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]

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.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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