-44.65pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt'><font lang="EN-GB">Approval by SunVesta AG BOD </font></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">May 12, 2010</font></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">June 3, 2011</font></p> </td> </tr> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Volume:</font></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Up to € 25,000,000</font></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Up to CHF 15,000,000</font></p> </td> </tr> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Units:</font></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">€1‘000</font></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">CHF 50,000</font></p> </td> </tr> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Offering period:</font></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">11/10/2010 – 04/30/2011</font></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">09/01/2011 – 02/28/2012</font></p> </td> </tr> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Due date:</font></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">November 30, 2013</font></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">August 31, 2015</font></p> </td> </tr> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Issuance price:</font></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">100 %</font></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">100%</font></p> </td> </tr> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Issuance day::</font></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">December 1, 2010</font></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">September 1, 2011</font></p> </td> </tr> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Interest rate:</font></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">8.25% p.a.</font></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">7.25% p.a.</font></p> </td> </tr> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Interest due dates:</font></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:-44.65pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt'><font lang="EN-GB">November 30 of each year, </font></p> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:-44.65pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt'><font lang="EN-GB">the first time 30 November 2011</font></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:-44.65pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt'><font lang="EN-GB">August 31 of each year,</font></p> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:-44.65pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt'><font lang="EN-GB"> the first time August 31, 2012</font></p> </td> </tr> <tr style='height:5.65pt'> <td width="207" valign="top" style='width:155.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Applicable law:</font></p> </td> <td width="218" valign="top" style='width:163.2pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:4.25pt 4.25pt 4.25pt 4.25pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Swiss</font></p> </td> <td width="214" valign="top" style='width:160.8pt;border:none;border-bottom:dotted windowtext 1.0pt;padding:1.4pt 1.4pt 1.4pt 1.4pt;height:5.65pt'> <p style='margin-right:-44.75pt;margin-left:0in;punctuation-wrap:simple;text-autospace:none'><font lang="EN-GB">Swiss</font></p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">The nominal amounts have changed as follows:</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <table border="0" cellspacing="0" cellpadding="0" width="642" style='line-height:115%;width:481.5pt;margin-left:41.4pt;border-collapse:collapse'> <tr> <td width="300" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>EUR-Bond</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>CHF Bond</p> </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-right:5.5pt;text-align:center;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>EUR-Bond</p> </td> <td width="18" valign="top" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="60" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>CHF Bond</p> </td> </tr> <tr> <td width="300" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>2011</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>2011</p> </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-right:5.5pt;text-align:center;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>2010</p> </td> <td width="18" valign="top" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="60" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>2010</p> </td> </tr> <tr> <td width="300" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>$</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>$</p> </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-right:5.5pt;text-align:center;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>$</p> </td> <td width="18" valign="top" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="60" valign="top" style='width:45.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>$</p> </td> </tr> <tr> <td width="300" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-right:5.5pt;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="18" valign="top" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="60" valign="top" style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> </tr> <tr> <td width="300" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'><b>Balances January 1</b></p> </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>265,273</b></p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>-</b></p> </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;margin-right:5.5pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>-</b></p> </td> <td width="18" valign="top" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="60" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>-</b></p> </td> </tr> <tr> <td width="300" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>    Cash inflows</p> </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>8,606,797</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>108,870</p> </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;margin-right:5.5pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>265,273</p> </td> <td width="18" valign="top" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="60" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> </tr> <tr> <td width="300" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>    Foreign currency adjustments</p> </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>(18,813)</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>1,030</p> </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;margin-right:5.5pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> <td width="18" valign="top" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="60" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> </tr> <tr> <td width="300" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'><b>Sub-total (Fair value)</b></p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>8,853,257</b></p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>109,900</b></p> </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;margin-right:5.5pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>265,273</b></p> </td> <td width="18" valign="top" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="60" valign="top" style='width:45.