EQUITY METHOD INVESTMENT IN JOINT VENTURE

3 Months Ended

Mar. 31, 2012

Investments, Equity Method and Joint Ventures

Equity Method Investments Disclosure [Text Block]

NOTE 5. EQUITY METHOD INVESTMENT IN JOINT VENTURE

On November 9, 2009, Sichuan Apollo Solar Science & Technology Co. Ltd. (“Sichuan Apollo”), a wholly-owned foreign enterprise of the Company, entered into a joint venture agreement (the “JV Agreement”) with Bengbu Design & Research Institute for Glass Industry (“Bengbu”) and a local Chinese government agency (the “Agency”). The Joint Venture (“JV”) was formed to conduct research and development related to glass used in the production of thin film solar cells and manufacture thin film solar cells. As of March 31, 2012 the JV had not commenced the production of thin film solar cells. The Company accounts for its 35% interest in JV under the equity method of accounting.

Summarized financial information for our investment in the JV assuming a 100% ownership interest is as follows:

	March 31, 2012			March 31, 2011
Statement of operations
Revenues	$	-		$	2,287
Cost of sales		-			1,189
Gross profit		-			1,098
Operating Loss		(310,277	)		(319,552	)
Loss before income tax		(310,277	)		(319,552	)