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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets    
Cash $ 163,223 $ 843,083
Other current assets 23,844 36,655
Total current assets 187,067 879,738
Land held for development (Note 3) 5,476,097 5,476,097
Deferred financing costs (net of amortization of $37,213 at June 30, 2015 and $18,518 at December 31, 2014) 163,887 182,582
Other assets 80 80
Total assets 5,827,131 6,538,497
Current liabilities    
Notes payable 1,962,500 1,962,500
Short term financing agreement 4,549 14,905
Accounts payable and accrued expenses 3,503,765 3,304,479
Total current liabilities 5,470,814 5,281,884
Debenture payable (net of unamortized discount of $48,406 at June 30, 2015 and $48,887 at December 31, 2014) 1,594 1,113
Convertible debentures payable (net of unamortized discount of $1,753,560 at June 30, 2015 and $1,778,859 at December 31, 2014 ) 46,440 21,141
Derivative liability 2,878,261 3,754,233
Total liabilities $ 8,397,109 $ 9,058,371
Commitments and contingencies (Notes 8 and 9)    
Stockholders' deficiency    
Preferred stock, $.01 par value; shares authorized 5,000,000, outstanding 2,086,000 at June 30,2015 and December 31, 2014 (aggregate liquidation preference of $2,519,080 at June 30, 2015 and December 31, 2014) $ 20,860 $ 20,860
Common stock, $.001 par value; shares authorized 50,000,000, Issued: 39,052,472 at June 30, 2015 and December 31, 2014, outstanding: 36,297,576 at June 30, 2015 and December 31, 2014 39,052 39,052
Additional paid-in capital 35,568,649 35,568,649
Unearned ESOP shares (3,558,078) (3,558,078)
Accumulated Deficit (34,511,655) (34,461,551)
Treasury stock, at cost, 368,526 shares at June 30, 2015 and December 31, 2014 (128,806) (128,806)
Total stockholders' deficiency (2,569,978) (2,519,874)
Total liabilities and stockholders deficiency $ 5,827,131 $ 6,538,497