Quarterly report pursuant to sections 13 or 15(d)

DISCONTINUED OPERATIONS

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DISCONTINUED OPERATIONS
 6 Months Ended
Jun. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS

 

NOTE 3 - DISCONTINUED OPERATIONS

During June 2012, the Company decided to discontinue its exploration and potential development of uranium and vanadium minerals business and prior periods have been restated in the Company’s consolidated financial statements and related footnotes to conform to this presentation. The Company will focus its activities exclusively on its new business segment, which is in the business of acquisition, renovating, and selling real estate properties.

The remaining assets and liabilities of discontinued operations are presented in the balance sheet under the caption “Assets and Liabilities of discontinued operation" and relates to the discontinued operations of the uranium and vanadium minerals business.
 

 
NOTE 3 - DISCONTINUED OPERATIONS (CONTINUED)

The carrying amounts of the major classes of these assets and liabilities are summarized as follows:  
 
   
June 30,
2012
    
December 31,
2011
  
Assets:
            
Prepaid expenses – current portion
   $ -     $ 20,000  
Deposits
     -       3,500  
Assets of discontinued operations
   $ -     $ 23,500  
                 
Liabilities:
                
Accounts payables and accrued expenses
   $ 30,664     $ -  
Liabilities of discontinued operations
   $ 30,664     $ -  

The following table indicates selected financial data of the Company’s discontinued operations of its uranium and vanadium minerals business.

   
June 30, 2012
    
Period from inception
(April 30, 2011) to
 June 30, 2011
  
Revenues
   $ -     $ -  
Cost of sales
     -       -  
Gross profit
     -       -  
Operating and other non-operating expenses
     (1,329,925 )     -  
                 
Loss from discontinued operations
   $ (1,329,925 )   $ -