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>-</b></p> </td> </tr> <tr> <td width="300" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>     Commissions paid to bondholders</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>(248,196)</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>(8,512)</p> </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;margin-right:5.5pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> <td width="18" valign="top" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="60" valign="top" style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> </tr> <tr> <td width="300" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>     Amortization of such commissions</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>33,554</p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>6</p> </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;margin-right:5.5pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> <td width="18" valign="top" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="60" valign="top" style='width:45.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> </tr> <tr> <td width="300" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'><b>Balance September 30, 2011 (Carrying value)</b></p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>8,638,615</b></p> </td> <td width="18" valign="top" style='width:13.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>101,394</b></p> </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;margin-right:5.5pt;text-align:right;text-autospace:none'> </p> </td> <td width="76" valign="top" style='width:57.0pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>265,273</b></p> </td> <td width="18" valign="top" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="60" valign="top" style='width:45.0pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'><b>-</b></p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:35.45pt'>The fair values of the bonds payable are classified as level 3 fair value. The fair values of the bonds have been determined by discounting cash flow projections discounted at the respective interest rates of 8.25% for EUR bonds and 7.25% for CHF bonds. Hence, the carrying values approximate fair value.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 10: PENSION PLAN</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The Company maintains a pension plan covering all employees in Switzerland; it is considered a      defined benefit plan and accounted in accordance with ASC 715 ("compensation - retirement           benefits"). This model allocates pension costs over the service period of employees in the plan.       The underlying principle is that employees render services rateably over this period, and therefore, the income statement effects of pensions should follow a similar pattern. ASC 715         requires recognition of the funded status, or difference between the fair value of plan assets and        the projected benefit obligations of the pension plan on the balance sheet, with a corresponding             adjustment to accumulated other comprehensive income. If the projected benefit obligation exceeds the fair value of plan assets, then that difference or unfunded status represents the    pension liability.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The Company records a net periodic pension cost in the statement of operations. The liabilities        and annual income or expense of the pension plan is determined using methodologies that involve         several actuarial assumptions, the most significant of which are the discount rate and the long-                       term rate of asset return (based on the market-related value of assets). The fair values of plan             assets are determined based on prevailing market prices.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'>            <u>Actuarial valuation</u></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The actuarial valuation was carried out the first time as of December 31, 2011 and simultaneously   as of September 30, 2011. No previous valuations were done because management concluded that           the failure did not materially impact the financial statements as of December 31, 2010.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'>            Net periodic pension cost has been included in the Company’s results as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <table border="0" cellspacing="0" cellpadding="0" style='line-height:115%;margin-left:41.4pt;border-collapse:collapse'> <tr> <td width="270" valign="top" style='width:202.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="16" valign="top" style='width:12.15pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="140" valign="top" style='width:104.85pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>Nine months ended</p> </td> <td width="17" valign="top" style='width:12.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="139" valign="top" style='width:104.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>Nine months ended</p> </td> </tr> <tr> <td width="270" valign="top" style='width:202.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="16" valign="top" style='width:12.15pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="140" valign="top" style='width:104.85pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>September 30, 2011</p> </td> <td width="17" valign="top" style='width:12.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="139" valign="top" style='width:104.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>September 30, 2010</p> </td> </tr> <tr> <td width="270" valign="top" style='width:202.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="16" valign="top" style='width:12.15pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="140" valign="top" style='width:104.