Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOW

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STATEMENTS OF CASH FLOW (USD $)
 6 Months Ended 30 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) from continuing operations $ (1,197,978) $ (20,911) $ (1,705,772)
Net (loss) from discontinued operations (155,479)   (155,479)
Adjustments to reconcile net (loss) to net cash used in operating activities:      
Stock based compensation 271,832   335,432
Amortization of license fees 2,940 2,940 14,705
Amortization of beneficial conversion feature of discontinued operations 5,804   5,803
Depreciation expense 52,794   52,839
Change in assets and liabilities      
(Increase) decrease in other asset (580)   (580)
(Decrease) in other assets attributable to discontinued operations 727   727
Increase (decrease) in accounts payable 678,599   678,599
Increase (decrease) in accounts payable attributable to discontinued operations 109   109
Increase (decrease) in other current liabilities   509  
Net cash (used in) operating activities (341,232) (17,462) (618,138)
CASH FLOWS USED IN INVESTING ACTIVITIES:      
Purchase of license     (100,000)
Purchase of equipment     (1,791)
Net cash provided by investing activities     (101,791)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Cash assumed in reverse merger 11,150   11,150
Payments to related party for advances (187,273)   (219,788)
Proceeds received from related party advances   10,152 409,904
Proceeds from note payable     276,145
Proceeds from related party note payable 370,174   94,029
Proceeds from the issuance of common stock converted to Series B Preferred Stock 150,000   150,000
Proceeds received from the issuance of common stock     8,618
Net cash provided by financing activities 344,051 10,152 730,058
EFFECT OF EXCHANGE RATE (738)   (738)
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,081 (7,310) 9,391
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 7,310 7,310  
CASH AND CASH EQUIVALENTS - END OF PERIOD 9,391   9,391
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid during the period for:Interest      
Cash paid during the period for:Taxes      
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS      
Acquisition of fixed assets for notes and accounts payable (1,030,987)   (1,030,987)
Advances issued for equipment - related party 754,842   754,842
Stock issued for services $ 271,832   $ 335,432