10-Q
2011-06-30
false
PACIFIC BLUE ENERGY CORP.
0001410187
--12-31
41029000
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<!--egx--><p style="MARGIN:0in 0in 0pt"><b><font lang="EN-IN">1. Nature of Operations and Continuance of Business</font></b><font lang="EN-IN"></font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Pacific Blue Energy Corp. (the “Company”) was incorporated under the laws of the State of Nevada on April 3, 2007. The Company is a development stage company that is focused on developing renewable energy projects through solar and wind resources. On April 5, 2010, the Company acquired a 100% interest of Ship Ahoy LLC, a limited liability company in Arizona, in exchange for $300,000 and 1,000,000 common shares of the Company. </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><i><u><font lang="EN-IN">Going Concern</font></u></i><font lang="EN-IN"></font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">These consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has generated no revenues to date and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As of June 30, 2011, the Company had no revenues and an accumulated deficit of $2,586,240. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company's future business. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. </font></p>
<!--egx--><p style="MARGIN:0in 0in 0pt"><b><font lang="EN-IN">2. Summary of Significant Accounting Policies</font></b><font lang="EN-IN"></font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><font lang="EN-IN">a)</font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">Basis of Presentation and Principles of Consolidation</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Ship Ahoy LLC. All intercompany transactions have been eliminated. The Company’s fiscal year-end is December 31. </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><font lang="EN-IN">b)</font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">Use of Estimates</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the recoverability of its long-lived assets, stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><font lang="EN-IN">c)</font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">Interim Financial Statements</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">These interim unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><font lang="EN-IN">d)</font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">Cash and Cash Equivalents</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As of June 30, 2011 and December 31, 2010, the Company had no cash equivalents.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><font lang="EN-IN">e)</font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">Basic and Diluted Net Loss Per Share</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The Company computes net loss per share in accordance with ASC 260, <i>Earnings Per Share,</i> which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><font lang="EN-IN">f)</font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">Comprehensive Loss</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">ASC 220, <i>Comprehensive Income</i>, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at June 30, 2011 and December 31, 2010, the Company has no items that represent comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><font lang="EN-IN">g)</font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">Financial Instruments </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">ASC 820, <i>“Fair Value Measurements”, </i>requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><i><font lang="EN-IN">Level 1</font></i><font lang="EN-IN"></font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><i><font lang="EN-IN">Level 2</font></i><font lang="EN-IN"></font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><i><font lang="EN-IN">Level 3</font></i><font lang="EN-IN"></font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The Company’s financial instruments consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><b><font lang="EN-IN"> </font></b></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><b><font lang="EN-IN">h)</font></b></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">Property and Equipment</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Property and equipment is comprised of a vehicle and is amortized on a straight-line basis over an expected useful life of three years. Maintenance and repairs are charged to expense as incurred. The land is not depreciated. </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><font lang="EN-IN">i)</font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">Impairment of Long-lived Assets</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><font lang="EN-IN">j)</font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">Recent Accounting Pronouncements</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">In February 2010, the FASB Accounting Standards Update 2010-10 (ASU 2010-10), “Consolidation (Topic 810): Amendments for Certain Investment Funds.” The amendments in this Update are effective as of the beginning of a reporting entity’s first annual period that begins after November 15, 2009 and for interim periods within that first reporting period. Early application is not permitted. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">In February 2010, the FASB issued ASU No. 2010-09 “Subsequent Events (ASC Topic 855) “Amendments to Certain Recognition and Disclosure Requirements” (“ASU No. 2010-09”). ASU No. 2010-09 requires an entity that is an SEC filer to evaluate subsequent events through the date that the financial statements are issued and removes the requirement for an SEC filer to disclose a date, in both issued and revised financial statements, through which the filer had evaluated subsequent events. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">In January 2010, the FASB issued an amendment to ASC 820, Fair Value Measurements and Disclosure, to require reporting entities to separately disclose the amounts and business rationale for significant transfers in and out of Level 1 and Level 2 fair value measurements and separately present information regarding purchase, sale, issuance, and settlement of Level 3 fair value measures on a gross basis. This standard, for which the Company is currently assessing the impact, is effective for interim and annual reporting periods beginning after December 15, 2009 with the exception of disclosures regarding the purchase, sale, issuance, and settlement of Level 3 fair value measures which are effective for fiscal years beginning after December 15, 2010. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">In January 2010, the FASB issued an amendment to ASC 505, Equity, where entities that declare dividends to shareholders that may be paid in cash or shares at the election of the shareholders are considered to be a share issuance that is reflected prospectively in EPS, and is not accounted for as a stock dividend. This standard is effective for interim and annual periods ending on or after December 15, 2009 and is to be applied on a retrospective basis. The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements. </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</font></p>
