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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current assets    
Cash $ 4,298 $ 15,655
Other current assets 3,034 498
Total current assets 7,332 16,153
Land held for development (Note 3) 5,476,097 5,476,097
Deferred financing costs (net of amortization of $65,514 at March 31, 2016 and $56,218 at December 31, 2015) 135,586 144,882
Other assets 80 80
Total assets 5,619,095 5,637,212
Current liabilities    
Notes, line of credit and advances payable (Note 5) due to related parties 100,000 75,000
Notes, line of credit and advances payable (Note 5) other 1,905,000 1,887,500
Short term financing agreement 2,673  
Accounts payable and accrued expenses due related parties (Note 4) 2,320,155 2,173,008
Accounts payable and accrued expenses - other (Note 4) 2,014,189 1,899,404
Total current liabilities 6,342,017 6,034,912
Debenture payable (net of unamortized discount of $47,249 at March 31, 2016 and $47,703 at December 31, 2015) (Note 6) 2,751 2,297
Convertible debentures payable (net of unamortized discount of $1,719,959 at March 31, 2016 and $1,733,157 at December 31, 2015) (Note 6) 80,041 66,843
Derivative liability (Note 6) 1,750,144 1,704,570
Total liabilities $ 8,174,953 $ 7,808,622
Commitments and contingencies (Notes 2, 3, 5, 6 and 8)
Stockholders' deficiency (Note 8)    
Preferred stock, $.01 par value; shares authorized 5,000,000, outstanding 2,086,000 at March 31, 2016 and December 31, 2015 (aggregate liquidation preference of $2,519,080 at March 31, 2016 and December 31, 2015). $ 20,860 $ 20,860
Common stock, $.001 par value; shares authorized 50,000,000, Issued: 39,052,472 at March 31, 2016 and December 31,2015, outstanding: 36,297,576 at March 31, 2016 and December 31, 2015. 39,052 39,052
Additional paid-in capital 35,757,201 35,757,201
Unearned ESOP shares (3,439,476) (3,439,476)
Accumulated deficit (34,792,757) (34,408,309)
Treasury stock, at cost, 448,071 shares at March 31, 2016 and December 31, 2015 (140,738) (140,738)
Total stockholders' deficiency (2,555,858) (2,171,410)
Total liabilities and stockholder' deficit $ 5,619,095 $ 5,637,212