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, 2011
Dec. 31, 2010
Cash Flows From Operating Activities    
Net Loss $ (779,118) $ (2,057,092)
Adjustments to reconcile net loss to net cash used in operating activities:    
Foreign currency transaction gain (70,272)   
Gain on settlement of liabilities (1,024,076) (601,114)
Share-based compensation 137,271 115,268
Depreciation 273,321 243,695
Loss on sale of assets   1,234
Changes in operating assets and liabilities:    
Accounts receivable 6,401 145,130
Inventory (106,293) (11,470)
Other current assets (114,703) (123,133)
Deferred growing costs (1,891,166) (1,219,337)
Other noncurrent assets (13,428)  
Accounts payable and accrued expenses 495,883 854,278
Deferred revenue 152,732  
Net Cash Used in Operating Activities (2,933,448) (2,652,541)
Cash Flows From Investing Activities    
Purchase of land (2,322,188) (722,588)
Plantation development costs (2,750,606) (1,159,959)
Purchase of property and equipment (242,239) (256,534)
Net Cash Used in Investing Activities (5,315,033) (2,139,081)
Cash Flows From Financing Activities    
Proceeds from issuance of common stock for cash 500,000 500,000
Proceeds from exercise of warrants 56,700   
Proceeds from issuance of preferred membership in GCE Mexico I, LLC 5,031,410 3,713,530
Proceeds from notes payable 2,316,255 742,652
Payments on capital leases and notes payable (46,381) (485,567)
Proceeds from convertible notes payable   567,000
Net Cash Provided by Financing Activities 7,857,984 5,037,615
Effect of exchange rate changes on cash (29,341) 17,041
Net Increase (Decrease) in Cash and Cash Equivalents (419,838) 263,034
Cash and Cash Equivalents at Beginning of Period 1,096,618 833,584
Cash and Cash Equivalents at End of Period 676,780 1,096,618
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 77,176 168,928
Cashless Exercise of Warrants   8,545
Accrual of return on noncontrolling interest 1,454,934 841,875
Plantation costs financed by accounts payable   32,497
Reclass of Technology Alternative, Ltd. to investments held for sale   292,525
Equipment purchase for debt   $ 149,419