Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash Flows From Operating Activities    
Net Income (Loss) $ (824,938) $ (1,137,807)
Adjustments to reconcile net loss to net cash used in operating activities:    
Foreign currency transaction gain 1,044 (2,440)
Gain on settlement of liabilities (514,473)  
Share-based compensation 53,850 78,855
Depreciation 134,393 135,155
Changes in operating assets and liabilities:    
Accounts receivable (68,712) (739)
Inventory (30,737) (71,756)
Other current assets (76,473) (126,540)
Deferred growing costs (810,819) (1,006,558)
Accounts payable and accrued expenses 432,537 369,047
Deferred revenue (152,732)  
Other noncurrent assets (3,324)  
Net Cash Used in Operating Activities (1,860,384) (1,762,783)
Cash Flows From Investing Activities    
Purchase of land   (18,900)
Plantation development costs (1,042,200) (1,257,514)
Purchase of property and equipment (217,824) (221,136)
Net Cash Used in Investing Activities (1,260,024) (1,497,550)
Cash Flows From Financing Activities    
Proceeds from issuance of common stock 250,000  
Proceeds from exercise of warrants   56,700
Proceeds from issuance of preferred membership in GCE Mexico I, LLC 3,258,090 3,239,742
Payments on capital leases and notes payable (23,229) (22,449)
Net Cash Provided by Financing Activities 3,484,861 3,273,993
Effect of exchange rate changes on cash (80,630) 25,155
Net Increase in Cash and Cash Equivalents 283,823 38,815
Cash and Cash Equivalents at Beginning of Period 676,780 1,096,618
Cash and Cash Equivalents at End of Period 960,603 1,135,433
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 30,764 42,055
Noncash Investing and Financing activities:    
Accrual of return on noncontrolling interest $ 947,501 $ 654,706
Shares issued for services   13,125