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>$</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>(unaudited)</p> </td> <td width="17" valign="top" style='width:12.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'> </p> </td> <td width="139" valign="top" style='width:104.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>$</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;text-autospace:none'>(unaudited)</p> </td> </tr> <tr> <td width="270" valign="top" style='width:202.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="16" valign="top" style='width:12.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="140" valign="top" style='width:104.85pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="17" valign="top" style='width:12.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="139" valign="top" style='width:104.2pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> </tr> <tr> <td width="270" valign="top" style='width:202.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'><b>Pension Expense</b></p> </td> <td width="16" valign="top" style='width:12.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="140" valign="top" style='width:104.85pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="17" valign="top" style='width:12.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="139" valign="top" style='width:104.2pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> </tr> <tr> <td width="270" valign="top" style='width:202.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>  Current service cost</p> </td> <td width="16" valign="top" style='width:12.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="140" valign="bottom" style='width:104.85pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>76,150</p> </td> <td width="17" valign="bottom" style='width:12.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="139" valign="bottom" style='width:104.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> </tr> <tr> <td width="270" valign="top" style='width:202.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>  Past service cost</p> </td> <td width="16" valign="top" style='width:12.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="140" valign="bottom" style='width:104.85pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> <td width="17" valign="bottom" style='width:12.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="139" valign="bottom" style='width:104.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> </tr> <tr> <td width="270" valign="top" style='width:202.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>  Interest cost</p> </td> <td width="16" valign="top" style='width:12.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="140" valign="bottom" style='width:104.85pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>(2,315)</p> </td> <td width="17" valign="bottom" style='width:12.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="139" valign="bottom" style='width:104.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> </tr> <tr> <td width="270" valign="top" style='width:202.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>  Expected return on assets</p> </td> <td width="16" valign="top" style='width:12.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="140" valign="bottom" style='width:104.85pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>(2,075)</p> </td> <td width="17" valign="bottom" style='width:12.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="139" valign="bottom" style='width:104.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> </tr> <tr> <td width="270" valign="top" style='width:202.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>  Employee contributions</p> </td> <td width="16" valign="top" style='width:12.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="140" valign="bottom" style='width:104.85pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>(30,492)</p> </td> <td width="17" valign="bottom" style='width:12.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="139" valign="bottom" style='width:104.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>-</p> </td> </tr> <tr> <td width="270" valign="top" style='width:202.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'><b>  Net periodic pension cost</b></p> </td> <td width="16" valign="top" style='width:12.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'> </p> </td> <td width="140" valign="bottom" style='width:104.85pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'>41,268</p> </td> <td width="17" valign="bottom" style='width:12.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> <td width="139" valign="bottom" style='width:104.2pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-autospace:none'> </p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify'><font lang="EN-GB">During the periods ended September 30, 2011 and September 30, 2010 the Company made cash contributions of $30,000 and $0, respectively, to its defined benefit pension plan. </font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The expected future cash flows to be paid by the Company in respect of employer contributions      to the pension plan for the year ended December 31, 2011 are $0.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'> </p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 11: AGREEMENT TO PURCHASE NEIGHBORING PIECE OF LAND</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            In 2010 SunVesta AG concluded a sale and purchase agreement with a company called DIA S.A.    (“DIA”), being domiciled in San José, Costa Rica. The purpose of the agreement is to acquire a          contigious parcel of land consisting of approximately 120,000 square meters with direct           beachaccess by purchasing 100% of the shares of Altos del Risco S.A. from DIA. The total        purchase consideration is $12.5 million. Upon payment of the entire amount, ownership of Altos                del Risco S.A. will be transferred to SunVesta AG. As at September 30, 2011 and December 31,       2010, $0.735 million and $0 has been paid, respectively.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The sixth addendum dated November 12, 2012, stipulates that:</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">                        $8.5 million has already been paid</font></p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">                        $4.0 million has still to be paid </font></p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            </font></p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The current contractual situation does not call for any penalties. The purchase of the neighbouring   piece of land is expected to be completed during the 1<sup>st</sup> quarter of 2013.