<!--egx--><p style="MARGIN:0in 0in 0pt"><b><font lang="EN-IN">3.</font></b><font lang="EN-IN"></font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><b><font lang="EN-IN">Acquisition of Ship Ahoy LLC</font></b><font lang="EN-IN"></font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">On April 5, 2010, the Company acquired a 100% interest in the outstanding members’ shares of Ship Ahoy LLC (“Ship Ahoy”), a limited liability company in Arizona, in exchange for $300,000 and 1,000,000 common shares of the Company. </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The common shares issued to Ship Ahoy shareholders were determined to have a fair value of $705,378. The purchase price was allocated to the following assets and liabilities:</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <div align="center"> <table cellpadding="0" cellspacing="0"> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">$</font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><i><u><font lang="EN-IN">Purchase price</font></u></i><font lang="EN-IN"></font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Cash</font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">300,000</font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">1,000,000 common shares</font></p></td> <td width="75" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">705,378</font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">1,005,378</font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:black 1.5pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:black 1.5pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><i><u><font lang="EN-IN">Fair value of Ship Ahoy net assets </font></u></i><font lang="EN-IN"></font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Cash and cash equivalents</font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">378</font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Land</font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">591,000</font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Interest in Sunshine Wind Park</font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">414,000</font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:black 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:black 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="378" style="BORDER-BOTTOM:black 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:283.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="75" style="BORDER-BOTTOM:black 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:56.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">1,005,378</font></p></td></tr></table></div> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">At December 31, 2010, the Company wrote off the interest in the Sunshine Wind Park of $414,000 due to lack of development of the property. </font></p>
<!--egx--><p style="MARGIN:0in 0in 0pt"><b><font lang="EN-IN">4.</font></b><font lang="EN-IN"></font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><b><font lang="EN-IN">Prepaid Deposits</font></b><font lang="EN-IN"></font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <div align="center"> <table cellpadding="0" cellspacing="0"> <tr> <td width="366" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:274.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:1.25in; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:103.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="366" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:274.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:1.25in; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">June 30,</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">2011</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">$</font></p></td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:103.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">December 31,</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">2010</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">$</font></p></td></tr> <tr> <td width="366" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:274.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:1.25in; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:103.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="366" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:274.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Insurance</font></p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:1.25in; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">101,588</font></p></td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:103.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">209,088</font></p></td></tr> <tr> <td width="366" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:274.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Legal</font></p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:1.25in; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">33,206</font></p></td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:103.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">40,228</font></p></td></tr> <tr> <td width="366" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:274.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Other</font></p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:1.25in; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">3,799</font></p></td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:103.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">–</font></p></td></tr> <tr> <td width="366" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:274.5pt; PADDING-RIGHT:0in; BORDER-TOP:black 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:1.25in; PADDING-RIGHT:0in; BORDER-TOP:black 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:103.5pt; PADDING-RIGHT:0in; BORDER-TOP:black 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="366" style="BORDER-BOTTOM:black 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:274.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="120" style="BORDER-BOTTOM:black 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:1.25in; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">138,593</font></p></td> <td width="138" style="BORDER-BOTTOM:black 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:103.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">249,316</font></p></td></tr></table></div>
