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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets    
Cash $ 54,706 $ 15,655
Other current assets 2,151 498
Total current assets 56,857 16,153
Land held for development (Note 3) 5,476,097 5,476,097
Deferred financing costs (net of amortization of $74,913 at June 30, 2016 and $56,218 at December 31, 2015) 126,187 144,882
Other assets 80 80
Total assets 5,659,221 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 1,910,000 1,887,500
Short term financing agreement 1,501  
Accounts payable and accrued expenses due related parties (Note 4) 2,469,287 2,204,545
Accounts payable and accrued expenses - other (Note 4) 1,829,449 1,867,867
Total current liabilities 6,310,237 6,034,912
Debenture payable (net of unamortized discount of $46,704 at June 30, 2016 and $47,703 at December 31, 2015) (Note 6) 3,296 2,297
Convertible debentures payable (net of unamortized discount of $1,704,156 at June 30, 2016 and $1,733,157 at December 31, 2015) (Note 6) 95,844 66,843
Derivative liability (Note 6) 1,894,670 1,704,570
Total liabilities 8,304,047 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 June 30, 2016 and December 31, 2015 (aggregate liquidation preference of $2,519,080 at June 30, 2016 and December 31,2015). 20,860 20,860
Common stock, $.001 par value; shares authorized 50,000,000, issued: 39,052,472 at June 30, 2016 and December 31, 2015, outstanding: 36,297,576 at June 30, 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 (34,881,725) (34,408,309)
Treasury stock, at cost, 448,071 shares at June 30, 2016 and December 31, 2015 (140,738) (140,738)
Total stockholders' deficiency (2,644,826) (2,171,410)
Total liabilities and stockholders deficiency $ 5,659,221 $ 5,637,212