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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets    
Cash $ 6,955 $ 17,606
Other current assets 2,015 352
Total current assets 8,970 17,958
Land held for development (Note 3) 5,476,097 5,476,097
Deferred financing costs (net of amortization of $111,266 at June 30, 2017 and $93,918 at December 31, 2016) 89,834 107,182
Other assets 80 80
Total assets 5,574,981 5,601,317
Current liabilities    
Convertible notes and line of credit payable (Note 5) 1,962,500 1,962,500
Debenture payable (net of unamortized discount of $43,199 at June 30, 2017 and $45,252 at December 31, 2016) (Note 6) 6,801 4,748
Convertible debentures payable (net of unamortized discount of $1,602,566 at June 30, 2017 and $1,662,041 at December 31, 2016) (Note 6) 197,434 137,959
Derivative liability (Note 6) 1,584,487 2,030,289
Short term notes and interest bearing advance (Note 7) 40,588 0
Accounts payable and accrued expenses due related parties (Note 4) 3,091,537 2,772,164
Accounts payable and accrued expenses - other (Note 4) 2,230,545 2,012,526
Total current liabilities 9,113,892 8,920,186
Notes payable due related parties (Note 8) 115,000 115,000
Notes payable due others (Note 8) 37,500 22,500
Total liabilities 9,266,392 9,057,686
Stockholders' deficiency    
Preferred stock, $.01 par value; shares authorized 5,000,000, outstanding 2,086,000 at June 30, 2017 and December 31, 2016 (aggregate liquidation preference of $2,519,080 at June 30, 2017 and December 31, 2016). 20,860 20,860
Common stock, $.001 par value; shares authorized 50,000,000, issued: 39,052,472 at June 30, 2017 and December 31, 2016, outstanding: 36,297,576 at June 30, 2017 and December 31, 2016. 39,052 39,052
Additional paid-in capital 35,643,373 35,643,373
Unearned ESOP shares (3,320,875) (3,320,875)
Accumulated deficit (35,928,310) (35,693,268)
Treasury stock, at cost, 527,616 shares at June 30, 2017 and December 31, 2016 (145,511) (145,511)
Total stockholders' deficiency (3,691,411) (3,456,369)
Total liabilities and stockholders' deficiency $ 5,574,981 $ 5,601,317