<!--egx--><p style="MARGIN:0in 0in 0pt"><b><font lang="EN-IN">5.</font></b><font lang="EN-IN"></font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><b><font lang="EN-IN">Property and Equipment</font></b><font lang="EN-IN"></font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <div align="center"> <table cellpadding="0" cellspacing="0"> <tr> <td width="234" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:175.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:63pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="234" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:175.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:63pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">Cost</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">$</font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">Accumulated</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">Depreciation</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">$</font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">June 30, </font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">2011</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">Net Carrying</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">Value</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">$</font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">December 31, 2010</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">Net Carrying</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">Value</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><font lang="EN-IN">$</font></p></td></tr> <tr> <td width="234" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:175.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:63pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="234" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:175.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Vehicle</font></p></td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:63pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">49,158</font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">16,386</font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">32,772</font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">40,965</font></p></td></tr> <tr> <td width="234" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:175.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Land</font></p></td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:63pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">591,000</font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">–</font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">591,000</font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">591,000</font></p></td></tr> <tr> <td width="234" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:175.5pt; PADDING-RIGHT:0in; BORDER-TOP:black 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:63pt; PADDING-RIGHT:0in; BORDER-TOP:black 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:black 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:black 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:black 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td></tr> <tr> <td width="234" style="BORDER-BOTTOM:black 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:175.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p></td> <td width="84" style="BORDER-BOTTOM:black 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:63pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">640,158</font></p></td> <td width="102" style="BORDER-BOTTOM:black 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">16,386</font></p></td> <td width="102" style="BORDER-BOTTOM:black 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">623,772</font></p></td> <td width="102" style="BORDER-BOTTOM:black 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:76.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"><font lang="EN-IN">631,965</font></p></td></tr></table></div>
<!--egx--><p style="MARGIN:0in 0in 0pt"><b><font lang="EN-IN">6.</font></b><font lang="EN-IN"></font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><b><font lang="EN-IN">Loan Payable</font></b><font lang="EN-IN"></font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">In December 2010, the Company issued a note payable of $12,480 to a non-related party. Under the terms of the agreement, the amounts are unsecured, due interest at 10% per annum, and due on demand. As at June 30, 2011, the Company has recorded accrued interest of $701, which has been recorded in accounts payable and accrued liabilities. </font></p>
<!--egx--><p style="MARGIN:0in 0in 0pt"><b><font lang="EN-IN">7.</font></b><font lang="EN-IN"></font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><b><font lang="EN-IN">Related Party Transactions</font></b><font lang="EN-IN"></font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><font lang="EN-IN">a)</font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">During the period ended June 30, 2011, the Company paid $30,000 (June 30, 2010 - $20,500) in management fees to the President and CEO of the Company.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><font lang="EN-IN">b)</font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">As at June 30, 2011, the Company owes $1,423 (December 31, 2010 - $2,554) to the President and CEO of the Company. The amounts owing are unsecured, non-interest bearing, and due on demand.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN"> </font></p> <p style="TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt"><font lang="EN-IN">c)</font></p> <p style="TEXT-INDENT:-1.5pt; MARGIN:0in 0in 0pt"><font lang="EN-IN">As at June 30, 2011, the Company owes $nil (December 31, 2010 - $9,428) to a director of the Company. The amounts owing are unsecured, non-interest bearing, and due on demand.</font></p>
41029000
38601374
41029000
38062182
0
0
0
0
498678
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0
0
419258
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0
79420
0001410187
2011-04-01
2011-06-30
0001410187
2011-08-15
0001410187
2011-06-30
0001410187
2010-12-31
0001410187
2010-04-01
2010-06-30
0001410187
2007-04-03
2011-06-30
0001410187
2011-01-01
2011-06-30
0001410187
2010-01-01
2010-06-30
0001410187
2010-06-30
0001410187
2009-12-31
0001410187
2007-04-02
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