Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

 v2.3.0.11
CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2011
Mar. 31, 2011
CURRENT ASSETS    
Cash and cash equivalents $ 247,525 $ 426,045
Promissory notes receivable 192,090 154,725
Prepaid expenses and other assets, net 92,127 74,041
Current assets from discontinued operations 17,253,448 18,270,599
Total current assets 17,785,190 18,925,410
LONG TERM ASSETS    
Other fixed assets, net 302,315 162,488
Convertible notes issue cost 658,150 738,062
Long term assets from discontinued operations 308,145,196 300,708,406
Total long term assets 309,105,661 301,608,956
TOTAL ASSETS 326,890,851 320,534,366
CURRENT LIABILITIES    
Accounts payable 353,096 767,489
Accrued coupon payment 3,061,898 1,430,108
Taxes payable, accrued liabilities and other payables 252,697 317,968
Current liabilities from discontinued operations 27,988,501 27,587,087
Total current liabilities 31,656,192 30,102,652
LONG TERM LIABILITIES    
Convertible notes issued, net 62,110,173 61,703,728
Deferred taxes 3,977,385 3,977,385
Long term liabilities from discontinued operations 6,209,010 6,137,742
Total long term liabilities 72,296,568 71,818,855
SHAREHOLDERS' EQUITY    
Preferred stock - $0.001 par value; 20,000,000 shares authorized; no shares issued or outstanding 0 0
Common stock - $0.001 par value; 500,000,000 shares authorized, 55,787,554 shares outstanding, respectively 55,788 55,788
Additional paid in capital 164,118,640 164,118,640
Retained earnings 58,763,663 54,438,431
Total shareholders' equity 222,938,091 218,612,859
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 326,890,851 $ 320,534,366