</font></p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 12: FUTURE LEASE COMMITMENTS</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            Since January 1, 2010 the Company has had a sub-rental agreement for its Swiss office with a         related party called “Sportiva”. The annual sub-rental expense is approx. $80,000. The sub-rental    agreement is concluded for an undetermined period of time, however, there is a verbal agreement           to maintain the agreement at least until December 31, 2013.</font></p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">NOTE 13: RELATIONSHIP WITH WIMBERLY ALLISON TONG & GOO (“WTAG”)</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            Legal proceedings were initiated by Wimberley Allison Tong & Goo (WATG) against SunVesta       Projects and Management AG on November 6, 2008 in the Superior Court of the State of             California, County of Orange. The claim was based on an alleged failure to satisfy the terms of a            promissory note executed in exchange for certain design services rendered in connection with the          El Cielo Hideaway Eco Resort and Spa. The claim sought approximately $355,000 plus accrued             interest in addition to legal fees incurred in prosecuting the suit. The Company engaged legal           counsel and paid $100,000 in 2009 to Wimberley Allison Tong & Goo against the amount due.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            In 2010, WATG engaged a debt collector for the remaining amount of approximately $255,000       plus accrued interest and legal fees. The Company returned to settlement negotiations and agreed            to settle the outstanding amount, without interest or legal fees, in equal instalments due on April 30, May 31, June 30, and July 31, 2010. This agreement was then extended to August 31, 2010.            As of March 31, 2011, the Company has paid approximately $195,000, leaving a remaining             balance due of approximately $60,000 as of that date. As of May 26, 2011, the Company           finalized the settlement and paid the remaining balance due.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 14: WING FIELD CORPORATION INC.</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            On August 31, 2009 the Company concluded a development agreement with WingField       Corporation Inc. (“WingField”), which included various services to be provided by WingField. A        major item was the procurement of a management contract for the management of the planned    resort in Guanacaste, Costa Rica. (Refer to Note 16.)</font></p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 15: MANGEMENT AGREEMENT WITH MELIÁ HOTELS & RESORTS</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'><font lang="EN-GB">In March 2011 the Company concluded a management agreement with Sol Meliá, S.A. for the management of the planned resort in Guanacaste, Costa Rica. This agreement includes clause that provides that if the Company is unable to conclude the purchase of the property described in Note 11 by November 30, 2011, a penalty of $1,000,000 would become due to Sol Meliá, S.A. In 2012, the maturity date of this penalty has been extended to June 30, 2012.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The Company is yet to conclude the purchase of the property described in Note 11 and is    presently negotiating with Sol Meliá, S.A.  to include an addendum to the management agreement        that would circumvent this penalty.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 16: SUBSEQUENT EVENTS</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt'>Management has evaluated subsequent events after the balance sheet date, through the issuance of the financial statements, for appropriate accounting and disclosure. The Company has determined that there were no such events that warrant disclosure or recognition in the financial statements, except for the below:</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            <u>EUR Bond Offering</u></font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The Company initiated a EUR bond offering on December 1, 2010 of up to € 25,000,000 in units   of € 1,000 that bear 8.25 % interest per annum payable each November 30 over the term of the            bonds due November 30, 2013.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            A cumulative amount of € 10.9 million ($13,900,000) has been realized by the Company from the initial date up to the date of this filing.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            <u>CHF Bond Offering</u></font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The Company initiated a CHF bond offering on September 1, 2011 of up to CHF 15,000,000 in      units of CHF 50,000 that bear 7.25 % interest per annum payable each August 31 over the term of   the bonds due August 31, 2015.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            A cumulative amount of CHF 5.5 million ($5,800,000) has been realized by the Company from      the initial date up to the date of this filing.</font></p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            </font></p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            <u>WingField Corporation</u></font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The development agreement with WingField included a detail of certain services to be provided       by WingField one of which was to procure a management contract for the operation of the        planned resort. The management agreement with Sol Meliá, S.A. in the first quarter of 2011         satisfied this item. The Company has since decided to build up its own internal project     organisation and consequently reached an agreement with Wingfield in October 2011 to terminate       the development agreement by paying a flat remuneration of $2,500,000, including a “finders           fee”.