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DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2012

For the six months ended June 30, 2012 and 2011, loss from discontinued operations consisted of:

	2012			2011
Revenues	$	-		$	-

Cost of goods sold		-			-

Gross profit		-			-

Selling, general and administrative expenses		-			-

Operating income		-			-

Interest expense (including amortization of debt discounts of $6,286 and $6,286, respectively)		39,492			39,311

Loss before income tax provision		(39,492	)		(39,311	)

Income tax provision		-			-

Loss from discontinued operations	$	(39,492	)	$	(39,311	)

Assets and liabilities of Iconic Imports

The assets and liabilities of Iconic Imports at June 30, 2012 and December 31, 2011 consisted of:

	2012			2011
Assets
Current assets	$	-		$	784

Total assets	$	-		$	784

Liabilities
Current portion of debt	$	395,000		$	395,000
Accounts payable		1,219,768			1,219,768
Accrued interest payable		241,389			208,183
Other accrued expenses and other current liabilities		1,651,092			1,651,092
Current liabilities		3,507,249			3,474,043
Long – term debt		1,623,430			1,617,144
Total liabilities		5,130,679			5,091,187

Net liabilities	$	(5,130,679	)	$	(5,091,187	)

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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