Quarterly report pursuant to sections 13 or 15(d)

DISCONTINUED OPERATIONS

v2.4.0.6
DISCONTINUED OPERATIONS
9 Months Ended
Sep. 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 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.
 
The carrying amounts of the major classes of these assets and liabilities are summarized as follows:
 
   
September 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.
 
   
For the Nine Months September 30, 2012
   
Period from inception
(April 30, 2011) to
September 30, 2011
 
Revenues
 
$
-
   
$
-
 
Cost of sales
   
-
     
-
 
Gross profit
   
-
     
-
 
Operating and other non-operating expenses
   
(1,426,846
)
   
-
 
                 
Loss from discontinued operations
 
$
(1,426,846
)
 
$
-