Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Cash Flows From Operating Activities    
Net Loss $ (3,275,915) $ (779,118)
Adjustments to reconcile net loss to net cash used in operating activities:    
Foreign currency transaction gain (loss) 32,716 (70,272)
Gain on settlement of liabilities (1,013,387) (1,024,076)
Share-based compensation 86,015 137,271
Write down of deferred growing cost 1,183,991  
Write down of impaired assets 455,824  
Write down of inventory 130,038 0
Depreciation 267,807 273,321
Changes in operating assets and liabilities:    
Accounts receivable   6,401
Inventory (22,124) (106,293)
Other current assets 73,646 (114,703)
Deferred growing costs (1,564,751) (1,891,166)
Accounts payable and accrued expenses 1,023,437 495,883
Deferred revenue (152,732) 152,732
Other noncurrent assets (41,414) (13,428)
Net Cash Used in Operating Activities (2,816,849) (2,933,448)
Cash Flows From Investing Activities    
Purchase of land   (2,322,188)
Plantation development costs (2,449,858) (2,750,606)
Purchase of property and equipment (259,978) (242,239)
Net Cash Used in Investing Activities (2,709,836) (5,315,033)
Cash Flows From Financing Activities    
Proceeds from issuance of common stock 250,000 500,000
Proceeds from exercise of warrants   56,700
Proceeds from issuance of preferred membership in GCE Mexico I, LLC 5,620,435 5,031,410
Proceeds from notes payable   2,316,255
Payments on capital leases and notes payable (49,839) (46,381)
Net Cash Provided by Financing Activities 5,820,596 7,857,984
Effect of exchange rate changes on cash (29,112) (29,341)
Net change in Cash and Cash Equivalents 264,799 (419,838)
Cash and Cash Equivalents at Beginning of Period 676,780 1,096,618
Cash and Cash Equivalents at End of Period 941,579 676,780
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 75,967 77,176
Noncash Investing and Financing activities:    
Accrual of return on noncontrolling interest $ 2,055,904 $ 1,454,934