Discontinued Operations

9 Months Ended

Sep. 30, 2011

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

NOTE 5 — DISCONTINUED OPERATIONS

In 2010, the Company discontinued operations at its facility in Woodbridge, New Jersey. The following table summarizes the components of the income (loss) from discontinued operations:

	For the Three Months Ended					For the Nine Months Ended
	September 30,					September 30,
	2011		2010			2011		2010
Revenue from discontinued operations	$	—	$	105,714		$	—	$	834,089
Income (loss) from discontinued operations	$	49,447	$	(18,685,007	)	$	195,918	$	(22,711,406	)

The Company recognized income from discontinued operations for the three and nine month periods ended September 30, 2011 as a result of favorable settlements with certain of its creditors. The Company does not expect to have any continuing positive cash flows from operations associated with the Woodbridge facility.

The following table provides the assets and liabilities of the Woodbridge facility, classified as discontinued operations, in the consolidated balance sheets dated September 30, 2011 and December 31, 2010:

	Sept 30,		Dec 31,
	2011		2010
Accounts receivable, net	$	—	$	14,500
Assets of discontinued operations	$	—	$	14,500
Accounts payable	$	535,645	$	837,606
Accrued expenses		—		1,571,874
Other liabilities		28,773		28,773
Liabilities of discontinued operations	$	564,418	$	2,438,253

On January 25, 2011, the Company paid cash of $150,000 and issued 320,000 shares of Company common stock with a fair value of $1,344,000 in payment for consulting services accrued at December 31, 2010 related to the settlement of certain Woodbridge obligations. The Company is actively working with its creditors to settle the remaining liabilities outstanding at September 30, 2011.