Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments

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Equity Method Investments
 6 Months Ended
Jun. 30, 2012
Text Block [Abstract]  
Equity Method Investments

6. Equity Method Investments.  Our investment in Betazone, which is our significant unconsolidated subsidiary, is accounted for using the equity method of accounting.  Summarized financial information for our investment in Betazone assuming 100% ownership interest is as follows:

 

    June 30, 2012     December 31, 2011  
Balance sheet            
Current assets     31,843       124,462  
Current liabilities     226,869       131,672  
                 
Statement of operations                
Revenues     17,632       315,346  
Net loss     (169,922 )     (102,047 )

 

In 2011, the Company's share of Betazone's losses became equal in amount to the carrying value of its investment in Betazone. Accordingly, the Company suspended the equity method of accounting for its investment and no additional losses were charged to operations. The Company’s unrecorded share of losses for the six months ended June 30, 2012 totaled $76,465.