Statements of Operations (Unaudited) (USD $) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2011 |
Sep. 30, 2010 |
Sep. 30, 2011 |
Sep. 30, 2010 |
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| Income Statement [Abstract] | ||||
| REVENUES | $ 0 | $ 0 | $ 0 | $ 0 |
| COSTS AND OPERATING EXPENSES | ||||
| General and administrative | 17,495,289 | 2,650,983 | 19,680,228 | 4,603,461 |
| Interest expense | 1,432,875 | 1,100,382 | 3,551,022 | 2,203,132 |
| Amortization and depreciation | 29,646 | 23,239 | 43,125 | 47,841 |
| Total costs and operating expenses | 18,957,810 | 3,774,604 | 23,274,375 | 6,854,434 |
| LOSS FROM OPERATIONS | (18,957,810) | (3,774,604) | (23,274,375) | (6,854,434) |
| OTHER (EXPENSE) / INCOME | ||||
| Foreign exchange loss, net | (22,620) | (69,987) | (32,991) | (75,364) |
| Interest income | 13,367 | 1,218 | 20,970 | 2,967 |
| Other (expense)/income, net | (50) | 665 | (9,550) | 10,831 |
| Total other (expense)/income | (9,303) | (68,104) | (21,571) | (61,566) |
| LOSS FROM CONTINUING OPERATIONS | (18,967,113) | (3,842,708) | (23,295,946) | (6,916,000) |
| LOSS ON SALE OF EMIR OIL | (127,147,771) | 0 | (127,147,771) | 0 |
| INCOME FROM DISCONTINUED OPERATIONS | 3,245,649 | 3,286,288 | 11,899,714 | 7,231,448 |
| NET INCOME/(LOSS) | $ (142,869,235) | $ (556,420) | $ (138,544,003) | $ 315,448 |
| BASIC NET LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS | $ (2.62) | $ (0.07) | $ (2.70) | $ (0.13) |
| DILUTED NET LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS | $ (2.62) | $ (0.07) | $ (2.70) | $ (0.13) |
| BASIC NET INCOME PER COMMON SHARE FROM DISCONTINUED OPERATIONS | $ 0.06 | $ 0.06 | $ 0.21 | $ 0.14 |
| DILUTED NET INCOME PER COMMON SHARE FROM DISCONTINUED OPERATIONS | $ 0.06 | $ 0.06 | $ 0.21 | $ 0.14 |
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate foreign currency transaction gain (loss) (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains (losses) may be disclosed as dealer gains (losses). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Gain (loss) on entity's disposition of equity in securities of subsidiaries. Reflects the difference in the parent company's carrying amount of the equity interest in the subsidiary immediately before and after all stock transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents the overall income (loss) from a disposal group apportioned to the parent that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net result for the period of deducting operating expenses from operating revenues.
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- Definition The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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