</font></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'><u>Intention to purchase two additional concession properties in Polo Papagayo, Guanacaste</u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            On April 20, 2012, the Company entered into an agreement to purchase two additional concession   properties located at Polo Papagayo, Guanacaste, with a total surface of approximately 230,000           square meters for a price of $22,895,806, whereof fifty percent is to be paid in cash and the other       fifty percent in ten percent equity of La Punta (the concession properties in Polo Papagayo) and          five percent in equity of Paradisus (the hotel currently under construction), both located in Costa       Rica. The payment schedule is as follows:</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">                        $0.5 million is required as a cash payment by May 16, 2012</font></p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">                        $5.0 million is required as a cash payment by August 31, 2012</font></p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">                        $5.698 million is required as a cash payment by January 31, 2013</font></p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">                        Equity is required to be transferred upon final payment</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            If the Company elects not to proceed with the purchase, the purchaser is in default and will lose      its funds on deposit.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            On November 13, 2012 the above agreement was amended as follows:</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The total purchase price was changed to $17.2 million with no equity payment. The terms and         conditions of the cash payment are yet to be defined. Furthermore, all payments by the Company         to date and in the future are refundable.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            Subsequent to signing the agreements, the Company paid down-payments on the purchase of the     properties of approximately $1,400,000.</font></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'><u>Advisory Services Agreements</u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            In order to raise the necessary funds for the completion of the project, various advisory service       agreements have been concluded, both in Europe as well as Central America. In addition, a        European rating agency has been engaged in order to receive a rating. While the basic cost for the         advisory services are not significant, the actual funding will be accompanied by costs (finders’          fees), which are in the area of 3% in the best case and 12% in the worst case.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            <u>Amendments to Line of Credit Agreement with Aires International Investment, Inc.</u></font></p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            </font></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:35.45pt'><font lang="EN-GB">            An addendum to the existing line of credit agreement with Aires as described in note 7 was signed on May 11, 2012 that includes the following clauses:</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-indent:-.25in'><font lang="EN-GB" style='font-family:Symbol'>· </font><font lang="EN-GB">The line of credit amount was increased by CHF 4,000,000 to a total amount of CHF 10,000,000. The additional CHF 4,000,000 to be paid in installments through the end of July 2012.</font></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-indent:-.25in'><font lang="EN-GB" style='font-family:Symbol'>· </font><font lang="EN-GB">Should the entire amount of CHF 10,000,000  be drawn down, Aires will have the right to convert the entire line of credit of CHF 10,000,000 into a 20% holding of the capital of the Company.</font></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-indent:-.25in'><font style='font-family:Symbol'>· </font>The conversion right granted in the original contract to <font lang="EN-GB">convert the balance of the line of credit into a 10% ownership interest in Rich Land</font> was cancelled.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-indent:-.25in'><font lang="EN-GB" style='font-family:Symbol'>· </font><font lang="EN-GB">The entire amount of CHF 10,000,000 is subordinated in favor of other creditors.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            A letter agreement signed by Aires on June 21, 2012, agreed to increase the line of credit     by        CHF 2,000,000 to a total amount of CHF 12,000,000.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The Company and Aires are currently negotiating a revised conversion option to replace the one      stated above. The major contemplated change is that Aires International will convert its      receivable at the time of conversion of into 20% of the preferred shares of shares of the Company,    at a price and with preferential rights yet to be determined.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            As of November 15, 2012 the Company has borrowed CHF11.8 million ($12,500,000) from the     Aires line of credit.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            <u>Tax Liability Contingency </u></font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            During April 2012, the Company was advised by the Internal Revenue Service (IRS) of aggregate    penalties amounting to $140,000 in connection with its failure to file certain tax          returns for the years ended 2008, 2009 and 2010. The Company is in correspondence with the IRS in order to          seek an abatement of the penalties.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            <u>Guaranty Agreement</u></font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            On July 16, 2012, certain principal shareholders of the Company or principal lenders to the             project entered into a guaranty agreement in favour of SunVesta AG. The purpose of the     guarantee is to ensure that until such time as financing is secured for the entire project that they         will act as a guarantor to creditors to the extent of the project’s ongoing capital requirements. The           guaranty agreement requires that within 30 days of receiving a demand notice, the guarantors are       required to pay to SunVesta AG that amount required for ongoing capital requirements, until such           time as financing of the project is secured. The guaranty may not be terminated until such time as     SunVesta AG has secured financing for the completion of the project.</font></p> <p style='margin-top:15.0pt;margin-right:0in;margin-bottom:9.0pt;margin-left:42.55pt;line-height:125%;text-decoration:underline;text-underline:single;margin-left:0in;text-indent:.5in'><font lang="EN-GB">Hotel Project Atlanta</font></p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            During the third quarter 2012 the Company entered into an agreement to purchase a hotel and             entertainment complex in Atlanta, Georgia (United States of America). </font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            The entire purchase amount of $26 million for the assets has no firm financing commitment.             