Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $)
Series B
Common stock
Additional Paid in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Non-controlling Interests
Total
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2010 $ 13 $ 270,464 $ 23,580,630 $ (26,933,430) $ (2,195) $ 4,241,945 $ 1,157,427
Shares, Outstanding at Dec. 31, 2010 13,000 270,464,478               
Contributions from noncontrolling interests                2,051,102 2,051,102
Share-based compensation from issuance of options and compensation-based warrants       48,188          48,188
Accrual of preferential return for the noncontrolling interests                (302,134) (302,134)
Foreign currency translation gain (loss)             (405) 296,799 296,394
Net Income (Loss)          (204,476)    (374,190) (578,666)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Mar. 31, 2011 13 270,464 23,628,818 (27,137,906) (2,600) 5,913,522 2,672,311
Shares, Outstanding at Mar. 31, 2011 13,000 270,464,478               
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2011 13 285,062 24,260,628 (26,662,294) (21,996) 5,099,547 2,960,960
Shares, Outstanding at Dec. 31, 2011 13,000 285,062,812               
Contributions from noncontrolling interests                1,531,290 1,531,290
Share-based compensation from issuance of options and compensation-based warrants       17,004          17,004
Accrual of preferential return for the noncontrolling interests                (453,999) (453,999)
Foreign currency translation gain (loss)             17,087 1,181,435 1,198,522
Net Income (Loss)          358,964    (200,050) 158,914
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Mar. 31, 2012 $ 13 $ 285,062 $ 24,277,632 $ (26,303,330) $ (4,909) $ 7,158,223 $ 5,412,691
Shares, Outstanding at Mar. 31, 2012 13,000 285,062,812