DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2011

DISCONTINUED OPERATIONS [Text Block]

NOTE 3 – DISCONTINUED OPERATIONS

During fiscal 2009, the Company determined to exit the electronic metering business. On January 5, 2010, the Company sold a substantial portion of its assets related to the electronic metering business. The Company had operated its electronic metering systems business through its subsidiary Flowstar Technologies Inc.

The Company also discontinued operations in its subsidiary Raider Chemical Inc., as a result the Company has left the drilling related products and services business.

The following table summarizes the operating results of the discontinued operations for the periods June 30, 2011 and 2010 (unaudited):

		Three Months Ended June 30,						Six Months Ended June 30,
		2011			2010			2011			2010
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenue	$	-		$	231,617		$	-		$	774,410
Cost of sales		-			155,765			-			510,178
		-			75,852			-			264,232
Expenses		13,294			89,487			19,206			169,577
Income (loss) from
discontinued operations	$	(13,294	)	$	(13,635	)	$	(19,206	)	$	94,655

The following table sets forth the assets and liabilities of the discontinued operations.

		June 30,		December 31,
		2010		2010
		(unaudited)
Accounts receivable	$	1,633	$	11,448
Inventories		-		10,441
Prepaids		7,066		8,268
Total assets of discontinued operations	$	8,699	$	30,157
Accounts payable and accrued liabilities	$	692,068	$	687,675
Current portion of notes payable		59,246		57,441
Total liabilities of discontinued operations	$	751,314	$	745,116