Additionally, approximately an additional $18 million for renovations would need to be invested     in the hotel and entertainment complex. The Company is in negotiations with various parties to   finalize a financing package for this project and is confident that it will be able to procure such           financing. </font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt'><font lang="EN-GB">            Nonwithstanding all other factors, the Company may terminate this agreement, within a due             dilligence period, if it is not satisfied with the property after an examination of the assets. </font></p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;margin-left:1.0in;text-align:left;text-indent:-1.0in'> </p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;margin-left:.5in;text-align:left;text-indent:-1.0in'><b><font lang="EN-GB" style='text-transform:uppercase'>                        </font></b><font lang="EN-GB">The agreement includes a non-refundable deposit of $250,000.</font></p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;margin-left:1.0in;text-align:left;text-indent:-1.0in'> </p>
<!--egx--><p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;margin-left:1.0in;text-align:left;text-indent:-.5in'>NOTE 17: RESTATEMENT</p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;margin-left:1.0in;text-align:left;text-indent:-1.0in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'><font lang="EN-GB">During the three month period ended September 30, 2011 the Company reversed previous interest expense of $217,750 relating to the fact that the Company initially intended to pay interest starting from the EUR bond offering date (Dec 1, 2010) as opposed to the bond issuance dates. However, during the three month period ended September 30, 2011, the Company's board of directors changed the policy and hence reversed the interest accrued for the period from bond offering date to the respective bond issuance dates. </font></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'><font lang="EN-GB">The Company decided to record for this retrospectively an error since there was no contractual obligation to pay interest from the bond issuance date to begin with. There is no effect on the nine month period ended September 30, 2011. However, the individual three months period ended June 30, 2011 is impacted as follows:</font></p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;margin-left:.5in;text-align:left'> </p> <table border="1" cellspacing="0" cellpadding="0" style='border:solid windowtext 1.0pt;text-autospace:none;margin-left:.5in;border-collapse:collapse;border:none'> <tr> <td width="153" valign="top" style='width:114.45pt;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;text-autospace:none'> </p> </td> <td width="148" valign="top" style='width:110.75pt;border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0in 5.4pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;text-autospace:none'>Three months period ended June 30, 2011</p> </td> <td width="146" valign="top" style='width:109.25pt;border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0in 5.4pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;text-autospace:none'>Three months period ended June 30, 2011</p> </td> <td width="144" valign="top" style='width:108.35pt;border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0in 5.4pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;text-autospace:none'>Three months period ended June 30, 2011</p> </td> </tr> <tr> <td width="153" valign="top" style='width:114.45pt;border:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;text-autospace:none'> </p> </td> <td width="148" valign="top" style='width:110.75pt;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;text-autospace:none'>As previously reported</p> </td> <td width="146" valign="top" style='width:109.25pt;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;text-autospace:none'>Adjustment</p> </td> <td width="144" valign="top" style='width:108.35pt;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;text-autospace:none'>As restated</p> </td> </tr> <tr> <td width="153" valign="top" style='width:114.45pt;border:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;text-autospace:none'>Interest expense</p> </td> <td width="148" valign="top" style='width:110.75pt;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right;text-autospace:none'>$ (268,690)</p> </td> <td width="146" valign="top" style='width:109.25pt;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right;text-autospace:none'>$ 217,750</p> </td> <td width="144" valign="top" style='width:108.35pt;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right;text-autospace:none'>$ (50,940)</p> </td> </tr> <tr> <td width="153" valign="top" style='width:114.45pt;border:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;text-autospace:none'>Net loss</p> </td> <td width="148" valign="top" style='width:110.75pt;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right;text-autospace:none'>$ (2,689,085)</p> </td> <td width="146" valign="top" style='width:109.25pt;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right;text-autospace:none'>$ 217,750</p> </td> <td width="144" valign="top" style='width:108.35pt;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right;text-autospace:none'>$ (2,471,335)</p> </td> </tr> <tr> <td width="153" valign="top" style='width:114.45pt;border:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;text-autospace:none'>Basic and diluted loss per share</p> </td> <td width="148" valign="top" style='width:110.75pt;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right;text-autospace:none'>$ (0.05)</p> </td> <td width="146" valign="top" style='width:109.25pt;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right;text-autospace:none'>$ (0.01)</p> </td> <td width="144" valign="top" style='width:108.35pt;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right;text-autospace:none'>$ (0.04)</p> </td> </tr> </table> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;margin-left:.5in;text-align:left'> </p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in'><font lang="EN-GB">The Company determined that the effect is immaterial to the three months period ended June 30, 2011 and hence decided not to file an amendment of the form 10-Q for the respective period as filed on December 18, 2012.</font></p> <p style='margin:0in;margin-bottom:.0001pt'> </p>
54092186
0001060409
2011-01-01
2011-09-30
0001060409
2013-01-10
0001060409
2011-09-30
0001060409
2010-12-31
0001060409
2011-07-01
2011-09-30
0001060409
2010-07-01
2010-09-30
0001060409
2010-01-01
2010-09-30
0001060409
2005-01-01
2011-09-30
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