September 30, 2005 (Unaudited) June 30, 2005 (Audited) ASSETS
INVESTMENTS IN AND ADVANCES TO CONTROLLED COMPANIES $ 5,012,125 $ 25,153,200
CURRENT ASSETS: Cash and Cash equivalents 396,607 2,557 Note Receivable 50,000 50,000 Prepaid Expense 617 855 Property and Equipment, net 24,299 11,482 Deposits 4,490 4,455
TOTAL ASSETS $ 5,488,138 $ 25,222,549
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 90,641 $ 27,251 Due to Free Harbor, LLC (related party) 2,102,330 2,102,329 Shareholder Loan - 25,000 Total current liabilities 2,192,971 2,154,580
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY: Convertible preferred stock, $.001 par value, 5,000,000 shares authorized, no liquidation value, 3,800,000 and 4,000,000 shares issued and outstanding at September 30, 2005 and June 30, 2005 respectively 3,800 4,000 Common stock, $.01 par value, 500,000,000 shares authorized; 46,105,057 and 37,456,763 shares issued and outstanding, at September 30, 2005 and June 30, 2005 respectively. 461,051 374,568 Additional paid-in capital 5,493,416 4,478,557 Stock subscription receivable (216,905 ) (235,000 ) Stock purchase warrants 147,834 147,834 Retained earnings / (deficit) (2,594,029 ) 18,298,010 Total stockholders’ equity 3,295,167 23,067,969
TOTAL $ 5,488,138 $ 25,222,549
NET ASSET VALUE PER SHARE $ 0.07 $ 0.62
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