Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 12 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Income Statement [Abstract]    
REVENUES $ 0 $ 0
COSTS AND OPERATING EXPENSES    
General and administrative 2,994,025 20,311,395
Interest expense 0 3,551,022
Amortization and depreciation 115,926 101,515
Total costs and operating expenses 3,109,951 23,963,932
LOSS FROM OPERATIONS (3,109,951) (23,963,932)
OTHER INCOME /EXPENSE    
Foreign exchange gain/loss, net 31 (26,807)
Interest income 14,210 32,125
Other income/(expense), net 6,845 (9,550)
Total other income/expense 21,086 (4,232)
LOSS BEFORE INCOME TAXES (3,088,865) (23,968,164)
INCOME TAX EXPENSE 0 0
LOSS FROM CONTINUING OPERATIONS (3,088,865) (23,968,164)
Loss on sale of Emir Oil, net of income taxes 0 (127,147,771)
Income from discontinued operations 0 11,899,714
LOSS FROM DISCONTINUED OPERATIONS 0 (115,248,057)
NET LOSS $ (3,088,865) $ (139,216,221)
BASIC NET LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS $ (0.06) $ (0.43)
DILUTED NET LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS $ (0.06) $ (0.43)
BASIC NET LOSS PER COMMON SHARE FROM DISCONTINUED OPERATIONS $ 0.00 $ (2.07)
DILUTED NET LOSS PER COMMON SHARE FROM DISCONTINUED OPERATIONS $ 0.00 $ (2.07)