Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.6
Consolidated Statements of Operations (USD $)
 12 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Consolidated Statements Of Operations    
REVENUES $ 0 $ 0
COSTS AND OPERATING EXPENSES    
General and administrative 20,311,395 10,037,072
Interest expense 3,551,022 5,977,640
Amortization and depreciation 101,515 89,575
Total costs and operating expenses 23,963,932 16,104,287
LOSS FROM OPERATIONS (23,963,932) (16,104,287)
Foreign exchange loss, net (26,807) (415,803)
Interest income 32,125 11,388
Other income (expense), net (9,550) 7,974
Total other expense (4,232) (396,441)
LOSS BEFORE INCOME TAXES (23,968,164) (16,500,728)
INCOME TAX BENEFIT 0 1,366,631
LOSS FROM CONTINUING OPERATIONS (23,968,164) (15,134,097)
Loss on the sale of Emir Oil, net of income taxes (127,147,771) 0
Income from discontinued operations 11,899,714 20,015,870
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (115,248,057) 20,015,870
NET INCOME (LOSS) $ (139,216,221) $ 4,881,773
BASIC NET LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS $ (0.43) $ (0.28)
DILUTED NET LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS $ (0.43) $ (0.28)
BASIC NET INCOME/(LOSS) PER COMMON SHARE FROM DISCONTINUED OPERATIONS $ (2.07) $ 0.38
DILUTED NET INCOME/(LOSS) PER COMMON SHARE FROM DISCONTINUED OPERATIONS $ (2.07) $ 0.38