Acquisition of Ship Ahoy LLC

12 Months Ended

Dec. 31, 2011

3. Acquisition of Ship Ahoy LLC

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.

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:


Purchase price

Cash			300,000
1,000,000 common shares			705,378

			1,005,378

Fair value of Ship Ahoy net assets

Cash and cash equivalents			378
Land			591,000
Interest in Sunshine Wind Park			414,000

			1,005,378

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. At September 30, 2011, the Company determined that the Land and equipment of Ship Ahoy was impaired as the property was abandoned. As such, an impairment loss of $631,965 was recognized.