Annual report pursuant to Section 13 and 15(d)

Equity Method Investments

Equity Method Investments
12 Months Ended
Dec. 31, 2012
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments

NOTE 5 – Equity Method Investments


Our significant unconsolidated subsidiary that is accounted for using the equity method of accounting is our investment in BetaZone Laboratories LLC.  Summarized financial information for our investment in BetaZone Laboratories, LLC assuming 100% ownership interest is as follows:


    2012     2011  
Balance sheet            
Current assets     3,825       110,093  
Current Liabilities     301,864       131,672  
Statement of operations                
Revenues     40,002       315,346  
Net income (loss)     (272,935 )     (102,047  


In 2011, when the Company’s share of losses equaled the carrying value of its investment, the equity method of accounting was suspended, and no additional losses were charged to operations. The Company’s unrecorded share of losses for 2012 totaled $122,821.