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Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets    
Cash $ 65
Other current assets 16,608 370
Total current assets 16,608 435
Land held for development (Note 3) 5,476,097 5,476,097
Other assets 80 80
Total assets 5,492,785 5,476,612
Current liabilities    
Convertible notes and line of credit payable (Note 5) 1,962,500 1,962,500
Debenture payable (net of unamortized finance costs of $1,194 at December 31, 2018 and $2,153 at December 31, 2017) (Note 6) 48,806 47,847
Convertible debentures payable (net of unamortized finance costs of $43,026 at December 31, 2018 and $71,394 at December 31, 2017) (Note 6) 1,756,974 1,728,606
Short term notes and interest bearing advance (Note 7) 58,004 39,299
Current notes payable due related parties (Note 8) 309,015
Accounts payable and accrued expenses due related parties (Note 4) 4,141,814 3,427,168
Accounts payable and accrued expenses - others (Note 4) 2,840,306 2,424,040
Total current liabilities 11,117,419 9,629,460
Notes payable due related parties (Note 9) 115,000 202,628
Notes payable due others (Note 9) 72,500 87,500
Total liabilities 11,304,919 9,919,588
Commitments and contingencies (Notes 3 and 12)
Stockholders' deficiency    
Preferred stock, $.01 par value; shares authorized 5,000,000, outstanding 2,086,000 at December 31, 2018 and 2017 (aggregate liquidation preference of $2,519,080 at December 31, 2018 and 2017). 20,860 20,860
Common stock, $.001 par value; shares authorized 50,000,000, issued: 39,052,472 at December 31, 2018 and 2017, outstanding: 36,297,576 at December 31, 2018 and 2017. 39,052 39,052
Additional paid-in capital 35,430,445 35,526,362
Unearned ESOP shares (3,083,672) (3,202,274)
Accumulated deficit (38,070,603) (36,679,875)
Treasury stock, at cost, 686,706 shares at December 31, 2018 and 607,161 shares at December 31, 2017. (148,216) (147,101)
Total stockholders' deficiency (5,812,134) (4,442,976)
Total liabilities and stockholders' deficiency $ 5,492,785 $ 5,476,612